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Owning the world65% Asia, with its large Muslim population, is well-positioned to capitalize on the significant upgrade in the halal industry.19100 million or24.7% Muslim consumers are a rapidly growing group that cannot be ignored.2030This figure will rise to22100 million, to2050The year will reach26billion, accounting for the world's population30% 。《2022The 2019 Global Islamic Economy Report highlights that by2025By 2020, Muslim consumption will reach2.8trillion dollars,4Cumulative annual growth rate(CAGR)for7.5% Organization of Islamic Cooperation(OIC)and some nonOICMarket investment in the Islamic economy sector has2019/20Annual118billion US dollars to2020/21Annual257billion US dollars, an increase of118% After the UAE, the two countries with the highest investment are Indonesia and Malaysia. The surge in investor confidence in the thriving halal food industry is driven by data showing how strong the halal food industry is.2021The global market value reached1.27trillion US dollars, estimated to2025The year will reach1.67trillion dollars.

The halal industry is not limited to food, although it is the second largest sector after Islamic finance. Other sectors include fashion, media and entertainment, tourism, pharmaceuticals and cosmetics. The latest Global Islamic Economy Report also states that2021Muslims’ spending in these sectors is equivalent to2trillions of dollars, all of which are influenced by the demand for ethical consumption inspired by the Islamic faith.2022Global Muslim consumption is expected to grow by9.1% The Islamic economy sector, excluding Islamic finance. Kerry is a leader in developing taste and nutritional solutions for the food, beverage and pharmaceutical markets. He reports that2018Year to2020In 2016, the global launch of halal food16936species increased to20482species, increased19% ,in63% From Asia.

Malaysia's ranking in the Global Islamic Economy Composite Index(GIEI)Malaysia has topped the list and has been the country most capable of supporting the multi-trillion dollar global Islamic economy for the ninth consecutive year. The country is a leader in Islamic finance, halal food, tourism, media and entertainment. Malaysia's halal industry is developing rapidly.2020In 2017, the halal industry contributed to the country's GDP(GDP)The contribution rate is approximately8.1% According to the Halal Industry Development Company(HIDC)said, to2025By the end of the year, the market value of Malaysia's halal industry is expected to reach1474Indonesia, the country with the largest Muslim population in the world, maintained its fourth place in the global Islamic education index and ranked second in the halal food index. Halal food exports from OIC countries grew by16% Since Muslims make up 2.5% of the country’s total population87% The potential for economic growth is huge. The government passed the Halal Products Law, demonstrating its determination to develop the halal industry.2019Effective in 2016, many domestic consumer products and related services must be halal certified. Some companies must2022Some exceptions apply before the year.For example, in the Indonesian market, the government has established a new agencyBPJPH，thisMinistry of Religious Affairs under the Halal Products Certification AgencyThe only one in IndonesiaIssuance of Halal CertificateInstitution。

Singapore's first entryGIEITop in the world10Name, is the former10The only non-OIC country in the list. This country has risen8Ranked7. Singapore ranked in the top ten in all sectors except Islamic finance. The country ranked first in pharmaceuticals and cosmetics and second in Muslim-friendly tourism, media and entertainment. The report explained that this was mainly due to the positive growth in exports to the Organization of the Islamic Conference countries. Singapore also scored highly in the awareness-raising sub-indicator, with many educational courses and activities carried out across various sectors. With its predominantly Muslim neighbors, it has great potential to further develop into a leading destination for Muslim-friendly travel. This speaks volumes about the country's ambitious attempts to grab a big piece of the huge pie. Notable national Islamic economic strategies launched in Asia in recent years include the strategic partnership between Indonesia and the Philippines to expand their halal trade.KerryDigestIt also noted that Japan and Malaysia are forming such partnerships to drive cooperation and growth. Countries such as Singapore and South Korea are reaching agreements with OIC countries to explore various partnerships for the import and export of halal products and related services. Thailand is also implementing incentives to encourage food industry investors to expand their halal food industry.

