Development of halal business in the EU for the next decade

Abstract

A report prepared by Bonafide Research titled "Halal Food and Beverage Market Outlook in Europe 2027" states, among other things, that the halal food and beverage market has grown by US$29 billion between 2016 and 2021. The report also predicts that the halal market will grow at an annual rate of 6% to 7% until 2027, driven by the increase in the number of Muslims living in EU countries. Although the market is rapidly developing, several challenges are noticeable in the development of the halal market, which we analyse in this paper, such as: regulation, i.e. market standardization, adequate higher education, halal industry associations, and networking of market stakeholders. The results of this study show that there are still many challenges in these areas. In order for the halal market to develop adequately, and for EU countries to increase their competitive advantage in the field of halal business, it is necessary to carry out many more reforms.