Muslims are spending how much!?!
According to the DIEDC, the Dubai Islamic Economy Development Centre, in it’s State of the Global Islamic Economy Report 2017-2018 report, Muslims have spent an estimated $2 trillion across the food, beverage and lifestyle sector in 2016.
Out of all 3 sectors, reports find that the Halal food industry to be the largest and most diverse sector of this growing Islamic Economy. With a bigger focus on creating a more halal suitable marketplace for Muslims away from just meat moving into other food products such as ready made meals, Ice creams, sweets etc.
As the UK’s leading certifier of Halal food, the Halal Food Authority, also commonly known as HFA, are proud to be a pioneer in an ever growing industry by working with a multitude of partners to establish strict halal guidelines in popular and mainstream foods in order to allow access into that market for Muslim stakeholders.
Not only does this allow Muslims to have access to these previously restricted foods which is dietary beneficial, it also benefits the wider community who want a healthier and cruel free option.
Also a positive influence on community integration as now Muslims and non Muslims can now together eat without having to conform to each others dietary needs, thus leading to better integration and breaking down any social barriers.
The growing market is an opportunity for potential stakeholders to tap into as Muslims are rapidly outspending at nearly double the growth of it’s counterparts on food and beverage with levels of spending expected to reach $1.93 trillion by 2022, that’s almost the whole of Halal spending in 2016!
Another market becoming less and less niche is the Halal pharmaceutical and cosmetic sector.
Transnational companies are increasing investment into an industry which is rapidly outgrowing it’s partnering non halal counterpart with Muslims spending over $83 billion in 2016, with it expected to grow up to $132 billion by 2022 whilst the cosmetic industry will grow by almost 50% by 2022, reaching $82 billion from $57.4 billion in 2016.
If you are a company who hasn’t yet entered the halal market and are looking for a way in, contact HFA on our social media accounts or on and you will get all the information you require to make a decision.