Malaysia needs to take further measures to become a viable halal economic hub, said Deputy Prime Minister Datuk Seri Fadillah Yusof. This would include strengthening infrastructure development, research and development (R&D), education and training, technology integration and global collaboration. He said the halal industry caters to a vast consumer base of 1.
8 billion Muslims globally, growing at 2 per cent annually, and that awareness of the halal industry’s potential in emerging markets would elevate the halal economy. He pointed out that the halal economy is estimated at US$3.1 trillion globally and is projected to reach US$5 trillion by 2030, while in Malaysia, the market value has surged to US$ 68.4 billion and is anticipated to reach US$113.2 billion by 2030. “As such, the potential for growth spans not only among Muslim nations but also in Western markets with expanding Muslim populations where observance of halal practices are increasing, (while) non-Muslims seeking quality, safe and wholesome products will further drive market expansion,” he sai