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 ASIA HALAL DIRECTORY 2021/2022
                  Halal Food Industry
In the halal food sector, Singapore ranks second according to the State of the Global Islamic Economy (SGIE) Report 2020/21. The report revealed that Muslim spend on food increased by 3.1 percent in 2019 to US$1.17 trillion from US$1.13 trillion in 2018. The COVID-19 crisis is not expected to result in a significant drop in Muslim spend for 2020, with a drop of 0.2 percent forecasted. A CAGR of 3.5 percent is expected between 2019 and 2024, with Muslim spend expected to reach US$1.38 trillion by 2024.
Singapore’s vibrant halal food scene has been flourishing, with more food and beverage outlets opening and more halal certifications issued. According to Mastercard-CrescentRating
Halal Food Lifestyle – Singapore 2021, the halal dining market is estimated at S$1 billion in 2019, with S$700 million spent by local Muslims.
The rise of the halal food industry can be seen in the growth of halal certification. Statistics from the Islamic Religious Council of Singapore (Muis) show that in 2018, 53,060 F&B products were certified halal, an increase of 160 percent from 2013. The number of halal certified restaurants have had a CAGR of 9.4 percent since 2013, with 4,126 premises certified halal in 2019. Of these eateries, 16 percent are located in hawker centres.
Although COVID-19 disrupted the halal food growth in 2020, there is potential in the short to medium term for the domestic market post-COVID.
It was highlighted in the report by Mastercard- CrescentRating that local Muslim millennials are the key driving force behind the growth of the halal food sector. Local Muslim millennials aged between 25 to 40 years represented 24 percent of the local Singaporean Muslim population, with a per capita annual expenditure of S$1177. The next highest category, representing around 19 percent of the local Muslim population with annual per capita dining expenditure of S$1214 are the Gen Xers, aged 41 to 55 years. Muslim visitors’ spending accounted for S$300 million in 2019, or 30 percent of the total halal dining market.
Many efforts by government agencies, industry bodies and businesses have been put in play to tap on this growth and further develop the halal food industry locally and globally. An example is the Halal Hub, an integrated food cum logistic hub facility that aims to enable more local halal food producers to export to the flourishing international market. Dubbed as the most advanced of its kind in Southeast Asia, Halal Hub, when completed by third quarter of 2021, will house halal food processing units, central kitchens, cold-rooms and logistics operations, and will offer halal
food and beverage businesses a helping hand in the procurement, production, compliance and distribution of their products. The hub will be at the forefront of innovation in the halal industry and will offer businesses a huge leg up in terms of procurement, production, distribution and international expansion.
Pharmaceutical
& Cosmetics
Singapore found itself ranked third for Halal Pharmaceuticals and Cosmetics in the SGIE Report 2020/21.
According to
research firm Adroit, the global halal pharmaceutical market alone is projected to hit about US$174.6 billion by 2025. Asia- Pacific was the largest market for halal pharmaceuticals in 2018, bringing in a revenue of US$39.9 billion. Globally, total Muslim consumer spending on pharmaceuticals is expected to surpass US$131 billion over the next four years till 2025.
There is a growing demand for halal cosmetics in the Middle East, Southeast Asia and Europe. It was projected that the global cosmetics market could make US$76 billion in sales to Muslim
market
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