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.
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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.
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Key Segments Covered
- By Component
- Maritime Halal Logistics
- Air Halal Logistics
- Land Halal Logistics
- Monitoring Components
- By Vertical
- Halal Food and Beverage Logistics
- Halal Pharmaceutical Logistics
- Halal Personal Care & Cosmetics Logistics
- Halal Chemicals Logistics
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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.
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