By definition and based on Islamic guidelines, halal encompasses high standards of hygiene, sustainability, and safety in all types of products and services, and maintains values of quality, sincerity, empathy, just and fair practices. This organic way of life has gained acceptance by global customers and by all religions.
The global halal industry as a whole is estimated to worth around USD2.3 trillion (excluding Islamic finance) a year, and is now one of the fastest growing markets. Simultaneously, the global market growth is estimated to reach at an annual rate of 20 percent per annum.
Such expansion of the industry is because the global halal market of 2.18 billion Muslims is no longer confined to Muslims only. Similarly, the halal industry is no longer confined to food and food-related products, but rather to include pharmaceuticals, cosmetics, health products, toiletries and medical devices as well as service sector components such as logistics, marketing, print and electronic media, packaging, branding, and financing.
A global survey discovered that the Muslims spend on food, beverages and lifestyles amounting to USD$2 trillion in 2016. Moreover, the global Muslim market spends on travel reaching USD$169 billion in 2016 and is expected to increase to USD$283 billion in 2022.
Another research concluded that there are three major factors driving the rapidly growing global halal market. First, sizable and growing Muslim population at 1.8 per cent per annum. Second, growing economic development and hence increasing purchasing power among the Muslims. Lastly, the emergence of the potential halal market in non-Muslim nations and halal industry players. As a consequence, there is a growing market for halal products.
Due to this huge, continuous demand and need, DagangTEK’s role is to create a Halal Exchange platform delivering holistic offerings aimed at nurturing the global halal community worldwide encircling all businesses via the halal processes.
❝Our vision is to extend the halal way of life to all businesses, explore new areas of economic growth and enter into emerging markets with the idea of universal acceptance of halal standards, certification and practices.❞
This platform helps entrepreneurs, manufacturers, investors, researchers, distributors and retailers through the halal processes and practices, know-how of entering global halal markets and the procedures of standard halal certification for products and services.