The Muslim population account for 23.3 percent of the total in the world, and is expected to expand to 26.4 percent. As approximately 60 percent of the Muslim population is less than 30 years old, Islamic countries will really be emerging markets.
Per capita GDP of Muslim population has been grown by 6.8 percent on an annual average basis over the past 10 years, surpassing that of world average. In particular, corporations of advanced countries such as United States, Europe and Australia, etc. have competitively advanced into the Halal markets, which have been dramatically globalized Most countries in the world have made every effort to go into the Halal markets, by developing new brands based on healthy and nature friendly products, characterized by Halal ideal.
Major Islam countries represented by UAE, Malaysia and Indonesia have been implementing the Halal standardization projects, with a view to taking the initiatives in the Halal markets amounting to U$2.3 trillion.
Why Korea?After placing emphasis on developing Halal markets initiated by President Park on the 2015 State of Union Message, the Korean government has established the Memorandum of Understanding (MOU) with UAE on the cooperation of agriculture and Halal Food.
Also, in light of hot blast of Hallyue (“Korean Wave”), FTA between Korea and ASEAN, The second boom in Middle East and Eco-friendly industrial infrastructure of Korea, Korean exports is anticipated to grow substantially in the Islamic countries with appropriate market strategy. Halal markets will give potentially important opportunities to companies with agro-fishery food, raw material medicines, cosmetics, Muslim tourism, investment & finance, medical service, and to young job seekers as well.