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London’s halal economy is primed for global footprint


London’s halal economy is primed for global footprint

London’s halal economy is primed for global footprint

British start-ups are stepping out to meet the demand for halal – without offending religious sensitivities

 

 

 

As the world’s Islamic population continues to grow at a rapid pace, young and wealthy millennials are increasingly demanding consumer products that fit their faith.

In the West, London is the engine for much of Europe’s Islamic economy activity, with several start-ups launched every month in the sought-after segments of modest fashion, premium halal food and halal cosmetics.

“Even though you have more Muslims living in Germany and France than you do in the UK, in those countries Muslims are a little bit disenfranchised,” said Haroon Latif, the director of strategic insights at the US research firm Dinar Standard. “In the UK they are very much empowered and it’s very encouraging to see that.

“That’s what you need to spark a market; you need people who have a voice, who have fitted well into the society, they feel part of the British identity and, very importantly, they are also Muslim,” said Mr Latif, who contributed to the latest State of the Global Islamic Economy report published by Reuters and the Dubai Government.

“So accordingly you have some amazing start-ups in the United Kingdom who are addressing every opportunity and I think that’s encouraging.”

The report, published on December 4, says that the global halal food and beverage (F&B) market is set to boom in the next five years, driven by new entrants to the market. The sector is expected to grow from US$1.24 trillion in 2016 to reach $1.93tn by 2022.

 

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