Food is one area where businesses should focus their efforts. For instance, in predominantly-Muslim countries, volume sales of fresh meat have grown significantly. From 2009 to 2014, sales grew in Turkey by 11 percent, compared to a decline of about one percent in Western Europe.
Fast-food outlets are increasingly offering halal meat in response to demand from the Muslim community. In the U.K., where around 100 KFC stores serve halal-certified chicken, value sales of chicken fast food amounted to £2.1 billion ($3.26 billion) in 2014.
But the U.K. could do far more, according to Sadiq Mohammed, CEO of the Halal Food Authority, a non-profit organisation which checks whether products comply with halal requirements. It has certified several brands, including Kelloggs, Mars and Krispy Kreme.
"The U.K. food industry is still unable to claim its true and deserving share in the global halal market. Political, sociological and ethical concerns are some of the reasons with an element of Islamophobia and less focus on necessary PR and education," he told CNBC by email.
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"Manufacturers in the U.K. are often nervous in marketing their halal certification and only take reactive approach when receive enquiries on halal trade. Since halal encompasses food safety, hygiene, animal welfare and environmental health, halal provides an equipped PR and marketing tool to the industry."
Other countries have been much more successful at certifying and promoting food as halal, Mohammed said, including UAE, Malaysia, Indonesia, Brazil, Singapore, Thailand, Australia and New Zealand, "where the right infrastructure, training and research are available leading to highly lucrative and competitive halal market place."