Halal Economy Thrives as Product Demand from Muslims and non-Muslim Nations Surges

The buoyant marketplace for the worldwide halal economy is anticipated to succeed in $4.96 trillion by 2030, says Frost & Sullivan

RIYADH, Saudi Arabia, Sept. 6, 2022 /PRNewswire/ — Frost & Sullivan’s current evaluation, Global Halal Economy Growth Opportunities, finds that the halal economy is experiencing an upward development as the demand for halal merchandise from Muslims and non-Muslim nations will increase. The principal components driving the halal business are favorable inhabitants demographics, authorities insurance policies, and personal sector initiatives. Growing non-Muslim demand for halal meals will likely be pushed by its affiliation with protected and wholesome consuming, whereas halal trend and tourism also needs to discover rising acceptance amongst extra conservative non-Muslim customers. The marketplace for the worldwide halal economy will probably witness spectacular development, reaching $4.96 trillion by 2030 from $2.30 trillion in 2020.

For additional data on this evaluation, please go to: https://frost.ly/7hz   

“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,” mentioned Neha Anna Thomas, Senior Economist at Frost & Sullivan. “Further, governments are strengthening regulatory and policy support through national masterplans and certification scope expansion, which will boost the halal industry’s growth.”

Thomas added: “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.”

To faucet into development alternatives of the halal market:

• Global governments should search to unify halal requirements and accreditation processes to assist scale back the variety of certification necessities and promote halal commerce.
• Food producers ought to collaborate with expertise corporations to enhance traceability and transparency whereas rising client belief.
• Global drug producers and uncooked materials suppliers ought to incorporate halal-certified merchandise into their choices, probably via joint ventures, to faucet into rising halal pharmaceutical demand from Islamic international locations.

Global Halal Economy Growth Opportunities is the newest addition to Frost & Sullivan’s Economic Analytics analysis and analyses accessible via the Frost & Sullivan Leadership Council, which helps organizations determine a steady move of development alternatives to reach an unpredictable future.

About Frost & Sullivan

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Global Halal Economy Growth Opportunities

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Contact:

Naif Saud Alsofyani

Marketing and Communication Manager, ME

naï[email protected]

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