Global halal market to reach $7.7 trillion by 2025, driven by Islamic finance and diverse sectors Makkah Forum exploring key investment partnerships in industry

MAKKAH— Several key investment partnerships and promising economic opportunities in the halal industry sector are expected to be explored at the three-day Makkah Halal Forum, which kicked off in Makkah on Tuesday. The forum is being held at the Makkah Chamber for Exhibitions and Events Center under the patronage of Minister of Commerce Dr. Majed Al-Qasabi.
The forum, with the slogan of "Creativity in the halal industry" is organized by Manafea and the Islamic Chamber for Halal Services (ICHS). This is in strategic partnership with the Saudi Standards, Metrology and Quality Organization and the Saudi Food and Drug Authority, with the participation of the Makkah Chamber of Commerce and the Islamic Chamber of Commerce and Development.
Through more than 10 discussion sessions and 250 meetings, the forum is discussing myriad issues and topics related to the halal industry sector in the world, including the issue of halal certification and standards, the latest standards and regulatory frameworks to ensure the safety and authenticity of halal products and services, in addition to the halal food industry and exploring trends, innovations and best practices in this sector, including supply chain management, quality control, food safety, and meeting diverse consumer preferences.
The halal industry sector is witnessing an upward trend with the increasing demand for halal products from Muslim and non-Muslim countries. The halal industry sector in the world is considered as one of the most promising economic sectors, as the report on the reality of the global Islamic economy expects that consumer spending on halal products around the world will reach $2.4 trillion in 2024, while the demand for halal products and services is increasing, not only by Muslim consumers, but also non-Muslims are also driven by its association with safe and healthy eating.
The global halal market is witnessing significant growth, as the volume of growth in this market is expected to reach $7.7 trillion by 2025, with the Islamic finance sector leading the way followed by the food and beverage sector, pharmaceuticals, medical, health and cosmetic preparations, travel and tourism, and other halal industry products and services.
With regard to education and health, recent economic reports also expected the halal economy market to rise during the current decade from $2.30 trillion in 2020 to $4.96 trillion in 2030 and this implies an increase of up to 115 percent within 10 years.
Saudi Arabia, which is one of the leading countries in the halal industry in the world due to its position and leadership in the Islamic world, aims to strengthen its position in the heart of the global halal industry, as it took the initiative, through the Public Investment Fund, to establish a company specialized in "developing halal products" in the year 2022, in addition to establishing a center for halal products affiliated with the Saudi Food and Drug Authority, which exercises a supervisory role to ensure that meat and poultry are slaughtered and stored in accordance with what is stipulated in Islamic law. The center is also specialized in ensuring that foods, cosmetics, and medical devices are manufactured in a way that ensures that they are free of any preparation that violates Islamic law.