Good news to halal food and beverage (F&B) certificate holders who are aiming to spread their wings internationally, experts have ruled out that Indonesia and China are where the money is.
Counting on the rising purchasing power and government support in both countries, Indonesia and China are in the game to spur halal market growth with support from local and international halal industry players.
Food Navigator – Asia.com reported that being a natural fit for halal brands, the country with the largest Muslim population is seeing an exponential rise in the purchasing power and its Indonesians’ openness to international food trends in the republic.
When discussing halal opportunities in Indonesia, during the recent Reimagine: Halal in Asia virtual conference, Halal consultancy Amicale Chairman Riyanto Sofyan highlighted that the internationalisation opportunity for foreign brands in Indonesia is prominent as the country is already seeing USD 16.9 billion of halal food being imported and the number is expected to grow 2.2% to hit USD19 billion in 2024.
He also added that now is the best time to look into internationalisation as everyone is looking to bounce back and have a fresh start from the global economic shock caused by the pandemic.
According to China F&B advisory firm Chainera Head Tng Jin Kit, now is a really good time for halal brands in China after the government has spent a lot of money to build infrastructure like the High-Speed Rail which aims to bring technology and agricultural to cities like Xinjian and Lanzhou which have large Muslim communities.
However, the online news site reiterated that although the Muslim market in China appears attractive for halal F&B at a glance, doubts with regards to this apparent acceptance and support of Islam and halal food remains, particularly due to China’s treatment of the Muslim Uyghur in Xinjiang.