Anticipating a $2.4 Trillion Consumer Spending Surge on Halal Goods Globally

Mekkah, January 2024: The inaugural session of the Mekkah Halal Forum, launched today (Tuesday) under the patronage of His Excellency Dr. Majid bin Abdullah Al-Qasabi, Minister of Commerce of the Kingdom of Saudi Arabia, is poised to infuse the halal industries sector with a multitude of crucial investment partnerships and promising economic opportunities. This vibrant sector is witnessing an upward trajectory due to the escalating demand for halal products among both Muslim and non-Muslim consumers.

The global halal industry sector stands out as one of the most promising economic arenas. According to the Global Islamic Economy Indicator, global consumer spending on halal products is expected to reach $2.4 trillion by 2024. The surge in demand for halal products and services is not confined to Muslim consumers alone but is equally driven by non-Muslims seeking secure and health-conscious food options.
The global halal market is experiencing substantial growth, with market size projected to hit $7.7 trillion by 2025. Leading the way is the Islamic finance sector, followed by the food and beverage industry, pharmaceuticals, medical and health sectors, cosmetics, travel and tourism, and various other products and services within the halal industry. Recent economic reports also foresee a notable uptick in the halal economy market, soaring from $2.30 trillion in 2020 to $4.96 trillion in 2030 – a staggering 115% increase over the next decade.

Saudi Arabia, as a trailblazer in the global halal industry, aims to bolster its standing at the core of the worldwide halal industry. Through the Public Investment Fund (PIF), Saudi Arabia has spearheaded the establishment of a company specializing in “Halal Product Development” in 2022. Additionally, it has inaugurated a center for halal products under the Food and Drug Authority, playing a regulatory and supervisory role to ensure adherence to Islamic law in the slaughter and storage of meat and poultry. The center also oversees the manufacturing of food, cosmetics, and medical devices, ensuring compliance with Islamic principles.

The Mekkah Halal Forum, kicking off its activities today (Tuesday) under the patronage of His Excellency Dr. Majid bin Abdullah Al-Qasabi, Minister of Commerce of the Kingdom of Saudi Arabia, under the theme “Innovation in the Halal Industry,” is being hosted at the Mekkah Chamber of Commerce and Industry Exhibition and Events Center in Mekkah. The event is organized by Manafaa and the Islamic Chamber of Commerce, Trade, and Development, in strategic partnership with the Saudi Standards, Metrology, and Quality Organization, and the Saudi Food and Drug Authority. The forum sees the participation of the Mekkah Chamber of Commerce and the Islamic Chamber of Commerce and Development.

Throughout more than 10 discussion sessions and 250 meetings, the forum delves into various issues tied to the global halal industry. Topics include halal certification, halal standards, the latest regulatory frameworks ensuring the safety and authenticity of halal products and services, along with the halal food industry. The discussions explore trends, innovations, and best practices within this sector, covering supply chain management, quality control, food safety, and addressing diverse consumer preferences.