Hungary took a huge step toward the multitrillion dollar Halal market
2016. 11. 07.

The National Accreditation Authority (NAH) became the founding member of the International Halal Accreditation Forum (IHAF). The NAH signed the document on November 6th, thus making the Hungarian authority a full member.

Last year the trade volume of Halal food and lifestyle sector reached a whopping 1.9 trillion US dollars, of which the food sector was responsible for 1.17 trillion – as shown by the data at the general assembly meeting. The fashion market was 327 billion, the travel 243, the pharmaceuticals 78, whilst the cosmetics sector 56.

Gigantic leap in the coming years

The Halal market will expand with over the third of its size within the few coming years, by 2021 the volume will be 3 trillion dollars. The food market alone will be bigger than the whole current market, totalling a massive 1.91 trillion dollars. Travel will grow to 243 million, pharmaceuticals to 132 and fashion to 327.

Helping Hungarian businesses

The fact that NAH became a full member of the IHAF will help Hungarian businesses to enter the Halal market more efficiently and cost effectively. The IHAF will assist and support the Halal industry sector, and help members build their conformity assessment infrastructure. Furthermore the IHAF will arrange multilateral agreements between countries exporting and importing Halal goods.

Devecz Miklós, the director general of NAH signs the document