by SHAFIQQUL ALIFF
THE Malaysia External Trade Development Corp (Matrade) believes that the plant-based trend offers opportunities for halal brands as the Islamic values and Shariah laws that govern halal-certified products correspond with key aspects of the vegan consumer market.
“Islamic values have a universal appeal making many halal products and services equally attractive to non-Muslim consumers, particularly in light of current global consumer concerns about food safety brought on by Covid-19.
“Matrade CEO envisages for more Malaysian halal certified companies to take the advantage of technology and innovation to venture into such segment to tap into this rising trend,” Mohd Mustafa Abdul Aziz said in a statement yesterday.
Analysts forecast on the plant-based market shows that Asia Pacific is expected to surge by 200% by 2025, while North America retained the largest share in 2020.
The global plant-based food and beverage market for 2021-2028 reported and expected a compound annual growth rate of 9.29% over the next six years.
According to online research platform, GMO Research stated that Asia has already seen steady growth in the plant-based market. In 2019, it was worth US$15.3 billion (RM63.66 billion).
The figure indicates a significant surge as more people in Asia turned towards a plant-based diet due to concerns over food safety Covid-19 hit.
“As a result, it was projected that the market value in the region would be worth US$17.1 billion in 2020, an 11.6% increase from the previous year,” GMO Research stated.
The global halal market will soon converge at the largest halal exhibition, the Malaysia International Halal Showcase (Mihas) from Sept 9-12, 2021.
This year Mihas is designed as a versatile hybrid showcase with digital capabilities to bring patrons, investors, and trade partners the best of both worlds while facilitating high-value halal trade.