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,” says 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.
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.