World halal market expanding exponentially
The worldwide market for halal products is growing exponentially and has now reached $7 trillion, the head of the World Halal Union said on Thursday.
As world trade develops and the number of manufacturers entering the market increases, demand for certificates informing Muslim consumers that the products they buy are halal is also increasing, Ahmet Gelir told Anadolu Agency.
Underlining that Muslim countries had begun to be taken seriously in many fields, including food, cosmetics, chemicals and cleaning products, agricultural products, energy, tourism, and finance, Gelir noted that work on international halal standards started in the 2000s and accelerated as Turkey got involved.
Turkey spearheaded the establishment of the Standards and Metrology Institute for Islamic Countries (SMIIC) in Istanbul, he said, stressing that with the publication of halal product and service standards, "halal production and the halal market gained meaning in the world."
Some 1.86 billion Muslims in 57 Islamic countries and other parts of the world have tended to seek information on what they produce and consume, he added.
The world halal market is expected to reach $8 trillion soon, he added and underlining that Turkey aimed expand its share to $400 billion.
Next week, Istanbul will host the World Halal Summit on Nov. 25-27. The summit will discuss hot topics in the halal market with experts, top officials, and market representatives from Turkey and other countries.
Besides the summit, the eighth edition of the Halal Expo will also be held from Nov. 25 until Nov. 28.