Industry News

The halal industry is experiencing significant growth globally, driven by the growing demand for halal products and services.According to Datuk Amer Bukvic, Director General of Global Practices and Partnerships at the International Halal Development Bank (ISDB), the halal food industry alone hasInsideThe value reaches27.2021 trillion US dollars, expected to be in 1backwill reach67.2025 trillion US dollars. This expanding market offers many opportunities for investment, exports, and internal trade among member countries and Muslim communities. To capitalize on this potential, stakeholders must focus on developing an enabling ecosystem, addressing financing challenges, and effectively managing the halal supply chain.

Countries such as Malaysia, the UAE, Saudi Arabia and Türkiye have become active players in developing their halal economies. They have established a clear vision to become global hubs for halal trade, focusing on attracting investment and promoting industry growth.

Even non-majority Muslim countries such as Thailand, Japan and South Korea have recognized the potential of the halal market and positioned themselves as key players, aiming to capitalize on the growing demand for halal products and services and expand their economic opportunities.

Despite not being Muslim-majority countries, Australia and Brazil have become major suppliers of halal meat and poultry to the Middle East. Their involvement in the halal industry highlights the global reach and potential for collaboration in meeting demand for halal products.

To create a sustainable halal industry, IDB member countries and other stakeholders must adopt long-term strategies and support policies for qualified human capital. Furthermore, establishing an institutional framework for standardization, certification, accreditation, and awareness programs is crucial to building consumer trust and ensuring product quality.

The adoption of new technologies plays a vital role in improving the efficiency of halal manufacturing and distribution processes. Implementing technology-driven solutions can increase visibility across the supply chain, enabling better traceability and ensuring halal compliance.

Two key challenges facing the halal economy are halal industry financing and effective management of the halal supply chain. To overcome these challenges, innovative financial models and investment mechanisms need to be developed, while supply chain processes should be optimized to achieve transparency, traceability, and timely delivery.

The rapid growth of the halal industry presents significant opportunities for investment, exports, and internal trade among member states and Muslim communities. To capitalize on this potential, stakeholders must focus on building an enabling ecosystem, addressing financing challenges, and optimizing supply chain management. Collaborative efforts and partnerships at the national and international levels will play a key role in developing a sustainable halal industry and promoting growth in the global halal economy. By seizing these opportunities, countries can position themselves as key players in the halal market and foster social and economic development.

Acting Chief Products and Partnerships Officer, Islamic Development BankAmer Bukvic said the growing demand for halal products and services will create more opportunities for investment in the halal industry and create avenues for export and internal trade of halal products between member states and Muslim communities.

Ahmed Osilan, Executive Board Member and Managing Director of Tanmiah, said during the first discussion, “Eighty percent of halal market products are not necessarily produced in halal countries, which provides us with an opportunity to work together as halal market players to provide quality products to the Islamic community – and not just the Islamic community, as halal products are good for non-Muslims as well.”。”。