According to rahyafte (the missionaries and converts website):This surge is predominantly attributed to the expansion of the Islamic finance sector, closely followed by the dynamic growth in the food and beverage industry.
Beyond these traditional domains, diverse sectors such as pharmaceuticals, medical, health, cosmetics, travel, and tourism are contributing significantly to the burgeoning halal market.
The Islamic finance sector has emerged as a frontrunner in steering the growth of the halal market. As financial systems align with Sharia principles, an increasing number of investors are seeking ethical and halal-compliant opportunities. This has not only bolstered the financial landscape but has also paved the way for the broader halal economy.
The expansion of the halal market extends beyond traditional realms, encompassing pharmaceuticals, medical products, health services, cosmetics, and more. This diversification showcases the versatility of the halal industry, ensuring that various consumer needs are met while adhering to Islamic principles. Travel and tourism also play a pivotal role, offering halal-friendly services and accommodations.
The increasing demand for halal products is not limited to Muslim-majority countries; non-Muslim nations are also contributing significantly to the sector’s rise. The global appeal of halal products, driven by a growing awareness of ethical consumption, positions the halal market as one of the most promising economic sectors globally.
Source: globalvillagespace.com
