The global Halal industry is estimated to be worth around USD2.3 trillion as of 2015, emerging as a major growth sector in the global economy and is creating a strong presence in many countries. The Halal industry has expanded beyond the food sector to include pharmaceuticals, cosmetics, health products, toiletries and medical devices as well as service sector components such as logistics, marketing, print, electronic media, packaging, branding and financing. As such, many industries, including those in non-Muslim countries or territories where the Muslim populations are almost non-existent, such as Japan, South Korea, Taiwan (China), etc. are getting into the act for a slice of the Halal supply chain. 1
There are around 1.8 billion Muslims globally as of the survey made in 2012, and that provides a huge market potential for companies, organizations and others not only for Muslim but also non-Muslim countries. The global Muslim population is expected to grow by about 35 percent over the next 20 years, rising from 1.6 billion in 2010 to 2.2 billion by 2030, or 26.4 percent of the world’s total projected population of 8.3 billion. By 2050, the Muslim population could grow to 2.6 billion and represents 30 percent of the global projected population. So far, these projections are more or less on target.
The global halal food market is estimated at USD560 billion as of 2014/2015, which accounts for 12 percent of global trade in agri-food products. With the projected growth in global population and demand for halal food, the global halal food market is slated for major developments that hold the promise of rapid and sustainable growth.
“With stringent food safety and Singapore’s widely recognized halal standards by several Gulf countries and ASEAN neighbors, our companies are well positioned to ride on the growing demand for halal products and services globally.”
– Sim Choon Siong, Director (Food) at SPRING Singapore, Business Times, 18th Jan 2016.
It is in this context that
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1Thomson Reuters & Dinar Standard, “State of the Global Islamic Economy Report 2015/16” (2016)