KUALA LUMPUR – The Malaysia External Trade Development Corp (Matrade) believes that the plant-based trend offers opportunities for halal brands to flourish as the Islamic values and shariah laws that govern halal-certified products correspond with key aspects of the vegan consumer market.
Chief executive officer Mohd Mustafa Abdul Aziz said Islamic values have a universal appeal making many halal products and services equally attractive to non-Muslim consumers, particularly in light of the current global consumer concerns about food safety brought on by Covid-19.
“These include quality and hygiene standards, environment-friendly and cruelty-free practices, as well as ethically sourced materials.
“Matrade envisages for more Malaysian halal-certified companies to take the advantage of technology and innovation to venture into such segment in order to tap into this rising trend,” he said in a statement today after a recent market report on the global plant-based food and beverage (F&B) sector for the forecast period of 2021-2028.
It was reported that analysts expect the industry to see a compound annual growth rate of 9.29% over the next six years.
According to the report, North America held the largest share of the pie in 2020, but markets could see a drastic shift in the next couple of years as the plant-based market in Asia Pacific is projected to experience a 200% surge by 2025.
The report also noted that the plant-based market in Asia was worth US$15.3 billion (RM63.76 billion) in 2019.
The figure saw a significant surge when Covid-19 struck, as more people in Asia turned towards a plant-based diet due to concerns over food safety, it added.
As a result, it was projected that the market value in the region would be worth US$17.1 billion in 2020, an 11.6% increase from the previous year, according to online research platform GMO Research.
This growing demand was also noted by Malaysian conglomerate and leading producer of coconut-based products, LINACO Group, when participating in F&B exhibitions in New York two years ago.
According to the group, while other dietary options were driven by health complications, for the most part, veganism stood out as a conscious lifestyle choice that took into consideration both personal health and an entire ecosystem, including the environment.
In addition to appealing to halal buyers and consumers, LINACO’s sustainable practices and plant-based offerings which include coconut milk and virgin coconut oil are products commonly favoured as alternatives by vegan consumers in the larger market.
These showcase the multi-prong opportunities Malaysian halal-certified brands bring to the table, it said.
The global halal market will soon converge at the Malaysia International Halal Showcase (Mihas) from Sept 9 to 12, 2021.
This year, Mihas is designed as a versatile hybrid showcase with digital capabilities to bring patrons, investors, and trade partners the best of both worlds while facilitating high-value halal trade.
The largest group of participating exhibitors at Mihas continues to be the food and beverage segment. Apart from traditional ready-to-eat products, opportunities are rising for Malaysian brands to be part of the global halal supply chain in various areas such as frozen food, organic or vegan and natural consumables, and innovative packaging.
Mihas 2021 is the gateway for brands looking to jumpstart or enhance their presence in the global halal market.
For more information, contact director of sales and marketing Azlina Jane Zahri at [email protected] or visit www.mihas.com.my. – Bernama, June 24, 2021
