The halal industry is currently valued at just under $3 trillion, but it’s projected to reach $5 trillion within the next five years. To put that into perspective: in 2024, the total oil exports of the entire GCC region—one of the wealthiest in the world thanks to oil—were worth less than that. So, imagine having access to twice the value of that sweet, sweet oil. That’s the potential of the halal economy.
So, what exactly is halal? If you’re Jewish or familiar with Jewish law, here’s an easy way to understand it: halal is basically the Muslim equivalent of kosher.
For Muslims, practicing their faith means following a specific set of rules and guidelines. In its simplest form, halal means “permissible” in Islam. The term became significant in the business world as Muslims migrated globally. Finding food that complied with Islamic law was a challenge—and wherever there’s a need, there’s opportunity.
Meat, in particular, must be slaughtered and processed in a specific way to be considered halal. But it’s not just about meat. Certain substances—like alcohol—are entirely forbidden, which means any product containing them is also off-limits.
Initially, sourcing halal meat was the big hurdle. Later, it became about ensuring everything else was also halal—from processed foods to personal care items. That’s when meat suppliers began collaborating with religious authorities to produce halal-certified products. Savvy entrepreneurs saw the demand and moved quickly to meet it.
As Muslim populations grew abroad, so did the demand for halal products. Then, Islamic countries began importing more food and consumer goods, which expanded the halal market even further. Eventually, some forward-thinking individuals realized something bigger: halal could be extended well beyond food.
You see, halal isn’t just about what you eat. As mentioned earlier, it simply means “permissible.” That opens the door to halal wearables (like leather goods), tourism, entertainment, finance, cosmetics, and broader lifestyle products. In essence, halal could be everywhere.
As GCC countries expand their economic power and global presence, they also place strong emphasis on preserving culture and tradition. In countries like Qatar and Oman, national identity is closely protected even amidst rapid financial growth. As these markets become more influential globally, so too does the appeal and significance of halal.
In the next sections, we’ll explore what qualifies as halal, how it shapes the global economy, and how you can get involved in this fast-growing industry.