From the Chief Editor’s Desk
Tapping into a Competitive Yet
Rewarding Halal Business
R
epresenting 1.7 billion or about a quarter of the entire world population, the
potentials of the Muslim market is extremely huge. This is even made more
astounding, considering the Muslim populace is growing at two times the rate of
the global population. In 2015, the market is estimated to be worth a staggering
US$1.8 trillion and is forecasted to rise to US$2.6 trillion by 2020. The International
Monetary Fund (IMF) remarked that while the global economy is stagnating due to decline in
investment and an ageing population, the outlook of the Muslim economy is a stark contrast
by being among the fastest growing markets in the world.
From a regional perspective, ASEAN SMEs are well positioned to capitalise on the
opportunities of this huge and rapidly growing Muslim market. Although it may not be
as lucrative as the market of the Gulf Cooperation Council (GCC) countries, the region is
home to a sizeable Muslim consumer base. Approximately 265 million or about 43% of the
Southeast Asia populace practice the religion of Islam with majorities of them in Brunei,
Indonesia and Malaysia as well as Pattani in Thailand and Mindanao in the Philippines.
It only makes business sense for the SMEs in the region to leverage the proximity of this
large Muslim market appearing at their doorsteps, positioning it as a springboard in pursuing
their halal ventures. In capitalising such an opportunity, the SMEs cannot afford to continue
the “business-as-usual” approach, for the level of competition in the halal market is becoming
increasingly sophisticated and strategically continuously changing to map the equally everchanging consumer landscape and demands. After all, the halal business industry is never
reserved only for the Muslims and by the Muslims.
In as much as the market is regional and global, the competition is equally complex.
This is even made more challenging when considering the increasingly developed ITinfrastructure, mobile apps penetration and online business rate of consumption. The SMEs
need to appreciate the nature of business today. The then culture of elbowing competitors
to get ahead, need to be reviewed with the current spirit of sustaining growth via inclusive
collaboration. The market is in itself simply too huge for any particular player to command,
hence the need to look beyond one’s b