Halal ingredients worth billions worldwide
Halal ingredients are now worth $245 billion in the global market.
Halal ingredients are now worth $245 billion in the global market, a new report has revealed.
According to the report by Thomson Reuters issued in a report in partnership with Salaam Gateway and DinarStandard, in 2015, the Organization of Islamic Countries (OIC) imported ingredients valued at $33 billion.
More than 300 Halal ingredients were identified across global food, pharmaceutical and cosmetic industries. The report stated that the Halal ingredients were produced globally and consumed by an increasing Muslim customer market. They include ingredients such as gelatin and carmine.
“The topic of Halal ingredients is an important one given that sourcing these ingredients continues to be a key challenge for many food, cosmetics and pharmaceuticals companies that seek to address Muslim demand,” said Mustafa Adil, head of Islamic finance at Thomson Reuters.
According to the report, many opportunities exist for those looking to invest in the Halal market.
“There will be an upwards growth trajectory in the size of the Halal ingredients market - the status quo cannot continue,” Director of Strategic Insights at DinarStandard and Lead Analyst, Haroon Latif said. “Muslim consumers will become more aware of what they are actually eating and eventually standards will become stringent and more widely applied.”