The Muslim population is expected to increase to 2.2 billion by 2030. But most businesses are failing to exploit this growing market..
“Companies are facing ever stronger competition in established markets. Many are rushing into high-profile regions such as China, India and Brazil, while the single biggest market in the world is being largely overlooked,” comments Dr Paul Temporal, who is responsible for directing a research and education project in Islamic branding and marketing at Saïd Business School. Temporal says Muslim consumers have been under-served, with few products tailored to their needs. “Western brands often have a cachet and are well-liked, but many of them are not compliant with Shariah law and are not considered to be Halal,” he says. “This impacts particularly on some product groups such as pharmaceuticals, cosmetics, food stuffs, beverages and financial products, creating valuable market niche opportunities for those companies prepared to cater for Muslim consumer needs.” The global Halal food market is estimated to be worth around $650bn annually. There are also big opportunities to market to Muslim teens: “By 2050, more than 60 per cent of the world’s under-18-year-olds will be Muslim. Research suggests these consumers will keep to their Islamic values and will want appropriate products,” says Temporal. “Lifestyle products such as fast food, personal care, fashion, cosmetics and new media products are all likely to benefit from this demographic trend.”
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.