$8 trillion halal economy market soon

A report by Anadolu Agency quoted specialists as saying that the size of the halal market in the world is currently at $7 trillion, amid expectations that this value will rise to $8 trillion soon.

The head of the World Halal Federation, Ahmed Gler, said that the size of the halal market in the world has reached 7 trillion dollars, amid increasing momentum gained by this market with the entry of Turkey into it, noting that the latter is seeking to raise its share in this sector.

Gler stated that the world began to take Islamic countries more seriously in many sectors, such as foodstuffs, cosmetics, chemicals, cleaning products, agricultural products, energy, tourism and finance.

Islamic countries have started to have a word heard in the world in many fields, such as foodstuffs, cosmetics, chemicals, cleaning products, agricultural products, energy, tourism and finance.

The head of the Federation said that "there are one billion and 860 million Muslims living in the countries of the Islamic world, in addition to the Muslim communities in other countries, who tend to obtain information about what they produce and consume."

Global interest

The head of the International Halal Federation stated that there is global interest in halal products and services, and added that there is a tendency to obtain the halal certificate, as it guarantees follow-up and monitoring of the product by a neutral party throughout the production stages.

For his part, Chairman of the Council of the World Halal Summit, Yunus Eti, pointed out that the number of Muslims is increasing very rapidly in the world, which leads to an increase in their consumer needs. Eti added that the size of the halal services and products economy worldwide has reached $7 trillion.

He said that Turkey's share of the global halal sector exceeds $100 billion, indicating that it is seeking to raise its market share to $400 billion.

He added, "Unfortunately, the share of Turkey and a number of Islamic countries is less, compared to other countries in the world, in the areas that make up the halal sector, such as food, Islamic finance, tourism, fashion and cosmetics.""The size of the halal economy is expected to reach $8 trillion soon," Yunus Eti added.

According to the Chairman of the World Halal Summit Council, the following sectors will have their share of the halal economy according to the following:

Islamic finance will exceed 3.5 trillion dollars.

Food and beverages will exceed $2 trillion.

Halal tourism will exceed $400 billion.

Cosmetics will exceed 200 billion dollars.

Veiled clothing will exceed $240 billion.

As well as other sectors.