Potential “gold mine” of halal markets lures Singapore Crawfish away from China
Singapore Crawfish is pivoting away from the Chinese market in favor of capitalizing on rising seafood consumption in majority-Muslim countries, according to CEO Desmond Chow.
Chow said the company is looking toward fast-growing economies and populations in the Middle East and Southeast Asia for expansion, calling demand for halal-certified seafood products there potential “gold mine.”
“We are looking for partners in Muslim countries, including but not limited to Saudi Arabia, Indonesia, and Malaysia,” Chow told SeafoodSource. “These partners could be investors, our hatchery franchisees, grow-out farmers, or partners even purchasing technological units from us. Saudi Arabia is growing its aquaculture industry in a very big way; We [envision] a rise of Saudi customers purchasing aquaculture systems and equipment from us.”
Globally, the seafood industry has been waking up to the potential of the USD 2 trillion (EUR 1.8 trillion) global market for halal products, estimated to be worth USD 3 trillion (EUR 2.7 trillion) by 2026. The Thai seafood industry has, for instance, prioritized halal certification for its products.
The world’s Muslim population will increase by about 35 percent in the next 20 years, rising from 1.6 billion in 2010 to 2.2 billion by 2030, resulting in Muslims comprising 26.4 percent of the world's total projected population of 8.3 billion people in 2030, according to new population projections by the Pew Research Center’s Forum on Religion and Public Life.
Two years ago, Singapore Crawfish filed patents for an automated system to effectively separate crayfish adults from their craylings, or eggs, and it has developed its own research and development for chitin and chitosan. That technology is now being marketed globally, according to Chow. Singapore Crawfish is also eager to continue …
Photo courtesy of Singapore Crawfish