There are approximately 2 billion Muslims globally, with Halal food spending forecast to stand at an estimated 1,400 billion USD this year, although this figure is anticipated to grow by more than 10 times to 15,000 billion USD by 2050.
Despite the huge potential that exists, the participation of Vietnamese businesses in the Halal food market remains limited. According to the Halal Vietnam Center, domestic enterprises participate in the export of some Halal products, but are only able to meet one thirds of the demand from countries in the Organisation of Islamic Cooperation
Currently, Vietnam is one of the world’s largest agro and aquatic product exporters. The country has crucial advantages for entering Halal product market such as convenient geographical location as about 62% of the Muslim population are living in Asia.
The forum provided an actual assessment of the global Halal food market’s potential, not only in countries with a majority Muslim population, but also in those with a small Muslim population such as in Europe, the Americas, and some Asian nations. This will therefore serve to help identify new trends and demand for Halal products, such as pharmaceuticals, cosmetics, and many other Halal services such as tourism./.
