Halal Sector to Contribute 5.8% of Malaysia GDP
The contribution of halal industry to the Malaysia's GDP is expected to grow to 5.8% by 2020 from less than 2% currently, according to Halal Industry Development Corp (HDC).
Datuk Seri Jamil Bidin, CEO of HDC, said the growth will be driven by deeper penetration of halal products and services to the 1.7 billion global Muslim population as well as greater awareness on the industry by non-Muslims due to safety and hygiene factors.
He said the local halal industry, which is growing at 5% annually, is worth RM15 billion.
There is big potential for the industry because currently, the global halal trade is less than 10% of the global trade.
The global halal food industry is estimated at US$661 billion and growing at a rapid 20% per year, driven by an increasing population and an under-served market.
