SEOUL, May 22 (Korea Bizwire) – South Korea should aggressively woo the global halal market to diversify its export destinations, a local trade organization said Monday.
The Institute for International Trade under the Korea International Trade Association (KITA) called halal the world’s biggest blue ocean and niche market.
Halal is a widely applied Islamic dietary practice dictating what is permissible to eat and drink. A 2014 estimate said some 1.7 billion people around the world follow it. The market was sized at some US$1.73 trillion won in 2015 and is projected to grow to $2.74 trillion by 2021.
More than 80 percent of the halal population live in Asia and the Middle East, where the Korean culture and entertainment are highly popular.
“The government can start a one-stop support system for South Korea’s small and medium-sized businesses that want to enter the halal market. We also need to nurture professional people and agencies,” the report said.
“We can think about matching firms that have halal-certified products or manufacturing lines with small exporters,” it said.
KITA plans to open a new TradeSOS service to provide business consultations for companies seeking to export halal products.