Malaysia leads global Halal food market

Malaysian Deputy Prime Minister Ahmad Zahid Hamidi has said that the global demand for halal products is steadily increasing, with projections estimating a market worth 5 trillion USD by 2030.

Speaking to press on the sidelines of the regular cabinet meeting, AZahid, who is also Chairman of the Malaysia Halal Council, said that the global Muslim market represented 24% of the world's population in 2022, amounting to 1.9 billion people, and is forecast to reach 2.2 billion by 2030.

He said with available potential and strength in this area, Malaysia has to look within the context of halal product exports, given that the global market for such exports was valued at 3 trillion USD in 2023 – quite a substantial amount, and it is anticipated to reach 5 trillion USD by 2030.

He urged Bumiputera entrepreneurs should be aware of the vastness of the global halal market, which sees demand stemming from both Muslim and non-Muslim consumers who place importance on cleanliness.

The Deputy PM said that he has also asked the Islamic Development Department of Malaysia (Jakim) to accelerate the issuance of halal certificates to Bumiputera entrepreneurs, under the condition that they fulfil the guidelines outlined by the agency.

He also said the Rural and Regional Development Ministry has divided halal certification applications into four categories, namely High Critical, Critical, Semi-Critical, and Green Lane. “Certification schemes placed under the High Critical category, with an application review period of 14, 10, five and three working days respectively, cover food and beverage products, cosmetics, consumer goods, medical devices, pharmaceuticals, and food premises (hotel/ convention kitchen/ hospital).

Malaysia has been a global market leader in the Halal food industry and has secured the top position in the Global Islamic Economy Index for nine consecutive years.

In 2022, the total halal export value was 59.46 billion MYR (12.56 billion USD), contributing 7.4% to the country's gross domestic product./.

VNA