Halal market hits US $245 billion
The global market for halal ingredients across food, pharmaceutical and cosmetics industries is estimated to be at $245 billion (AED 900 billion)
The global market for halal ingredients across food, pharmaceutical and cosmetics industries is estimated to be at US $245 billion (AED 900 billion), according to a report commissioned by the Government of Dubai and produced by Reuters.
The report indicated the halal food sector will grow to a valuation of $2.537 trillion (AED 9.29 trillion) by 2019, equal to 21.2% of global food expenditure.
According to Reuters imports of halal ingredients reached $33 billion (AED 121 billion) in 2015.
The report, produced in collaboration with strategy and research advisory firm Dinar Standard, says that the past year has seen major advancements in the global halal food and lifestyle sectors and identified more than 300 halal ingredients that are manufactured globally and consumed by the high-growth halal/Muslim customer segment.
"There will be an upwards growth trajectory in the size of the halal ingredients market - the status quo cannot continue. Muslim consumers will become more aware of what they are actually eating and eventually standards will become stringent and more widely applied," said Dinar Standard director of Strategic Insights and Lead Analyst Haroon Latif.