In
the past few years, the Halal market has grown into a large market. In the past
five years, only the Southeast Asian region, countries like Singapore and
Malaysia has experienced a growth rate of 19% and 18 % respectively. It is
shocking that in countries without a numerous Muslim majority the growth rate
is unacceptable. For example, the Halal Market in South Africa has a growth
rate of 96%. Isn't it shocking to see that how the Halal industries which were
considered to be a niche industry has turned the tables round by increase in
their business and profitability?
According
to “the Office for National Statistics”, the Halal Industries does not only
limits to Halal food and Beverages but also includes and expands its boundaries
to Halal lifestyle , Halal cosmetics , Halal tourism , Halal pharmaceuticals
and much more . It is assumed that in the next 10 years the Muslim will extend
and expand all its niche Halal markets which are help in accelerating the
demand for such Halal products in the market which will enable the Halal
business to prosper.
One
of the reasons for increase in the demand for Halal product is the Muslim population
around the globe. One of the reason for the increase of Muslim population over
the world is the migration of Muslim Diaspora communities which enables the
purchasing power in the hands of Muslims and makes everyone aware of Halal
industries and their product as every Muslim will always find ways to follow
the Islamic rules and principles and this can also be seen in the countries
like United Kingdom. According to 2011 United Kingdom reports, the Office of
National Statistics stated that the Muslim population in UK was almost
2,706,066 which was around 4.5% of the total population. But according to
recent studies this number has increased significantly. According to
International Business Times , in United Kingdom , the number of people
practicing Islamic religion has exceed 3 million with more than half of them
were born in abroad. Among the high birthrates between demographic, some of the
neighborhoods of London consist of 50% of Muslim majority.
In
addition to this, the demand for Halal products has increased with the rising
support and standards to animal welfare and healthy selections. The halal
products go through various different checks to find if the Halal produce made
does include animal derived ingredients or others and to find out that the halal
product comes out of healthy and organic source.
The
Halal Trade and economy has held its promise around the globe. The halal
business has extended its boundaries also in countries where there is a lack of
Muslim population. There are many new industries that are looking forward to
join this vastly accepted Halal business from all over the world.
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