Halal Food

14 February 2023

Contribution to the country’s GDP : 8.1%
Malaysia’s halal industry market value to reach by end of 2025 : US$147.4 billion
*According to Halal Industry Development Corporation (HIDC).
Worth of halal products exported by Malaysia : US$9 billion

Source: globenewswire.com

The largest component of the Halal Economy in Malaysia is the food services sector, with business revenue in the sector estimated at US$31 billion (RM128.8 billion) in 2021 and forecast to reach US$47.6 billion (RM201.02 billion) by 2025.
Malaysia currently leads the overall Global Islamic Economic Indicator (GIEI) rankings with respect to the size of the Halal Economy particularly for halal food - ranked #1 in 2021.

The Malaysian Halal industry as the market leader is growing at a compound annual growth rate (CAGR) of around 7.5%.

The types of products offered include meat, poultry, seafood, fruits and vegetables, dairy products, cereals and grains, oils, fats, and waxes, and confectionery. The market is highly competitive, with companies offering a variety of products to meet the needs of a diverse customer base. The Halal food industry in Malaysia is also supported by various government initiatives and regulations, such as the Halal Certification Scheme, which actively promotes the growth of the industry in the country.

Major companies / brands that are manufacturing halal products in Malaysia include MNCs with reputable global and regional brands such as Ajinomoto, Kellogg, Coca Cola, Kewpie, Nestlé.

Projected CAGR for Halal markets (2020 – 2025) : 5.5 %
Global halal food demand is projected to grow year-on-year (Y-o-Y) growth in 2022 : 9.1%
The rapid growth in the Islamic population and the awareness regarding halal food among the non-Muslim population are the major market drivers for the halal food and beverage market.
The need for halal certifications by authorized bodies is strong and the certification requirements have contributed to an increase in the demand and the consumption of genuine halal food products.
However, the production processes need to be upgraded in order to improve quality and satisfying the domestic demand and export requirements.
Halal dining market in Singapore worth, with local Muslim spending of US$700 million : US$1billion

Source: mordorintelligence.com, globenewswire.com