Strategies for improving the competitiveness of Korean seafood companies in the overseas halal food market

Abstract

Purpose This study aims to investigate the current and future status of overseas halal food marketing and develops strategies for improving the competitiveness of Korean seafood companies in the global halal food market. Design/methodology/approach The research uses a case study approach and a semi-structured review of previously published data. Evidence collected from literature reviews, supported by research studies, anecdotal proof, personal reflection and experience is also used. It also considers the perspectives of various stakeholder groups in the global halal food supply chain. Findings The global halal food market is forecasted to reach US$1.914tn in 2021. At present, Korea holds a small share of this market. To enter the emerging Islamic market, there is a need to develop strategies. This study recommends the following main strategies to improve the competitiveness of Korean seafood companies in the halal food market: reduce mistrust by improving halal authentication and certification standards; understand consumer behavior and develop marketing strategies according to the respective country's socioeconomic and geographic status; train industry employees and develop competitive halal seafood products; exploit the rising global influence of Hanryu; establish a halal logistics/supply chain and halal industrial parks; and promote digital marketing and tourism. Moreover, the government should also subsidize halal seafood development, as well as provide export and international trade insurances. Originality/value As the Muslim population continues to grow, the importance of global halal food marketing also increases. Therefore, strategies for improving the competitiveness of Korean seafood companies in the global halal food market need to be taken into account.