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Standardisation of Halal food sector stressed
By our business bureau October 26, 2016
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DUBAI: The need for a standardised Halal food sector was highlighted in the recent Global Islamic Economy Summit (GIES), where it was revealed that the global Muslim population has the highest spending on food and beverage.

Mohammed Saleh Badri, Secretary-General of International Halal Accreditation Forum, noted that the Halal food sector is growing at a remarkable pace. Citing a report by Thomson Reuters, ‘State of the Global Islamic Economy Report 2016-2017’, Badri said Muslims globally had spent $1.17 trillion on food and beverages in 2015, ahead of China ($854 billion), the United Sates ($771 billion), Japan ($380 billion), and India ($341 billion).

The $1.17 trillion figure represents 17 per cent of the global market spend of $7 trillion. Muslim spending on food and beverage is expected to reach $1.9 trillion by 2021, a CAGR of 9 per cent from 2015, the report further estimates.

The Thomson Reuters report also highlights the rise in Halal online meal takeout and delivery platforms. Given the immense potential of this sector, several notable private equity investments were made last year, signaling increasing investor appetite for Halal food investments.

There are several factors, however, that are hampering the sector in realising its full potential. One major barrier is the lack of standardisation in the global Halal industry.

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