The Islamic finance sector has witnessed tremendous growth over the past few years with the emergence of crowd funding platforms including Human Crescent. Lack of awareness has resulted in an enormous opportunity for products and services offered by this segment. The segment is likely to grow at a CAGR of 10.5% from 2017 to 2024, says Hexa Research.
Speedy growth of economies in the Middle East and Southeast Asia are expected to augment the growth of the market owing to the presence of a large Muslim population. These economies are likely to emerge as popular destinations for food and fashion. The Middle East halal market is expected to witness a double-digit growth generating revenues of US$6.53 trillion by 2024.
The demand for qualified halal products among non-Muslim customers has been on the upsurge as more consumers are looking for high superiority, safe and righteous products*. Non-Muslim consumers in Asia Pacific are likely to play a vital role in driving the regional market making it the second largest marketplace after the Middle East, contributing to 30.9% of the global revenues by 2024.
The Islamic economy is being driven primarily by the increasing youth population with high disposable incomes. These factors are likely to drive segments of the halal market such as fashion, food, finance, travel, as well as media and recreation.
Several food companies including KFC and Nestle are already offering halal products to their Muslim consumers. The emergence of Islamic finance institutions offering finance and banking assets are expected to provide further impetus to businesses that are focusing on venturing into the halal industry
Key players analysed include:
• Diana Kotb
• INAYAH
• Al-Rajhi Bank
• Al-Salam Bank
• MMA Bio Lab
• Ivy Beauty Corporation
• Nema Food Company
• Midamar
• Chemical Company of Malaysia (CCM Pharmaceuticals)
• Pharmaniaga
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| Source: Hexa Research website. Global halal market revenue, 2014 - 2024 (US$ trillion) |
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