London, (IINA) – By 2030, Muslim consumers are expected to reach 26 percent of the global population, according to a new paper released by Euromonitor International, offering much opportunity for companies operating in this market.
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.
Muslim consumers seek products that cater to their religious needs and comply with Islamic requirements: from halal production, process to halal labelling and packaging.
‘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 standardization across the food industry, and identify halal market opportunities in Southeast Asia, China, Western Europe and Australasia, (Australasia, a region of Oceania, comprises Australia).
While provision of halal goods used to be localized and depended greatly on personal sourcing, or restricted to certain Muslim-integrated areas, “globalization is resulting in a need for halal provisions to be made available more conveniently”, said Emil Fazira, food and nutrition research analyst at Euromonitor.
“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.”