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Global halal market forecast to reach US$10 trillion in 5 years
Kind: ICD What's New  Organization: Department of International Cooperation  Publish Date: 2022-11-21 11:36
The World Halal Summit Council President Yunus Ete said in a press release at the 8th World Halal Summit and 9th OIC Halal Expo that the size of the world halal market has exceeded US$7 trillion and is expected to reach US$10 trillion in the next five years.

The COVID-19 pandemic has played a role in the growth of the worldwide halal market. "Hygiene is one of the fundamentals of halal products," Ete said in the statement, adding that "there has been an increased interest in healthy and hygienic products during the pandemic, and this led to an increased interest in halal products."

The world halal market has grown more than twice in size in the last five years, according to Ete.

He said that Turkey has become the hub of the halal market because of its advantageous geopolitical position and the various projects to promote halal that the country undertakes.

Turkey's halal market has tripled to reach over US$150 billion in the past five years and is expected top US$400 billion USD in the next five years.

The 8th World Halal Summit, under the theme of "For a Sustainable Trade: Explore All the Aspects of the Halal Industry," is being held Nov. 24-26 at the Istanbul Expo Center in Turkey's capital simultaneously with the 9th OIC Halal Expo (Nov. 24-27) at the same venue. Approximately 500 companies from nearly 40 countries have set up stands at the expo, which is expected to attract about 40,000 visitors.

The summit will also include presentations from over 50 international speakers and an International Chefs Olympics for participants from nearly 40 countries. As with last year's event, a Startup Zone has been set up on the sidelines for startup companies to introduce their various halal projects.

Sources:
Economic Division, Taipei Economic and Cultural Mission in Ankara; Daily Sabah; Food & Ingredients International; World Halal Summit official website
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Update: 2020-04-23
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