Dubai Chamber highlights increasing preference for Halal food
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The Halal food and beverage market is increasing in popularity worldwide and has grown to a US$1.1 trillion industry in 2013. These statistics were reported by Dubai Chamber of Commerce and Industry based on a recent study by Thomson Reuters.
The Dubai Chamber report assumes significance as preparations are under way for the 10th World Islamic Economic Forum (WIEF). The event is slated to take place in Dubai from 28-30 October 2014.
The Chamber report estimates that in 2012, Halal food and beverage market accounted for 16.6% of the global food and beverage market. The outlook remains bright as the report expects the market to be worth US$1.6 trn by 2018, growing at a Compound Annual Growth Rate (CAGR) of about 6.9%.
HE Abdul Rahman Saif Al Ghurair, chairman of Dubai Chamber, said: “We see opportunities to enhance the halal food industry. The research finding on Halal food sector is of considerable importance for the UAE food and beverage business, especially since Halal food is a key pillar in the Dubai Capital of Islamic Economy initiative launched in 2013.”
According to the Dubai Chamber report, the UAE Halal food consumption market was valued at around US$20 bn in 2012. Halal meat is an important component of this market, dominated by unpackaged meat which, according to 2013 estimates, constitutes about 78.7% of the market share while packaged meat took the remaining 21.3%.
Globally, Halal food industry is growing in a number of markets mainly in countries in the Middle East and North Africa (MENA) region, South and South East Asia. Indonesia is the biggest Halal food market with market value of US$197 bn in 2012, according to the report. Turkey, with US$100 bn, is the second largest market.
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