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Halal expenditure on the rise

Source:Food Bev Asia Release Date:2018-11-09 103
Food & Beverage
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The halal food market is forecast to reach $2.6 trillion in 2023.

The global halal market, comprising food and beverage, cosmetics, pharmaceutical, finance and other industries, is expected to reach a value of $12.14 trillion in 2024, from $5.73 trillion in 2016.

More and more halal products and services are available to consumers today, and will increase further during the forecast period. This trend leads to greater expenditure from both Muslims and non-Muslims, according to Hexa Research in "Halal Market Size and Forecast, By Product (Food & Beverages, Travel, Media & Recreation, Finance, Fashion, Pharmaceutical, Cosmetics), And Trend Analysis, 2014 To 2024". In particular, stronger economies in the Middle East and South East Asia are now pushing the market for food and fashion more than ever. In the Middle East halal will generate revenues worth $6.53 trillion by 2024. While APAC’s rising number of non-Muslims who perceive halal products to be “superior, safe and righteous”, will contribute more than 30% to global revenues by 2024, said Hexa. The growing figure of young consumers with high disposable incomes also drive growth in most halal sectors.

(Photo: Dreamstime)

Halal food considered healthy

Food is halal when it goes through preparations accepted under Islamic law. Chicken, cattle, or sheep must be slaughtered according to Muslims customs, while foods must not contain pork or alcohol.

Because halal foods are somehow equated with providing healthy benefits, even non-Muslims increasingly seek and consume these products.

In 2017, the global halal food market was valued at $1.4 trillion, according to Research and Markets in its report, "Halal Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023". According to the firm, the market is projected to reach a value of $2.6 trillion in 2023, exhibiting a CAGR of over 11% during 2018-2023.

While the State of the Global Islamic Economy report by Thomson Reuters expects Muslim spending in the food and beverage sector to exceed $1.9 trillion by 2022.

Pursuit of standards

This growing market is inspiring food producers to offer confectionery, dairy, fats and waxes, fruits and vegetables, and meat, seafood and poultry following halal standards. Many halal food startups are also being established, reported Thomson Reuters.

Still many companies are missing out on the opportunities in the halal industry. In support of the bourgeoning sector, the UAE and Malaysia – the authorities in this industry –oversee regulations and standardization.

The Emirates Authority for Standardization and Metrology is responsible for all the standards linked to health, safety, consumer protection. Recently the halal body reported the certification of some 200 UAE companies and more than 7,000 halal products.

Also, recently the Emirates International Accreditation Centre (EIAC) and the International Halal Accreditation Forum (IHAF) announced the training centre for halal auditing, with six- to eight-week courses scheduled beginning 2019 at the University of Dubai.

In an interview with Salaam Gateway, the university’s president, Dr. Eesa Mohammed Bastaki said, “We need to have people who are experts in the whole value chain of the halal process – from manufacturing until fork. We are going to train these people in every part of that value chain for them to be experts in auditing.”

Depending on the progress, the halal programmes will be conducted globally in the future.

The IHAF is an independent non-government network of global accreditation entities that enforce halal standards set by the Standards and Metrology Institute for the Islamic Countries (SMIIC).

Related report: Turkey’s Halal market sector

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