Senator Cynthia Villar has encouraged entrepreneurs across Zamboanga Peninsula to cash in on the huge global market demand for halal products or products that meet Islamic dietary laws.
Villar said they have to get “serious” in making halal products, as she asked the Department of Trade and Industry (DTI) to assist them in promoting halal products for export.
“The extent of market opportunities is quite varied and diversified.”
“The global market for halal food and lifestyle products is expected to reach $10.5 trillion by 2024. Kaya ang laki-laki po ng (the) market (is really huge) for halal products. The extent of market opportunities is quite varied and diversified,” the veteran legislator said during the opening of Zamboanga Peninsula Exposition (ZAMPEX) 2019 recently.
The seasoned lawmaker said business opportunities are offered by various industries ranging from food, beverages, cosmetics, personal care, pharmaceutical, healthcare, tourism, among many others.
The senator pointed out that the halal market size is expected to expand tremendously, along with the growth in the Muslim population, which is projected to rise to 2.2 billion in 2030 or nearly 26 percent of the world’s population.
Consumption of halal products among non-Muslim consumers is also on the rise.
“And of course the disposable income of Muslims is also on an upward trend. Consumption of halal products among non-Muslim consumers is also on the rise which is expected to fuel global demand,” she said, noting the global demand is also coming from the Asia-Pacific region.
Meanwhile, the five-day ZAMPEX 2019 held at SM Megamall in Mandaluyong City targets to double last year’s sales of P25 million of the micro, small and medium enterprises (MSMEs) from Zamboanga Peninsula.Share this article: