Rising star in global market: Azerbaijan’s halal food industry takes shape
The halal food sector is undeniably one of the fastest-growing segments of the global food market, driven by the increasing demand from Muslim consumers worldwide. Despite being in its early stages, Azerbaijan's halal food industry is showing a promising trajectory, positioning the country to emerge as a major player in this market. The recent "Azerbaijan Halal Business and Tourism Forum" (AZHAB Forum) held in Baku highlights Azerbaijan's ambitious growth. With support from the Ministry of Economy, the Small and Medium Business Development Agency (KOBIA), and the State Tourism Agency, the forum successfully brought together officials and business leaders from 20 countries to explore lucrative opportunities in halal business and tourism.
Despite the challenges of implementing halal food standards, interest in this sector is growing every year. The increasing interest is driven by the lucrative opportunities and impressive growth potential of the halal products market. In 2009, the global halal food market was valued at $500 billion. According to the State of the Global Islamic Economy Report, it is projected to reach $2.4 trillion by the end of 2024, representing an almost fivefold increase. This surge means that halal products will make up over a fifth of the global food market, creating a vast and rapidly expanding sector that numerous food producers are eager to........
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