An Enormous Global Market For Halal Tourism
Products And Services
The most promising halal markets are the fast-growing economies of the Asia, Middle East, Europe and the Americas. With a growing consumer base, and increasing growth in many parts of the world, the industry is set to become a competitive force in world international trade. The halal industry has now expanded well beyond the food sector further widening the economic potentials for halal.
Based on the UN statistics, recorded yearly growth of Muslims is at around 6.4%. Muslims presents a huge global market for halal products and services and since Muslims in general adhere strongly to religious principles and are increasingly particular and sensitive over the halalness of their life style, especially food, the prospect for halal market is enormous. Therefore, to tap into the vast opportunity which the halal industry presents, several aspects concerning the halal concept must be taken into account by all, including non-Muslim businessmen.
This market provides huge potential for companies, organizations and others, from the west and from Muslim countries, and is on a steep growth path. The global Muslim population is expected to grow by about 35 percent over the next 20 years, rising from 1.6 billion in 2010 to 2.2 billion by 2030, or 26.4 percent of the world’s total projected population of 8.3 billion. By 2050, the Muslim population could grow to 2.6 billion and represent nearly 30 percent of the global projected
Companies are coming to understand the great opportunity that the Muslim consumer represents. But addressing this market is not as straightforward as dealing with other billion population consumer markets such as India and China. For a start, the Muslim community is
not a single homogeneous group. Muslims live in every country in the world, represent every race and come from every social and economic stratum. And although they share the common thread of their beliefs, they have their own cultural, regional or local nuances, preferences and practices.
Although Islam is often associated with the Arab world and the Middle East, this region is home to only 20% of the world’s Muslim population. This number is expected to grow by more than a third in the next two decades. Sub-Saharan Africa make up 15% of Muslims worldwide and is projected to grow by nearly 60% in the next two decades. About one-fifth of Muslims live in a country or region where they are the minority.
Although Muslims will remain a minority group in Europe and Americas, they will constitute a growing share of the total population.5 Europe’s Muslim community is expected to increase by nearly a third from 44.1 million in 2010 to 58.2 million in 2030. In the Americas the number of
Muslims is expected to double during the same period.
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