Global market research company Euromonitor International unveiled via webinar the latest trends shaping the halal market as companies race to benefit from a pool of untapped consumers.
“Population changes, increasing disposable income and growing internet penetration are some of the key factors driving growth of halal products demands. Disposable income of countries with the top five biggest Muslim-populations such as Indonesia, Pakistan, India, Nigeria, Iran, have grown by 257% and internet penetration has risen by 31% for these same markets,” said Euromonitor International’s senior analyst, Emil Fazira.
According to the webinar, New Consumerism and the Global Halal Market, the Muslim population grew by 18% over the last 10 years compared to the global population growth of 11%, strengthening demand for halal food, drinks, beauty and fashion products among others.
“Young adults are the main users of social media and internet. They become more interested in the latest trends, global events, and use multiple social media platforms. This makes new food and service experiences, fashion and cosmetic products more accessible to them,” Fazira added.
Within Asia, non-Muslim majority countries like Singapore and Philippines are major markets for halal packaged food and drinks, at US$1.4 billion and US$7.5 billion respectively. This is partly due to the integration and acceptance of halal products in the general community, as well as strengthening halal infrastructure, according to Euromonitor International. Indonesia on the other hand, is expected to show the largest sales gains in US dollars over the next 5 years, due to its significant market size and positive forecast growth.
“When identifying markets and industries, studying the market’s halal infrastructure to balance halal-certification with consumer values is crucial. Choosing the right audience and catering to them is another issue that companies must keep in mind,” concluded Joanna Chan, research analyst at Euromonitor.
Download the free webinar .