The halal market's growth reflects a broader trend of increasing consumer awareness regarding health and safety in food production, which appeals to both Muslim and non-Muslim consumers.
The expansion of the halal economy into non-traditional markets signifies a shift in consumer preferences and the potential for significant economic opportunities in diverse sectors.
The projected growth rates for the halal food market suggest that businesses and investors may want to consider halal certification as a viable strategy to tap into this lucrative market.
If the current growth trends continue, the halal market could significantly reshape global food and lifestyle industries, leading to more inclusive product offerings.
The increasing demand for halal products may encourage more countries to adopt halal standards, potentially leading to a more standardized global halal certification process.
As awareness of halal benefits spreads, businesses that adapt to include halal options may see substantial growth in consumer bases, particularly in Western markets.
The global halal market has surged to an impressive $8 trillion as of 2024, a significant increase from approximately $1 trillion in 2015, according to Aylin Şengül, coordinator of the World Halal Summit in Istanbul. This growth highlights the expanding appeal of halal products beyond the Muslim community, with non-Muslims increasingly recognizing the health and safety benefits associated with halal standards.
The recent 'Halal Expo 2024' and the 10th World Halal Summit in Istanbul featured 500 brands from around 50 countries, showcasing the diverse sectors within the halal economy, including food, fashion, media, and tourism. Emre Ate, Vice President of the World Halal Summit, projected that the halal market could reach $12 trillion in the next five years, driven by its growing global acceptance.
The halal food market alone was valued at $2.3 trillion in 2023, with expectations of a compound annual growth rate (CAGR) of 10.5% from 2024 to 2030, potentially reaching $5.3 trillion by the end of the decade. Notably, the halal food market in the United States is projected to grow from $59.4 billion in 2022 to approximately $88.9 billion by 2026. This trend indicates a broader acceptance and integration of halal products in various markets worldwide.
