Zehra Selçuk: Halal Market Will Reach $11 Trillion by 2028

The future development of the halal economy directly depends on strengthening cooperation in the areas of finance, trade, investment, labor market, standardization, and certification.

As reported by BAKU.WS, this was stated by the Director General of the Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC) Zehra Zümrüt Selçuk at the opening ceremony of the Halal Economy Forum held within the framework of the annual meetings of the Islamic Development Bank (IsDB) Group in Baku.

She emphasized that regional cooperation institutions play a key role in integrating the halal ecosystem among OIC countries. According to Selçuk, the halal economy, covering areas such as Islamic finance, halal food, tourism, pharmaceuticals, and logistics, has already become a multi-trillion-dollar global market.

The Director General reported that in 2023, the global halal market volume exceeded 7 trillion dollars, and by 2028, it is expected to grow to 11 trillion dollars.

According to her, OIC countries represent 81 percent of the world's Muslim population and about 80 percent of the global halal market. To effectively utilize this potential, the formation of more coordinated cooperation mechanisms among member states is necessary.