Malaysia External Trade Development Corp (Matrade) believes that the growing plant-based movement offers opportunities for Halal brands to flourish as the Islamic syariah laws that govern Halal-certified products correspond with key aspects of the vegan consumer market.
Matrade CEO Mohd Mustafa Abdul Aziz said Islamic values have a universal appeal making many Halal products and services equally attractive to non-Muslim consumers, particularly in light of the current global consumer concerns about food safety brought on by COVID-19 pandemic.
Some of these values include “quality and hygiene standards, environment-friendly and cruelty-free practices, as well as ethically sourced materials.”
Mustafa said, “Matrade envisages for more Malaysian Halal-certified companies to take the advantage of technology and innovation to venture into plant-based segment in order to tap into this rising trend.”
A recent report showed that plant-based food and beverage segment is projected to grow at a CAGR of 9.29% over the next 6 years. Although currently the North American market holds the largest share, it might be overtaken by the Asia Pacific region as the latter is projected to grow rapidly by 200% in 2025. The plant-based market in Asia was estimated at US$15.3 billion in 2019.
One major Halal food producer from Malaysia, LINACO Group, which specialises in coconut-based products, saw strong uptake for its products in developed markets in North America as its coconut milk and virgin coconut oil are commonly favored as alternatives by vegan consumers.
Malaysia, as a leading exporter of Halal food products, will soon be hosting its Malaysia International Halal Showcase (MIHAS 2021) from 9 to 12 September 2021 in hybrid format to bring patrons, investors and trade partners the best of both worlds while facilitating high-value Halal trade. MIHAS 2021 is regarded as the gateway for brands looking to jumpstart or enhance their presence in the global Halal market.