Euromonitor International released a new consumer markets white paper titled, Doing Business in the Halal Market: Products, Trends and Growth Opportunities.

The white paper assesses the potential for businesses considering tapping into halal and Muslim consumer markets, helping organisations understand halal certification and the demand for standardisation across the food industry, particularly in Southeast Asia, China, Western Europe and Australasia. The white paper also addresses opportunities for a variety of products, from beauty and personal care, apparel and beverages, to tourism applicable for key halal markets across the globe.

“For consumers, choices for both goods and services such as halal products are largely influenced by faith, the need for basic prayers five times a day and fasting during the month of Ramadan,” says Food and Nutrition Research Analyst at Euromonitor International, Emil Fazira. “Therefore, an environment catering to their religious needs as well as businesses certified in complying with Islamic requirements boosts the attractiveness of a product or service.”

The Muslim population stands as the second-largest population and the fastest growing religion globally in 2015, and is projected to increasingly claim a bigger share of the world’s consumer spending. By 2030, Muslim consumers are expected to reach 26 percent of the global population.

“While provision of halal goods used to be localised and depended greatly on personal sourcing, or restricted to certain Muslim-integrated areas, globalisation is resulting in a need for halal provisions to be made available more conveniently,” concluded Fazira. “Furthermore, major companies adhering to mainstream trends are increasingly facing demand from Muslim consumers – mainly the young and able to spend – who are also interested in the latest consumer trends.”