CHENNAI: Halal Industry Development Corporation Sdn Bhd (HDC) is confident that Malaysia’s halal exports to India would surpass the RM1.6 billion mark in 2019, thanks to the growing demand for such products in the republic.
Citing statistics from the HDC Halal Datawarehouse System, International Footprint Manager Mohammad Shukur Sugumaran said halal exports to India jumped 12 per cent to RM1.59 billion in 2018 from RM1.43 billion in the previous year, indicating a strong demand from the country.
“The export of halal ingredients saw the biggest jump of 20 per cent to RM1.2 billion in 2018 from RM982 million in 2017.
“Other halal sectors which have seen an increase in exports to India include food and beverage (F&B) which grew to RM116.0 million in 2018 from RM113.17 million in 2017, palm oil derivatives (RM117.09 million from RM113.5 million) and pharmaceutical products (RM6.48 million from RM1.45 million),” he said in his presentation on business opportunities in the global halal markets here, today.
The presentation was held in conjunction with the one-day halal seminar co-organised by HDC and the Malaysia External Trade Development Corporation (MATRADE).
Themed, “Halal India: The Untapped Goldmine”, the event was aimed at creating awareness of halal, especially Malaysian halal products, among Indian market players.
It was also to create market space in India for Malaysian companies, while promoting the country as a halal products sourcing destination.
Dubbed as the first collaboration between HDC and MATRADE in Chennai, today’s event attracted 70 local market participants.
Meanwhile, Mohammad Shukur also urged Indian businesses to seize the untapped halal opportunities in the country, which was backed by a huge Muslim population of about 180 million.
“The about 180 million population is the second largest after Indonesia, but 80 per cent of the demand of ’ the Muslims has not been fully catered to yet,” he said.
He pointed out that the common misconception of the halal concept among the Indian population is that it was all about the preparation of meat or food and beverages.
“Halal offers more than that, in ranging from cosmetics to textiles and pharmaceutical products,” he said.
He therefore urged the Indian entrepreneurs to see halal as a serious business, as globally, the market is expected to grow to US$7.7 trillion by 2030, up from US$2.8 trillion in 2016 due to an increasing Muslim population worldwide.
Meanwhile, MATRADE’s trade consul in Chennai, Muzzafar Shah Hanafi, believed India, which has established strong ties with many Muslim countries, can become a major powerhouse in the global halal economy in the future.
He said the fact that India is the second most populated country in the world with the second largest Muslim population, the third largest economy by purchasing power, as well as the world’s youngest population where more than 50 per cent are aged 25 and below, offered huge halal opportunities for businesses to venture into.
“I believe the halal revolution in India has already started, as we have seen tremendous improvement in the participation of Indian companies in global halal trade fairs in the past few years,” he added.