US market shows increasing interest for Halal trade

The value of Halal trade has gone beyond $2.2 trillion. This growth has happened in the past two decades while it had not reached $10 billion in the past century, according to Al Bawaba news.

The fast growth has turned Halal market to an attractive section for investment by different producers.

Experts believe that the growth of Halal products and services has shown the most rate in the United States and western countries. The growth is a result of different factors among them an increase of immigrants from Muslim countries consequently higher profits for western companies active in the field of in Halal market.

Sharif Othman, economy expert and researcher said the industry has become popular in recent years making over $200 billion turnover only in 2019.

Its value is expected to reach $375 billion in 2030 meaning that it will be subject to more than 7% of annual growth.

Othman added that the Halal market, according to the world economic situation survey is nearly 4% of the global market.

According to the report, the value of different foods and drinks amounts to $1.170 trillion and the services and deals valued $1trillion.

Companies from the US, Brazil, Argentina, India and Austria provide more than 80% of Halal meat products across the globe.
Halal products like meat, foods and even Islamic financial services are available in some US states more than others. The reason for that is the immigration of Arab and Muslim citizens in Michigan, Chicago and California.

In the field of Halal banking services, it is also welcomed by Muslims though US banking institutes have not been much interested in it despite their enthusiasm for Halal food products.

Financial institutes that interact based on Islamic methods include only three companies in Chicago, California and Michigan.