ISLAMABAD: Worldwide spending on global Halal food and lifestyle products could rise 10.8% a year until 2019 to create an international industry worth $3.7 trillion, according to the latest Global Islamic Economy Report.
Commissioned by the Government of Dubai and produced by ThomsonReuters in collaboration with strategy and research advisory firm DinarStandard, the report says the past year has seen major advancements in the global Halal food and lifestyle sectors, Saudi Gazette reported.
These include investments by a Brazilian Halal food provider in a UAE production plant, new Halal testing technologies from France, Malaysia and the Emirates and international marketing of Dubai as a new Halal and Islamic Economy hub.
At the same time, the Halal tourism sector- a huge driver of food, beverage and hospitality sales- has also advanced following product investments in the UAE, the Maldives, Spain, Japan, the Philippines and Russia amongst others.
The lucrative Halal tourism market now represents 11.6% of global tourism expenditure- excluding the busy Haj and Umrah seasons- and is expected to be worth $238 billion by 2019.
According to the report, the halal food sector alone will grow to a valuation of $2.537 trillion by 2019 up from $795 billion in 2014- equating to 21.2% of global food expenditure.
The top countries with Muslim consumer food consumption are Indonesia, with a market worth $190 billion, Turkey, where the market is valued at $168 billion, Pakistan at $108 billion and Iran, where the market equates to $97 billion based on 2013 data.
Meanwhile, Malaysia, the UAE and Australia lead the report's Halal Food Indicator - a gauge that focuses on the health of the country's Halal Food ecosystem in relation to its size.
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