How does global Muslim population growth drive demand for Halal products?

According to Euromonitor International, over the past decade the global Muslim population grew 18% (vs. 11% for the global population), strengthening demand for Halal food, beverages, beauty and fashion goods. The five most populous Muslim countries - Indonesia, Pakistan, India, Nigeria and Iran - saw disposable income grow 257% and internet penetration rise 31%. Demographic changes, rising disposable income and increasing internet penetration are key drivers, and young people as the main social-media users make new food, fashion and cosmetic products readily available to them.

What role do non-Muslim-majority countries in Asia play in the Halal market?

According to Euromonitor, in Asia, non-Muslim-majority countries (such as Singapore and the Philippines) are major markets for Halal packaged food and beverages, at USD 1.4 billion and USD 7.5 billion respectively, partly due to the general community's integration and acceptance of Halal products and strengthened Halal infrastructure. Indonesia, with its huge market size and positive growth forecast, is expected to achieve the largest US-dollar sales growth over the next five years. When identifying markets, studying Halal infrastructure, balancing certification with consumer values, and choosing the right audience are crucial.

Global Muslim Population Grows 18%, Driving Record Demand for Halal Products

As companies race to benefit from an as-yet-untapped consumer group, Singapore - (BUSINESS WIRE) - global market research firm Euromonitor International revealed via webinar the latest trends reshaping the Halal market.

The global Muslim population has grown 18% over the past decade, driving record demand for Halal products. @Euromonitor

Euromonitor International senior analyst Emil Fazira said: "Demographic changes, rising disposable income, and increasingly high internet penetration are key factors driving the growth in demand for Halal products. The disposable income of the five most populous Muslim countries - Indonesia, Pakistan, India, Nigeria and Iran - has grown 257%, while internet penetration in these countries has also increased 31%."

According to the webinar "New Consumerism and the Global Halal Market," over the past decade the Muslim population grew 18% while the global population grew 11%, strengthening the need for Halal food, beverages, beauty and fashion goods.

"Young people are the main users of social media and the internet. They are more interested in the latest trends, global events and using multiple social-media platforms. This makes new food and service experiences, fashion and cosmetic products readily available to them," Fazira added.

In Asia, countries with a non-Muslim majority, such as Singapore and the Philippines, are major markets for Halal packaged food and beverages, at USD 1.4 billion and USD 7.5 billion respectively.

This is partly because of the integration and acceptance of Halal products in the general community, as well as the strengthening of Halal infrastructure.

On the other hand, due to its huge market size and positive growth forecast, Indonesia is expected to achieve the largest sales growth in US dollar terms over the next five years.

"When identifying markets and industries, studying the market's Halal infrastructure to balance the relationship between Halal certification and consumer values is crucial. Choosing the right audience and catering to them is another issue companies must keep in mind," concluded Euromonitor research analyst Joanna Chan.

FAQ

How does global Muslim population growth drive demand for Halal products?: According to Euromonitor International, over the past decade the global Muslim population grew 18% (vs. 11% for the global population), strengthening demand for Halal food, beverages, beauty and fashion goods. The five most populous Muslim countries - Indonesia, Pakistan, India, Nigeria and Iran - saw disposable income grow 257% and internet penetration rise 31%. Demographic changes, rising disposable income and increasing internet penetration are key drivers, and young people as the main social-media users make new food, fashion and cosmetic products readily available to them.
What role do non-Muslim-majority countries in Asia play in the Halal market?: According to Euromonitor, in Asia, non-Muslim-majority countries (such as Singapore and the Philippines) are major markets for Halal packaged food and beverages, at USD 1.4 billion and USD 7.5 billion respectively, partly due to the general community's integration and acceptance of Halal products and strengthened Halal infrastructure. Indonesia, with its huge market size and positive growth forecast, is expected to achieve the largest US-dollar sales growth over the next five years. When identifying markets, studying Halal infrastructure, balancing certification with consumer values, and choosing the right audience are crucial.

FAQ

Related