World Halal Food Industry Estimated To Rise To US$655 Billion

KUALA LUMPUR, May 4 (Bernama) — The world Halal food
industry is estimated to rise to US$655 billion next year from US$635
billion this year, the latest research by the World Halal Forum has
showed, former prime minister Tun Abdullah Ahmad Badawi disclosed

He said the industry was rapidly becoming more and more of a focal
point of interest in the current global economic malaise, proved by
increasing international representatives within the Halal supply chain
at the 4th World Halal Forum Dinner.

“Representatives have joined us from international animal welfare
organisations, the World Bank, and also foreign analysts,” he said.

Abdullah said while these potentials were encouraging, it must be
noted that in reality, the international trade of Halal food products
had less than 10 percent share in the global market.

“This indicates that as the global economy grows, and consumers’
purchasing power increases, demand for Halal food will in turn
increase,” he said.

Thus with concerted industry efforts, the Halal industry will
become the mainstream choice for not only Muslim customers but also for
non-Muslims, he said.

Abdullah said Malaysia would play a major role in forging an
exchange of ideas and encouraging greater collaboration between the
global Halal industry stakeholders.

“With Malaysia’s experience in the development of Halal standards
and certification procedures, the promotion of Halal both domestically
and internationally, I believe Malaysia has gained considerable
knowledge in nurturing and managing the Halal industry,” he said.

He said as the Halal market continues to grow in strength and
diversity, the need for international best practices, procedures and
standards for certification, inspection and auditing of Halal products
have become increasingly apparent.

He said the need to ensure that both investors and consumers
interest are protected required all Halal industry stakeholders to work
together to create standards and procedures that will allow the
industry to grow.

He said the next stage of growth of the Halal industry will
require a higher level of effort and cooperation between the
authorities and industry stakeholders to achieve the desired results.

“I believe the creation and the work done by the International
Halal Integrity Alliance will be the defining catalyst to achieve this
global objective,” he added.