INTRODUCTION
The halal market is one of the most valuable and fastest growing in the World. The Halal Trust is committed to working in partnership with manufacturers who wish to diversify into this lucrative market by certifying and promoting their halal products and services.
Halal has become a lifestyle choice built upon an ecosystem of consumables and services from diverse industries including food, beverage, travel, tourism, pharmaceuticals and cosmetics to name a few. This growth is being fuelled predominantly by 18 to 34 year old halal consumers who want to adopt a modern lifestyle in keeping with their spiritual values.
THE HALAL MARKET
Opportunities in the Halal Market
The growth in the halal market represents significant opportunities for businesses to diversify and secure future growth for their companies.
Important facts and figures include:
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Halal consumers spent and estimated $1.6 trillion in the food and lifestyle sector in 2012.
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Muslims constitute 1.6 billion people or 23% of the World's population.
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The OIC countries including the GCC and Middle East made up 11.3% of global trade in 2012 or $ 4.1 trillion.
The halal market represents an opportunity for manufacturers to secure long term growth. The halal market is expected to grown 15-20% year on year for the forseeable future.
HALAL CONSUMERS
Halal Consumers Speak
Halal market growth is predominantly being fuelled by a young demographic between the ages of 18 - 34 years.
These consumers are generally:
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Modern, upwardly mobile professionals.
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Trying to find a balance between spiritual matters and modern lifestyle choices.
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Attracted to leading brands and product marketing.
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Increasingly regarding halal as a lifestyle choice.
Halal certification of products and services provides reassurance to halal consumers and offers producers access to a lucrative market.
Source: Halal & Co
CASE STUDY
Rise of Halal Cosmetics
Halal consumers especially women are are driving the rapid growth of the halal personal care industry.
The halal cosmetics industry is estimated to be worth $14 billion. Demand for Western products is high with companies exporting to the ASEAN, Middle East and GCC regions.
The video highlighlights the growth of halal cosmetics in the ASEAN region.