The halal ecosystem is evolving and extending beyond its traditional food and beverage sector to include finance, travel and tourism, fashion, arts and design, pharmaceutical and cosmetics, media and recreation as well as e-commerce.
Interestingly, this evolution has been driven not by mainstream Muslim-majority countries, but by the multicultural populations of Southeast Asia and the Muslim communities in Europe and North America.
The rise in the Muslim population points to a subsequent rise in the purchasing power and preferences for halal products and services. This represents a major growth opportunity for businesses around the world.
With Muslim consumers dubbed as one of the fastest growing consumer segments in the world, the global halal market is emerging as a powerful commercial arena. The global halal industry is estimated to be worth around USD 2.3 trillion and presents ample opportunities in terms of commercial revenue, employment opportunities and global connectivity of the Ummah.