The halal food and lifestyle market is set to surge as a new report, called 'State of The Global Islamic Economy 2015/16' (SGIE) , uncovers that the sector will grow by $800billion dollars in 2020. The Thomson Reuter's has produced the report, in collaboration with DinarStandar. It is supported by Dubai Islamic Economy Development Center.
The IMF states that due to a combination fewer investments being made and the foreboding problem of an ageing population, the global population is in a form of 'secular stagnation’. Whilst, on the other hand, the youthful Muslim population is the core reason for the expected growth in the Islamic economy and has been tipped as a top pick for investors, as the market continues to grow.
The current standing of the halal market is 16.7% of global expenditure and its further growth has also been supported by newer companies wanting to purchase halal certified food due to increasing demand from Muslim customers. Nestle, has become a big player in the halal market and is noted for having 159 halal certified factories of its total of 468 factories. Nestle currently produce over 300 food and beverage products which are exported to over 50 countries, as global demand for Halal certified products grows globally.
The top country producing halal products is Malaysia, as it produces halal certified products to a high standard due to strict regulations. The second place goes to Pakistan as it has made significant improvements in its production of halal certified goods.
This benefit of the halal food market is not just for Muslim countries as the UK, Brazil, China, South Korea, South Africa and Australia are one of the many countries who are opening factories producing halal certified products to export to booming markets.