Govt eyes $10 trillion global halal market

Bangladesh intensifies bid to build a strong foothold in the multitrillion-dollar global halal economy and woos foreign investors to tap the country's growing domestic market and export potential, officials say.

The government has set its sights on the emerging trade for positioning Bangladesh as a major halal hub by 2030, leveraging its competitive pricing and large consumer base.

Officials have said Dhaka is working to bring local production into full compliance with international halal standards, following requests from several importing countries.

The Ministry of Commerce notes that unless Bangladesh ensures proper certification-from production to export-the country risks losing out on market opportunities in the Middle East and Southeast Asia.

Talking to The Financial Express, Policy Exchange founder-chairman and CEO Dr M Mashrur Reaz said the halal industry holds huge potential, but Bangladesh has not yet been able to tap into the market for a lack of fit certification and accreditation.

Notwithstanding such drawback, a local company has demonstrated its capacity by exporting halal meat, though the volume remains very small.

"Developing the industry will require a coordinated effort from relevant ministries, including the Ministry of Fisheries and Livestock and the Ministry of Commerce, with BIDA playing a facilitating and coordinating role," he said.

The global halal economy was valued at around US$7.7 trillion in 2025 and is projected to reach US$10 trillion by 2030.

Muslim-majority nations such as Malaysia, Indonesia and Saudi Arabia lead in consumption and certification, while non-Muslim-majority countries-including India, Brazil and Australia-are among the largest exporters.

Business leaders have said Bangladesh must move quickly, as regional competitors such as Thailand, Malaysia, Indonesia and India have already achieved significant success to global halal trade.

Bangladesh's strengths lie in its cost-competitiveness and rising demand at home and abroad. By 2030, the country is projected to have the world's eighth-largest consumer market, surpassing the UK economy. In addition, around 10 million Bangladeshi expatriates living in the Gulf and Southeast Asia represent a significant potential consumer base for Bangladeshi halal products.

"We see Malaysian investment in Bangladesh's halal industry as a win-win opportunity," said Bangladesh Investment Development Authority (BIDA) Executive Chairman Chowdhury Ashik Mahmud Bin Harun during his presentation in a business forum on trade and investment opportunities between Bangladesh and Malaysia in Kuala Lumpur last Tuesday.

"Malaysia can benefit from competitive sourcing, while Bangladesh gains access to Malaysia's established certification ecosystem and global market networks. Together, we can build a powerful halal supply chain."

He added that Bangladesh is pursuing three investment tracks: greenfield projects, joint ventures and participation in state-owned enterprises. "Bangladesh has been liberalising rapidly, opening up state-owned entities to private investment. Entering this market is not a short-term gamble, but the long-term rewards are proven to be significant," he told the business meet.

Experts and exporters say the Saudi government has globally announced that they would not allow any country to export food without the certifications from Saudi authorities. These are Saudi Accreditation Centre (SAAC), The Saudi Standards, Metrology and Quality Organization (SASO) and the Saudi Food and Drug Authority (SFDA). Also, Malaysia's JAKIM will be crucial for Bangladesh to export food to their market.

In July this year, a delegation from the Saudi Accreditation Centre (SAAC) visited Bangladesh to assess facilities, including Bengal Meat's plant in Pabna.

Bengal Meat CEO AFM Asif told the FE that the Saudi delegations recently visited their factory, accompanied by the Islamic Foundation's representatives as they have obtained halal certifications from the foundation.

The experts mention that the concept of halal certification has a wide range of issues.

The halal-certification system is meant for ensuring the quality and adherence to Islamic principles in food and non-food products--food, beverage, meat, pharmaceuticals, cosmetics, clothing, tourism and financial sectors.

Halal certification covers a wide range of areas beyond food and beverages, including clothing, cosmetics, pharmaceuticals, and even financial services

Dr Md Abu Saleh Patwary, Deputy Director of the Halal Certification Department at the Islamic Foundation, has said obtaining Saudi halal certification is a lengthy process. "We have applied online, and as part of the procedure, the Saudi Accreditation Centre (SAAC) visited two local industries for physical inspections," he explains.

He adds applications have been submitted for five sectors: meat, food, beverages, pharmaceuticals, and cosmetics.

"The delegation expressed satisfaction with the facilities at Bengal Meat's slaughterhouse and Akij Food and Beverage factory in Manikganj," he said.

The delegates also provided recommendations for the Islamic Foundation, including formalising agreements between the factories and the foundation to ensure compliance with halal processes.

"They are expected to submit a positive report within a short period," the Deputy Director added.

Dhaka and Kuala Lumpur have already begun cooperation through a "reverse- linkage project" with Malaysia's Serunai Halal Centre of Excellence and the Islamic Development Bank, aimed at enhancing Bangladesh's certification capacity and building a robust halal ecosystem.

Currently, only about 100 Bangladeshi companies hold halal certification from Malaysia's JAKIM. "Imagine if that number grew tenfold, or if we established a dedicated halal economic zone," said BIDA chief Chowdhury.

"We see Malaysian investment in Bangladesh Halal industry would be a win-win opportunity for both," said Ashik Chowdhury.

"Malaysia can benefit from competitive sourcing in Bangladesh, while Bangladesh gains access to Malaysia's established halal certification and global reach. Together, this can create a powerful halal supply chain."

Industry-insiders stress that strategic planning, international certification, and coordinated stakeholder engagement will be critical if Bangladesh is to emerge as a halal hub.

According to them, currently Bangladesh exports meat, food, beverages, pharmaceuticals, and cosmetics to some countries from Middle East, East Asia, South Asia, South America, and North America through halal certification.

Anwarul Alam Parvez, president of the Bangladesh Chambers of Industries (BCI), says Bangladesh faces significant challenges in capitalizing on the growing global halal market, despite its potential.

He says, "The concept of halal is expanding beyond meat to include all products, and even non-Muslim countries like Japan and Korea are embracing the switch."

The BCI president notes that Bangladesh lacks the institutional capacity and globally recognized certifications needed to properly assess and certify halal products for the international market.

He has called for both the Islamic Foundation and the Bangladesh Standards and Testing Institution (BSTI), which recently joined the certification effort, to undergo "significant capacity building and global acceptance" to effectively compete.

To boost exports, Parvez recommends that the government reduce certification fees and actively brand Bangladeshi halal products.

He also urges manufacturers to attend global events, such as the upcoming halal fair in Turkey this September, to gain knowledge and exposure.

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