34 Important Halal Statistics for 2023
Are you curious about the state of the halal market? Then check out our latest statistics on halal food industry.
We have curated and vetted the latest halal statistics and trends in the list below.
With over 3.5million muslims in the USA, it is important to take a look at the global and USA halal industry. We took a closer look at the current insights from different halal industries to assist you to remain updated on the latest developments and relevant facts in halal industry.
Key Global Halal Industry Statistics
- According to the report by Grand View Research, the global halal marketgrowth size was valued at USD 5.73 trillion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.3% from 2021 to 2028.
- In terms of regional market share, the Middle East and Africa are the largest markets for halal food products, followed by Asia Pacific region and Europe.
- In 2018, the market revenue of global halal food amounted to approximately 715 trillion U.S. dollars and is forecasted to increase to 2.04 trillion dollars by 2027.
- As of 2021, the leading halal sector was Islamic finance with a market share of 51.6%, followed by the halal food sector, which accounted for 31.46 percent of the total global halal market.
- According to projections, the value of halal consumer spending worldwide will exceed three trillion U.S. dollars by 2023.
- Halal products and services accounted for 4.5 percent of the global total consumer spending in 2017.
- The halal food industry market size was valued at USD 624.52 bn in 2020-2024.
- As of 2019, halal meat and its alternatives lead the global halal food market by over 52%.
- Nestle is one of the largest halal food manufacturers with halal sales of more than $5 billion.
- Within the halal consumer market, food and beverages are the leading sectors with a global spending value of over 1.17 billion U.S. dollars which will increase to 1.38 billion by 2024.
- Between 2019 and 2020, the halal food sector received 61 investment deals worldwide. Overall the halal food sector investment deals were worth over 6.11 billion U.S. dollars.
- As of 2019, the worldwide spending of Muslims on halal food was around 1.17 trillion U.S. dollars. This will increase to 1.38 trillion U.S. dollars by 2024.
- Halal foods had a global market value of approximately 1.4 trillion U.S. dollars in 2017 and are expected to reach 2.6 trillion U.S. dollars in 2023.
- Between 2019 and 2020, the leading halal industry for governments of Muslim-majority countries to invest in was the halal food sector with around 52%. During this period, the total government-led investment in all halal industries accumulated to over 11.8 billion U.S. dollars.
- In 2019, France’s export value of halal cosmetics to (OIC) countries amounted to 2.5 billion U.S. dollars. This was followed by the UAE with 1.8 billion. U.S. dollars.
- In 2019, the largest importing market for halal cosmetics was India, valued at almost six billion U.S. dollars.
- Members of the Organisation of Islamic Countries (OIC) are the primary sources pushing the growth of the halal tourism market forward and contributing to the 35% market share of the APAC.
- In 2019, Turkey led in spending on halal pharmaceuticals, totaling ten billion U.S. dollars. During this period, the total spending of worldwide halal pharmaceuticals was 94 billion U.S. dollars.
- Germany’s export value of halal pharmaceuticals to (OIC) countries amounted to 5.2 billion U.S. dollars. This was followed by France with 4.6 billion U.S. dollars in 2019.
- The largest importing market for halal pharmaceuticals was Turkey, valued at almost ten billion U.S. dollars in 2019.
- The increase in the modest fashion market and expenditure on apparel and footwear by the Muslim community was 4.2% in 2019. It decreased in 2020 due to COVID-19 but it is expected to reach $311 billion by 2024, according to the Islamic economy report 2021.
- The total global spending of Muslims on halal products dropped by 8.1 percent due to the impact of the COVID-19 pandemic.
- Muslim spending on travel in 2018 was US$189 billion and is projected to reach US$274 billion by 2024.
- Turkey led in the spending on halal media and recreation with 26 billion U.S. dollars in 2019. During this period, the total spending.
- According to the Islamic Services of America (ISA), a main halal certifying agency in the United States and North America, there are presently around 8 million halal customers in the United States.
- The number of goods and services that have received the halal certification is increasing globally. In 70 nations as of 2019, there were more than 1,500 halal certification agencies, according to the report by the Halal Development Council.
Top 10 Halal Statistics, and Market Trends You Should Know
The halal market comprises a wide range of sectors, including food and beverage, cosmetics, pharmaceuticals, apparel, and tourism.
Overall, the halal market is expected to continue to grow, owing to reasons such as rising Muslim populations, more consumer knowledge of halal products, and increased availability of halal-certified goods and services.
1: Halal Food in the USA
Halal food market share in the US is expected to increase to USD 9.33 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.62%.
