Global Halal Economy Grows to £1.77 Trillion Amid Rising Ethical Consumerism

Global Halal Economy Grows to £1.77 Trillion Amid Rising Ethical Consumerism
——————————-
The global halal economy expanded by 5.5% in 2023, reaching £1.77 trillion despite inflation and supply chain challenges, The Halal Times revealed citing the latest State of the Global Islamic Economy report by Dinar Standard.

Islamic finance assets surged 9.2% to £3.6 trillion, with Malaysia maintaining its position as the leading Islamic economy. The UK climbed to 14th place globally, overtaking South Africa, driven by growth in Islamic finance and halal food services.

Halal food remains the largest sector, while halal cosmetics and ethical brands are rapidly gaining ground. The report highlights a shift in Muslim consumer behavior influenced by geopolitical events, including boycotts of multinational brands and increased demand for local alternatives like Gaza Cola.

Halal products are attracting non-Muslim consumers due to their association with food safety and ethical values. Future trends include blockchain halal certification, AI-driven Islamic banking, and Generation Z’s focus on sustainability, signaling continued robust growth in the halal economy.