Singapore Business Review
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).