The halal market in Asia is poised for significant growth, with a projected CAGR of 6.10% expected from 2023 to 2032, ultimately reaching a revenue of $1145.63 billion by 2032. This robust expansion is underpinned by a combination of factors.
Firstly, the vast and growing Muslim population in the Asia-Pacific region, exceeding 1.9 billion, is driving a substantial demand for halal food and beverages. Additionally, an increasing awareness of halal products among non-Muslims, fueled by factors like the rise in Muslim tourism and the proliferation of halal dining options, is expanding the market’s reach. The rising affluence of the Asian populace is fueling demand for premium, high-quality halal products.
Moreover, the flourishing e-commerce sector is facilitating convenient access to halal offerings, further propelling market growth in the foreseeable future.