Halal economy: the next frontier for Bangladesh's economic growth
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Date
2026
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Abstract
The State of the Global Islamic Economy Report (SGIE) 2024-25 divides the halal consumer market into six sectors: food, fashion, media and entertainment, travel, pharmaceuticals and cosmetics. Collectively, these segments are projected to reach a market size of US$3.36 trillion by 2028. When combined with global Islamic financial assets, estimated to reach US$7.53 trillion by the same year, the overall size of the global halal economy is expected to be approximately US$10.89 trillion by 2028. Global spending on halal food is expected to reach US$1.94 trillion in 2028. This includes food and beverages that adhere to Islamic guidelines and avoid prohibited substances such as pork, blood and alcohol. Even meat from halal animals is impermissible if not slaughtered according to Islamic rites. The demand for halal food is primarily driven by increasing awareness among Muslims, particularly among younger generations. Additionally, the focus on hygiene, animal welfare and clean processing in halal food has also attracted non-Muslim consumers. In response to the growing demand, major global corporations have entered the Halal food market, and many Halal certification bodies have been established globally. Many Muslim-majority countries require halal certification for imported food, while in non-Muslim countries, halal certification plays a crucial role in assuring Muslim consumers of a product�s permissibility.
Keywords
Halal economy , Economic growth , Bangladesh
Citation
Ahmed, M. U., & Nayn, M. Z. (2026). Halal economy: The next frontier for Bangladesh's economic growth. Islamic Finance News, 23(2), 34-35.
Publisher
Redmoney