Coordinator of the World Halal Summit in Istanbul, Aileen Şengul, said that the size of the halal market has reached $8 trillion globally, up from about $1 trillion in 2015.
Shengul added The halal economy and its sector are not limited to Muslims only, but are also popular with non-Muslims because… “Healthy and safe“.
The activities of the Expo Halal 2024 and the tenth edition of the World Halal Summit kicked off in Istanbul last Wednesday.
500 local and foreign brands from about 50 countries are participating in this exhibition, which continues until November 30.
Shengul continued, “When we first started this event in 2015, the size of the halal market in the world was about one trillion dollars, but now there is talk of an economy worth 8 trillion dollars in the market.”
During the opening of the exhibition on Wednesday, Emre Ateh, Vice President of the World Halal Summit, expected that the size of the halal market would reach about 12 trillion dollars within 5 years.
The halal market mainly includes: Islamic finance, the food sector, the fashion and ready-made clothing sector, the media, and the tourism sector.
The value of the global halal food market reached 2.3 trillion in 2023, and the total revenues of the halal food market are expected to grow at a compound annual growth rate of 10.5% from 2024 to 2030, reaching approximately 5.3 trillion by 2030, according to what the “platform” stated. MMR Market Research.
The global halal market is rapidly expanding into a number of countries that have not historically supported it. The estimated value of the halal food market in the United States, for example, reached $59.4 billion in 2022, and is expected to reach about $88.9 billion by 2026, according to what Allied Market Research reported.
