Businesses urged to tap $2-T halal market

MANILA, Philippines - Philippine businesses, especially food sector, are encouraged to get certified to capture into the huge $2-trillion halal industry and increase their share of the market.

Glenn Peñaranda, commercial counselor of the Department of Trade and Industry (DTI)-Foreign Trade Service Corps, said the halal market has been growing owing to rising awareness about the halal concept and rising disposable income of majority of Muslim countries. 

Peñaranda also cited the rapid growth of Muslim population which is projected to comprise 26 percent of world population by 2030.

As of 2010, Muslims worldwide reached 1.6 billion, of which 252 million were in Asean.

He identified key halal markets as Indonesia, Malaysia, Gulf Cooperation Council (GCC) member countries, North African countries, Pakistan and other Middle Eastern countries.

Other key halal markets in non-Muslim countries include India, China, European countries, the Americas and South Africa.

Apart from food products, Peñaranda said halal also covers pharmaceuticals, fashion and services such as finance, tourism and logistics.

To seize these business opportunities, he advised local businesses to secure halal certification by a credible halal certifying body recognized by the importing country.

In the Philippines, Peñaranda further said the number of certified companies has reached 514.