According to the Global Islamic Economy 2017/18 report, the Islamic economy will be worth US$3 trillion by 2021, comprising halal food, halal travel, modest fashion, halal media and recreation, halal pharmaceuticals, cosmetics and Islamic finance.
Halal is a sector that cannot be ignored, especially for companies with an eye on global business. Food companies such as McDonald’s and Nestle have extensively implemented halal food certification in their operations and productions.
Halal has become a realm of business and trade, food safety, sustainability and environmental friendliness. The halal industry consists of clusters, such as cosmetics, personal care, agriculture, pharmaceutical, branding, packaging, Islamic finance, fashion, logistics, hospitality and travel.
The introduction of the halal logo has generated awareness among Muslims on the importance of consuming products or engaging services that follow Islamic guidelines and principles. Halal certification is a common strategy and a marketing tool used by manufacturers to convince and notify their consumers that their products are halal and syariah-compliant.
The annual trade value of the halal global market is US$2.77 trillion.