Barcelona, 26 October 2016 – In recent years, the growing demand for halal products has seen businesses, restaurants and hotels across the world cater to the needs of Muslim clients. Global companies are coming to understand the great opportunity that the Muslim consumer represents. The world’s Muslims total 1.6 billion people today and that number is growing at two times the rate of the global population. Since the halal economy is set to grow as the world’s Muslim population expands and more products are certified to comply with Islamic sharia law, the issue of how these products can best be regulated and expanded to world markets becomes crucial.
Halal food is one of the largest global sectors of the halal economy, representing 50% of the $2, 5 billion that halal industry is valued, and the segment can only get larger as the Muslim population increases. The halal food market is expected to reach a global Muslim consumer spend of US $1.6 trillion by 2018. Mediterranean, Africa and Europe record each year a higher growth in production and sales for the halal industry. For instance, Spain already has 258 companies with a halal certificate.
Halal Tourism & Halal Fashion
The Halal industry has also expended further into the lifestyle by offering travel and hospitality services as well as fashion, not only for Muslim-consumers but also for non-Muslim consumers globally. From fashion and travel to food and finance, the global halal industry is an opportunity the Mediterranean and international companies cannot afford to ignore. Indeed, international food and beverage companies, as well as large fast-food chains, are not indifferent, and some renowned brands already count with a high percentage of halal products.
Through this momentum, the market is expected to move into exciting new areas. In this sense, the Association of the Mediterranean Chambers of Commerce and Industry (ASCAME) together with the Halal Institute of Spain organizes next 2nd December in Barcelona the 1st Mediterranean Halal Forum. The event will bring together key halal sector players and senior governments and decision-makers to discuss commercial and business opportunities for halal food in the Mediterranean region. Participants will have the opportunity to explore halal consumer market trends and insights, as well as a number of largely unaddressed opportunities.
Numerous companies already recognize this emerging global trend, as well as the services and economic potential the industry represents and adapt their products to the rules governing this concept. In this sense, this forum will be the key platform to further present the challenges and opportunities for the Halal industry, both in the Mediterranean and across the world.
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