he halal industry is booming like never before, particularly in Southeast Asia.
The State of the Global Islamic Economy (SGIE) Report 2020/21 revealed findings that some 1.9 billion Muslims spent US$2.02 trillion in 2019 across the food, pharmaceutical, cosmetics, fashion, travel and media/recreation sectors.
In the Report’s Global Islamic Economy Indicator that evaluated some 81 countries, Malaysia, Saudi Arabia, the United Arab Emirates, Indonesia and Jordan came up tops in the rankings. The rankings also welcomed new entrants Singapore, Sri Lanka, and Nigeria in the top 15. The indicator measures how leading national ecosystems are best able to support the development of Islamic economy business activities.
For the first time, Singapore made it into the top 15 in the Report’s Global Islamic Economy Indicator, which signifies the important role and the momentum of the Islamic economy for the country. Singapore posted strong performances in sectors such as Halal Food (2nd), Pharmaceutical & Cosmetics (3rd), Media & Recreation (3rd), and Muslim-friendly Travel (9th), a positive sign of revival in the Islamic economy post-pandemic. Singapore’s share in the over US$255 billion per year global halal trade is indicative of much more growth potential.
In recent years, global brands have started to focus on the Muslim economy and tap into the rising purchasing power and the shifting spending priorities of progressive Muslim consumers, coveted because of their aspirations and quest for new lifestyle experiences. The educated and mobile Muslims who represent the fastest-growing demographic in global Islamic economy will fuel the halal industry. Southeast Asia is home to around 260 million Muslims in Indonesia, where the majority live, Malaysia, Thailand, Philippines, Singapore, Myanmar and Brunei.
With such great prospect of growth in the halal industry, big multinationals, small enterprises and start-ups are ramping up efforts to innovate, to diversify and develop halal-certified products and services. There has been an increase in halal lifestyle events and campaigns held across the region designed to stimulate interest in Islamic travel, food, fashion and cosmetics and financial services.
It gives me great pleasure to kick-off the inaugural edition of the Asia Halal Directory (AHD) 2021/22.
In this directory, you will find companies from across the region that offer halal products and services. More than a listing of companies, this directory provides the platform for networking, collaboration, resources and solutions to assist stakeholders to meet the needs of Muslim consumers in Singapore and Southeast Asia region.
We look forward to stakeholders unearthing new and valuable insights that will make important contributions to the halal economy.
Ms Tristine Lim
Marshall Cavendish Business Information Private Limited