The global Halal market is experiencing significant growth, driven by a rising Muslim population and increased consumer awareness. Recent developments in Hong Kong and Penang signal a new phase of expansion in this multi-trillion dollar sector.
Global Halal Market Expected to Reach $9.45 Trillion
According to a recent report, the global Halal market is projected to reach a staggering $9.45 trillion by 2034. This represents a compound annual growth rate (CAGR) of 12.42% from 2025. The Asia Pacific region is expected to be a major driver of this growth, fueled by increasing demand for Halal-certified products and services.
The growth is largely attributed to the expanding global Muslim population, which is projected to reach 2.76 billion by 2050. This demographic shift is driving demand for Halal food, pharmaceuticals, cosmetics, finance, and tourism. Consumer awareness of Halal dietary requirements is also on the rise, even among non-Muslims, further boosting market expansion.
Penang Establishes Halal Industry Council
Penang, Malaysia, is taking a proactive approach to capitalize on the growing Halal market. The state has established a dedicated Halal Industry Council to coordinate and drive growth in its local Halal sector. This council aims to streamline Halal industry development, promote investment, and ensure the integrity of Halal products and services originating from Penang.
Hong Kong to Launch New Halal Certification Scheme
Hong Kong is set to introduce a new Halal certification scheme to boost consumer confidence and facilitate trade in Halal products. The Federation of Hong Kong Industries and the Islamic Community Fund of Hong Kong have signed an agreement to develop a Halal-related quality mark (Q Mark) for products and services that meet Shariah-compliant standards. This initiative aims to provide businesses with a credible and recognized certification, enabling them to tap into the global Halal market more effectively.
Conclusion
The Halal sector is poised for substantial growth in the coming years. The establishment of the Penang Halal Industry Council and the introduction of a new Halal certification scheme in Hong Kong are indicative of the increasing focus on this market. As the global Muslim population continues to grow and consumer awareness of Halal products increases, the Halal sector is expected to generate trillions of dollars in economic activity.