Muslim buying clout to increase: Euromonitor

Source: Euromonitor.

Euromonitor International has released a white paper noting that the Muslim population stands as the second-largest population and the fastest growing religion globally in 2015, projected to claim a bigger share of the world’s consumer spending. By 2030, Muslim consumers are expected to reach 26% of the global population, says Doing Business in the Halal Market: Products, Trends and Growth Opportunities.

Major companies adhering to mainstream trends are increasingly facing demand from Muslim consumers, particularly the young and those with spending power, who are also interested in the latest consumer trends, Euromonitor noted.

“For Muslim consumers, choices for both goods and services such as halal products are largely influenced by faith, the need for basic prayers five times a day and fasting during the month of Ramadhan,” says Food and Nutrition Research Analyst at Euromonitor International, Emil Fazira. “Therefore, an environment catering to their religious needs as well as businesses certified in complying with Islamic requirements boosts the attractiveness of a product or service.

“While provision of halal goods used to be localised and depended greatly on personal sourcing, or restricted to certain Muslim-integrated areas, globalisation is resulting in a need for halal provisions to be made available more conveniently. Furthermore, 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.”

Interested?

Download the white paper