Thai Halal Industry Targets 84 Trillion Baht Market Boom

In an ambitious move to capture a significant share of the $2.3 trillion (approximately 84 trillion baht) global halal market, the Ministry of Industry in Thailand has launched the Thai Halal Industry Centre. This strategic initiative aims to position Thailand as a regional hub for halal products and services, with projections suggesting the market value could soar to $2.8 trillion by 2025, driven by the rapidly growing global Muslim population.

Strategic Goals and Initiatives

Industry Minister Pimpatra Wichaikul outlined the plan: “Our goal is to establish Thailand as the premier halal industry hub in the region. We will achieve this through establishing the center, forming the National Halal Industry Committee (NHIC), and enhancing domestic halal entrepreneurs’ standards and capabilities.”

The initiative covers various sectors, including food, cosmetics, fashion, and tourism. The food and beverage sector, which accounts for 63% of the total market value, is particularly significant. The global halal food market alone is valued at approximately $1.4 trillion and is expected to double within the next five years.

Comprehensive Efforts to Boost the Halal Industry

Signed into action on April 17 by the Thai prime minister, who chairs the NHIC, the committee includes representatives from 21 key agencies involved in Thailand’s halal sector. Nalinee Taveesin, the Thai Trade Representative, is tasked with the development of the halal industry, while Industry Minister Wichaikul serves as vice-chair.

The NHIC’s mandate includes formulating policies and development strategies for halal products, leveraging Thailand’s unique soft power, and coordinating policies, measures, and plans to effectively drive the growth of the country’s halal industry. This concerted effort aims to catapult Thailand to the forefront of halal production and export in the region, reported The Nation.

Focus Areas for 2024

In its inaugural year, the Ministry of Industry will concentrate on three primary missions:

1. Establishing the Thai Halal Industry Centre: This center will support the local halal ecosystem, providing resources and guidance for businesses looking to enter or expand within the halal market.
2. Increasing Awareness: Efforts will be made to raise awareness of Thailand’s halal industry potential both domestically and internationally. This includes promoting the benefits and opportunities of halal certification and compliance to attract more businesses and consumers.
3. Promoting Trade and Market Expansion: The ministry will work to expand Thailand’s reach in the global halal market. This includes participating in international trade fairs, forming strategic partnerships, and enhancing export capabilities.

Leveraging Soft Power and Collaboration

Thailand plans to leverage its unique cultural and culinary appeal to enhance its position in the halal market. By promoting Thai cuisine, cosmetics, and fashion that adhere to halal standards, the country aims to attract Muslim consumers globally.

Additionally, the Thai government is collaborating with various international bodies and countries to ensure that its halal standards are recognized and respected worldwide. This collaboration will help Thai halal products gain a foothold in new markets and increase their competitiveness.

Thailand’s strategic push into the halal market highlights its commitment to becoming a leading hub for halal products and services in the region. With a comprehensive plan that includes the establishment of the Thai Halal Industry Centre, increased awareness, and aggressive market expansion, Thailand is well-positioned to capitalize on the booming global halal market.

As the demand for halal products continues to grow, Thailand’s efforts to enhance its halal industry capabilities will not only boost its economy but also solidify its reputation as a key player in the global halal market. Keep an eye on this exciting development as Thailand works towards becoming a central hub for halal products and services.