The market is worth over $667 million, around 20 percent of the total global food industry. This number is expected to jump to $2.25 trillion by 2024.
Economic experts have expected the halal food industry to become a fundamental market force soon because Islam is the fastest growing religion worldwide, which increases the global demand on halal food.
The annual growth of halal food consumption is estimated at 16 percent. Muslims represent around 23 percent of the world’s population, nearly 1.8 billion consumer with a 3 percent average yearly growth. If this trend continues, Muslims will represent around 26 percent of the world’s population, 2.2 billion people, by 2030.
Australia, which has over 500,000 Muslims, has become a leading hub in making and producing halal meats.
The continent is considered a trustworthy long term source of lamb and beef meat for 100 countries around the world, including the Middle East.
Australia adopts one of the strictest halal programs in the world.