The halal industry offers an immense potential for growth.
ccording to the State of Global Islamic Economy Report, Muslims spent US$2.2 trillion in 2018 across the food, pharmaceutical and lifestyle sectors. The Report forecasted that this spending will hit US$3.2 trillion by 2024 at a cumulative annual growth rate (CAGR) of 6.2 percent.
The PEW Research Centre highlighted that the world’s Muslim population will grow by some 70 percent by 2060. The young, educated and upwardly mobile Muslims account for one of the fastest-growing demographics on the global tourism scene.
With the global burgeoning halal industry and a soaring demand for halal products worldwide, big multinationals, small enterprises and start-ups are looking to offer halal certified solutions and services. More and more countries are ramping up efforts to leverage on the multiple opportunities offered by the global halal industry.
Singapore’s investment and commitment in developing its capacity and capability to attract Muslim travellers continues to reap rewards. Singapore is once again ranked the top non-Organisation of Islamic Cooperation (OIC) destination for Muslim travel, followed by Thailand, the United Kingdom, Japan and Taiwan. The Global Muslim Travel Index (GMTI 2018) by Mastercard-CrescentRating tracks the health and growth of Muslim-friendly travel destinations in four strategic areas – access, communications, environment and services. It augurs well for Singapore to be recognised as the Muslim-friendly destination.
In Singapore, Majlis Ugama Islam Singapura (Muis), also known as the Islamic Religious Council of Singapore, is vested with the sole legal powers to issue halal certificates in Singapore. The Muis Halal Certification mark is widely recognised and the good work of Muis is renowned. Muis is the first certifying body in ASEAN region to be awarded the ISO 17065. Muis also has the GSO 2055-2 accreditation. Thus, Muis halal-certified products are able to enter the United Arab Emirates (UAE).
To harness the many opportunities offered by the halal industry, this directory serves as an effective platform for companies to search for halal suppliers and to help market Singapore halal-certified products internationally.
We trust that through this resource, businesses can network and find solutions to grow and thrive in the halal industry.
Marshall Cavendish Business Information Pte Ltd