WTCMM Strategy to Boost the Halal Ecosystem

The World Trade Center Metro Manila (WTCMM), a prominent venue for international trade shows and events in the Philippines, is set to host a pivotal forum to explore and enhance the expanding global Halal ecosystem. Through its upcoming ‘Business Broadcast’ networking event, WTCMM seeks to bring together stakeholders from across the Halal industry to discuss key challenges and opportunities, thereby contributing to the growth of this dynamic sector.

Global Halal Market

In recent years, the global Halal market has undergone significant expansion. According to Pew Research, a driving force behind this growth is the rising global Muslim population, which is expected to reach over 2.2 billion by 2030. This growing demographic has fueled increased demand for Halal-certified products across sectors, ranging from food and beverages to pharmaceuticals, cosmetics, modest fashion, and even tourism. Furthermore, as Halal principles align with ethical and clean practices, the market has attracted growing interest from non-Muslim consumers as well, contributing to a surge in demand worldwide.

WTCMM’s chairman and chief executive, Pamela Pascual, aptly noted, “The global Halal market is experiencing unprecedented growth, driven by a rising Muslim population, increasing demand for Halal-certified products, and growing awareness of Halal principles among non-Muslims.” Indeed, the scale of this growth is staggering, with the State of the Global Islamic Economy (SGIE) Report 2024 projecting that the Halal market is set to exceed $3.2 trillion by 2027. With an annual growth rate of around 7.5%, the market presents lucrative opportunities for countries and businesses that actively participate in it.

WTCMM’s Role

Recognizing the immense potential of the Halal market, WTCMM is positioning itself as a catalyst for dialogue and development within the industry. The upcoming event, “Innovating the Halal Ecosystem: Maximizing Opportunities and Adapting to Key Challenges in the Global Market,” scheduled for October 10, 2024, from 2 p.m. to 5 p.m. at the Luna Function Room of WTCMM, will serve as a platform for industry leaders, policymakers, Halal certification bodies, and business owners to engage in critical discussions around the future of the Halal ecosystem.

As a premier event venue in the Philippines, WTCMM aims to support the country’s efforts to become a recognized Halal-friendly destination. The forum will feature expert speakers and interactive panels covering a range of topics from certification and standardization to supply chain integrity and market access. By hosting such a forum, WTCMM intends to bridge gaps in knowledge, address pressing issues, and provide practical solutions that can be implemented to drive growth in the Halal industry.

Key Topics to be Addressed

While the Halal market’s rapid growth presents a wealth of opportunities, it also brings a set of challenges that must be overcome for the market to reach its full potential. Here are some of the key topics expected to be discussed during the WTCMM forum:

1. Standardization and Certification

One of the main complexities of the Halal market lies in the lack of unified certification standards. With different countries applying varying criteria for Halal certification, producers often face difficulties in navigating these diverse requirements. This has led to a fragmented market that can hinder cross-border trade. For instance, while Malaysia has established itself as a leader in Halal certification with its stringent standards, other countries have yet to adopt a similar level of uniformity.

The WTCMM event will address how industry stakeholders can collaborate to harmonize these standards and make certification processes more transparent and accessible. A more standardized global Halal certification framework could significantly enhance consumer confidence and make it easier for businesses to enter new markets.

2. Ensuring Supply Chain Integrity

Maintaining the integrity of Halal-certified products throughout the supply chain is another critical issue. Halal products must adhere to specific principles from sourcing raw materials to the final point of sale. However, supply chain complexity can often lead to concerns about contamination or non-compliance. Ensuring that products remain Halal through every stage of the supply chain requires transparency and accountability.

The use of technology is increasingly being explored to address these challenges. Blockchain, for instance, allows for a transparent and tamper-proof record of a product’s journey from its origin to the consumer. Similarly, Internet of Things (IoT) devices can be used to monitor the conditions in which Halal products are transported, stored, and handled, ensuring compliance with Halal principles. Discussions at the WTCMM forum will likely explore these emerging technologies and their application in ensuring supply chain integrity.

3. Market Access and Expansion

With the global demand for Halal products on the rise, there are ample opportunities for businesses to expand into new markets, including those where Halal consumption has not traditionally been prevalent. Non-Muslim-majority countries, particularly in Europe, North America, and parts of Asia, have shown a growing interest in Halal-certified products, seeing them as cleaner, more ethical, and healthier options.

Businesses looking to expand into these markets need to understand consumer behavior, market demand, and regulatory requirements. The WTCMM forum will provide insights into how companies can better position themselves, adapt to regional needs, and market their Halal products effectively to tap into these emerging opportunities.

The Halal Industry in the Philippines

The Philippines, though a predominantly non-Muslim country, is making concerted efforts to develop its Halal industry. With government initiatives like the Philippine Halal Export Development and Promotion Act, the country is laying the groundwork to become a recognized player in the global Halal market. According to the Philippine Halal Export Development and Promotion Board, there is significant potential for growth in the Halal sector, particularly in exports to countries in Southeast Asia, the Middle East, and beyond.

The WTCMM forum aims to align the country’s efforts with global Halal trends, fostering an environment where local businesses can thrive. By engaging in discussions around best practices, certification, and market expansion, the forum will empower Filipino entrepreneurs and companies to take advantage of the burgeoning Halal market, both locally and internationally.

The Road to Innovation

One of the focal points of the WTCMM event will be innovation. In an industry that is evolving rapidly, the ability to innovate in production, certification, marketing, and supply chain management is crucial for businesses to remain competitive. From adopting new technologies like blockchain for supply chain transparency to utilizing e-commerce platforms to reach a wider audience, innovation is at the heart of the Halal market’s growth.

Moreover, the Halal tourism sector is experiencing a significant boom, with Muslim travelers seeking destinations that offer Halal food, prayer facilities, and Muslim-friendly services. The Philippines, with its picturesque beaches, rich culture, and warm hospitality, has the potential to become a top destination for Halal tourism, provided it adapts its services to meet the needs of Muslim travelers.

WTCMM Vision

By hosting events like the “Business Broadcast” forum, WTCMM is not just providing a platform for discussion; it is actively contributing to shaping the future of the Halal industry. With a vision to make the Philippines a recognized Halal-friendly country, WTCMM is working to bring together industry leaders, government officials, and entrepreneurs to collaboratively address the challenges and leverage the opportunities that the Halal market presents.

The forum is expected to provide valuable insights and foster partnerships that will propel the Halal industry forward. By discussing the latest market trends, best practices, and innovative strategies, the WTCMM event will empower businesses to confidently navigate the complexities of the Halal market and ensure they are well-prepared to succeed in this growing global sector.

A Global Opportunity

As the Halal market continues to expand globally, countries like the Philippines stand to benefit from the increasing demand for Halal products and services. WTCMM’s upcoming forum is a significant step towards fostering dialogue, innovation, and collaboration within the Halal ecosystem. By bringing stakeholders together to address challenges and explore new opportunities, WTCMM is helping to create a thriving environment where the Halal industry can flourish—both in the Philippines and around the world.