The factors contributing to the growth of the halal industry are driven by a number of factors. The growing Muslim population, rising purchasing power, and a rapidly growing young Muslim population across Asia are driving demand for halal products and services. The increasing role of social media and influencers in promoting Islamic lifestyles, heightened consumer awareness, the role of innovation and technology in the halal industry, and the rapid expansion of distribution channels are often cited as reasons for the industry's rapid growth. The number of Muslim tourists is also increasing, especially among younger tourists. An article in The Straits Times citesCrescentRatingFazal, founder and CEO· Mr. Bahauddin said: “Muslim tourists in Southeast Asia have a significant impact on the tourism industry's recovery. The region has all the essential elements for halal tourism: the market is large enough and most destinations are Muslim-friendly.”According to the Mastercard Global Muslim Travel Index(mastercard-crescentating Global Muslim Travel Index), the global Muslim tourism market will be2023There was a sharp rebound in the past20In the month,2019The coronavirus outbreak has grounded almost all international flights and tourism.GMTIMalaysia and Singapore top the list of the most Muslim-friendly holiday destinations since the index was launched in2015Since the beginning of the year, both countries have ranked in the top two.2019Years, about1.6million Muslim tourists, up from a year ago1.4billion, accounting for the global tourism industry10% about.

Not surprisingly, the food industrygiantsThe Japanese condiment company Ajinomoto is investing in the booming halal food industry.8,500US$100 million to build a halal production line in Malaysia,2022Other global brands have taken note of the Muslim economy to capitalize on the growing number of Muslims living in the ASEAN region.2.6The purchasing power of 100 million Muslims, most of whom live in Indonesia, Malaysia, Thailand, the Philippines, Singapore, Myanmar and Brunei. The growing number of halal lifestyle activities and movements has greatly stimulated people's interest in Islamic tourism, food, fashion and cosmetics. A case in point is Malaysia's introduction of“Make Halal your first choice”As2022One of the 2019 budget initiatives is to strive to promote the growth of the Halal industry to a higher level.LimitedThe initiative attracted micro, small and medium enterprises(MSME)Department500Halal entrepreneurs participated, with the goal of2022Year4Moon Solstice7Increase average sales during the month20% to30% In Singapore, halal cosmetics companiesFaithRecently in new investorsVenturi PartnersUnder the leadership, throughCRound of financing raised5500The company owns brands focused on Muslim audiences, includingWord、 ZMandDr Rhaze, which offer consumer products spanning skincare, fragrances, makeup and hair care.

past20In 2000, Islamic finance became a2Trillion dollar business.EthisIt is one of the new fintech providers that emerged during the pandemic, becoming the first fully Shariah-compliant equity crowdfunding platform in Malaysia.2022Year3moon12An article published on the 28th revealed that in Indonesia, technology-based lenders are taking advantage of Islamic banking.“Betting on a potential customer base of4500underpenetrated market”The interest rate of such banks in Indonesia is only7% , much lower than Malaysia's29% The possibility of exponential growth is real.。

Statistical Economic and Social Research and Training Center for Islamic Countries(SESRIC)Halal products and services are not designed and produced exclusively for Muslims. People of other religions and beliefs are also interested in and do consume halal products and services for health or ethical reasons.SESRICPoints out that the global“Sustainability”、“Ethical consumption”and“Green Growth”Increased awareness of issues such as these has helped the halal industry flourish in recent years. Since Islam prohibits causing harm to any other person or the environment, halal issues involve“All steps of a business route such as procurement, production, logistics, marketing, consumption and waste management.”Halal food has evolved from a recognition mark of religious observance to a guarantee of food safety, hygiene and authenticity. MasterCard Singapore(Mastercard-CrescentRating)A Halal Food Lifestyle Study conducted by the Islamic Religious Council of Singapore showed that Muslim consumers in the country place the most trust in the halal assurance of establishments with halal certification.(Mouse)Recently made public access to information on listed foreign halal certification bodies(FHCBs)Previously, the list was accessible only through a system used primarily by businesses.Mouseissued a statement saying: “As the only Halal food certification body in Singapore,MouseHalal plays a significant role in the emerging Halal food industry, with many Halal-certified catering establishments providing dining options to the community. A key component of this is the supply of imported Halal products and ingredients that comply withMouseRequirements of Halal certification standards.”

He pledged to continue to utilize a rigorous accreditation process conducted by overseas registration authorities to ensure public confidence in the imported ingredients used by Singapore's halal-certified food manufacturers and producers. By implementing a rigorous regulatory framework, the halal food industry can gain consumer confidence, and more companies will invest to meet growing demand. As halal food goes global, Asia, particularly ASEAN countries, is gaining a strong foothold in the industry.