The future of the country’s halal industry is bright. After earning USD 184 billion in 2020, the Indonesian halal industry is projected to increase by 14.96% to USD 281.6 billion in 2025. The projection of the Ministry of Industry (Kemenperin) is in line with the “State of the Global Islamic Economy Report 2022” data which estimates that the total expenditure of global Muslims will reach USD 2.8 trillion in 2025 or an increase of 7.5%. The same report also estimates that the total expenditure of global Muslims in 2022 will grow by 9.1% which comes from six real sectors of the Islamic economy. “The sectors consist of the halal food and beverage sector, modest fashion, cosmetics, pharmacy, media and recreation, and travel,” the report said as quoted on Sunday (2/10/2022).
Meanwhile, Bank Indonesia (BI) in the “Indonesia Halal Market Reports 2021/2022” noted the potential contribution of the sharia economy to a total of USD 5.1 billion to the national gross domestic product (GDP). One of the main contributors is the export of halal products, in addition to several other things such as the growth of foreign investment and import substitution. Responding to this opportunity, Minister of Industry Agus Gumiwang Kartasasmita said other countries also made Indonesia the main target of the halal product market. “With this huge market potential, other countries make Indonesia their main target for halal products,” said Agus. He concluded that the national halal industry actors are gaining momentum to become major players in the global halal industry, no longer just being the target market for halal products.
