, Singapore
343 views
Photo by Joshua Tsu on Unsplash

3 factors that can position SG as a global halal hub

In 2022, 9.0% of total consumer spending in SG was on halal products and services.

Singapore is well-positioned to be a global halal hub and a key player in the market given its three core competencies.

The first competency Singapore possesses that will make it a significant export hub for halal products and services is the reputation of its halal certification.

"The Singapore Halal Certification Scheme is recognized globally as it ensures that products and services meet strict halal requirements, providing consumers with confidence in the authenticity and quality of products," YCP Solidiance said.

"Majlis Ugama Islam Singapura (MUIS) conducts regular audits and inspections to ensure that businesses comply with the halal requirements, and the certification is widely accepted both within Singapore and internationally,"  YCP Solidiance added.

Singapore's second competency is its supportive ecosystem towards halal-related matters.

YCP Solidiance said that whilst Singapore is not a Muslim-dominated country,  the MUIS takes matters on halal-related products and services "seriously," 

"MUIS has played a critical role in creating a supportive ecosystem for halal matters in Singapore, providing businesses with the necessary guidance, education, and certification to meet the growing demand for halal products and services," YCP Solidiance said.

Lastly, there is an increasing awareness of halal matters amongst consumers in Singapore.

"MUIS is always well-informed in halal-related matters and always relays them to the community. This increasing awareness has helped drive the growth of the halal industry in the country, providing opportunities for businesses to cater to the needs of Muslim and non-Muslim consumers alike,” YCP Solidiance said.

Halal in SG

There are about 600,000 Muslims in Singapore, accounting for 13.6% of the Lion City’s population as of June 2022.

In the same year, 9.0% of the total consumer spending in Singapore was on halal products and services.

In 2021, the Lion City’s halal industry market was valued at US$1.1b.

the top hala industries in Singapore are food, Islamic finance, pharmaceutical, and cosmetics and personal care.

Top local players in the abovementioned industries are Ayam Brand and Prima Food (Food), DBS Islamic Bank, KapitalBoost, EthisCrowd (Islamic Finance), CCM Pharmaceuticals (Pharmcaceutauica), and Zahara (Cosmetics & Personal Care).

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Singapore’s new law weaves safety net for gig workers
Gig workers will be enabled to secure their retirement, benefit from improved workplace safety, and gain greater visibility within the industry.
HR & Education
Here’s how Gen Z consumer preference reshapes APAC’s marketing landscape
Gen Z consumers are observed to purchase based on pleasure and purpose, whilst being conscious of cost and convenience.

Event News

Event News

SBR National Business Awards 2024 Winner: Wiseasy Technology Pte Ltd Cards & Payments
Lay Cheng Tan, Co-Founder & Chief Investment Officer, and Mayank Raheja, Managing Director (EMEA & SA) of Wiseasy Technology Pte Ltd, provided insights into preventing fraud and inefficiency with the WiseQ QR Payment Solution.
Cards & Payments SBR National Business Awards 2024 Winner: Wiseasy Technology Pte Ltd
Lay Cheng Tan, Co-Founder & Chief Investment Officer, and Mayank Raheja, Managing Director (EMEA & SA) of Wiseasy Technology Pte Ltd, provided insights into preventing fraud and inefficiency with the WiseQ QR Payment Solution.