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News Code: 1064

 

Halal Market Sees 21% Growth This Year

he 11th Malaysia International Halal Showcase (Mihas), the global halal marketplace, targets sales revenues to grow 21.65 percent to RM500 million, roughly equivalent to P6.5 billion from RM411 million, or roughly P5.64 million last year.
This year’s Mihas theme, “Energizing Halal Growth,” is focused on how the global halal industry can be transformed into an engine for further social and economic development.
The projected increase in sales of RM500 million this year is attributed to a better outlook in global economy, the higher demand for halal products and services, and more number of booths available this year.
The Incoming Buying Mission (IBM) at Menara Matrade has attracted 370 foreign companies from 41 countries with 532 representatives.
Total sales for IBM program amounted to RM477.2 million. A total of 2,942 business meetings were conducted with the participation of Malaysian companies.
Malaysian Minister of International Trade and Industry Dato’ Sri Mustapa Mohamed said the fact that the halal industry can be a source of socioeconomic growth should not be surprising at all.
“Halal is now no longer simply associated with religious terminology but is a global phenomenon. Indeed, beyond the massive consumer base of the global Muslim population of 2 billion, or about 23 percent of the entire world’s population, halal products are increasingly becoming a lifestyle of choice for non-Muslims as noted by Dr. Hani Mansour Al-Mazeedi from the Kuwait Institute for Scientific Research. This is something we Muslims can justly be proud of,” Mohamed said.
Filipino companies and Filipino -Muslim organizations have looked for business opportunities at Mihas 2014 to set their footprints in the Philippine halal industry.
The Robinsons Supermarket, Miramar Confectionery Corp., Dayarex, Tojo Enterprise, Bonnevie, Ascona International, as well as Halal International Chamber of Commerce and Industries of the Philippines Inc., (HICCIP) and Nor Fatimah Global Women’s Network Consumer Cooperative have seen the potentials of halal industry.
They said there is much room for growth in Halal industry in the Philippines that is largely underserved.
At present, the halal food industry is only sufficient to support 20 percent of the global halal demand.
Mihas 2014 was expanded to six halls to accommodate 620 booths, an increment of approximately 19.7 percent compared to the previous year. The 343 booths are occupied by 252 local companies and the remaining is made up of 277 booths from 256 international companies.
Source: businessmirror.com