The volume of growth in the global halal market is expected to reach $7.7 trillion by 2025 as it is witnessing substantial growth as the Islamic finance sector leading the way followed by the food and beverage sector.
Halal pharmaceuticals, medical, health and cosmetic preparations, travel and tourism, and other halal industry products and services are also contributing in the growth.
The recent economic reports regarding education and health also suggested the halal economy market would rise during the current decade from $2.30 trillion in 2020 to $4.96 trillion in 2030 and this implies an increase of up to 115 percent within 10 years.
Saudi Arabia has taken the initiative, through the Public Investment Fund, to establish a company specialized in “developing halal products” in the year 2022. The Islamic country has also established a center for halal products affiliated with the Saudi Food and Drug Authority. The center is aimed at ensuring that meat and poultry are slaughtered and stored in accordance with what is stipulated in Islamic law. The center is also making ensuring that foods, cosmetics, and medical devices are manufactured in a way that follows the Islamic law.
The demand for halal products from Muslim and even non-Muslim countries is contributing heavily in the rise of the halal industry sector. The sector in the world is being considered as one of the most promising economic sectors, as a report on the reality of the global Islamic economy suggested that consumer spending on halal products around the world would reach $2.4 trillion in 2024.
Saudi Arabia is quite keen to promote the sector as the Makkah Chamber for Exhibitions and Events hosted a three-day Makkah Halal Forum under the patronage of Minister of Commerce.
The forum with the slogan of “Creativity in the halal industry” was jointly organized by Manafea and the Islamic Chamber for Halal Services (ICHS).
