The global halal economy is powering ahead, and many countries are finding the opportunity for growth too good to be missed.
Despite the havoc wreaked by COVID-19, investments in the Islamic economic sectors across Organisation of Islamic Cooperation (OIC) and select non-OIC markets grew exponentially. The spike in investors’ confidence is driven by findings that reveal how significant and robust the halal industry is to the world’s economy.
To drive future sales, global brands are increasingly focusing on the burgeoning Asian markets. For example,
• Unilever opened a halal research centre in Indonesia, the country that has the largest Muslim population in the world. The Uniliver Muslim Center of Excellence will be a research hub for halal products and innovations in line with the needs of Muslim consumers in Indonesia and abroad.
• US designer brand Tommy Hilfiger launched its first hijab to tap into the growing modest fashion market.
• German health supplement gummy bear brand IvyBears, halal-certified, established an Asia HQ in Singapore to expand market reach.
In the local news, Singapore’s Kimly Group, a foodservice operator, agreed to acquire 75 percent of halal foodservice business Tenderfresh for US$40.7 million as the company seeks to expand into the region’s halal market.
Looking at the latest State of the Global Islamic Economy Report, countries like Malaysia, Indonesia and Singapore are making all the right moves to ride the wave. Both Malaysia and Indonesia held on to the top and 4th position in the overall Global Islamic Economy Index ranking. Singapore leapfrogged eight positions forward to reach the 7th position in the ranking. The Republic is one of the new entrants to the top 10 countries.
The halal economy is in an exciting season of growth and prosperity. I trust that in this edition of Marshall Cavendish’s Asia Halal Directory, you will find valuable resources and references to collaborate, network and harness successful business opportunities.
Marshall Cavendish Business Information Pte Ltd