Assessment of global halal market : challenges and opportunities

Abstract

This study presents the status of the burgeoning global halal market, challenges it faces, and opportunities available for stakeholders. The study is based on primary and secondary research, and found that the US$2.1trillion halal market is projected to reach US $3 trillion by the end of 2023 at a compound annual growth rate of 6.11 per cent. The present market size will more than double if Islamic financing is brought under the ambit of the halal market. Though the uncharted territory has a lot of potential to be tapped, it is also afflicted with multifaceted challenges such asa lack of global consensus (ijama).It is recommended that a harmonized system (HS)code-like mechanism be adopted to capture trade figures of products that conform to halal principles.

Measuring comparative advantage through RCA: An empirical application with implications for South Asian Nations

“…This characteristic displays RCA is positive, but during the entire period of study, it is not consistent and displays the trend of both i.e., its RCA value is less than 1 and more than 1. In the case of the following products1, 2,5,6,8,10,11,12,13,14,15,17,20,21,22,24,25,34,38,45,46,47,48,49,51,53,54,55,58,60,61,64,65,67,70,72,73,74,76,78,79,80,82,83,92,93,96,97, 99, it revealed the above trend. But in some of the above-listed products, RCA Index tends to 1 which indicates a hope that in the future Nepal can attain a revealed comparative advantage in those products.…”

“…The Survey of Literature  Hafiz Wasim Akram (2020) [20] analysed the reason behind low intra-regional trade within the South Asia region. It has been expected that trade within the region would flourish, after the establishment of the South Asian Free Trade Area on January 2004.…”

“…RCA Compilation for India , 06,16,18,19,20,22, 31, 33, 34, 37, 39, 43, 44, 45, 47, 48, 49, 59, 60, 65, 66, 70, 81, 83, 84, 85, 86, 87, 90, 91, 92, 93, 94, 95 …”

“…1,2,4,6,11,14,15,17,19,20,22,23,24, 26, 27, 28, 30, 31, 32, 33, 34, 35, 38, 39, 40, 43, 44, 48, 49, 56, 61, 62, 63, 64, 65, 67, 70, 71, 72, 73, 74, 75, 76, 83, 84, 85, 86, 87, 88, 90, 92, 93, 94, 95, 96, because in case of…”

“…RCA Compilation for Pakistan ,16,18,19,20,21,23, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 37, 38, 39, 40, 43, 44, 45, 46, 47, 48, 49, 50, 51, 65, 66, 67, 68, 69, 70, 72, 73, 75, 76, 79, 80, 81, 83, 84, 85, 86, 87, 88, 90, 91, 92, 94, 99 …”