Indonesian Consumption Of Halal Products Will Reach USD 281.6 Billion

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JAKARTA - Bank Indonesia (BI) appreciates the stretching of the national halal industry which is getting more and more promising day by day. In the next four years, for example, the consumption value of domestic halal products and services is believed to reach USD 281.6 billion by 2025.

This projection is calculated to grow by around 14.96 percent from the realization of the consumption value of domestic halal products and services in 2020 which was still recorded at 184 billion US dollars.

"This is from the demand side because Indonesia has a large Muslim population and is the largest domestic halal market in the world," said Deputy Governor of Bank Indonesia (BI), Juda Agung, at the Indonesia Halal Markets Business Forum, as reported by Antara, Monday, March 14.

When viewed from its position as a center for halal food, according to Juda, Indonesia's market share has become the largest in the world, reaching 13 percent of the total global halal industry market. Meanwhile, Indonesia is also in the top three in the distribution center for the halal industry along with the United Arab Emirates and Turkey.

The trend of international trade between Indonesia and member countries of the Organization of Islamic Cooperation (OIC) throughout 2021 also experienced a significant recovery.

In 2021, Indonesia's export performance to OIC member countries will increase by 13.7 percent compared to the value of exports in the same period in 2020.

"The style of the center of the international Islamic economy has also developed over the last five years in a row," said Juda.

In an effort to develop and strengthen the Islamic economic and financial ecosystem in the country, he also emphasized that he had increased efforts as a breakthrough and accelerated Islamic economic growth through the National Committee for Islamic Economics and Finance which was directly directed by President Joko Widodo.

This is part of the main plan for Indonesia's Islamic economy and finance 2019-2024 which has various main strategic pillars.