Unleashing Potential: The Rise of the Global Halal Market
Highlights: The global halal market is experiencing significant growth, with an expected volume of $7.7 trillion by 2025. This growth is led by the Islamic finance sector, followed by the food and beverage sector. Other contributors include halal pharmaceuticals, medical, health and cosmetic preparations, travel and tourism, and other halal industry products and services.
Recent economic reports suggest that the halal economy market will rise from $2.30 trillion in 2020 to $4.96 trillion in 2030, indicating an increase of up to 115 percent within 10 years.
In 2022, Saudi Arabia established a company specializing in developing halal products and a center for halal products affiliated with the Saudi Food and Drug Authority. The center ensures that meat and poultry are slaughtered and stored according to Islamic law and that foods, cosmetics, and medical devices are manufactured following Islamic law.
The demand for halal products from both Muslim and non-Muslim countries is contributing to the rise of the halal industry sector. A report suggested that consumer spending on halal products worldwide would reach $2.4 trillion in 2024.
Saudi Arabia is promoting the sector, hosting a three-day Makkah Halal Forum organized by Manafea and the Islamic Chamber for Halal Services (ICHS), under the slogan of “Creativity in the halal industry”.
Link to Original Article:
https://arynews.tv/global-halal-market-expected-to-reach-7-7-trillion-by-2025/