Halal food enters growth phase in Australia

Australia’s Islamic economy is entering a growth phase, with domestic Muslim spending reaching almost $9 billion this year, according to a new national report released by Australian Islamic superannuation company Salaam and market research business DinarStandard.

The report’s findings indicate that the Halal food sector is no longer a niche proposition but a mainstream market in Australia.

“The halal food industry in Australia has grown by almost 30% over the last 5 years and with more than one million Muslims in Australia, the sector is now a measurable and expanding component of the national economy,” said Mas Harris, Head of Investments and Product at Salaam.

“The data shows a defined, growing consumer market that spans food, travel, fashion, media and finance. The scale is real and it’s accelerating.”

Most notably Australia's halal pharmaceutical and cosmetics industries have grown at almost twice the pace of the global average over the past five years and are expected to maintain that momentum.

In the food sector, the key findings from the report include:

• Australia is the 12th largest supplier of halal products globally, exporting approximately $16 billion in halal goods, with food accounting for 97% of export value.
• Australia ranks among the world’s top halal meat exporters alongside Brazil and India, with $12.1 billion in halal food exports to OIC markets.
• Wheat ($3.0 billion), sheep and goat meat ($1.64 billion) and dried legumes ($1.49 billion) are Australia’s largest halal export categories.

The report concludes that while demand is expanding, Australia’s ability to capture further growth will depend on clearer certification standards, regulatory parity in Islamic finance and structured export support for small and medium-sized enterprises.

“There is clear momentum and the opportunity is measurable. What happens next depends on policy alignment and industry coordination,” Harris said.

Image credit: iStock.com/Yulia Gusterina