17 November 2022
ASEAN6 makes up 14% of global Halal economy, primarily backed by Indonesia which is dubbed as the country with the world’s largest Muslim population. Resultantly, Indonesia and Malaysia (both predominantly Muslim countries in ASEAN) appear to be the most developed Halal economies in the region followed by Singapore. These three countries have alternatively secured a spot in the top 5 for each of the main Halal Economy subsectors of food, cosmetics and pharmaceuticals, media and entertainment, tourism and modest fashion. The rest of ASEAN6 are relatively less developed but are finding their footing in the Halal economy by increasing their focus on Halal exports.
In a global context and we believe, even in relation to ASEAN6, Halal food is the largest Halal consumer market. However, ASEAN (mainly Indonesia and Malaysia) is becoming well known for the Halal cosmetics sector and the region also stands to benefit from post pandemic changes in tourist preferences tilting towards Halal tourism for Muslims and non-Muslims alike.
In a demographic context, technology has made the young Muslim population more aligned with religious values given the freely available religious findings and sermons on the internet. As a result, 1/3rd of the young population in ASEAN identify as being more religious than their parents were at the same age. The demand from this tech savvy population has opened new and improved opportunities for Halal consumer markets in ASEAN.
Sectors of halal product market featured in the Report
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