Home » World Halal Food Industry Estimated To Rise To US$655 Billion

World Halal Food Industry Estimated To Rise To US$655 Billion

News From : DagangHalal.com (14 May 2009)

The world Halal food industry is estimated to rise to US$655 billion next year from US$635 billion this year, the latest research by the World Halal Forum has showed, former prime minister Tun Abdullah Ahmad Badawi disclosed Monday.

He said the industry was rapidly becoming more and more of a focal point of interest in the current global economic malaise, proved by increasing international representatives within the Halal supply chain at the 4th World Halal Forum Dinner.

“Representatives have joined us from international animal welfare organisations, the World Bank, and also foreign analysts,” he said.

Abdullah said while these potentials were encouraging, it must be noted that in reality, the international trade of Halal food products had less than 10 percent share in the global market.

“This indicates that as the global economy grows, and consumers’ purchasing power increases, demand for Halal food will in turn increase,” he said.

Thus with concerted industry efforts, the Halal industry will become the mainstream choice for not only Muslim customers but also for non-Muslims, he said.

Abdullah said Malaysia would play a major role in forging an exchange of ideas and encouraging greater collaboration between the global Halal industry stakeholders.

“With Malaysia’s experience in the development of Halal standards and certification procedures, the promotion of Halal both domestically and internationally, I believe Malaysia has gained considerable knowledge in nurturing and managing the Halal industry,” he said.

He said as the Halal market continues to grow in strength and diversity, the need for international best practices, procedures and standards for certification, inspection and auditing of Halal products have become increasingly apparent.

He said the need to ensure that both investors and consumers interest are protected required all Halal industry stakeholders to work together to create standards and procedures that will allow the industry to grow.

He said the next stage of growth of the Halal industry will require a higher level of effort and cooperation between the authorities and industry stakeholders to achieve the desired results.

“I believe the creation and the work done by the International Halal Integrity Alliance will be the defining catalyst to achieve this global objective,” he added.

— BERNAMA

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