The power of values
The Islamic Economy affects the lives of more than just the 1.8 billion Muslims worldwide. It is open to all discerning consumers, citizens and types of businesses from Australia to Alaska who understand the need to improve the way we consume, produce and work with one another. The Islamic Economy could also be described as a way of living (through products, experiences, services, processes and relationships) that is Halal, ethical, wholesome and family-friendly.
Great opportunities for growth are offered in the economies of Islamic countries due to their enormous size and growing purchasing power. Today, the Islamic economy is used in 57 countries and it is an ethical, stable and viable financial system that is growing faster than conventional finance. The biggest markets for the Islamic industry are in Asia, Africa Middle East and the Mediterranean region.
Muslims represent an estimated 23% of the global population with an average growth rate of 3% per annum. If this growth trend continues, Muslims are expected to make up about 26% of the world’s total projected population of 2.2 billion in 2030.
However, the Halal sector has been affected by the intensified measures aimed at fighting against COVID-19. Food supply chain has also been severely disrupted but was quickly met with resilience from the Halal market economies that have consistently focused on bringing the supply chain closer to home by either investing in domestic production or finding closer regional supply chain partners.
The investments in the Halal economy have recorded growth of 399% in 2018/19, with a value of $1.2 billion. The food and beverage industry, with a total estimated value of around $1.4 trillion, the sector is expected to grow to near $2 trillion by 2021.
19th November 2020
15.00 - 17.00
The Halal Industry
The Halal Industry has now expanded beyond the food sector 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.
In recent years, with the increase in the number of affluent Muslims, the Halal industry has expanded further into lifestyle offerings including halal travel and hospitality services as well as fashion. A development that has been triggered by the change in the mindset of Muslim consumers and by the increasing ethical consumer trends worldwide.
The Mediterranean Halal Industry Forum, held in the framework of MedaWeek Barcelona 2020, aims to raise awareness about Halal Industry by hosting sessions where Halal-related topics in food, tourism, textile, modest fashion and other sectors will be discussed.
This is certainly the best platform to exchange knowledge and best practices in the Halal industry, which is likely to grow between USD 3 trillion and USD 4 trillion in the next five years, from the current estimated USD 2.3 trillion stable growth market. Its main objective is to create trading opportunities for Halal focused Mediterranean and Europe businesses, considering the 57 existing Islamic countries and the importance of Halal business for the global community.
Key Halal sector players and senior government decision-makers will gather at this big event to discuss commercial and business opportunities. It will also serve as a meeting point for companies based in Europe and the Mediterranean region to forge industrial and supply partnerships with businesses in the Islamic countries, as they also offer Mediterranean public institutions and research centres the opportunity to interact with global players in Islamic finance and the wider Islamic economy. Barcelona is keen to attract investments from countries in which Islamic finance plays a decisive role in public policies.
FORUM SESSION: MEDITERRANEAN HALAL MARKET – A HALAL AGENDA FOR THE NEW DECADE
This Forum panel will explore some of the success stories in the Halal industry, elaborate on the lessons learned from COVID-19, as well as point the way to future investment opportunities.
- Major trends in the global and regional Halal
- Halal consumer market trends and insights.
- Role of corporate in responding to the increasing Halal food demand in both Islamic and non-Islamic economies.
- What will the new Halal standards mean for the Mediterranean food industry and Mediterranean diet?
- How to regulate: redefining regulatory procedures in the Halal Industry.
- Impact of technology and digital transformation.
- The importance to creating a regional supply chain platform.
A. How Islamic is the business of modest fashion?
As a concept, ‘Islamic fashion’ is still in development, but the way the industry is managed has already been put under the spotlight. Key players are examining their supply chains to find ways to better meet Islamic codes related to doing business.
Muslim consumer spending on clothing hit the USD 300 billion marks worldwide in 2018, accounting for 11 per cent of global expenditure, with a growth rate of 3.8 per cent.
B. The Rise of the Halal Cosmetics Sector
The Halal market is growing so fast. In 2018, Muslims spent 2.2 trillion dollars on Halal products and services, of which 1.3 trillion were destined to consume Halal foods. But not everything is food. There are other Halal emerging business niches such as Halal cosmetics. This sector is also registering strong growth rates and is expected to reach a value of close to 95 billion dollars in 2024.
C. Certification VS commercialisation
This session focuses on the marketing and distribution strategy of Halal products with an eye towards the creation of Muslim “super brands” that have universal appeal to both Muslim and non-Muslim consumers alike.
(Speakers to be invited)
15:00 – 15:10
Welcome and Opening Remarks
15:10 – 15:20
Keynote: Dubai as a Global Trade Hub for Mediterranean Companies
15:20 – 16:40
Panel Discussion: The Rise of the Halal Market: An Opportunity for the Mediterranean
16:40 – 16:55
Questions and Answers
16:55 – 17:00
Join us at the Mediterranean Halal Industry Forum and get to know the new trends,
find inspiration, and most importantly: do great business!
- B2B Networking meetings between regional and global investors and entrepreneurs from the Mediterranean arranged in a speed dating format.
- Showcase your innovation and technological skills.
- Support entrepreneurs and start-ups to showcase their innovative projects to investors.
- Join our list of Mediterranean Halal Industry Forum Sponsors & Partners.
- Encourage and register team members who are interested in innovation to attend the Forum.
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