The global Halal market is on a significant growth trajectory, projected to reach a staggering $10 trillion by 2030. This expansion spans diverse sectors, including food and beverages, cosmetics, pharmaceuticals, fashion, tourism, and financial services. Notably, Vietnam and Indonesia are emerging as key players, driving international cooperation and trade within the Halal industry.
Vietnam and Indonesia Strengthen Ties
Recent developments highlight the deepening collaboration between Vietnam and Indonesia. In April 2025, the Ho Chi Minh City Investment and Trade Promotion Center (ITPC) and the Indonesian Consulate General convened a seminar aimed at fostering international cooperation in the Halal sector. This initiative underscores the commitment of both nations to capitalize on the growing global demand for Halal products and services. Bilateral trade between Vietnam and Indonesia reached $4.2 billion in the first quarter of 2025, marking a 17% increase compared to the same period last year, signaling robust economic ties and a shared interest in the Halal market.
Global Halal Market Expansion
The Halal market’s influence extends far beyond Southeast Asia. The Sharia Compliance and Halal Business Expo 2025, held in Nairobi, Kenya, demonstrates the increasing importance of the Halal economy in East Africa. Valued at over $2 trillion and projected to exceed $3 trillion by 2030, the Halal market presents substantial opportunities for countries like Kenya to reinforce their position in the global landscape. The expo facilitates the exploration of Islamic finance, Halal-certified products, and ethical investments, bringing together stakeholders from across the region.
Strategic Initiatives in the Philippines
The Philippines is also actively pursuing growth in the Halal sector. The Department of Trade and Industry (DTI) aims to double the country’s Halal trade revenues to almost P16 billion in 2025, building on the P7.9 billion generated in 2024. The “Halal-Friendly Philippines” campaign is set to expand to key markets such as the United States, South Korea, Japan, and Turkey, indicating a strategic effort to tap into diverse consumer bases.
Halal Cosmetics Market on the Rise
Among the various sectors within the Halal market, the cosmetics industry is experiencing remarkable growth. The global Halal cosmetics market is projected to reach US$ 135.54 billion by 2033, growing at a CAGR of 12.95% between 2025 and 2033. This surge is fueled by increasing consumer demand, heightened awareness of ethical standards, and a growing Muslim population seeking Halal-certified beauty products.
Conclusion
The Halal sector’s trajectory towards a $10 trillion valuation by 2030 is underpinned by strategic collaborations, innovative initiatives, and increasing consumer demand. Vietnam and Indonesia are at the forefront of this expansion, driving trade and cooperation within the industry. As the Halal market continues to grow, businesses and governments must adapt to evolving standards, embrace ethical practices, and cater to the diverse needs of Muslim consumers worldwide.