Global halal market sees annual growth of $500bn

by Nissar Hoath

The worldwide halal market is worth more than $2.1 trillion (Dh4.4trn)
and is growing at $500 billion annually, according to figures released
at the second Halal World Expo, which opened at Abu Dhabi National
Exhibition Centre yesterday.

Figures released at the three-day
exhibition and conference reveal that the industry also includes
Islamic finance, currently worth between $200bn to $500bn annually,
with an annual growth forecast of 12 per cent to 15 per cent for the
next 10 years.

And the Middle East is leading the way in many halal sectors.

to a report released by the organisers, the halal cosmetics category in
the Middle East grew by 21 per cent last year, with sales reaching

The event was inaugurated by Dr Mariam Hareb Al Yousuf,
Executive Director of Policy and Regulation at Abu Dhabi Food Control
Authority. Organisers said the event, attended by 50 exhibitors from
across the world, is set to become the second-largest annual halal
industry exhibition and conference after the Halal World Exhibition in

The second edition of the exhibition in the capital
features Shariah-compliant lifestyle products, including food and
beverage, fashion, hospitality management, publishing, cosmetics and
pharmaceuticals that are becoming famous in many Western countries,
particularly North America and Europe, with their growing Muslim

There are about 1.8 billion consumers worldwide looking to buy Shariah-compliant or halal products.

products are fast becoming famous and the industry is growing rapidly
throughout the world, the West in particular, targeting mainly Muslim

“Even among non-Muslims, halal food is gaining in
popularity due to its quality and, especially, the clean process of
preparation. Now, it is a complete industry which is growing fast,”
Pamela Pike, Vice-President of Marketing at Canada-based Halal
Exchange, told Emirates Business.

She said
within a year of its launch, the Halal Exchange has been able to
attract close to 1,000 subscriptions from more than 50 countries.

The exchange has helped conclude hundreds of halal-related product deals between companies, and the number is growing.

Halal Exchange is a global online marketplace for the halal industry,
using a unique technology that allows buyers and suppliers to send
requests, receive quotations, communicate and negotiate and issue
purchase orders online.

Christine Weaver, Exhibition Director,
said the event was important to bring together businesses in the
industry to establish relationships that are relevant both from a
regional and global prospective.

“We have been able to provide
a broad-range and diverse halal experience for professionals and
consumers who can meet multinational giants and smaller regional
producers under one roof,” said Weaver.