Major Korean F&B exporters have recognised the importance of the halal food market by ramping up production of halal certified goods for their international customers. Shinsegae Food, a leading food and beverage manufacturer, is actively developing halal certified products in order to penetrate into Southeast Asia countries with large Islamic populations. These include Indonesia, Malaysia and even Singapore.
Importing non-halal F&B products into Singapore is allowed, however, if companies like Shinsegae wish to enter the high volume, mass market QSR (quick service restaurant) channel then halal is mandatory.
Another leading F&B manufacture in Korea, Daesang, has achieved halal certification with 44 product lines and concentrated its effort on expanding into Indonesia, generating some USD 30 million from its regional sales office in Indonesia.
Famous instant noodle brand, Nongsim, built a ‘halal only’ production line in 2011 for its instant noodles. Today it is exporting to 40+ Muslim countries. The Halal food revenue for Nongsim grew by 30% from last year.
As Islam is the second largest religion in the world, the halal product market is expected to grow to over 58.3 billion by 2022 according to Statistica. Halal food is the second largest sector of the global halal industry (after Islamic finance) with a 36 percent market share.