RIYADH: Halal market players are gathering at a specialized conference in Makkah as the industry forecasts its volume of growth to reach $7.7 trillion by 2025.
The Makkah Halal Forum, occurring from Jan. 23 to Jan. 25, is set to contribute to supplying the sector with numerous investment partnerships and promising economic opportunities, the Saudi Press Agency reported.
This is in line with the upward trend in terms of the increasing demand for halal products from both Muslim and non-Muslim countries, driven by their association with safe and healthy eating.
It also aligns well with the Kingdom’s goal of strengthening its role in the heart of the global halal industry, given its position and leadership in the Islamic world.
According to a report on the reality of the global Islamic economy, consumer spending on halal products worldwide is expected to reach $2.4 trillion in 2024.
The Islamic finance sector is in the lead, followed by the food and beverage sector, pharmaceuticals and medical, health and cosmetic preparations as well as travel and tourism, and other halal industry products and services. Other sectors also included education and health.
Saudi Arabia has taken many initiatives in order to bolster its position in the industry such as the establishment of a company, through the Public Investment Fund, that is specialized in developing halal products in 2022.
Moreover, the Kingdom also established a center for halal products affiliated with the Food and Drug Administration, which exercises a supervisory and supervisory role to ensure that meat and poultry are stored in accordance with what is stipulated in Islamic law.
The center is also specialized in ensuring that foods, cosmetics, and medical devices are manufactured in a way that ensures that they are free of any preparation that violates Islamic law.
Held under the patronage of Minister of Commerce Majid Al-Qasabi, the forum will feature workshops, discussion panels, and opportunities for partnerships and collaboration across multiple sectors.
It will bring together exhibitors and speakers from diverse countries.
The forum aligns with the Kingdom’s strategic directions regarding halal industries, which support national economic growth and diversification, in line with Saudi Vision 2030.
