The halal industry, as a result, has expanded manifold. Apart from food and beverages, the halal industry also includes pharmaceuticals and cosmetics. This expanding halal industry covers all major service businesses such as hotels, airports, restaurants, catering services, hospitals, nursing homes, and shopping malls.
From food to healthcare and everything in between, the halal industry is becoming a lifestyle choice in several countries throughout the world. The global halal food industry is set to achieve a market size of USD 1.38 trillion by 2024. Following are some of the major reasons why the halal industry is fast-growing:
The growing complexity of food and other items
Initially, food and other products were simple and their point of origin was mostly known. Also, the food and other items using animal fat, etc., were local in nature.
However, the arrival of globalization, combined with industrialization, turned things around in a quick manner. Today, food and other items are mostly processed and are mostly complex in nature as well. Meanwhile, the food and other items where a question of halal can arise are processed and supplied globally. This creates a concern for the Muslim population as any negligence can result in the breach of a major religious commandment.
For example, the following are some products that have doubts about their halal credentials and a halal certification can resolve the issue:
• Perfumes (the majority of which contain alcohol)
• Lipsticks and lip balms (non-halal items include pig fat) , etc.
midst of this, halal certifications for food and other items such as cosmetics serve as a relief feature, and Muslims prefer to buy such products.
As a result, we see a mighty boom in the halal industry. Here is an example: According to a recent report by Grand View Research, the global halal cosmetics market is poised to reach a market size of 52.2 billion dollars by 2025.
Globalization of the Muslim population
Due to globalization, the Muslim population has spread to almost all parts of the world. In order to respond to this rise in demand for halal items, the halal industry is growing globally.
The transfusion of Muslim culture
As Muslims migrate to different countries around the world, they also take their culture and codes with them. This creates a natural appeal for halal products. As a result, the halal industry is witnessing a surge in demand globally.
It is due to the combination of all these factors that we are witnessing a worldwide increase in the launch of new brands and products with halal certifications. According to statistics, the number of halal-certified brands and products increased by 19% between 2018 and 2020.
Halal food appeals to non-Muslim consumers
Recently, consumers have started to show a tendency of liking halal food, cosmetics, and pharmaceutical products and brands because of their assurance of safe, hygienic, reliable, and healthy food. Different surveys show that irrespective of religion, people have a very positive perception of halal food and other products.