The global halal market size was valued at USD 5.73 trillion in 2016 and is expected to grow on account of rising Muslim population and increasing availability of these products & services. Increasing spending on Halal products & services by consumers besides Muslims is expected to trigger the growth of the market over the forecast period.

Rising demand for halal products including cosmetics, pharmaceuticals and food & beverages in accordance with the traditional Islamic law is expected to drive the global industry growth. The Muslim population is projected to reach 2.2 billion by 2030 up from 1.7 billion in 2014. At present, Muslims account for over 20% of the global population.

These factors are expected to play a vital role in driving the demand for halal products & services. Rising demand for halal food owing to its adherence to Islamic laws is expected to drive the global demand. Furthermore, the increasing revenue of Islamic nations, primarily due to the rapid progress of the Islamic financial prudence in the Middle East and South East Asia, is also projected to underwrite to the marketplace development in the next few years.

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Key players analysed:
• Diana Kotb
• INAYAH
• Al-Rajhi Bank
• Al-Salam Bank
• MMA Bio Lab Sdn Bhd
• Ivy Beauty Corporation Sdn Bhd
• Nema Food Company
• Midamar
• Chemical Company of Malaysia Berhad (CCM Pharmaceuticals Sdn Bhd)
• Pharmaniaga Bhd

The Islamic finance sector has witnessed tremendous growth over the past few years with the emergence of crowd funding platforms including Human Crescent. Lack of awareness has resulted in an enormous opportunity for products & services offered by this segment. The segment is likely to grow at a CAGR of 10.5% from 2017 to 2024.

Speedy growth of economies in the Middle East and South East Asia are expected to augment the growth of the market owing to the presence of large Muslim population. These economies are likely to emerge as popular destinations for food and fashion. The Middle East halal market is expected to witness a double-digit growth generating revenues worth USD 6.53 trillion by 2024.

Browse Related Category Market Reports @ https://www.hexaresearch.com/research-category/personal-care-and-cosmetics-market

Segmentation by product, 2014 - 2024 (USD Billion)
• Food & Beverages
• Travel
• Media & Recreation
• Finance
• Fashion
• Pharmaceutical
• Cosmetics