The world halal market will be worth more than $2.5 billion by 2020
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    The world halal market will be worth more than $2.5 billion by 2020

    The world halal market could be worth more than $3 billion by 2023. Credit: Christopher Paquette/Flickr.

    The world halal market will for the first time be worth more than $2.5 billion in 2020, according to forecasts for the coming year made by consultancy firm A.T. Kearney. This sum could reach $3 billion by 2023.

    The market for halal products and services, in compliance with the requirements of Islam, continues to grow worldwide. In 2012, it amounted to only $1.6 billion.

    The halal market is dominated by food (62%), followed by fashion (13%) and leisure (10%). Six main sectors are found in this market: food, travel, fashion, leisure and media, medicines and cosmetics.

    The halal travel market is currently enjoying a period of particularly strong growth, the forecasts said.

    The Brussels Times