The 9th World Halal Summit and the 10th Organisation of Islamic Cooperation (OIC) Halal Expo are set to take place in Istanbul on Nov. 23-26, with hundreds of leading companies and organizations converging for a major event in one of the fastest-growing markets globally, the halal market.
The two major gatherings for products and services on the global market conforming to Islamic guidelines (known as halal), sponsored by Turkuvaz Media, the parent company of Daily Sabah, are expected to host 500 exhibitors from 40 countries.
The expo, considered one of the most important commercial cooperation platforms, serves in the promotion of Türkiye as the hub of the halal market, estimated to be worth more than $7 trillion (TL 199.59 trillion), according to the head of the World Halal Summit Council.
"The market is expected to reach $10 trillion in the next five years. Our expo sees the participation of important companies in the field of food, food technology, cosmetics, pharmaceuticals and modest fashion every year," said Yunus Ete, the head of the World Halal Summit Council.
"This year, there is also significant demand from sectors related to Islamic finance and halal tourism," he added.
Referring to the "Century of Türkiye" vision and a target of $300 billion in exports by 2025, Ete noted Türkiye has accelerated its search for alternative markets.
"Türkiye, which exports to 197 countries, is increasing its per-unit export income and is also focusing on alternative items. In this context, the halal market represents one of the biggest potentials," he explained.
"According to the Organisation of Islamic Cooperation (OIC) Halal Economy Report, Türkiye, Indonesia and Malaysia have managed to become among the top 20 exporters in Halal economy products," he stated.
With Muslim countries' expenditures on food surpassing $1.07 trillion in 2022, Ete highlighted that this figure is expected to reach $1.5 trillion by 2026.
"This growth presents a strong opportunity window in production, investment and export among OIC countries. There is high consumer demand for healthy, halal and organic food products."
"Last year, 446 local and foreign companies from 39 countries participated in the fair, and 31,905 people visited. This year, we expect participation from more than 500 local and foreign companies from over 40 countries. We also anticipate over 40,000 visitors, with 10,000 of them being foreign," he further explained.
Ete also mentioned that the World Halal Summit is being held concurrently with the fair, saying, "This year, we are holding the summit with the theme 'Gateway to the Global Halal Economy: Realize and Unleash the Potentials.'"
He also reiterated that they have been organizing the International Chefs Championship concurrently with the fair and summit since 2018, and emphasized that this year's event will be much more comprehensive, as they expect some 1,000 chefs to compete.