Global Market Potential and Market Access Requirements of Halal Food
May 27, 2020
Driven by the growth of the Muslim population and their increasing spending power, halal food now becomes one of the world's most influential markets. The market is expected to hit a valuation of 1900 billion US dollars by 2023.
Halal certification standards are not unified worldwide. To facilitate global trade, mutual recognition of halal certification must be strengthened between different countries.
Halal certification is not a market access prerequisite for all Muslim countries. However, overseas food manufacturers are still suggested to apply for halal certificates to maximize their market share in Muslim countries.
Halal food refers to food products consistent with the Islamic doctrine. It is now one of the most profitable and influential sectors of the global food industry, with an annual growth rate of 8.14%. According to the “State of the Global Islamic Economy Report 2019/2020”, the global halal food market exceeds 1300 billion US dollars, and it is expected to reach 1900 billion US dollars by 2023 . Due to the large population of Muslims, Asia-Pacific regions and North Africa are the major areas for halal food consumption. It is noteworthy that in Muslim countries, most vegetables, meat products, and processed food are from overseas.
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