Halal is a growing category in recent years and Euromonitor estimates the global halal market to be worth US$45.3 billion today. By 2020, the market researcher forecasts it to grow to US$58.3 billion. Comprising a significant portion of this will be the United Arab Emirates (UAE), which will account for around US$27 million.
The UAE and Indonesia, being largely Muslim countries, will be the main drivers for the growth of the Halal labelling market. These populations, as well as the growing global Muslim population, are estimated to occupy a quarter of the global population by 2030.
It is however, imperative to note that the research done by the market researcher only looked at the global sales of halal-certified meat products across 26 key global markets, and in which only a small number of players occupy this market. The forecast for Halal labelling growth is therefore built only on a small baseline. Regardless, demand for halal meat is growing rapidly, commented Ewa Hudson, head of health and wellness at Euromonitor International.