Thailand eyes greater share of booming global halal market worth US$3.1 trillion by 2027
BANGKOK (The Nation Thailand/ANN): Thailand's Commerce Ministry is positioning the kingdom to capture a greater share of the rapidly expanding global halal food market, which is projected to reach US$3.1 trillion by 2027, as the nation seeks to capitalise on what officials describe as a "golden opportunity".
The global halal market, once considered niche, has evolved into a mainstream sector driven by a burgeoning Muslim population and increasing per capita spending amongst Muslim consumers worldwide.
United Nations statistics for 2024 show Muslims account for 1.907 billion people, or 23.5% of the world's total population of 8.119 billion.
This figure is projected to surge to 2.761 billion by 2050, representing nearly 30% of humanity and underscoring the immense potential of the halal market.
According to Salaam Gateway, a leading Islamic economy research institute, the global halal product market was valued at $2.35 trillion in 2024.
Food and beverages dominate this expansive market, accounting for US$1.38 trillion—nearly 59% of total halal market value. Other significant sectors include fashion, media and recreation, tourism, pharmaceuticals, and cosmetics.
By 2027, halal food and beverages alone are expected to reach US$1.89 trillion.
Poonpong Naiyanapakorn, Director General of the Trade Policy and Strategy Office at the Commerce Ministry, highlighted Thailand's strong position in the sector.
In 2024, Thai food exports to Organisation of Islamic Cooperation (OIC) countries reached $7.1313 billion, marking robust 6.3% growth.
"This solidifies Thailand's presence in the OIC market and signals a golden opportunity for Thai entrepreneurs to capitalise on surging global demand for halal products in 2025 and beyond," Poonpong said.
He emphasised that halal food's appeal extends beyond Muslim consumers due to its adherence to strict Islamic production principles, ensuring cleanliness and hygiene.
This perception of safety and quality is attracting a wider consumer base, fuelling continuous growth in demand, particularly within OIC nations.
Globally, halal food and beverage exports to OIC countries totalled $247.362 billion in 2024, up 6.9% from 2023. Whilst major exporters include Brazil, India, China, Turkey, and the United States, Thailand currently ranks as the 10th largest food exporter to the OIC market.
Key importers of halal food and beverages within the OIC include Indonesia, the United Arab Emirates, Malaysia, Saudi Arabia, and Turkey.
For Thailand, halal food exports represent a crucial economic and trade strategy. Indonesia, Malaysia, Iraq, the UAE, and Saudi Arabia collectively form Thailand's largest markets, accounting for 68.5% of its OIC food exports. Key products include rice, tinned tuna, sugar, pet food, and seasonings.
Thailand maintains a competitive edge through its product quality, food processing capabilities, and credible halal certification system.
OIC countries, particularly Saudi Arabia, the UAE, and Qatar, represent high-potential markets with substantial average per capita purchasing power and demand for internationally standardised halal food.
To strengthen its position and accelerate market expansion, Thailand must uphold its reputation as a producer of high-quality halal food, continuously develop product standards, and engage in proactive marketing within the OIC bloc. - The Nation Thailand/ANN
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The Star
4 hours ago
- The Star
Thailand eyes greater share of booming global halal market worth US$3.1 trillion by 2027
BANGKOK (The Nation Thailand/ANN): Thailand's Commerce Ministry is positioning the kingdom to capture a greater share of the rapidly expanding global halal food market, which is projected to reach US$3.1 trillion by 2027, as the nation seeks to capitalise on what officials describe as a "golden opportunity". The global halal market, once considered niche, has evolved into a mainstream sector driven by a burgeoning Muslim population and increasing per capita spending amongst Muslim consumers worldwide. United Nations statistics for 2024 show Muslims account for 1.907 billion people, or 23.5% of the world's total population of 8.119 billion. This figure is projected to surge to 2.761 billion by 2050, representing nearly 30% of humanity and underscoring the immense potential of the halal market. According to Salaam Gateway, a leading Islamic economy research institute, the global halal product market was valued at $2.35 trillion in 2024. Food and beverages dominate this expansive market, accounting for US$1.38 trillion—nearly 59% of total halal market value. Other significant sectors include fashion, media and recreation, tourism, pharmaceuticals, and cosmetics. By 2027, halal food and beverages alone are expected to reach US$1.89 trillion. Poonpong Naiyanapakorn, Director General of the Trade Policy and Strategy Office at the Commerce Ministry, highlighted Thailand's strong position in the sector. In 2024, Thai food exports to Organisation of Islamic Cooperation (OIC) countries reached $7.1313 billion, marking robust 6.3% growth. "This solidifies Thailand's presence in the OIC market and signals a golden opportunity for Thai entrepreneurs to capitalise on surging global demand for halal products in 2025 and beyond," Poonpong said. He emphasised that halal food's appeal extends beyond Muslim consumers due to its adherence to strict Islamic production principles, ensuring cleanliness and hygiene. This perception of safety and quality is attracting a wider consumer base, fuelling continuous growth in demand, particularly within OIC nations. Globally, halal food and beverage exports to OIC countries totalled $247.362 billion in 2024, up 6.9% from 2023. Whilst major exporters include Brazil, India, China, Turkey, and the United States, Thailand currently ranks as the 10th largest food exporter to the OIC market. Key importers of halal food and beverages within the OIC include Indonesia, the United Arab Emirates, Malaysia, Saudi Arabia, and Turkey. For Thailand, halal food exports represent a crucial economic and trade strategy. Indonesia, Malaysia, Iraq, the UAE, and Saudi Arabia collectively form Thailand's largest markets, accounting for 68.5% of its OIC food exports. Key products include rice, tinned tuna, sugar, pet food, and seasonings. Thailand maintains a competitive edge through its product quality, food processing capabilities, and credible halal certification system. OIC countries, particularly Saudi Arabia, the UAE, and Qatar, represent high-potential markets with substantial average per capita purchasing power and demand for internationally standardised halal food. To strengthen its position and accelerate market expansion, Thailand must uphold its reputation as a producer of high-quality halal food, continuously develop product standards, and engage in proactive marketing within the OIC bloc. - The Nation Thailand/ANN
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The shift was also evident last month at the Commerce Department-backed SelectUSA Investment Summit, where only about 50 Chinese delegates attended, down from roughly 180 in 2018. Xie's remarks also came against the backdrop of escalating tensions between Israel and Iran. The Jewish state last week launched air strikes on the Islamic Republic, targeting Iranian nuclear facilities amid ongoing nuclear talks between Washington and Tehran. Israel's strikes have led to the deaths of multiple Iranian army heads and nuclear professionals. In retaliation, Iran carried out air strikes against Israel, causing casualties in Tel Aviv. Trump has issued ambiguous messages about whether the US would join Israel in striking Iran, a prospect that has stirred divisions in Washington and among his own supporters. On social media, Trump claimed the US knew the exact location of Iranian Supreme Leader Ali Khamenei, hinting at a possible assassination and calling on Tehran to surrender unconditionally. 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