Halal means allowed in perspective of Islam in Arabic. It is not something completely new. Judaism has Kosher meat.
The Halal market is now about 2 Trillion US Dollar industry,
Kosher is a process of slaughtering livestock which then becomes permissible for eating by the Jews. Like wise Halal is process of slaughtering live stock after which becomes fit for consumption by Muslims. If there is no halal meat then Kosher meat can be consumed by the Muslims.
The Halal industry was in some ways was shown the ways by Jews. It is not like Muslims started their own industry just like that.
In US products like Chewing gum had to be halal because it contained animal fat. Now of which Pork is not halal for Muslims or Jews. In early 90s and before Jewish merchants used to denote products in US by symbol U,D to say these products can be eaten by the Jewish community. The Muslims did not have an industry for setting standards. In absence of Halal meat and products Muslim can eat Kosher meat and use kosher products.
This tag means it is Halal or fit for consumption by Muslims.
The population of Muslims is 1.5 Billion around the world.
It was difficult getting halal food in US like Burgers ,Pizza etc. But now major brands are advertising or selling halal products.
The Halal market is great opportunity for Muslims and this not limited to Food.
Article on Halal Growth
Halal is not limited to food:
Personally Halal is being stretched but things have changed too and Muslims sometimes are confused whether they should use it or not ,same feeling with Jews.
Halal certified is like ISO 90001 or other certifications for quality. Though the word halal it does not certify quality but that it can be eaten from Islamic perspective by Muslims.
We should not over glorify it though.