SESRIC reveals projected size of global halal market by 2028

The global halal market will reach approximately $11 trillion by 2028, Zehra Selcuk, Director General of the Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC), said during the panel discussion "Strategic Leadership Dialogue on Ethical Halal Business Models and Risk-Resilient Financing," held at the Islamic Development Bank Group (IsDB) annual meetings in Baku, Report informs.

She estimates that the halal ecosystem has reached such a scale and complexity that it increasingly requires a more coordinated and collaborative approach, alongside national efforts.

"Today, the halal economy has transformed into a multi-trillion-dollar ecosystem. It touches all areas - from Islamic finance to halal food, halal tourism, pharmaceuticals, lifestyle industries, and the entire logistics chain. Thus, the Islamic economy encompasses a vast range of sectors. According to the latest estimates, the global halal product market was worth approximately $4.7 trillion in 2018. By 2023, it will have surpassed the $7 trillion mark. Projected growth by 2028 is approximately $11 trillion. In other words, we are talking about a colossal industry. For OIC member countries, this strategy and this growth are even more significant. Considering that approximately 81% of the world's Muslims live in OIC countries, this region accounts for an estimated 80% of the global market. Accordingly, there is huge demand for related industries," Selcuk added.