Growth of Muslim population is instrumental for halal market development

halal market

The world’s Muslim population is expected to increase by about 35% in the next 10 years, rising to 2.2 billion by 2030, according to population projections by the Pew Research Center’s Forum on Religion & Public Life.

Globally, the Muslim population is forecast to grow at about twice the rate of the non-Muslim people over the next two decades – an average annual growth rate of 1.5% for Muslims, compared with 0.7% for non-Muslims. If current trends continue, Muslims will make up 26.4% of the world’s total projected population of 8.3 billion in 2030.

If current trends continue, 79 countries will have a million or more Muslim inhabitants in 2030, up from 72 countries today. A majority of the world’s Muslims (about 60%) will continue to live in the Asia-Pacific region, while about 20% will live in the Middle East and North Africa, as is the case today. But Pakistan is expected to surpass Indonesia as the country with the single most significant Muslim population. The portion of the world’s Muslims living in Sub-Saharan Africa is projected to rise; in the next 10 years. For example, more Muslims are likely to live in Nigeria than in Egypt. Muslims will remain relatively small minorities in Europe and the Americas, but they are expected to constitute a growing share of the total population in these regions.

While certification within the halal sector is essential for businesses to gain trust from consumers, many companies fail to develop their sales of halal products due to their focus just on certification. As such, the maintenance of processes, new product development and marketing strategies are less prioritized. The company automatically caters to a niche group of consumers and likely fails to reach out to other groups. Hence, awareness plays an equally important role for businesses to maintain an expanding pool of consumers. Many consumers are unaware of what constitutes a halal product and may avoid it due to an apprehension.

 

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