Global Halal Market Anticipated to Reach USD 10 Trillion over Next 5 Years
October 21, 2022 | Updated at October 21, 2022
The size of the global halal market has surpassed USD 7 trillion and is expected to reach USD 10 trillion in the following five years, spanning a wide range of industries including finance, food, tourism, textiles, cosmetics, medicine, and chemistry, according to the sector's stakeholders.
Why it Matters?
The global halal market has increased in size by more than twofold over the past five years. According to Yunus Ete, World Halal Summit Council Chairperson and Discover Events Chief Executive Officer (CEO), one of the pillars of halal products is hygiene and COVID-19 has influenced this quick expansion in the market as people became more interested in wholesome and hygienic items throughout the pandemic. This raised awareness of halal and as a result,...