The global halal market is experiencing a surge, driven by diverse factors ranging from governmental collaborations to innovative fashion showcases. Projections estimate the market to reach a staggering $5 trillion, and several key developments are shaping its trajectory.
London’s Modest Fashion Takes Center Stage
London is set to become a focal point for modest fashion with the debut of Modest Fashion Live on May 24, 2025. This event highlights the growing global modest wear market, catering to a significant segment of consumers seeking fashionable yet modest clothing options. The increasing demand for modest fashion is contributing substantially to the halal economy, showcasing how the concept extends beyond food and finance.
Penang Establishes Halal Industry Development Council
In Malaysia, Penang has taken a pioneering step by establishing a Halal Industry Development Council. Approved on January 22, 2025, Penang’s council aims to boost the state’s halal industry. Currently, 870 active companies in Penang are certified under the Malaysian Halal Certification Scheme (SPHM), indicating a strong foundation for further growth and development.
International Collaborations and Expansions
The growth of the halal market isn’t limited to specific regions. Indonesia and Thailand are strengthening their cooperation in halal industry development, with Presidents Prabowo Subianto and Prime Minister Paetongtarn Shinawatra agreeing to enhance collaboration. This partnership seeks to increase bilateral trade, currently at US$18 billion, through the standardization of the halal industry and the development of the digital economy. Russia is also expanding its halal certification efforts via RusQuality in response to rising global demand for halal-certified goods, indicating a widespread recognition of the market’s potential.
Hong Kong’s Halal ‘Q Mark’
Hong Kong is set to introduce a new halal certification scheme featuring a ‘Q Mark’ for products and services compliant with Shariah standards. This initiative, developed through an agreement between the Federation of Hong Kong Industries and the Islamic Community Fund of Hong Kong, aims to provide consumers with assurance regarding the quality and adherence to halal principles.
Trends and Opportunities
The halal market’s expansion presents numerous opportunities for businesses. Plant-based halal products are gaining traction, meeting the needs of health-conscious consumers seeking vegan and vegetarian options that comply with halal standards. Digital technologies, including blockchain and e-commerce, are also playing a crucial role in enhancing transparency and accessibility within the halal industry.
Conclusion
With strategic initiatives, international collaborations, and innovative approaches, the halal market is poised for continued growth. London’s focus on modest fashion, Penang’s Halal Industry Development Council, and Hong Kong’s ‘Q Mark’ certification are all indicative of a dynamic and evolving industry set to exceed $5 trillion. Businesses that adapt to these trends and embrace halal principles are likely to find themselves well-positioned in this rapidly expanding global market.