Islamic Inspection Service - SIILHalal

The future market potential for halal products is huge as the Muslim population is growing, including in Europe and America, and is projected to cross 2.2 billion by 2030, according to observers.

The global halal market has reached US$1,294.5 million in 2020 and is expected to touch US$1,911.3 million by the end of 2026, reflecting a CAGR (compound annual growth rate) of 5.7 percent for the 2021-2026 period, according to Global ‘Halal Market’ 2020 Research Report, released last August.

The global halal food market was valued at US$1,140 million in 2018 and is estimated to reach US$1,590 million by the end of 2025, growing at a CAGR of 4.3 percent in the 2019-2025 period.

Brazil, Australia, Japan, North America, and China are among the main halal product producers in the world. But, Indonesia, the world’s largest Muslim majority country and the fourth most populous nation in the world,is yet to exploit potential business.

In 2019, Brazil’s halal product exports were valued at US$5.5 billion and Australia’s at US$2.4 billion, Indonesian Vice President Ma’ruf Amin said recently, referring to data from the 2019 Global Islamic Economic Report.

A professor of Islamic economic law, Amin has set his sights on transforming Indonesia into a global halal product hub by 2024.

Read more: https://halalfocus.net/indonesia-aims-to-turn-into-global-halal-hub-by-2024/