The size of the world halal market, which includes many sectors from finance to food, tourism to textile, cosmetics to medicine, medicine and chemistry, has exceeded 7 trillion dollars. The halal market, which is expected to reach 10 trillion dollars in the next 5 years, is also expected to shape the global market.
Turkey, on the other hand, has tripled its share in this market in the last 5 years, reaching over 150 billion dollars. It is aimed to increase the current share of Turkey to over 400 billion dollars in 5 years with the studies carried out and events such as Halal Expo.
World Halal Summit Council Chairman and Discover Events Chairman of the Board Yunus Ete, in his evaluation of the 8th World Halal Summit and the 9th Organization of Islamic Cooperation (OIC) Halal Expo Fair, drew attention to the fact that the world halal market is moving towards a size of 10 trillion dollars. Stating that the world halal market has grown more than twice in the last 5 years, Ete said that COVID-19 was also effective in this rapid growth.
Stating that the world halal market is running towards 10 trillion dollars, Ete said, “It is estimated that Islamic finance will reach a size of 3.5 trillion dollars, food and beverage industry 2 trillion dollars, halal tourism industry 400 billion dollars, cosmetics industry 200 billion dollars and conservative clothing over 240 billion dollars. The halal economy is also expected to shape the global market in the near future.” he said.
Explaining that they realized the potential in this market years ago and started work for the Halal Summit and Fair 10 years ago, Ete noted that with the organization they organize regularly every year, they have made Turkey the base of the world halal market and contributed to Turkey’s increase in its share in the halal market.
Stating that Turkey’s share in the halal market has increased every year, Ete said: “Turkey’s share has already exceeded 150 billion dollars. Considering that the market size is 7 trillion dollars, you can see that there is a very big cake here. So we still have a long way to go. We aim to increase Turkey’s share in the halal market to over 400 billion dollars in 5 years, with the active work of the Halal Accreditation Agency, which continues its activities in our country, and the events we organize such as the Halal Expo.”
Nearly 500 Companies from 40 Countries Will Participate
Explaining that the 9th OIC Halal Expo will be held at Istanbul Expo Center on 24-27 November 2022 this year, Ete said, “We organize our organization in cooperation with the Islamic Countries Institute for Standards and Metrology (SMIIC) and the Islamic Trade Development Center (ICDT). Nearly 500 companies from nearly 40 countries will participate in the organization with stands. As in 2021, we expect a total of 40 thousand visitors, nearly 9 thousand of whom are foreigners, for 4 days from more than 90 countries this year.” said.
