The Muslim population stands as the second-largest population and the fastest growing religion globally in 2015, and is projected to increasingly claim a bigger share of the world’s consumer spending.
By 2030, Muslim consumers are expected to reach 26 percent of the global population, according to a new paper released by Euromonitor, offering much opportunities for companies operating in this market.
‘Doing Business in the Halal Market: Products, Trends and Growth Opportunities’ examines the specific challenges and opportunities present for a variety of products – from food and beverages to beauty – for key halal markets across the globe.
Given the rising purchasing power increased consumerism around the world, the white paper assesses the potential for businesses considering tapping into halal and Muslim consumer markets; helping them to understand halal certification and the demand for standardisation across the food industry, and identify halal market opportunities in Southeast Asia, China, Western Europe and Australasia.
“For Muslim consumers, choices for both goods and services are largely influenced by faith, such as halal products, the need for basic prayers five times a day, and fasting during the month of Ramadan,” said Emil Fazira, food and nutrition research analyst at Euromonitor. “Therefore, an environment catering to their religious needs as well as businesses certified in complying with Islamic requirements boosts the attractiveness of a product or service.”
While provision of halal goods used to be localised and depended greatly on personal sourcing, or restricted to certain Muslim-integrated areas,” globalisation is resulting in a need for halal provisions to be made available more conveniently”, Fazira explained.
“Major companies adhering to mainstream trends are increasingly facing demand from Muslim consumers – mainly the young and able to spend – who are also interested in the latest consumer trends.”
*This article was originally published on ESM on 8 August 2015. Read the original article here.