(China-Africa Trade Research Center, news.afrindex.com) Africa's large Muslim population provides significant opportunities for the production of Halal food, cosmetics, personal care and pharmaceuticals. The word 'Halal' is often associated with food, and it is estimated that global Halal consumption in the above product categories is about US$1.26 trillion per year.
Wesgro, the trade and investment agency of South Africa's Western Cape Province, is eager to get involved in the Halal industry, having a sizeable base of Halal users. It wants to build the Western Cape into an important Halal product manufacturing region.
Earlier this year, Wesgro took five local Halal companies on a trade visit to Senegal, ultimately reaching a series of trade agreements. Senegal is the trade hub of this inland region, and its relatively stable business environment also attracts local business people.
'Our data show that by maximizing our influence in the growing global Halal market, Western Cape Halal industry enterprises can create 32,000 jobs,' commented Alan Winde, the province's Minister of Economic Opportunities. The China-Africa Trade Research Center analyzes that by 2030, the global Halal consumer base is expected to reach 2.2 billion, accounting for about a quarter of the world's total consumers.
Currently, of Africa's 1 billion people, 40% are Muslim, giving the Halal industry huge development potential. It is estimated that the global Halal food industry is worth about US$2.3 trillion, with an annual growth rate of 20%, making it one of the world's fastest-growing consumer sectors and bringing rich business opportunities to related industries. (Compiled by the China-Africa Trade Research Center)