Halal market worth $2 trillion, says US consultants

The value of the global halal market has been estimated at £2 trillion by consultancy group AT Kearney.

The food segment of halal worldwide is estimated at $560bn, with $31.5bn of this spent by UK consumers on halal food products.

According to Duncan James, a consulting director at The Brand Union, Dubai: “One in every 3.3 people on the planet is Muslim so there is sheer demography there. People are seeing that and investing.”

Dubai-based Al Islami is set to launch a halal-based fast food operation in the UK next year, ‘Al Farooj Fresh’, with all produce non-stunned.

Naved Syed, managing director of Midlands-based Janan Meat, added: “Halal is a billion-pound industry that can regenerate the UK market The Middle East has liquid cash and halal can take advantage of that.

"It doesn’t matter that the cost of halal meat is going up, people will still buy poultry or lamb whatever the price. They barely eat fish.

"There will always be a major market for fresh halal meat too as restaurateurs won’t buy frozen because of the way it cooks in the tandoor."

The report from AT Kearney estimated the worldwide Muslim population at 1.56bn, with 51m in Europe and 870m in Asia. The annual growth rate worldwide for Muslims is 1.8%.

For the full publication 'Addressing the Muslim Market', click here.

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