In the News

Global Halal Market Seen Hitting RM10T

Saturday, 07 August 2021
KUALA LUMPUR: The custodian of Malaysia’s halal industry has called on private halal companies to take full advantage of government support for a bigger slice of a global market projected to hit RM10 trillion (US$2.4 trillion) by 2024.

Publication Date: 7 August 2021

Halal Industry Development Corporation (HDC) chief industry development officer Hanisofian Alias said they (private halal companies) should take advantage of halal market opportunities provided by the government to fully participate in the industry’s growth.

“Although the global halal economy outlook is affected by the pandemic, we are still expecting a growth of 3.1 per cent in terms of compounded annual growth rate in the next five years.

“So we estimate that by 2024, the market value for halal markets will reach up to US$2.4 trillion,” he said during a panel discussion of the Securities Commission Malaysia-HDC Forum on Shariah-Compliant Fundraising for micro, small and medium enterprises held virtually Friday.

He said the Malaysian government has put in place a comprehensive halal ecosystem with the implementation of the Halal Industry Master Plan 2030 (HIMP 2030) which was developed to leverage Malaysia’s strengths in the halal industry.

“The HIMP 2030 brings together analyses of halal industry trends and projections both globally as well as in Malaysia and assesses industry developments based on the focus sectors.

“This master plan has lined up a developmental framework for Malaysia’s halal industry and highlights opportunities for Malaysia‘s socio-economic growth in order to maximise potential economic returns over the next decade and beyond,” he added.

Hanisofian said the government would provide incentives and comprehensive platforms to facilitate participation, operations and growth, especially in building a conducive halal ecosystem.

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  • Malaysian food and beverage products are high quality and export-ready. The potential is endless – let’s take it global!