Malaysia Halal Industry Expected to Grow to over $50 Billion in Five Years

IQNA – Malaysia plans to develop its Halal industry in the coming years, with the industry’s value expected to surpass $50 billion in five years.

The Halal industry in the Southeast Asian country is projected to account for 10.8% of the country's GDP by 2030, with an estimated value of RM231.1 billion ($51.7 billion).

To achieve this goal, Malaysia has streamlined the Halal certification process, reducing the certification time from three months to just 15 days.

The country is actively engaging in international Halal trade, holding roundtable discussions in countries with predominantly Muslim populations, as well as non-Muslim countries such as Japan and Timor-Leste.

It is also working to strengthen strategic partnerships with Saudi Arabia, Russia, Uruguay and China.

Malaysia is also stepping up efforts to expand Halal industrial parks, aiming to boost domestic production capacity and draw foreign investment, particularly from multinational companies.

In 2022, the Halal industry in Malaysia accounted for 7.4% of its GDP, equivalent to 108.5 billion RM (24.2 billion USD).

The Halal market is projected to reach $5 trillion by 2030, supported by the increasing Muslim population and changes in global consumption demand.

Source: theinvestor.vn