The Expanding Scope and Scale of Ḥalāl market

During the last couple of decades, the concept of ḥalāl markets has become ubiquitous covering sectors ranging from tourism and hospitality, fashion and clothing, pharmaceuticals and hospitals, to biotechnology and cryptocurrencies. Muslim immigration into the western world has played a crucial role in the development of this market. Increasing competition has encouraged the states to get involved directly in the regulation and standardization of the market. The increasing demand accompanied by increased affluence in the Muslim community has attracted the attention of multinational corporations. All these factors will be delved into, in detail, in this paper. This article differs from the past scholarship as a work which takes a holistic view of the expansion and growth of the ḥalāl market. It takes a comprehensive overview of the evolution of the scope and scale of the ḥalāl market and connects it with historical events, latest trajectories, global trends and developments. The objective of this paper is to identify the various elements of growth in both the scope and scale of the ḥalāl market and the varied factors that have contributed to this growth. In the end, an analysis of the contemporary events is done to predict the future trend in this market.