06/11/2025
The global halal industry is a diverse and rapidly growing market, estimated to be valued at approximately
USD 3.2 trillion in 2024, with projections suggesting it could reach as high as USD 7.7 trillion by 2025. The market encompasses a wide range of sectors beyond food, including finance, cosmetics, pharmaceuticals, tourism, and modest fashion.
Market Volume by Sector (Estimates for 2022-2024)
The halal economy includes several key pillars, with varying market sizes:
• Islamic Finance: Represents the largest share of the total halal economy, with assets reaching approximately USD 4.5 trillion in 2022.
• Halal Food: The food and beverage sector is a major component, valued at around USD 2.74 trillion in 2024. It is projected to grow significantly, potentially reaching over USD 6 trillion by 2034.
• Modest Fashion: Muslim spending on modest fashion was around USD 295 billion in 2021, projected to reach USD 375 billion by 2025.
• Media & Recreation: Muslim spending in this sector was estimated at USD 198 billion in 2016, with projections to reach USD 281 billion by 2022.
• Halal Tourism: Muslim travelers spent USD 154 billion in 2022, with this figure forecast to reach USD 189 billion by 2025.
• Halal Pharmaceuticals: Muslim spending in this area reached USD 108 billion in 2022.
• Halal Cosmetics: The market size was valued at USD 47.76 billion in 2024 and is projected to exceed USD 53 billion in 2025.
Key Growth Drivers
The industry's expansion is driven by several factors:
• A growing global Muslim population, which is expected to comprise 30% of the world's population by 2050.
• Increasing awareness of halal certification and a rising demand for clean-label, ethically produced goods among both Muslim and non-Muslim consumers.
• Rising disposable incomes in Muslim-majority countries.
• The proliferation of e-commerce platforms, making halal products more accessible globally.
Asia Pacific is the dominant region in the halal market, accounting for a majority of the market share, due to its large Muslim population and supportive government initiatives.
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