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The global market for halal products, encompassing a vast array of industries such as banking, food, tourism, textiles, cosmetics, medicine, and chemistry, is estimated to be worth over $7 trillion. Industry participants predict that this amount will rise to $10 trillion over the next five years.
Due to its geopolitical location and the initiatives it undertakes, Turkey has grown to become a major player in the halal industry. Over the past five years, its market share has quadrupled to over $150 billion. In preparation for the eighth World Halal Summit and the ninth Organization of Islamic Cooperation (OIC) Halal Expo Fair, the largest “halal organization” in the world, sector participants stepped up to raise this share to above $400 billion.
The CEO of Discover Events and chair of the World Halal Summit Council, Yunus Ete, stated in a news release on Wednesday that the global halal market has expanded by more than double its previous size in the past five years.
Ete explained that one of the pillars of halal products is sanitation, adding that the COVID-19 epidemic has also contributed to this explosive increase. People became more interested in clean and healthful items throughout the epidemic. This made people more interested in halal. As a result, the market started to rise quickly.
“It is estimated that Islamic finance will reach a size of $3.5 trillion, food and beverage industry to $2 trillion, halal tourism industry to $400 billion, cosmetics industry to $200 billion, and modest fashion to over $240 billion,” he said, emphasizing that the global halal market is approaching $10 trillion.
In the near future, Ete said, “the halal economy is also expected to shape the global market.”
“With our regular organization every year, we have made our country the base of the world halal market and contributed to Türkiye’s increasing its share in the halal market,” Ete stated, pointing out that they began working for the Halal Summit and Fair years ago after realizing the potential in this market.
According to Ete, Turkey’s halal market share has been rising annually and has already surpassed $150 billion; yet, “we still have a long way to go.”
“We intend to increase Türkiye’s share in the halal market to over $400 billion in five years with the active work of the Halal Accreditation Agency, which continues its activities in our country, and the events we organize, such as Halal Expo,” he declared. This year’s 9th OIC Halal Expo Fair will take place from November 24–27 at Istanbul Expo Center.
The Islamic Trade Development Center (ICDT) and the Institute of Standards and Metrology of Islamic Countries (SMIIC) are collaborating to coordinate its organization.
It is anticipated that over 500 businesses from about 40 nations would take part in the organization. Ete went on to say that, similar to 2021, they anticipate 40,000 visits overall. Meanwhile, the theme of this year’s 8th World Halal Summit is “For a Sustainable Trade: Explore All the Aspects of the Halal Industry.”
Eleven distinct summit sessions will feature talks by more than fifty international speakers. Additionally, under the auspices of the World Halal Summit, the world Chefs Olympiad will be hosted with the participation of world chefs from approximately 40 nations. Modest clothing and accessory shops will be able to advertise at the Conservative Fashion and Art Street area.
Similar to 2021, a dedicated Startup Zone will be established for businesses to present their ideas to the influx of foreign investors, and a chance will be made available for youthful entrepreneurs.
