The global halal food and beverage market will be worth $1.6 trillion by 2018, growing at a compound annual growth rate (CAGR) of about 6.9 per cent, a report said.

The market, which accounted for 16.6 percent of the global food and beverage market, is increasingly in popularity worldwide, growing to a $1.1 trillion industry in 2013, according to research done by Dubai Chamber of Commerce and Industry based on a study by Thomson Reuters in collaboration with Dinar Standard, said the report in Arab News.

Halal food will be among the major topics for discussion for the 10th World Islamic Economic Forum (WIEF) to be held in Dubai from October 28 to 30.

“The research finding on halal food sector is of considerable importance for the UAE food and beverage business, especially since halal food is a key pillar in the Dubai Capital of Islamic Economy initiative launched in 2013,” Abdul Rahman Saif Al-Ghurair, chairman of Dubai Chamber, was quoted as saying in the report.

The UAE halal food market was valued at around $20 billion in 2012; Arab News quoted the Dubai Chamber report.

Unpackaged halal meat constitutes about 78.7 percent of the market share while the rest is claimed by packaged meat, the report said.

Retail sales of uncooked meat account for about 43.8 per cent of the UAE uncooked meat market in 2013 while food service businesses   constituting about 47.9 per cent.

The study shows that packaged food worth about Dh11,148 million ($3 million) was sold in the UAE in 2013.

Globally, Indonesia is the biggest halal food market with market value of $197 billion in 2012, said the report, adding that Turkey, with $100 billion, is the second largest market.