$9 Trillion in Untapped Market Potential by 2025: The Future of Halal

According to the State of the Global Islamic Economy Report 2020-2021, the global halal market is estimated to be around US$2.3 billion by 2020. This includes halal food as well as non-food sectors such as halal cosmetics, finance and travel. In terms of halal food, the global halal food market was estimated at around USD 1.4 trillion in 2018, according to the same report. 

This market is expected to continue to grow, driven by the increasing Muslim population, rising disposable incomes in Muslim countries and growing demand for halal products from non-Muslim consumers. The largest markets for halal food are in Asia, particularly Indonesia, Malaysia and Pakistan. 

However, demand for halal food is also growing in other regions such as Europe and North America, where the Muslim population is increasing and non-Muslim consumers are also showing interest in halal products due to concerns about food safety and quality. Overall, the halal market is a significant and fast-growing market with increasing demand for halal products across a range of sectors.