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Indonesian Vice President Ma’ruf Amin has said the country’s halal industry is eyeing the vast market of middle-class Muslims.
Speaking at a webinar organized by the Sunan Ampel Islamic University (UIN) Surabaya on March 3rd, he said that middle-class Muslims, with high halal awareness hold prospects for growth of the halal industry.
With the largest Muslim population in the world, Indonesia is a promising market in terms of global finance. The Vice President appealed to all stakeholders to strive forward to make Indonesia among the largest halal producers in the world.
“We must be able to exploit the potential of the world’s halal market by increasing our exports, which currently only account for 3.8 percent of the global halal market,” he noted.
During his opening remarks at the International Halal Conference, organized by Yogyakarta-based Gajah Mada University (UGM) on November 14, 2020, Amin has shared that he has his sights set on transforming Indonesia into a global halal product hub by 2024.
According to Global “Halal Market” 2020 Research Report released last August, the global halal market has reached USD 1,294.5 million in 2020 and is expected to touch USD 1,911.3 million by the end of 2026, reflecting a CAGR (compound annual growth rate) of 5.7 percent for the 2021-2026 period.
The global halal food market was valued at US$1,140 million in 2018 and is estimated to reach US$1,590 million by the end of 2025, growing at a CAGR of 4.3 percent in the 2019-2025 period.
Brazil, Australia, Japan, North America, and China are among the main halal product producers in the world. But, Indonesia, the world’s largest Muslim majority country and the fourth most populous nation in the world, is yet to exploit the potential of the halal business.
