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Global Halal Market
The Islamic Economy is at the cusp of major growth and widespread recognition, having gained traction as Muslims assert their religiosity and traditional values. Awareness about the concept of Halal is on the rise, and companies are responding to these consumer needs, be it for products or services.
The total number of Muslim population is 1.8 billion worldwide as of 2015, accounting for nearly one-fourth of the global population. While this contributes to growing global demand for halal products, non-Muslim countries such as Japan and South Korea are also experiencing increased consumer demand for halal-certified products, spurred by the internationalization of products and a greater number of Muslim visitors, and are thus looking to boost halal developments as they venture into the halal food & beverage industry.
According to the State of the Global Islamic Economy Report (SGIE 2017/18), global Muslim spend across lifestyle sectors was $2 trillion in 2016, while the Food and beverage leads Muslim spend by category, at $1.24 trillion, followed by clothing and apparel at $254 billion, travel at $169 billion, and spending on pharmaceuticals and cosmetics at $83 billion and $57.4 billion respectively.
As Halal food is the largest and most diverse sector of the Islamic Economy, new entrants have come into the market, and product offerings have firmly moved beyond being meat-focused to include candy, ready-made meals, snacks and children’s food.
Halal Pharmaceuticals are equally gaining traction, especially biologics and nutraceuticals, while Halal-certified vaccines for dengue fever, polio and Meningococcal meningitis (for Hajj) are soon to be launched worldwide.
Halal Travel, hospitality and is getting its moment in the sun. The number of Muslims traveling is at an all-time high, and there is corresponding demand for Muslim-Friendly Travel, be it Halal hotels and beach resorts, to Halal dining options and Halal airlines. Halal hotel chains are also emerging and family-friendly attractions are being developed. Along with a plethora of new online agencies catering to Muslim tourists, the Muslim equivalents of Airbnb have emerged. Muslims spend on travel was $169 billion in 2016, and is forecast to reach $283 billion by 2022.