The global Halal market is experiencing significant growth and development, driven by increasing consumer awareness, strategic collaborations, and innovative financial solutions. Recent developments highlight the sector’s dynamism and potential for further expansion.
Penang Leads with State-Level Halal Industry Council
On May 15, 2025, Penang established Malaysia’s first state-level Halal Industry Council. Chaired by Deputy Chief Minister I, Datuk Dr Mohamad Abdul Hamid, the council aims to coordinate inter-agency efforts, boost SME capacity building, and foster international halal trade and investment. A memorandum of understanding between PHI and the Penang Regional Development Authority (Perda) signifies a collaborative approach to entrepreneur development through halal certification.
Shariah-Compliant Finance Gains Momentum
Dubai-based Amwal Capital Partners launched a $150 million Shariah-compliant private credit fund on May 15, 2025. With a Riyadh office opened in 2023, the firm is expanding its regional presence. The fund caters to the rising demand for alternative, Shariah-compliant financing options in the Gulf region, attracting investors including sovereign wealth funds and international financial institutions.
Halal Food Market Forecast to Reach $4.12 Trillion by 2031
The global halal food market is projected to surge from USD 2,488.50 billion in 2024 to USD 4,116.57 billion by 2031, demonstrating a CAGR of 7.6%. This growth, reported on May 16, 2025, is fueled by greater awareness of the health benefits associated with halal foods. The prepared meals and entrées segment currently dominates the market, with supermarkets and hypermarkets being the primary distribution channels.
International Collaborations and Product Innovations
Saudi Arabia and Indonesia are actively collaborating to enhance the assurance of halal products. Unilever’s new halal research center in Indonesia will serve as a global reference for Muslim markets. Recent halal certifications, such as The Laughing Cow Cheese’s BPJPH certification, reinforce trust among Indonesian consumers. Additionally, CJ Foods has introduced Halal Korean Mandu and Hoppang in Malaysia, showcasing product innovation in the halal sector.
The Halal sector’s growth is propelled by strategic initiatives, financial investments, and international cooperation. These trends indicate a promising future for the industry, with significant opportunities for businesses and investors alike.