Halal market one of the fastest growing consumer segments in the world. Halal industries are growing immensely, with global Halal industry market size projected to be worth US$5 trillion in 2030 from its current value of US$3.1 trillion.
Simultaneously, the global market growth is estimated to reach at an annual rate of 20% per annum with valuation of the industry at about USD560 billion a year. Such expansion of the industry is because the global halal market of 1.9 billion Muslims is no longer confined to Muslims only, but it is being accepted by non-Muslims who associates halal with ethical consumerism, proving the growth potential of the halal economy.
Similarly, the Halal industry is no longer confined to food and food-related products, but rather to include pharmaceuticals, cosmetics, health products, toiletries and medical devices as well as service sector components such as logistics, marketing, print and electronic media, packaging, branding, and financing.
