It is no secret that the Muslim audience has been one of the most ignored segments in the world. Despite having a population of over 1.9 Billion, little effort has been made by organizations to connect with this massive market. Even though there have been attempts to engage with some audiences in the Middle East/North Africa (MENA) region, a wide majority of the market is still untapped.
In this article, we’ll explore the magnitude of this market and highlight some steps organizations can take to connect with this market.
Understanding the Muslim Consumer Market
The global Muslim population is highly diverse, encompassing people from different ethnicities and backgrounds. This population is distributed across different global regions, but the wide majority is found in the Asia-Pacific region, particularly in countries like India, Pakistan, Indonesia, and Bangladesh.
In addition to Asia, significant Muslim populations exist in the Middle East, Africa, Europe, and the Americas. The religious diversity in Muslims is reflected through the various sects within Islam. Aside from religious segmentations, the Muslim consumer market also has a wide diversity of sociocultural backgrounds and practices.
The depth of this market is reflected through extensive studies as well. According to a recent study by Nestle, the global Halal market is worth $634bn (£432bn), which is 16% of the global food market. Additionally, research showed that the global Islamic products and services market is worth over $2 Trillion annually.
The sheer scope of the market is a testament to the importance of this consumer segment. Additionally, with further efforts, even more value can be added to this market segment.
Research and Market Analysis
Conventionally, marketing efforts toward Muslims have been made without a comprehensive understanding of the market. It is important for stakeholders to identify the key demographics and behavioral patterns of the market to properly target the audience.
Here’s a breakdown of the market.
- Young Population – The Muslim consumer market is characterized by a large young demographic. Estimates suggest that a wide majority of Muslims are under the age of 30.
- Expanding Middle Class – Thanks to macroeconomic growth, Muslim countries in Southeast Asia and the MENA region are witnessing a growing middle class. This has a correlation with increased purchasing power. This demographic is willing to pay a premium for Halal and ethically produced goods.
- Halal Certification – A wide variety of Muslim consumers seek out products that are certified as halal. Even beyond the food industry, Muslims prefer to purchase products that comply with Islamic ethical standards, including sourcing, production, and distribution.
- Modest Fashion – Modest fashion is a fast-growing trend not just amongst Muslims but in mainstream fashion as well. Muslim consumers prefer clothing items that comply with Islamic guidelines of modesty, which is leading to increased demand for these products.
- Halal Cosmetics and Care Products – There is a rising need for Halal-certified cosmetic products driven by aware Muslim consumers. These products contain ethically sourced components.
- Islamic Banking – There is a massive demand for Islamic financial products like Sharia-compliant banking, insurance, and investment. Companies can attract Muslim consumers by integrating Islamic payment options.
Expanding Connections Within the Muslim Community
The best way to make inroads in the Muslim community is by partnering with Muslim stakeholders. Figure out ways to collaborate with relevant charities and community leaders and develop an understanding of cultural events and festivals.
This will allow organizations to expand beyond the Western event cycle and add diverse new audiences into their mix. You’ll also be able to make a broader impact by promoting diversity and inclusion.
If you’re looking to partner with an organization that has proven experience in the Muslim market, Sunan is a great choice. We have a proven history of delivering results in Muslim audiences, and our diverse team makes us the perfect fit to help you curate personalized campaigns.
Want to figure out ways to improve your marketing to the Muslim community?
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