In line with rising halal product demand from Muslim and non-Muslim countries, a recent study found that the halal economy is on the rise.
The worldwide halal economy industry is predicted to grow from $2.30 trillion in 2020 to $4.96 trillion by 2030, according to Frost & Sullivan’s recent report, Global Halal Economy Growth Opportunities.
Halal foods, pharmaceuticals, tourism, and Islamic finance are the main topics of the study.
Halal products, prescription drugs, travel, and Islamic financing are the main topics of the study.
Growth opportunities “will increasingly emerge across Muslim and non-Muslim countries, driven by growing halal product demand by non-Muslims, consumer awareness, and both policy momentum and private sector initiatives,” the report claims.
Non-Muslim consumers are increasingly purchasing halal food because it is healthy, the survey claims, and non-Muslim families may also opt for halal tourism for a family-friendly experience.
Increasingly conservative non-Muslim consumers will become more interested in halal fashion and tourism, it predicts.
Halal market prospects for expansion
Neha Anna Thomas, Senior Economist at Frost & Sullivan said, “With higher levels of halal trade and Islamic finance potentially accelerating infrastructure development, the halal economy is poised to become more integrated with global trade and supply chains.”
“Further, governments are strengthening regulatory and policy support through national masterplans and certification scope expansion, which will boost the halal industry’s growth.”
The study recommends that global governments unify halal standards and accreditation processes to help reduce the number of certification requirements and promote halal commerce.
It also says that global drug manufacturers and raw material suppliers should incorporate halal-certified products into their offerings to tap into growing halal pharmaceutical demand from Muslim countries.
To increase consumer trust, food manufacturers should collaborate with technology companies to improve traceability and transparency, it adds.
“Transparency and traceability along the halal product value chain are crucial. Due to this, governments should encourage the adoption of advanced technologies such as blockchain and the Internet of Things (IoT) when developing halal economy masterplans, while businesses can partner with tech start-ups,” Thomas added.
Related:
Opportunities Galore For Fintech Development In Islamic Finance | Nicholas Larsen
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