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Halal Market Growth Over 2024 Will Be Usd 12.14 Trillion
The Halal Market growth rising day by day on the rising of the Muslim population. The demand also grows on the availability of these products & services. Day by Day Spending on Halal products & services by Muslim consumer will grow the Halal Market over 2024.
According to Hexaresearch Report, The global halal market 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.
Get full report or request for a free sample at: https://www.hexaresearch.com/research-report/halal-market
Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.
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