Rising demand for halal products will grow halal market

The global halal market size was valued at USD 5.73 trillion in 2016 and is expected to grow on account of rising Muslim population and increasing availability of these products & services. Increasing spending on Halal products & services by consumers besides Muslims is expected to trigger the growth of the market over the forecast period.

The Islamic finance sector has witnessed tremendous growth over the past few years with the emergence of crowdfunding platforms including Human Crescent. Lack of awareness has resulted in an enormous opportunity for products & services offered by this segment. The segment is likely to grow at a CAGR of 10.5% from 2017 to 2024.

Speedy growth of economies in the Middle East and South East Asia are expected to augment the growth of the market owing to the presence of a large Muslim population. These economies are likely to emerge as popular destinations for food and fashion. The Middle East halal market is expected to witness a double-digit growth generating revenues worth USD 6.53 trillion by 2024.

The demand for qualified halal products among non-Muslim customers has been on the upsurge as more consumers are looking for high superiority, safe and righteous products. Non-Muslim consumers in the Asia Pacific are likely to play a vital role in driving the regional market making it the second largest marketplace after the Middle East, contributing to 30.9% of the global revenues by 2024.

The Islamic economy is being driven primarily by the increasing youth population with high disposable incomes. These factors are likely to drive various segments of the halal market including fashion, food, finance, travel, and media & recreation. Moreover, the increasing availability of these products & services is expected to fuel the growth of the market over the projected period.

Keeping in mind the growth of the global halal industry, several food companies including KFC and Nestle are offering halal products to their Muslim consumers. The emergence of Islamic finance institutions offering finance and banking assets are expected to provide further impetus to businesses that are focusing on venturing into the halal industry, thereby resulting in the tremendous growth of the global halal industry over the next few years.

In this digitalization era, home automation has been gaining popularity in developed nations such as the U.S., UK and Germany, attributed to the cost reduction, enhanced internet connectivity and simplicity in the functioning. The home automation system is also accessible by tablet and smartphones with the help of technologies including Bluetooth and ZigBee, owing to this it becomes a more convenient for end-user.

The youth population in Islamic Countries driven market growth on high level. By the development of Halal market. It will open source to other market aspects like Fashion, food, finance, travel, media, and enjoyment. In the projected period from 2019 to 2024, The Halal market availability product & services increase the market growth.

There is lots of companies they are offering Halal products like KFC and Nestle to Muslim and Non-Muslim customer. The Islamic Finance division also provide funds for Halal market to grow and provide food to the young population. So, the market growth depends on its development and its need.

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