A boom in Halal tourism and a conscious effort to eat healthier has helped to lift Halal product revenues. The appeal of Halal products is broadening to some groups of non-Muslim consumers. Will the Halal market keep on expanding in the Gulf region? Saurabh Sharma, Country Director, India for Spire Research and Consulting, shared his insights in the Food & Beverage News magazine.
The Gulf Cooperation Council (GCC), with its six-member country states, makes up a significant and rising share of the global Halal product market, which is estimated to reach USD1.9 trillion by 2021.
The Halal market initially focused on food and beverages products but now rapid expansion is visible in cosmetics, pharmaceutical and personal care sectors.
The drivers of growth in the Halal food market include the trend towards a protein-rich diet in countries seeing a rising middle-class, advances in food technology, Halal tourism and the emergence of new online marketplaces.
Saurabh cautioned that challenges remain. For one thing, the industry is fragmented. Also, preferences and habits vary from country to country, as do interpretations of Shariah law. Corruption is not unheard of when dealing with the food processing value chain.
Nonetheless, governments across the Gulf region have taken many steps to explore food security and reduce import reliability.
Comments
Post a Comment