Unified certification standards are crucial to tap into the astounding potential of the international halal food market and go beyond its projected growth of $1.6 trillion by 2020, halal food industry leaders have said.
International Halal Accreditation Forum (IHAF) inks membership agreement with the Philippines, signifying the country’s interest to strengthen its halal industry. The signing ceremony took place during the week-long celebration of the National Exporters’ Week in the Philippines.
As the halal movement gains traction, the global industry sets its sights on India’s growing demand for Shariah-compliant goods, particularly cosmetics. Home to the world’s second-largest Muslim population next to Indonesia, India does have one of the world’s most viable halal markets.
With a market size of AED 205.5 billion ($56 billion), halal cosmetics is no longer seen as a trend but a key component of people’s lifestyles; hence the need to protect the public has become a primary agenda of top consumer countries, according to the head of the International halal Accreditation Forum (IHAF) General Secretariat Office based in the UAE.