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Growth opportunities in the halal sector
As supply chains are being re-designed and the Islamic economy grows, Dubai is well-positioned to capitalise on the rising halal industry.
Growing halal market
Dubai is also ideally placed to tap into the growing global halal industry, with the Dubai Chamber of Commerce and Industry (DCCI) predicting the global market for halal products and services will grow by 5.9% annually to reach US$300 billion by 2026.
The global halal economy alone is projected to hit US$2.4 trillion by 2024, according to the 2020/21 State of the Global Islamic Economy Report. According to the study, Muslim spend on food increased by 3.1% in 2019 from $1.13 trillion to $1.17 trillion, and is expected to drop slightly in 2020 as a result of the Covid-19 pandemic, before growing to reach $1.38 trillion in 2024 at a 5-year CAGR of 3.5%.
