Assessing Malaysia’s Halal Economic Value

Malaysia’s halal economic value is driven by its Muslim population and key players, contributing significantly to the nation's overall economic landscape.

三月 2024 , 撰写者 YCPS Marketing & Communication Group, Muhammad Rizam

Malaysia’s halal economic value is driven by its Muslim population of 20.8 million, 63.5% of its total population. Malaysia's halal industry's contribution to the GDP accounted for 7.8% in 2018 and is expected to rise significantly to 11% by 2030. The halal GDP value, which stood at USD 28 billion in 2018, is projected to reach USD 58.5 billion by 2030, reflecting a robust CAGR of 5.8%.

Additionally, the annual export value of halal products from Malaysia is USD 8 billion, constituting approximately 5.1% of the country's total exports. Looking ahead, the projected value of Malaysia's halal industry is set to reach USD 113.2 billion by 2030, contributing a 2% to the projected global market value.

Malaysia's Halal Industry
Malaysia's halal industry, a cornerstone of its economic prowess, is driven by key players who have played instrumental roles in shaping and advancing various segments within this dynamic sector.

The dominance of the country’s Muslim population creates opportunities for halal food in Malaysia. QL Foods, a Malaysia-based company, stands out as a major player, producing and distributing a diverse range of halal food products for both local and international markets. Its revenue growth rate of 43% from 2017 to 2021 reflects the increasing global demand for halal food.

Another key player in the halal food industry in Malaysia is Kawan Food, which specializes in halal frozen food products such as parathas, chapatis, and samosas. With a growth rate of 28% during the same period, Kawan Food's focus on high-quality halal-certified ingredients and modern manufacturing techniques has contributed to its success.

In the pharmaceutical sector, Duopharma Biotech emerged as a significant player in Malaysia’s halal industry, producing and distributing halal-certified medicines and healthcare products. Duopharma Biotech experienced a notable growth rate of 37% from 2017 to 2021, showcasing the country's increasing demand for halal healthcare products.

dUCk, a Malaysia-based fashion brand under the umbrella of FashionValet, is a key player in the modest fashion segment. Offering a diverse range of halal-certified products, including scarves, clothing, bags, accessories, and home goods, dUCk has achieved significant revenue growth of 36% from 2017 to 2021. Its focus on e-commerce and digital marketing has established itself as a leader in Malaysia's modest fashion industry.

In the cosmetics sector, Simply Siti, founded by local celebrity Dato’ Siti Nurhaliza, stands out as a prominent player. Offering a range of halal-certified beauty products, Simply Siti has expanded its distribution to other Southeast Asian countries and the Middle East. Its emphasis on using natural and high-quality ingredients, strategic collaborations, and digital marketing initiatives have all contributed to its revenue growth.

Maybank Islamic and Bank Islam Malaysia are key players in Islamic finance, offering Shariah-compliant banking products and services. With revenue growth rates of 15% and 6% respectively from 2017 to 2021, these banks have expanded their range of Shariah-compliant offerings, invested in digital technology, and strengthened their presence in key markets.

These players collectively contribute to Malaysia's halal industry's vibrancy, showcasing the nation's leadership across halal segments and its commitment to sustaining growth in this globally significant economic sector.

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