The Korea International Trade Association (KITA) held the 'K-Halal Global Market Forum' on the 27th of the month at the Trade Tower in Samsung-dong, Gangnam, Seoul. The event aimed to enhance understanding among local businesses of the Muslim market, which comprises approximately 25% of the global population (around 2 billion people) and is growing at an annual rate of over 6%.
Attended by over 150 stakeholders, including KITA Vice Chairman Lee In-ho and UAE Ambassador to Korea Jamal Abdulla Al Suwaidi, the forum focused on strategies for entering this lucrative market. The association previously established 'KITA K-Halal Bridge' offices in the UAE and Jakarta to target a global Halal consumer goods import market valued at $400 billion annually. These offices provide market research, consulting services for companies, and outreach to local governments to support exporters in enhancing their presence in the Halal market.
In his opening remarks, Vice Chairman Lee stated that the Halal market extends beyond religious standards, emphasizing health and ethical consumption, with strong growth potential driven by younger consumers. He committed to leveraging KITA's international networks to assist domestic companies in navigating the Halal market.
The forum included presentations on Halal consumer perceptions, global market trends, and specific entry strategies by product category. KITA's Park Jin-woo shared findings from a consumer perception survey, noting that 78.8% of respondents deem Halal certification essential when making purchases. He highlighted significant differences in perceptions of Halal certification depending on the country, product, and consumer characteristics, stressing that local research is crucial for effective marketing and product positioning.
Delmar Firdaus, a research analyst from DinarStandard, shared insights into the global Halal market, advising that South Korea can leverage its cultural affinity driven by K-content and competitive consumer goods. He recommended that when entering the Halal market, companies should utilize strengths in R&D, manufacturing, and branding while collaborating with local distribution partners who understand the market dynamics.
Discussions also covered entry strategies for Halal food and beauty sectors in key countries, presented by Joo Yuni from Trade Partners and Jung Min-jae from EC21 R&C. Joo suggested that the UAE serves as a re-export hub due to its logistics infrastructure, while Indonesia offers a massive consumer market as a production base, and Malaysia is recognized for its leadership in Halal standards. Jung emphasized that factors such as premium product competitiveness in the Middle East and regulatory requirements in Southeast Asia are critical variables for market entry.
