Halal Market Potential swells to $1.3trillion

Halal export market offers $ 1.3 billion potential and EPZA should submit a detailed proposal, on priority basis for establishment of halal export processing zones in Pakistan. It is ironic to note that most of halal product demand is fulfilled by non-Muslim countries, whereas Muslim countries have a meager share in this very fast growing market. The demand of halal products in the western countries is mainly fulfilled by USA, Brazil, Canada, Australia, New Zealand and France. As far as the eastern countries are concerned, Thailand is the biggest supplier of halal certified products followed by Philippines, Malaysia, Indonesia, Singapore and India. This was stated by Shahzada Ahsan Ashraf Shaikh, Federal Minister, Industries & Production during his meeting with Chairman Export Processing Zones Authority, Mr. Saadat S. Cheema in Ministry of Industries and Production in Islamabad.
 

Mr. Saadat S. Cheema, said that a large number of Non-Muslim consumers world over also prefer halal products due to reasons of cleanliness, hygiene and purity as quality assurance is considered a prime issue in those societies. Pakistan’s biggest competitive advantage in the region is the availability of an entire Halal production base coming from a Muslim country which has a direct access to a large base of halal consumers in Afghanistan, Central Asia and the Middle East.

Investors in Pakistan also need to recognize the fact that Halal market is not only constrained to food items. This segment includes products like Cosmetics, Pharmaceuticals, Leather Goods and Islamic Financial Services. Food only forms 2% of the Halal market.