Halal Food & Beverage Market: What’s the Latest Buzz? As per the 2022 State of the Global Islamic Economy Report, an estimated US$2 trillion was expended by the world's 1.9 billion Muslims in 2021 across sectors like food, pharmaceuticals, cosmetics, fashion, travel, and media/recreation. These sectors are significantly influenced by the ethical consumption requirements inspired by the Islamic faith. This expenditure signifies an 8.9% year-on-year growth compared to 2020. According to Inkwood Research, the global halal food & beverage market is anticipated to project a CAGR of 5.73% during 2023-2032 and garner a revenue of $2079.93 billion by 2032. Halal cuisine is currently experiencing a phase of creativity and innovation, transcending cultural boundaries. Fine-dining halal restaurants are witnessing a diverse clientele comprising both Muslim and non-Muslim guests. Moreover, in regions like Asia, governments are actively shaping the landscape of halal economic activities, with Indonesia leading the region.
Some of the latest developments in the global halal food & beverage market –
What’s buzzing in the Halal Food & Beverage Market in 2023? ● Leveraging the Halal Brazil Project Brazilian food & beverage companies can apply for their first halal certification through the Halal Brazil Project. The project is an open call for companies inclined to get their plants halal certified and want to reap its benefits. The Halal Brazil Project is a partnership between the Brazilian Trade and Investment Promotion Agency (ApexBrasil) and the Arab-Brazilian Chamber of Commerce (ABCC) to promote and cultivate Brazil's halal exports. The primary objective is to bridge the Brazilian companies to the Islamic