Market Info
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Halal Certification Meets Market Demand for Ethically & Sustainably Sourced Products A recent market report on the forecast for the global plant-based food and beverage market for 2021–2028 expects a compound annual growth rate of 9.29% over the next six years. orth America held the largest share of the pie, but markets could see a drastic shift in the next couple of years, as the plant-based market in Asia Pacific is projected to experience a 200% surge by 2025. MATRADE Chief Executive Officer, Mohd Mustafa Abdul Aziz said plantbased trend offers opportunities for halal brands to flourish as the Islamic values and Sharia laws that govern the certified products correspond with key aspects of the vegan consumer market. “These include quality and hygiene standards, environmentfriendly and cruelty-free practices, as well as ethically sourced materials. Islamic values have a universal appeal making many halal products and services equally attractive to non-Muslim consumers, particularly in light of current global consumer concerns about food safety brought on by COVID-19. “MATRADE envisages more Malaysian halal certified companies to take advantage of technology and innovation to venture into such segments in order to tap into this rising trend,” Mohd Mustafa added. Asia has already seen steady growth in the plant-based market. in 2019 it was worth US$15.3 billion. The figure saw a significant surge when COVID-19 struck, as more people in Asia turned towards a plant-based diet due to concerns over food safety. As a result, it was projected that the market value in the region would be worth US$17.1 billion in 2020, an 11.6% increase from the previous
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Malaysia Retailer Vol 9 No 2
About MIHAS
year, according to online research platform, GMO Research. This growing demand was also noted by homegrown Malaysian conglomerate and leading producer of coconut-based products, LINACO Group, when participating in Food and Beverage (F&B) exhibitions in New York two years ago. According to LINACO, while other dietary options were driven by health complications for the most part, veganism stood out as a conscious lifestyle choice that took into consideration both personal health and an entire ecosystem, including the environment. The global halal market will soon converge at the largest halal exhibition – the Malaysia International Halal Showcase (MIHAS) from 9 to 12 September 2021. This year MIHAS is designed as a versatile hybrid showcase with digital capabilities to bring patrons,
Malaysia International Halal Showcase (MIHAS) is the halal industry number one business platform. It brings with it international visitors and traders to the same forum. MIHAS delivers opportunities across the global halal markets; Food & Beverages, Pharmaceuticals, Cosmetics & Personal care, Logistics, Muslim-friendly Tourism, Islamic Finance, ECommerce, Education, Modest Fashion, Food Technology and Franchise and Services & Enablers (e.g. Logistics).
investors and trade partners the best of both worlds while facilitating highvalue Halal trade. The largest group of participating exhibitors at MIHAS continues to be the food and beverage segment. Apart from traditional ready-to-eat products, opportunities are rising for Malaysian brands to be part of the global halal supply chain in various areas such as frozen food, organic or vegan and natural consumables, and innovative packaging.
