Yunus Ete, World Halal Summit Council President and Discover Events CEO, stressed that the global halal market has reached a size of 7 trillion USD, and said:
“The market is expected to reach 10 trillion USD over the next five years. It is also expected that the halal economy will shape global markets in the near future.”
Ete explained that they are working to increase Türkiye’s share in the market, and said:
“We aim to increase Türkiye’s share in the halal market to over 400 billion USD over the next five years, with the active efforts of Halal Accreditation Agency and the Halal Expo that we organize.”
Global halal market covers huge industries including finance, food, tourism, textiles, medicine, pharmaceuticals and chemicals, and its size has reached over 7 trillion USD. It is expected to reach 10 trillion USD in the next five years, and also shape global markets. Türkiye is becoming the hub of halal market with its geopolitical significance and the projects it undertakes, and it share in the market tripled to reach over 150 billion USD in the past five years. Industry actors now aim to increase this share to over 400 billion USD over the next five years, and are working on the world’s largest “halal event”: 8th World Halal Summit and 9th The Organisation of Islamic Cooperation (OIC) Halal Expo.
Shaping global markets
Yunus Ete, World Halal Summit Council President and Discover Events CEO, said that the global halal market’s size more than doubled in the past five years. Covid-19 pandemic also played a role in this growth according to Ete, and he said:
“Hygiene is one of the fundamentals of halal products. There has been an increased interest in healthy and hygienic products during the pandemic, and this led to an increased interest in halal products. The market gained a momentum of growth from this.”
Ete explained that global halal market was on its way to reaching 10 trillion USD, and said:
“Islamic finance is expected to reach over 3.5 trillion USD, food and beverages to over 2 trillion USD, halal tourism to over 400 billion USD, cosmetics industry to over 200 billion USD and modest clothing to over 240 billion USD. Halal economy is also expected to shape global markets in the near future.”
Türkiye became the hub
“Türkiye’s share currently stands above 150 billion USD. There is a strong potential for further growth, considering the market size of 7 trillion USD. In other words, we still have a lot of ground to cover. We aim to increase Türkiye’s share in the halal market to over 400 billion USD over the next five years, with the active efforts of Halal Accreditation Agency and the Halal Expo that we organize.”
500 companies from nearly 40 countries
Yunus Ete shared the following details about the 9th The Organisation of Islamic Cooperation (OIC) Halal Expo, to be held between 24-27th November 2022 at Istanbul Expo Center:
“We’re holding this event in coordination with Standards and Metrology Institute for Islamic Countries (SMIIC) and in collaboration with Islamic Centre for Development of Trade (ICDT). Approximately 500 companies from nearly 40 countries will set up stands at the expo. Similar to 2021 figures, we expect a total of approximately 40,000 visitors including 9,000 international visitors from over 90 countries, over these four days.”
An opportunity for young entrepreneurs
8th World Halal Summit is being held with the slogan of “For sustainable trade: Discover the development of global halal industry together with all its aspects”. The summit will include 11 sessions and over 50 international speakers will deliver presentations. Moreover, chefs from nearly 40 countries will participate in the International Chefs Olympics as part of the World Halal Summit. Modest clothing and accessory companies will display their products on the Modest Fashion and Arts Street. As in 2021, a Start Up Zone will also be set up to create opportunities for young entrepreneurs to share their start-up projects with international investors.
