In the latest State of the Global Economic Report 2018/2019, Muslims expenditure on food & beverage reached US$1.3 trillion.
No more confined to a mere religious obligation, Halal has moved beyond that to become a standard of choice among both Muslims and non-muslims alike. It has become a symbol of clean, fresh and healthier production as well as services of food. This shift in consumer perception has opened up opportunities for businesses to tap into this trillion dollar industry.
In spite of these changes in perceptions, the growing Muslim population is, however, the most vibrant factor fueling demand for these foods. As of 2010, there are 1.6 billion Muslims around the world. Pew Research Centre estimates that by 2050, the Muslim population will grow to about 2.76 billion, or 29.7% of the world’s population.
The Pew study also projects the Muslim population globally to grow at about twice the rate of the non-Muslim population over the next two decades. By 2030, 29% of the global young population (15-29) is projected to be Muslim. This offers a vast opportunities for economic growth when an ageing population in other parts of the world means a stagnant economy due to a decline in investment.
One obstacle that might hinder the growth of the F&B industry is the non-standardisation of the Halal certification among different nations. There is no single international standards or body to oversee these certifications.
Leading organisations and accreditations for Halal standards are nevertheless taking steps to harmonize these standards so that there will be no unnecessary multiple certifications for different export markets. This will spur further the growth of the F&B industry.
Despite the non-standardisation of the Halal certification, this sector remains vibrant and is expected to be an interesting area for innovation.