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Islam is fastest growing religion so does Halal Food Market: Economists

Tuesday May 22, 2018 6:31 PM, UNA-OIC

Halal Food

Sydney: The Halal marketplace is emerging as one of the fastest growing segments of the world food business today. The global halal food market is now worth an estimated $667 million, representing close to 20 percent of the entire global food industry. It is anticipated to reach $2.55 trillion by 2024, according to economists.

According to economists, the Halal food industry will become a significant market force in the near future based on four common trends. Firstly, Islam is now the fastest growing religion in the world thus fueling global demand for halal products.

The annual growth in consumption of halal food is estimated at 16 percent. Muslims represent an estimated 23 percent of the global population or about 1.8 billion consumers with an average growth rate of 3 percent per annum. If this growth trend continues, Muslims are expected to make up about 26 percent of the world’s total projected population of 2.2 billion in 2030.

Secondly, the increasing trend of consuming halal food products for ethical and safety reasons by non-Muslim consumers. Halal products are gaining wider recognition not only due to meeting Sharia requirements, but also hygiene, sanitation, and safety aspects.

The third is the rising halal consumer power as a market force in tandem with the growth of the Muslim population and their increasing disposable income. Finally, there is greater awareness among Muslims on the need and necessity to consume only Halal food.

Middle East and GCC Halal market

The Middle East imports about 90 percent of the beef and lamb it consumes. The total imports of this red meat and red meat products were estimated at $5.1 billion. In tandem with the expected rise in the region’s population by 40 percent by 2030, the consumption of food in the Middle East may well reach 51 million tons by 2020 to record annual average growth of 4.6 percent.

The GCC’s halal sector is now worth $50 billion. The region’s annual food imports are expected to double from $25.8 billion in 2010 to $53 billion in 2020 with total imports of halal meat exceeding 1 million metric tons on an annual basis. The UAE alone has a Dh69 billion halal food industry.

Australian Halal market

Australia, with a local Muslim population of about half a million, has become a world leader in the processing and production of halal meat and meat products. The continent is a long trusted supplier of Halal Beef and Lamb to over 100 countries in the world, including the Middle East.

Australia has one of the strictest Halal Programs in the world. The Australian Government Authorized Halal Program (AGAHP) is undertaken in collaboration with the Australian government’s Department of Agriculture & Water Resources, and Australian Islamic Organizations. Together, they enforce the best practices of production standards, which have contributed to the worldwide recognition that Australia’s Halal program is amongst the most rigorously enforced Halal system in the world.

The country has invested millions of dollars in research and development in meat science and understands that healthy, well fed and stress-free livestock produce the best quality meat for all consumers to enjoy. One of the essential Halal requirements is that animals are treated their entire life correctly and that they have easy access to food and water and are free to roam. Australia, with its natural environment and world’s highest animal welfare standards, easily meets these requirements.

Additionally, all processing facilities in Australia employ only registered and trained Muslim slaughterhouse workers. All slaughtermen are practicing Islam and comply with their religious slaughter training. They also comply with personal hygiene, operational sanitation, and animal welfare requirements. Slaughter is carried out by sharp knives by sharia principles.

The Halal systems and production facilities are regularly audited by approved Islamic organizations, internal quality assurance systems, Australian government departments and importing country representatives.

The Australian Halal mark is a stamp of integrity and assurance underpinned by the Australian government. The Halal mark also assures consumers that the product has been certified as Halal by a recognized Islamic organization.

This is why the integrity of the Australian Halal system is recognized and appreciated worldwide including all of the GCC countries. Such integrity of the Australian meat processing systems ensures a cycle of trust, from farm to plate, which has allowed Australia to remain a consistent and reliable supplier of lamb and beef to the Middle East.

Master Chef Tarek Ibrahim, the first master chef from the Middle East, in summing up his opinion about Australian halal meat, stated: “You can confidently enjoy your food knowing that when you buy Australian Halal Beef and Lamb, you are getting clean, safe and 100 percent guaranteed halal meat.”

Halal Chain launched in Dubai

HalalChain, a blockchain based platform specialized in the traceability of halal industry products, was launched at a demo event at the Dubai Airport Freezone (DAFZA) on May 14.

Attending the event were diplomats, government officials, blockchain experts, industry players, and business leaders. A demonstration was provided of how blockchain solves halal compliance global challenges, including the lack of a globally recognized halal certification system, inaccurate and unauthentic data on halal products, poor regulation of raw materials for Halal products, and the difficulty of managing a centralized regulatory system for halal food. HalalChain resolves these issues by offering a permanent public ledger for Halal related transactions across the value chain.

As a public blockchain that serves as an open, distributed ledger that can record transactions between two parties efficiently, in a verifiable and permanent method, HalalChain can track and verify halal food, pharmaceuticals, and cosmetics through all stages of production, processing, and distribution across the entire supply chain. The system will revolutionize the integrity of halal compliance through real-time monitoring, comprehensive halal standards application, as well as in ensuring halal certification integrity.
HalalChain also provides comprehensive solutions to instant e-payment, e-commerce and other industry applications powered by blockchain and Internet of things.

“HalalChain is a comprehensive ecosystem where the Islamic economy and the digital economy complement each other. However, the use of HalalChain is not only limited to the halal industry, but it can also be used to bring transparency to food label claims such as organic, non-GMO, and gluten-free,” said Abdullah Han, Co-Founder and Managing Director of HLC.

“The launch of HalalChain is in line with Dubai’s vision related to the Islamic Economy and Blockchain technology. Last month, Vice President and Prime Minister of the UAE and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum launched the UAE Blockchain Strategy 2021. We are honored to be among the first to launch Blockchain technology in Dubai,” said Co-Founder and Chief Executive Officer, Dr. Sulaiman Liu.

Three Memorandums of Understanding (MoU) were signed at the event between HalalChain and Halal Asia, a partner company of GulfTIC Certification, which is a UAE based market leader in conformity assessment services for Halal products for export to GCC countries. My Outlets, a halal supply chain platform that facilitates the distribution of halal products from manufacturers and exporters while bypassing distributors and agents; and Perwiratama Group, an Indonesia-based poultry production company.

Registered at DAFZA, HLC Technologies is at the forefront of the Blockchain industry, providing comprehensive solutions to Halal industry traceability, the Islamic Economy including Islamic Finance, instant e-payment, e-commerce and other industry applications powered by blockchain, Internet of Things, big data, Artificial Intelligence, biometrics technologies, etc.

HalalChain is a decentralized smart chain, based on blockchain and Internet of Things, which enables food traceability through all stages of production, processing, and distribution across the entire supply chain. Not only limited to the Halal food industry, but HalalChain also enables the traceability of pharmaceuticals and cosmetics products, as well as all food products to ensure safety as well as compliance with all health claims.

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