In response to the growing global demand for halal products and the dynamic future food landscape, Thailand is strategically positioning itself as a central figure in these rapidly evolving sectors.
The Thai government has identified the food industry as a critical driver of economic stability and is stepping up efforts to harness its potential. Halal products, which cover a wide range of offerings such as finance, food, fashion, media, medicine and tourism, have seen impressive growth, with a notable increase of 7.5%. This burgeoning industry has an estimated value of approximately US$2 trillion.
Prime Minister and Minister of Finance Srettha Thavisin recently held a productive dialogue with Boonlert Ongpaiboon, Vice-Chairman of the Processed Foods and Future Foods Committee of the Thai Chamber of Commerce.
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The focus of their conversations was Thailand’s strong Halal industry, which currently accounts for approximately 20% of the country’s total food exports. Notably, it contributes a staggering 60% to Thailand’s Halal food exports, mainly to countries with predominantly Islamic populations such as Indonesia, Malaysia and Brunei. These exports translated into revenues of almost US$6 billion during 2021 and 2022.
Halal products, covering a wide range of offerings such as finance, food, fashion, media, medicine and tourism, have seen impressive growth, with a notable increase of 7.5%
Recognizing the immense consumer base and substantial spending potential within the Halal and future food markets, Prime Minister Thavisin is taking proactive steps to capitalize on this opportunity. His administration aims to channel resources toward financing, marketing, certification and education initiatives, all designed to raise the value of agricultural products, ensure stable incomes for farmers, and cultivate a well-informed workforce within the food sector.
These measures have been strategically designed to support startups, as well as the public and private sectors, in developing clear strategies that align with market demands, further cementing Thailand’s reputation as a reliable source of coveted Halal foods for multiple nations.