Tapping the Muslim market
Singapore is well placed to make its mark on the global halal economy. Are local businesses ready to make the leap?
SINGAPORE looks like a market to watch in the global halal economy. Last year, the Republic climbed to 15th place in the Global Islamic Economy Indicator index, after going unranked previously - no mean feat for a country where Muslims make up 15 per cent of the resident population.
That is good news for local businesses with an eye on the international Islamic market, which will be worth US$2.3 trillion by 2024, the State of the Global Islamic Economy (SGIE) report from business consultancy DinarStandard and online news outlet SalaamGateway.com showed.
Consumer research firm Euromonitor International noted that for halal-certified packaged food and drinks alone, Indonesia clocked US$25 billion in sales in 2018, while China accounted for US$11.7 billion and the Philippines for US$3.1 billion.
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