KUALA LUMPUR, Dec 6 — Malaysia’s halal industry market value is expected to reach US$147.4 billion (approximately RM614.36 billion) by 2025, according to the Halal Industry Development Corporation (HDC).
Entrepreneur Development Ministry secretary-general Datuk Wan Suraya Wan Mohd Radzi said the halal industry keeps booming, with 70 per cent of the market value comes from the food sector.
She said the vigorous trend is supported by growing number of halal consumers, coupled with the increasing offerings of halal-certified food products which are expected to drive the global halal market in years to come.
“This growth is fuelled by high demand not only from the Muslim population but also by changing mindset and awareness of the non-Muslim population around the world,” she said in her speech at the Asia Halal Brand Awards 2019 Gala Night, here today.
Citing the HDC’s report, Suraya said in recent years, the demand has expanded beyond the food sector to encompass the pharmaceuticals, cosmetics, health products, toiletries and medical devices.
In fact, the latest development shows that the halal industry has expanded further into lifestyle offerings, including halal travel, hospitality services, and fashion, she added.