According to Adroit Market Research, the global Halal market size was valued at a staggering USD 4.55 trillion in 2017, due to the growth of the Muslim population around the world.
As of 2010, there are 1.6 billion Muslims around the world. Pew Research Centre estimates that by 2050, the Muslim population will grow to about 2.76 billion, or 29.7% of the world’s population.
Millenials (born between 1980 and 2000) are shaping the future of the world-wide economy and in this aspect, the Muslims are the youngest of all major religious groups. By 2030, 29% of the global young population (15-29) is projected to be Muslim. These trendsetting millenials define their own identities and assert their needs in travel, food, education, fashion and increasingly demand the attention of mainstream players.
It is no surprise then that the Halal industry is poised to grow exponentially in the future, fuelled by the growth in Muslim population and increasing disposable income made possible by the economic development of countries such as Indonesia, Malaysia, India, Pakistan and Nigeria.