Malaysian Deputy Prime Minister Ahmad Zahid Hamidi has said that the global demand for halal products is steadily increasing, with forecasts estimating a market worth $5 trillion by 2030.
AZahid, who is also Chairman of the Malaysia Halal Council, told local press on the sidelines of a regular cabinet meeting that the global Muslim market represented 24% of the world's population in 2022, amounting to 1.9 billion people, and is forecast to reach 2.2 billion by 2030.
He said with available potential and strength in this area, Malaysia has to look within the context of halal product exports, given that the global market for such exports was valued at $3 trillion in 2023 – quite a substantial amount, and it is anticipated to reach $5 trillion by 2030.
He urged Bumiputera entrepreneurs to be aware of the vastness of the global halal market, which sees demand stemming from both Muslim and non-Muslim consumers who place importance on cleanliness.
The Deputy PM said that he has also asked the Islamic Development Department of Malaysia (Jakim) to accelerate the issuance of halal certificates to Bumiputera entrepreneurs, under the condition that they fulfil the guidelines outlined by the agency.
He also said the Rural and Regional Development Ministry has divided halal certification applications into four categories, namely High Critical, Critical, Semi-Critical, and Green Lane. “Certification schemes placed under the High Critical category, with an application review period of 14, 10, five and three working days respectively, cover food and beverage products, cosmetics, consumer goods, medical devices, pharmaceuticals, and food premises (hotel/convention kitchen/hospital).
Malaysia has been a global market leader in the Halal food industry and has secured the top position in the Global Islamic Economy Index for nine consecutive years.
In 2022, the total halal export value was MYR59.46 billion ($12.56 billion), contributing 7.4% to the country's GDP.