Summary: The international market for halal ingredients has risen again this year to $245 billion, and it is expected to continue that upward trend.
The global market for food, pharmaceutical and cosmetics halal ingredients is now estimated to be at $245 billion annually, with the Organisation of Islamic Countries alone importing roughly $33 billion worth of halal ingredients in 2015.
The report, issued in partnership with Salaam Gateway and DinarStandard, identified more than 300 halal ingredients that are manufactured globally and consumed by the high-growth halal and Muslim market.
The report also outlines upcoming opportunities for prospective players in the industry, including companies, private equity investors, and e-commerce platforms. Many expect the growth of the market to continue
“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 Haroon Latif, director of Strategic Insights at DinarStandard and Lead Analyst.
The growth could be significant, too. According to the Global Islamic Economy Report, spending on halal food and lifestyle products could rise roughly 10.8 per cent a year until 2019, which would then create industry worth $3.7 trillion.
Follow the story on Khaleej Times here…