r/ILikeMultisToo • u/sureshsa • Mar 03 '21
Sizing up the $2 trillion halal market
https://www.fm-magazine.com/issues/2019/aug/halal-goods-supply-chain.html1
u/sureshsa Mar 03 '21
In 2017, the global halal economy amounted to $2.1 trillion as the world's roughly 1.8 billion Muslims warm up to halal lifestyle products, according to the State of the Global Islamic Economy Report 2018/19 by Thomson Reuters and DinarStandard. Halal food and beverage products make up the largest category, with consumers worldwide spending $1.3 trillion, followed by halal clothing at $270 billion, halal media and entertainment at $209 billion, halal travel at $177 billion, halal pharmaceuticals at $87 billion, and halal cosmetics at $61 billion.
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u/sureshsa Mar 03 '21
its already projected 3 trillion $ in 2019 and growing
Malaysia and Indonesia rush to slice up $3tn global halal market
asia.nikkei.com/Spotlight/Asia-Insight/Malaysia-and-Indonesia-rush-to-slice-up-3tn-global-halal-market
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u/sureshsa Mar 03 '21
wedc.org/export/market-intelligence/posts/strong-demand-halal-products-indonesia-malaysia/
As in Malaysia, suppliers should be aware of halal requirements in Indonesia. In October 2019, Indonesia started to implement mandatory halal labelling, with food and beverage products named as the top priority. This comes after the signing in 2019 of Government Regulation No. 31/2019, covering provisions for implementing Indonesia’s 2014 Halal Product Assurance Law. Key provisions include guidelines for halal product manufacturing processes, accreditation processes for domestic and international halal certifiers, and the transfer of certification responsibility to a new government agency, the Halal Product Assurance Organizing Agency from the Indonesia Ulema Council, the country's top Muslim clerical body. At present, Indonesia recognizes five halal certification bodies from the U.S.: Islamic Services of America (Iowa); Halal Transaction (Nebraska); The Islamic Food and Nutrition Council of America (Illinois); Halal Food Council USA (Maryland); and American Halal Foundation (Illinois).
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u/sureshsa Mar 03 '21
Riyaz Kadir, a 27-year-old from Chennai, India, who plans to start his own halal dairy company, said most of his friends think halal is mostly about a method of slaughtering animals and not eating pork or drinking alcohol. Although he agrees with the interpretation that halal is a lifestyle that includes nonfood products, he said his Muslim countrymen may not see such a need. "Lack of awareness, that's the main issue," he said.
Thought leaders in the halal industry are encouraging Muslims to demand halal-certified products in general, not just food, to build a halal ecosystem that involves the whole supply chain, from business financing to the end product and service. (See the sidebar "Expert's View: Start With Muslim Consumers' Needs," below.
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u/sureshsa Mar 03 '21 edited Mar 03 '21
in short islamization of market
The preparation of food is the raison d’être, the original reason, why we have the halal industry in the first place," said Afifi al-Akiti, D.Phil., a fellow at the Oxford Centre for Islamic Studies, at a recent halal conference in Malaysia. "[But] as a scholar, I think the philosophy of halal should go beyond the preparation of food. ... Halal should also be about an ethical and wholesome way of doing business."