Finance Minister Sri Mulyani Indrawati has addressed the potential of Indonesia's halal economy. According to Sri Mulyani, the halal economy has the capacity to contribute trillions of rupiah to Indonesia's Gross Domestic Product (GDP) annually. As stated in a Halal Market report cited by the Finance Minister, the halal economy can boost Indonesia's GDP by USD 5.1 billion per year Through exports and significant investment opportunities. The Minister mentioned this during The 7th Annual Islamic Finance Conference. The Minister also mentioned that this potential also stems from Indonesia's position as the world's largest halal consumer market, with approximately 230 million Muslim inhabitants. Furthermore, The Minister highlighted the increasing global trend of the halal economy, both in terms of production and consumption on a global scale.
There are 1.9 billion Muslims worldwide who spent USD 2 trillion on halal products in 2021. This spending on halal products increased by nearly 9% from 2020. The halal economy is projected to grow by 7.8% globally by 2025. She stated that its value could reach around USD 3 trillion. By 2030, the global halal economy is estimated to reach USD 4.96 trillion.
The Minister believed that the popularity of halal products comes from the global consumer trend that is more conscious of health, hygiene, and ethical production. According to her, the benefits of halal products are not limited to religious reasons alone, but adopting halal principles brings benefits beyond religious considerations.
