A Burgeoning Industry
The world’s Muslim population is expected to increase to 2.2 billion by 2030 with Asia Pacific leading at 59.2% or 1.3 billion, according to population projections by the Pew Research Center.
The global Halal industry is growing exponentially in tandem with the rise in Muslim population. With greater awareness and acceptance amongst Muslims and non-Muslims alike on the concept of Halal, this comes as a boon for industries like food and beverage, clothing and apparel, cosmetics and pharmaceutical, media and entertainment, travel and finance.
The State of the Global Islamic Economy Report 2019/20 issued by Dubai Islamic Economy Development Centre in collaboration with Thomson Reuters projected that Global Muslim spending on food and beverage alone to reach $2 trillion by 2024.