We present two reports on a growing market that constitutes an important scenario of opportunities for Argentine exports.
The global halal market represents a wide range of opportunities for Argentina’s export offer. Its attractiveness is not only limited to the export of halal-certified food products, but encompasses the entire “halal economy”, which includes other sectors such as fashion, tourism, hotels and gastronomy, pharmaceuticals, cosmetics and finance.
Moreover, the potential of the global halal market is not only restricted to Islamic countries par excellence, but extends to those economies where the Muslim community is not a majority but has a significant presence.
This is a market that –considering the entire Muslim population– reaches 25% of the world’s population, with a strong growth in the urban population and younger age groups, which will have a high impact on the demand for halal products.
These factors are compounded by the strong economic performance of many of the members of the Organisation of Islamic Cooperation, including some of the world’s richest countries, and favourable growth projections for the future. It is also a group of countries that are net importers of halal economy products.
In 2021, around 1.9 billion Muslims consumed US$ 2 trillion worth of products, goods and services of the halal economy, and significant growth in the consumption of halal goods and services is forecast for the coming years, which could reach US$ 2.8 trillion by 2028.
All these data suggest that there is an important market to explore in terms of goods, inputs, services and knowledge transfer. However, it is necessary to bear in mind that this is a heterogeneous group of countries, each with their own particular characteristics. Companies wishing to access these markets will need to understand the local nuances and specificity of each country in advance in order to build a marketing model adapted to each market.
To provide a first approach to this challenging market, two reports prepared by the CEI (Spanish only) are presented, one for the food sector and the other for the pharmaceutical and cosmetics market , which analyse the economic and consumer outlook in the economies belonging to the Organisation of Islamic Cooperation and the Gulf Cooperation Council country members.