The world halal market will be worth more than $2.5 billion by 2020
Wednesday, 04 December 2019
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.