Halal Products Demand Grows On Expanding Muslim Population

KUALA LUMPUR, Jan 22 (Bernama) -- Euromonitor International, a global market research company, shared the latest trends influencing the halal market as companies rush to benefit from a pool of untapped consumers. “Globally, the Muslim population has grown 18 per cent over the last 10 years compared to the global growth of 11 per cent and this is strengthening the demand for halal food, drinks, beauty and fashion products among others” said Euromonitor Senior Analsyt, Emil Fazira, in a webinar last Friday. She said young adults, being the main users of social media and the Internet, had more access to the latest trends, food and service experiences, fashion and cosmetic products. “Within Asia, non-Muslim majority countries, such as Singapore and Philippines, are major markets for halal packaged food and drinks, at US$1.4 billion (US$1 = RM3.94) and US$7.5 billion respectively, partly due to the integration and acceptance of halal products in general community,” she said. She said Indonesia was expected to show the largest sales gains in US dollar terms over the next five years, due to significant market size and positive forecast growth. -- BERNAMA