The major halal food market vendors in the USA include Adams Candy Land, Al Safa Foods Canada Ltd., American Foods Group LLC, Barry Callebaut AG, Cargill Inc., Coleman Natural Foods LLC, Crescent Foods, Grecian Delight Kronos Foods, HALAL FARMS USA, Harim Holdings Co. Ltd., Harris Ranch Beef Co., Maati Inc., Midamar Corp., Nema Food Distribution Inc., Salwa Foods, SUKHIS GOURMET INDIAN FOOD, Tallgrass Beef, Texas Halal Corp., The American Halal Co. Inc.
2: Halal Food Market Size
The global halal food market size reached US$ 2,221.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4,177.3 Billion by 2028, exhibiting a growth rate (CAGR) of 10.8% during 2023-2028 with meat poultry and seafood being the most preferred food products.
3: Modest Fashion
According to a 2018 report by Thomson Reuters and DinarStandard, $270 billion was spent by Muslim consumers on modest fashion in 2017. The report projects 4.8 percent year-on-year growth for the sector and estimates that sales are expected to reach $402 billion by 2024.
According to the Islamic Fashion & Design Council, modest fashion consumption is led by Turkey with over $25 billion per annum, followed by Iran, Indonesia, Egypt, Saudi Arabia, and then Pakistan.
4: Halal Financial Services in the USA
According to a report by The State of the Global Islamic Economy, the total assets of Islamic banks in the USA reached $6.8 billion in 2020. According to a report by Wahed Invest, a halal robo-advisor, the number of Muslim millennials in the USA is expected to reach 3.85 million by 2024, representing a significant growth opportunity for halal investment providers.
There are currently 25 Islamic financial institutions in operation in the US, the top three according to asset size, are the American Islamic Finance House, University Bank (through its subsidiary University Islamic Financial), and the Harvard Islamic Finance Project.
5: Halal Pharmaceutical Market
The pharmaceutical market has witnessed a sudden development over the past two years and is estimated to reach 174.59 billion USD by 2025. According to a report by Grand View Research, the global halal pharmaceuticals market size was valued at USD 97.8 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 8.6% from 2020 to 2027.
The USA is one of the largest markets for halal pharmaceuticals and is expected to see significant growth in the coming years due to the increasing demand for halal-certified products.
6: Halal Tourism
Halal tourism is becoming more popular in the USA, as Muslim travelers seek destinations that cater to their religious and cultural needs. The global halal tourism market holds a forecast of US$255.0 billion in 2002 and is likely to reach US$365.0 billion by end of 2032.
In 2020, global spending by Muslim tourists sum up to 192 billion dollars. This represents a 126 billion dollar increase over 2017. In 2019, halal tourism accounted for 13% of the global tourism industry’s value.
7: Halal Cosmetics
The halal cosmetics market is projected to reach US$ 79,861.73 million by 2028 from US$ 36,686.54 million in 2022. It is estimated to grow at a CAGR of 13.8% from 2022 to 2028.
According to a 2019 report by Grand View Research, the global halal cosmetics market was valued at $22.6 billion in 2018 and is expected to reach $52.02 billion by 2025, growing at a CAGR of 12.8% from 2019 to 2025.
8: Halal Media and Recreation
According to the Reuters report, Muslims’ spending on media and recreation was $209 billion in 2017 and is forecast to reach $288 billion by 2023 fueled by a rising muslim population.
9: Top Exporters of Halal Products
Exports of halal-certified food are primarily led by non-Muslim countries such as Brazil, India, the United States, China, and Australia (KOTRA, 2016) within the forecast period.
Among the halal exporters, Brazil has the highest percentage at 10.7%, followed by India at 9%, the United States at 4.9% and China at 4.6% (Reuters, 2015) Turkey is the only Islamic country among the top ten halal exporters.
As of 2019, Brazil’s export value of halal foods to (OIC) countries amounted to 16.2 billion U.S. dollars. This was followed by India with 14.4 billion. U.S. dollars. The overall export of halal food to OIC countries was 200 billion U.S. dollars during the same period.
10: Top Importers of Halal Products
The biggest importer of halal-certified food from the OIC countries is Saudi Arabia, followed by Malaysia, while UAE, Indonesia, and Egypt occupied the third, fourth, and fifth positions respectively in the top 5 leading halal food importers.
The demand for halal products and services is not limited to Muslims alone. These statistics show the importance and expansion of the halal market in the global economy, with a vast range of products and services catering to the needs of Muslim consumers and non-muslims now moving into consuming halal products because they are considered more healthy.