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Last Updated: Sep 25th, 2006 - 11:36:04 |
Vast potential and investment opportunities for halal products
By Kartika Rahman
The total halal market value of the world's Muslim population in 2005 was US$580,916 million.
This astounding figure was disclosed by Mr Hajj Abdalhamid Evans, Director of Research and Intelligence, The Halal Journal KasehDia Sdn Bhd, Kuala Lumpur, Malaysia, during the second plenary session of the International Halal Products Expo (IPHE) 2006 held at the International Convention Centre (ICC) in Berakas.
IPHE's second plenary session is aimed at discussing market potential and investment opportunities for halal products, drawing in five international speakers who are experts in the marketing field of the industry.
Mr Hajj Abdalhamid Evans kicked off the session with an overview of Trends & Drivers in the Global Halal Market, stating that "The global halal market is the way forward."
On the trends of halal products, the director said 'halal' as a certification is moving upmarket with natural, organic and ethnic food, environmentally friendly, and concerned with animal welfare market.
Halal is showing signs of moving mainstream as multinational supermarket chains such as Tesco and Carrefour have already shown interest in catering to the halal market by the billions, thus it has the potential of creating and sustaining a global presence.
With the potential of marketing halal products being barely ventured, the halal market gives expansive opportunities to create full product ranges and diversify application. Moreover, there is still a great deal of room for creating a global standard of halal on par with HACCP, GMP, ISO although numerous nations have produced their own certifications.
In the billion-dollar industry, investment opportunities for halal products are unremitting, he added.
The IPHE will conclude today with three plenary sessions on Halal Certification and Processes, Halal Science and Logistics and Islamic Banking and Finance.
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