World halal market projected to reach $10 trillion in 5 years

BY DAILY SABAH

 ISTANBUL OCT 20, 2022

The runway at the Modanisa Modest Fashion Week at Zorlu Center, Istanbul, Türkiye, April 21, 2019.

The runway at the Modanisa Modest Fashion Week at Zorlu Center, Istanbul, Türkiye, April 21, 2019.

The size of the world halal market, which includes a huge sector from finance to food, tourism, textiles, cosmetics, medicine and chemistry has exceeded $7 trillion, and according to the sector’s players, it will reach $10 trillion in the next five years.

Türkiye, which has become a base of the halal market with both its geopolitical position and the projects it carries out, has tripled its share in this market in the last five years, reaching over $150 billion. Sector players, who rolled up their sleeves to increase this share to over $400 billion, accelerated their work for the 8th World Halal Summit and the 9th Organisation of Islamic Cooperation (OIC) Halal Expo Fair, the world’s largest “halal organization.”

World Halal Summit Council Chairperson and Discover Events head Yunus Ete said in a press release Wednesday that the world halal market has grown more than twice in size in the last five years.

Explaining that the COVID-19 pandemic has also had an impact on this rapid growth, Ete said: “One of the foundations of halal products is hygiene. During the pandemic period, people’s interest in healthy and hygienic products increased. This increased the interest in halal. Therefore, the market entered a rapid growth momentum.”

He emphasized that the world halal market is running toward $10 trillion, saying: “It is estimated that Islamic finance will reach a size of $3.5 trillion, food and beverage industry to $2 trillion, halal tourism industry to $400 billion, cosmetics industry to $200 billion and modest fashion to over $240 billion.

“The halal economy is also expected to shape the global market in the near future,” Ete said.

Noting that they realized the potential in this market years ago and started their work for the Halal Summit and Fair, Ete said, “With our regular organization every year, we have made our country the base of the world halal market and contributed to Türkiye’s increasing its share in the halal market.”

Türkiye’s share in the halal market has been growing every year, Ete said, and that the country’s share has already exceeded $150 billion, yet, “we still have a long way to go.”

“With the active work of the Halal Accreditation Agency, which continues its activities in our country, and the events we organize, such as Halal Expo, we aim to increase Türkiye’s share in the halal market to over $400 billion in five years,” he said.

The 9th OIC Halal Expo Fair will be held at Istanbul Expo Center between Nov. 24-27 this year.

It is organized with the coordination of the Institute of Standards and Metrology of Islamic Countries (SMIIC) and the cooperation of the Islamic Trade Development Center (ICDT).

Nearly 500 companies from approximately 40 countries are expected to participate in the organization.

Ete further noted that they expect a total of 40,000 visitors as it was in 2021.

The 8th World Halal Summit, meanwhile, will open its doors this year with the motto “For a Sustainable Trade: Explore All the Aspects of the Halal Industry.”

More than 50 international speakers will make presentations in 11 different sessions of the summit. In addition, the International Chefs Olympiad will be held with the participation of international chefs from nearly 40 countries under the umbrella of the World Halal Summit. At the Conservative Fashion and Art Street area, modest fashion and accessory companies will have the chance to promote their products.

As with 2021, a special Startup Zone will be set aside for startups to introduce their projects to the incoming international investor mass, and an opportunity will be created for young entrepreneurs.

source https://www.dailysabah.com/business/economy/world-halal-market-projected-to-reach-10-trillion-in-5-years

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