Turkiye is set to host the 9th World Halal Summit and the 10th Organisation of Islamic Cooperation (OIC) Halal Expo later this month.
The two events, which are to take place in Istanbul between November 23-26, are expected to host 500 exhibitors from 40 countries, with more than 40,000 visitors.
"The [halal] market is expected to reach $10 trillion in the next five years. Our expo sees the participation of important companies in the field of food, food technology, cosmetics, pharmaceuticals and modest fashion every year," said Yunus Ete, the head of the World Halal Summit Council, according to a Daily Sabah report.
"This year, there is also significant demand from sectors related to Islamic finance and halal tourism."
Ete noted Türkiye has accelerated its search for alternative markets. "Türkiye, which exports to 197 countries, is increasing its per-unit export income and is also focusing on alternative items. In this context, the halal market represents one of the biggest potentials."
"According to the Organisation of Islamic Cooperation (OIC) Halal Economy Report, Türkiye, Indonesia and Malaysia have managed to become among the top 20 exporters in halal economy products," he stated.
Muslim countries' expenditures on food surpassed $1.07 trillion in 2022, and is expected to reach $1.5 trillion by 2026, the head noted.
"This growth presents a strong opportunity window in production, investment and export among OIC countries. There is high consumer demand for healthy, halal and organic food products."