July-August . 2021 | @ Halal
Industry
05
Enter plant-based market
Trend offers opportunities for halal brands
THE MALAYSIA External Trade Development Corp ( MATRADE ) reckons the plant-based trend provides opportunities for halal brands to thrive because the Islamic values and Syariah laws that govern halal-certified products correspond with critical aspects of the vegan consumer market .
According to Mohd Mustafa Abdul Aziz , CEO , Islamic values have universal appeal , making many halal products and services equally appealing to non-Muslim consumers , especially in light of current global consumer concerns about food safety caused by Covid-19 .
“ These include quality and hygiene standards , environmentally friendly and cruelty-free practises , and materials sourced ethically .”
“ MATRADE anticipates that more
Malaysian halal-certified companies will take advantage of technology and innovation to venture into such segment to tap into this rising trend ,” he said recently , following the release of a recent market report on the global plant-based food and beverage ( F & B ) sector for the forecast period of 2021-2028 .
Analysts predict that the industry will grow at a compound annual growth rate of 9.29 per cent over the next six years .
Mohd Mustafa Abdul Aziz
Matrade anticipates that more Malaysian halalcertified companies will take advantage of technology and innovation to venture into such segment to tap into this rising trend .”
According to the report , North America held the largest share of the pie in 2020 . Still , markets could see a significant shift in the coming years , with the plant-based market in the Asia Pacific expected to grow by 200 per cent by 2025 .
According to the report , the plant-based market in Asia was worth US $ 15.3 billion ( US $ 1 = RM4.16 ) in 2019 .
According to the report , the figure increased significantly after Covid-19 struck , as more people in Asia switched to a plantbased diet due to food safety concerns .
As a result , according to the online research platform GMO Research , the market value in the region is expected to be worth US $ 17.1 billion in 2020 , an 11.6 per cent increase from the previous year .
When participating in F & B exhibitions in New York two years ago , Malaysian conglomerate and leading producer of coconut-based products , LINACO Group , noted this growing demand .
According to the group , while other dietary options were motivated by health concerns , veganism was a conscious lifestyle choice that considered personal health and an entire ecosystem , including the environment .
In addition to appealing to halal buyers and consumers , LINACO ’ s sustainable practises and plant-based offerings , which include coconut milk and virgin coconut oil , are products that vegan consumers in the larger market prefer as alternatives .
According to the company , these demonstrate the multifaceted opportunities that Malaysian halal-certified brands bring to the table .
This year ’ s MIHAS may display digital capabilities that will provide patrons , investors , and trade partners with the best of both worlds while facilitating high-value halal trade .
The food and beverage industry continues to be the largest group of exhibitors at MIHAS . Aside from traditional ready-to-eat products , opportunities for Malaysian brands to participate in the global halal supply chain are expanding in areas such as frozen food , organic or vegan and natural consumables , and innovative packaging .
MIHAS 2021 is the entry point for brands looking to establish or expand their presence in the global halal market .
Made By Duopharma Biotech , the pharmaceutical company with Halal products .
Halal Pharmaceutical Company of the Year Frost & Sullivan Malaysia Excellence Awards
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