-- The global Halal market is expected to reach $9.71 trillion over the next five years. Muslim consumers spent $1.2 trillion on food and beverage alone in 2016. By 2022, this figure is expected to reach $1.9 trillion.
Experiential gift company Truly Experiences launched a report highlighting the UK’s position as a key contributor to global growth, with a current Halal market valued at $4.5 billion. Dubbed the “Halal food capital of Europe,” London is at the center of the country’s booming Halal industry, set to grow 5% each year until 2020.
Eblex, now AHDB Beef & Lamb, is the organisation for beef and lamb levy payers in England. They have estimated the value of the halal meat industry to be around £2.6bn a year.
In its latest report, the industry body suggests that while Muslims in the UK represent just 3% of the population, they consume around 20% of all the lamb sold as well as a growing percentage of beef, most of which is halal.
To meet the growing demand, annual Halal events are being held in London. The Halal Food Festival launched just four years ago and has been sold out every year, drawing in nearly 20 000 people.
As well as drawing in foodies, the two-day event also targeted entrepreneurs, startups and those looking to launch a career in the halal food industry.
But it’s not just the slaughter and preparation of meat in accordance with Islamic practices that are contributing to the boom in the Halal industry. Halal means ‘permissible’ in Arabic and is a term used to describe any action or behaviour permitted under Islamic law as prescribed by the Qur’an.
The industry’s boom can be attributed to a range of halal-friendly products and services, from fashion and make-up to banks and travel agents. Global Muslim spending on clothing is forecast to reach $361 billion by 2023, and Britain could be the base for a large slice of that. Pinterest UK reports that searches for the term “modest fashion” are up 500% since the beginning of 2019.
Leading fashion retailers are tapping into the growing demand for modest fashion. Earlier this year, online retailer ASOS launched its own modest collection, featuring a variety of hijabs, burqas and modest dresses, shirts and trousers. Similarly, last year H&M released its first modest fashion line titled ‘LTD Collection’, an entire modest clothing collection featuring clothing designs all with long hems and long sleeves.
What’s more, the UK has become a world leader in Islamic finance. It is the leading center for Islamic finance outside the Muslim world, with assets of UK-based institutions that offer Islamic finance services totalling more than $5bn.
It appears that Islamic finance is also appealing to non-muslim British residents. Al Rayan Bank, the oldest and largest Islamic bank in the UK believes that more than a third of its customers are non-Muslim. Last year, it became the first bank in the world to issue a public sterling sukuk (Islamic bond) in a non-Muslim country.
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