Apr 19, 2021
Rising Disposable Income of Muslim Population to Expand Opportunity for Halal Logistics Providers, Evaluates Fact.MR
by Team Fact.MR
Worldwide, the Muslim population has been growing at nearly 2% each year, nearly double the growth of the overall global population. This has been consequently adding revenues to the products and services designed under the periphery of Islamic laws. According to a State of the Global Economy report, the Muslim population is expected to spend US$ 3 Tn by 2021, up from US$ 1.9 Tn in 2015. In the U.S. alone, Muslims have a disposable income of US$ 110 Bn. These statistics indicate a favourable market for halal logistics.
As per a new report published by Fact.MR, the global halal logistics market is anticipated to exceed a valuation of US$ 280 Bn by 2021, and is expected to expand at an impressive CAGR of close to 9% over the forecast period of 2021 to 2031.
Key Takeaways from Market Study
- In 2020, South Asia and East Asia together accounted for over 50% revenue of the global market.
- The market in the Middle East and Africa is estimated to expand over threefold from 2021 and 2031.
- The storage segment accounted for nearly 60% of market revenue.
- The market generated over US$ 168 Bn revenue from food & beverage end use.
- The halal logistics market is moderately concentrated, where companies such as Nippon Express, TIBA Group, MASkargo, Yusen Logistics Co., Ltd., and TASCO Berhad account for a majority of the market share.
“Halal certified products do not fall in the ambit of halal logistics, and the latter holds more value – this clarification to Muslim consumers can be pivotal towards growth in adoption of halal logistics on a massive scale.” says a Fact.MR analyst.
While halal logistics have already gained a considerable foothold in Muslim-dominated countries, in countries with a more heterogeneous population, providers of halal logistics should evolve a differentiated strategy specifically targeting Islamic associations and groups.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global halal logistics market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study reveals essential insights on the basis of component (storage – warehouses and containers, transportation – maritime logistics, air logistics, and land logistics, monitoring components – hardware (sensors, RFID devices, telematics, and networking devices), software, services (installation and integration, and support and maintenance), and vertical (food and beverages, pharmaceuticals, personal care and cosmetics, chemicals, and others), across seven major regions of the world (North America, Latin America, Europe, MEA, East Asia, and South Asia and Oceania).
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Our consumer products consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the consumer products sector. Our expertise in recognizing the challenges and trends impacting the global consumer products industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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Sr. Consultant - Consumer Products
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