The global halal market size is expected to reach USD 11.2 trillion by 2028. With the debut of a few events in Asia Pacific and the Middle East & African area, which are the top two regions contributing to the growth of the global market, global efforts have been witnessed growing in recent years. The partnership between Abu Dhabi and South Korea, which helped South Korea to obtain greater access to the global halal food market, is one key bilateral endeavor worth mentioning.
Governments of Islamic and non-Islamic countries, as well as manufacturers of halal-certified food products, have taken a variety of steps to advertise and educate consumers about these products. Consumer trust in halal brands has been the most important element in real purchases of these products.
The global halal food business is predicted to develop significantly throughout the forecast period, owing to an increasing Muslim population and their significantly increased spending on food and non-beverages, which is regarded the market's key driving driver. By 2028, the entire Islamic population is predicted to rise from 23 percent today to roughly 30 percent of the total global population.
The halal media and leisure business is expected to account for more than 6% of worldwide market share by 2020. For Muslims, halal media and recreation is gaining traction, from the big screen to Netflix. The global halal media sector is likely to grow throughout the forecast period, thanks to rising demand for Arabic content and Netflix's development of local programs. Furthermore, in recent years, there has been a growth in the high-end production of TV shows such as Ertugrul (the Ottoman equivalent of Game of Thrones) and the development of spiritual apps and websites. In addition, the UK hosted a Muslim culture and literature festival, which is projected to stimulate the halal media and recreation business.
In 2020, halal pharmaceuticals and halal cosmetics combined amounted for about 8% to 10% of the whole market. As more items are created with halal standards, the halal pharmaceutical and halal cosmetic products market has exploded in recent years. The market is likely to be driven by the rising popularity of halal nutraceuticals, as well as technology advancements in the pharmaceutical industry, such as halalopathy, in the future years.
Key Segments of the Global Halal Market
Product Overview, 2019-2028 (USD Million)
- Food and Beverages
- Media and Recreation
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America