Global Halal Industry Projected to Reach $6.7 Trillion by End of 2024, Reports OIC Official
The global halal industry is projected to achieve an extraordinary value of $6.7 trillion by the end of 2024, as reported by Ahmad Kawesa Sengendo, Assistant Secretary-General for Economic Affairs at the Organisation of Islamic Cooperation (OIC). This notable figure underscores the rapid and expansive growth of the halal sector on the international stage.
Addressing delegates at the Halal Business and Tourism Forum (AZHAB Forum) in Baku, Sengendo emphasized the impressive 47% expansion that the global halal industry has witnessed over the past six years. He attributed this surge to increasing worldwide interest and awareness regarding halal products and services.
Sengendo remarked, “The global interest in halal business continues to rise steadily. This requires us to adopt a holistic and strategic approach moving forward.” He further elaborated that the halal industry should not be confined to perceptions of the food sector alone. Instead, he stressed that it encompasses a wide array of sectors catering to diverse consumer needs, ranging from finance and tourism to pharmaceuticals and cosmetology.
The halal sector's immense growth reflects its significance as an economic powerhouse with a far-reaching impact. While halal food products remain a foundational element, the industry's expansion into areas such as Islamic finance, ethical tourism, and halal-certified health and beauty products demonstrates its versatility and the growing demand for goods and services that comply with Islamic principles.
As global consumer preferences shift towards more ethically sourced and produced products, the halal industry is uniquely positioned to benefit from this trend. This growth is further bolstered by the increasing population of Muslims worldwide, combined with the growing appeal of halal-certified products among non-Muslim consumers, particularly in regions that prioritize sustainability and ethical practices.
The upcoming year is expected to witness continued collaboration and innovation within the halal market, as stakeholders across various industries seek to tap into the potential of this flourishing sector. Sengendo's comments at the forum serve as a reminder of the global opportunities that await businesses ready to align with halal standards, catering to an ever-expanding market.
In light of these developments, the halal industry is poised not only for financial success but also to set new benchmarks in consumer trust and ethical practices, making it a key player in the global economy for years to come.
