Halal Industry among Most Rapidly Expanding Sectors in World
Speaking at the inaugural edition of the Mecca Halal Forum, Al-Qasabi noted the significance of witnessing both local and international participation alongside the signing of six agreements on the sidelines of the event.
Held at the Mecca Chamber of Exhibitions and Events Center, the three-day forum included panel discussions that took place the day before.
Al-Qasabi said: “The halal industry stands as one of the most rapidly expanding sectors globally. Presently, the food market is valued at approximately $2.5 trillion, and is expected to reach $5.8 trillion in 2033.”
The global halal product industry is poised for an unprecedented transformation, as highlighted by Abdullah Saleh Kamel, president of the Islamic Chamber of Commerce and Development, during the same event.
He said that the status of halal products has been elevated to a focal point of global interest through the establishment of Halal Products Development Co. by the Public Investment Fund.
“This is the first instance where we learn of a sovereign wealth fund establishing a specialized firm for the development of halal products. In fact, we take pride that this company is a strategic partner for the forum," said Kamel.
The initiative aims to advance the global halal industry and develop a vital and flexible system for halal products in Saudi Arabia.
Fawaz bin Talal Al-Harbi, chairman of HPDC, underscored the rising global interest in halal products and services, with anticipated consumer spending reaching $5 trillion in the coming years.
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Al-Harbi emphasized that the forum aims to empower the promising halal sector by engaging the private sector, regulators, and legislative authorities to leverage the numerous opportunities in this field.
The objective is to unlock promising horizons for young people, foster the exchange of views, share expertise and experiences, and introduce the latest practices for the sector's development.
Amid varying reports on the global scale of the halal market, Yousuf Khalawi, secretary-general of the Islamic Chamber of Commerce and Development, indicated that the market for halal food and beverages is estimated to range between $2.2 to $2.8 trillion, experiencing an average growth rate of around 15 percent.
Source: Arab News
