International Halal Industry And Its Impact On Global Halal Market (A Historical Review And Future Business Prospect)

Abstract

Halal is among the most important issues of the Islamic diet and can be ignored only in certain extreme conditions. Halal certification gained its importance with industrial growth, where the increasing Muslim population desired Halal assurance throughout the food supply chain. As a result, the Muslim population in non-Muslim majority countries also became a significant market for Halal consumables, which were previously considered as only producers for Muslim majority countries. This study describes a historical overview with the future business prospect of the Halal industry and market assessment of the leading global countries as a Halal market. Globally the market of Muslim countries was $ 2.11 billion in 2017, which was expected to increase to $ 3 billion by 2023. Globally, the halal food market is reported to have a turnover of $ 1.4 trillion in 2017, valued at expected to increase further by 12.6% in 2023.