Thai halal boom targets 84 trillion baht market

In a move to capture a share of the burgeoning US$2.3 trillion (approximately 84 trillion baht) global halal market, the Ministry of Industry has launched the Thai Halal Industry Centre.

This strategic initiative aims to position Thailand as the regional hub for halal products and services, with the market value expected to soar to US$2.8 trillion by 2025, driven by the fast-growing global Muslim population.

Industry Minister Pimpatra Wichaikul outlined the ambitious plan.

“Our goal is to establish Thailand as the premier halal industry hub in the region. We will achieve this through the establishment of the centre, the formation of the National Halal Industry Committee (NHIC), and by enhancing the standards and capabilities of domestic halal entrepreneurs.”

The initiative encompasses a wide array of sectors including food, cosmetics, fashion, and tourism. With the food and beverage sector holding the lion’s share, 63% of the total market value, the global halal food market alone is valued at approximately US$1.4 trillion and is expected to double within the next five years.

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.

In its inaugural year, the ministry will concentrate on three primary missions: establishing the Thai Halal Industry Centre to support the local halal ecosystem, increasing awareness of its potential both domestically and internationally, and promoting trade and market expansion on a global scale.