Witnessing growth with increasing demand: USD 2.4 trillion forecasts the volume of consumer spending on halal products around the world

MAKKAH, SAUDI ARABIA, January 25, 2024 /EINPresswire.com/ -- The three-day Makkah Halal Forum, which commenced today (Tuesday) under the auspices of His Excellency Dr. Majid bin Abdullah Al Qasabi, Minister of Commerce of the Kingdom of Saudi Arabia, is poised to significantly impact the halal industries sector. This event aims to foster numerous important investment partnerships and create promising economic opportunities in this essential and growing field. The increasing global demand for halal products, both from Muslim and non-Muslim countries, highlights the sector's upward trend.

The halal industry sector is recognized as one of the most promising economic sectors worldwide. The global Islamic economy Reality Report projects that consumer spending on halal products will reach 2.4 trillion dollars by 2024. Interestingly, the demand for halal products and services is rising not only among Muslim consumers but also among non-Muslims. This is largely attributed to the association of halal products with safe and healthy eating practices. Moreover, the global halal market is experiencing substantial growth.

Predictions indicate that the market's growth could reach 7.7 trillion dollars by 2025. This growth is led primarily by the Islamic finance sector, followed by sectors such as food and beverage, pharmaceuticals, medical, health, cosmetics, travel, tourism, and other halal industry products and services. Education and health sectors are also included in this growth, with economic reports forecasting that the halal economy market will surge from 2.30 trillion dollars in 2020 to 4.96 trillion dollars in 2030. This represents an impressive 115% increase over ten years.

Saudi Arabia, a leading country in the global halal industry due to its significant position and leadership in the Islamic world, is striving to fortify its role at the core of the global halal industry. In 2022, the nation took a major step by initiating the establishment of a company specializing in "halal product development" through the public investment fund. Additionally, Saudi Arabia has established a halal products center affiliated with the Food and Drug Administration. This center is tasked with ensuring that meat and poultry are slaughtered and stored in accordance with Islamic Sharia. It also ensures the manufacture of food, cosmetics, and medical devices in a manner that adheres to Islamic law.

It is notable that the Makkah Halal Forum launched its activities today, under the patronage of H.E. Dr. Majid bin Abdullah Al Qasabi, Minister of Commerce in the Kingdom of Saudi Arabia. The event, themed "Creativity in the Halal Industry," is taking place at the Makkah Chamber of Exhibitions and Events Center. Organized by Manafee and the Islamic Chamber for Halal Services (ICHS), in strategic partnership with the Saudi Standards, Metrology and Quality Organization, and the Saudi Food and Drug Authority, the event also sees participation from the Makkah Chamber of Commerce and the Islamic Chamber of Commerce and Development.

The forum includes over 10 discussion sessions and 250 meetings, focusing on various issues and topics relevant to the halal industry globally. These include halal certification and standards, the latest standards and regulatory frameworks for ensuring the safety and authenticity of halal products and services, and the halal food industry. The forum aims to explore trends, innovations, and best practices in the sector, covering aspects like supply chain management, quality control, food safety, and catering to consumers' diverse preferences.

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