Collection: Global Halal Economy
Halal HUB UK - Research, Updates, News & Projections | Analyst | S. KHAAN
Global Halal Industry Overview The global halal industry extends beyond food, encompassing Islamic finance, modest fashion, media, travel, pharmaceuticals, and cosmetics. Projected to reach trillions by 2027, the industry experiences growth driven by factors like the increasing Muslim population, rising demand for certified halal products, health and wellness awareness, and the surge in Muslim-friendly tourism.
Halal Food Market Insights The halal food market, predicted to reach nearly $4 trillion by 2028, stands as the second-largest sector after Islamic finance. Increased spending on halal food, driven by consumer preferences for natural products, offers substantial opportunities for manufacturers to tap into the growing interest.
Factors Driving the Global Halal Industry Key factors driving the global halal industry include the expanding Muslim population, rising demand for certified halal products, growing awareness of health and wellness, and the upsurge in Muslim-friendly tourism. Additionally, the diversification of the global halal supply chain, advancements in Food-Tech, and the rise of transparency and sustainability play pivotal roles in the industry's evolution.
Blockchain Technology in the Halal Industry Blockchain technology emerges as a solution for transparency and traceability in the halal supply chain. Ensuring authenticity and compliance with halal standards, blockchain technology is poised to revolutionize the industry, providing customers access to high-quality products.
The Future of Halal Supply Chains The evolution of the global halal industry involves an increased focus on transparency, traceability, and sustainability within supply chains. Initiatives such as life cycle assessment (LCA) contribute to transparency, while sustainability efforts aim to maintain carbon footprints and animal health throughout production.
Halal as a Way of Life Halal is not just about food; it's a way of life ensuring safe, secure, and ethical consumables and non-consumables. As the global Islamic economy expands, providing jobs for millions, Halal HUB UK aims to contribute to this trend, offering insights into the dynamic and evolving global halal landscape.
Malaysia's Pioneering Role Malaysia, a leader in the halal industry, is set to leverage the $5 trillion global halal market, projected by Frost & Sullivan to reach by 2030. With a global Muslim population exceeding 1.9 billion, Malaysia aims to solidify its position, supported by significant government investments in the halal ecosystem.
Halal Industry Master Plan 2030 To propel Malaysia as the undisputed global leader, the government launched the Halal Industry Master Plan 2030 (HIMP 2030). Anticipating a halal industry expansion to $113.2 billion by 2030, HIMP 2030 emphasizes comprehensive growth, backed by strategic agencies like Jakim and the Halal Development Corporation.