The global halal market size was valued at USD 5.73 trillion in 2016

Thursday, December 28, 2017 General News
Email Print This Page Comment bookmark
Font : A-A+

Halal Market Size and Forecast, By Product (Food & Beverages, Travel, Media & Recreation, Finance, Fashion, Pharmaceutical, Cosmetics), And Trend Analysis, 2014 To 2024

LONDON, Dec. 28, 2017 /PRNewswire/ -- Download the full report: https://www.reportbuyer.com/product/5205107 The

global halal market size was valued at USD 5.73 trillion in 2016 and 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 crowd funding 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 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 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, 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 tremendous growth of the global halal industry over the next few years.Download the full report: https://www.reportbuyer.com/product/5205107 About Reportbuyer Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers For more information: Sarah Smith Research Advisor at Reportbuyer.com Email: query@reportbuyer.com  Tel: +44 208 816 85 48 Website: www.reportbuyer.com

Cision View original content:http://www.prnewswire.com/news-releases/the-global-halal-market-size-was-valued-at-usd-573-trillion-in-2016-300575826.html

SOURCE ReportBuyer



Post your Comments

Comments should be on the topic and should not be abusive. The editorial team reserves the right to review and moderate the comments posted on the site.
* Your comment can be maximum of 2500 characters
I agree to the terms and conditions

News A - Z

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

News Search

Medindia Newsletters

Subscribe to our Free Newsletters!

Terms & Conditions and Privacy Policy.

Find a Doctor

Press Release Category

Press Release Archive

Stay Connected

  • Available on the Android Market
  • Available on the App Store