In a bid to capitalize on the burgeoning global demand for Halal products and the ever-evolving landscape of future foods, Thailand is positioning itself strategically at the forefront of these rapidly expanding sectors.
The Thai government has identified the food industry as a crucial driver of economic stability, and it is now intensifying its efforts to harness its potential fully. Halal products, which encompass a wide range of offerings, including finance, food, fashion, media, medicine, and tourism, have been experiencing remarkable growth, boasting an impressive 7.5% increase. This thriving industry is estimated to be worth approximately 2 trillion US dollars.
Recently, Prime Minister and Finance Minister Srettha Thavisin engaged in a productive dialogue with Boonlert Ongpaiboon, the Vice Chairman of the Thai Chamber of Commerce’s Committee on Processed Food and Future Foods.
Central to their discussions was Thailand’s robust Halal industry, which currently accounts for roughly 20% of the nation’s total food exports. Remarkably, it contributes a staggering 60% to Thailand’s Halal food exports, primarily to countries with predominantly Islamic populations such as Indonesia, Malaysia, and Brunei. These exports translated into nearly 6 billion US dollars in revenue during 2021 and 2022.
Recognizing the enormous consumer base and substantial spending potential within the Halal and future food markets, Prime Minister Thavisin is taking proactive steps to harness this opportunity fully. His administration is channeling resources into funding, marketing, certification, and education initiatives, all designed to enhance the value of agricultural products, ensure stable incomes for farmers, and cultivate a knowledgeable workforce within the food sector. These measures are strategically devised to support fledgling startups, as well as public and private sectors, in crafting clear strategies that align with market demands, further solidifying Thailand’s reputation as a dependable source of sought-after Halal foods for multiple nations.
