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Home Customs & Trade DTI pushes MSMEs to seize opportunities in $2.6T Halal mart

DTI pushes MSMEs to seize opportunities in $2.6T Halal mart

Image by Willem67 from Pixabay

The Philippine Department of Trade and Industry (DTI) is encouraging micro, small, and medium enterprises (MSMEs) to produce more products for and expand into the growing global Halal market, which is valued at US$2.6 trillion.

“We encourage our MSMEs, especially in the countryside, to develop their products, and explore the opportunities in the growing demand for Halal-certified products,” DTI secretary Ramon Lopez said during the 2nd Philippine National Halal Conference on July 3.

Lopez emphasized that Halal is not just a certification for products that cater to the Muslim market, but a growing sector that has gained consumer acceptance even among non-Muslim populations.

“Halal is not just for the Muslims, it is a way of life. It connotes purity, cleanliness, safety, quality—so many positive attributes that are now being recognized by non-Muslim consumers worldwide,” Lopez said.

“Halal-certified products are associated with these attributes. Maximizing the opportunities will help the government in realizing President Rodrigo Duterte’s vision of providing better and comfortable lives for all Filipinos by creating more jobs. And we can do this by tapping Halal’s booming global market and taking advantage of more business opportunities,” he said.

Out of the $2.6 trillion global Halal market, 62% is accounted for by food and beverages, followed by pharmaceuticals at 22%, cosmetics and personal care at 10%, and nutraceuticals at 6%.

The Halal market is estimated to reach $10 trillion by 2025. Its food and beverage segment is expected to touch $1.93 trillion by 2022 from $1.25 trillion in 2016. For Halal tourism, which accounted for $169 billion in 2016, it is expected to reach $283 billion by 2022. Other services like the Islamic finance and Islamic commercial banking combined accounted for $3 trillion in 2016 and are expected to reach more than $6 trillion by 2022.

“I am optimistic that with greater collaboration between various sectors, we can support more MSMEs, encourage them to do and grow their businesses, and help us in developing more Halal hubs in the country catering to domestic as well as export markets,” the trade chief said.

The conference also served as venue for DTI, as chair of the Philippine Halal Board, to officially launch the country’s Halal logo to be used in Halal products made in the Philippines.

“We would like to see notable exports of our Halal products in the future. With this logo, our products can be identified easily by consumers as Halal-certified products,” Lopez said.

The trade chief also shared that DTI’s accreditation bureau will open a special window to cater to Philippine Halal certification bodies.

According to DTI, the existing Halal logo of Halal certification bodies will still be allowed, especially if it is part of their internal requirements.


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