The global halal product market is burgeoning. It is expected to grow from having been worth US$45.3bil in 2016 to over US$58.3bil in 2022.1 Islamic finance dominates the global halal industry in constituting 43% share of the market, followed by halal food products at 36%.2 The global market revenue of halal food is projected to increase from having been worth US$1.25tril in 2016 to US$2.57tril in 2024.3
The types of halal food products are growing as well, and there is even halal foie gras and boba tea today. However, the “halal” concept is not limited to food and beverages, as is ...
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