PHILIPPINE businesses are encouraged to get certified to penetrate the global Halal market, which is projected to become a $10-trillion industry by 2030.
The Department of Trade and Industry's (DTI) Export Marketing Bureau (EMB) said the current Halal market was estimated to be worth more than $2.6 trillion, with the total trade of Halal food valued at $632 billion.
It said food and beverages comprised 62 percent of the global market; pharmaceuticals, 22 percent; cosmetics and personal care, 10 percent; and nutraceutical, 6 percent.
It noted that the 2.04 billion Muslims population worldwide (2013) created marketing opportunities for Halal products. Of the total, 1.36 billion Muslims live in Asia, with 9.62 million of them in the Philippines.
EMB said worldwide, about 30 percent are Muslims and are growing at 1.84 percent per year.
It identified categories that offer Islamic marketing and branding, including food and beverage; finance-wholesale/retail; education; entertainment and "edutainment"; travel, tourism and leisure; medical, pharmaceuticals and beauty products and services; products for women; internet, media and digital products and services; and lifestyle and fashion products.
The DTI is promoting export products and services that are certified by Halal certifiers that have international recognition. (PR)