The Halal Market: A Hidden Gem

Many have questioned the feasibility of Halal products and services penetrating the world markets and competing with established giants within their respective industries. Many were sceptical of the existence for such demand for Halal products and services and they questioned whether the effort of supplying to these demands was worthwhile.

The negative prevailing mindset shared by many businesses is that the Halal Market is merely a tiny portion of a bigger cake. Differences in perception towards Muslims – resulting from current conflicts and ordeals happening around the world – influence the decision-making process in business, deterring some from entering the Halal market. There are many challenges and hurdles to be overcome but the effort is absolutely worthwhile. Businesses that are succumbing to an attitude of just waiting and watching are really missing out on a ‘gem’ of opportunity…

In today’s cutting edge world, most consumers are technology savvy and with the introduction of the internet, information distribution knows no boundaries. Consumers now are a lot smarter, more knowledgeable and careful when buying products or receiving services. In essence, businesses now face a different set of consumers and market demands that are entirely based on the consumers’ wants and needs. These dynamic consumers’ tastes change as their disposable income increases. As a result, today’s market is more of a buyers’ market, where buyers pick and choose products they like, at the price they like.

The current trend in this market is a powerful convergence of common interests. The consumers want more products, with better quality, variety and convenience; whereas producers want more access, sales increases and new lines; and retailers need a new niche market. In short everybody needs market growth!

It has been assumed that the trouble soon to be faced by the Halal market is shortages in demand, but contrary to prior beliefs, the shortage is in the supply, not the demand. The Halal market is growing rapidly and is fast becoming a recognisable market force. It is a highly lucrative market that has been underserved.

Awareness and interest in Halal products has arisen not only among Muslims but non-Muslims as well and there is a cultural shift taking place: consumers’ views on Halal products are not only confined to the religious viewpoint but to the confidence that comes with the Halal logo. More consumers perceive Halal products as healthy, wholesome and hygienic and therefore, are willing to pay more for its added benefits, which ultimately increases the demand for Halal products.

The opportunity to expand in the Halal market is tremendous albeit underserved. However, it is still not too late for entrepreneurs to follow this ‘route to riches’ since the market offers considerably more room for further expansion.

There is a shortage of supply to the Halal market and to fill this vacuum Malaysia has developed a trade fair which exerts paramount efforts to gather far-sighted business entrepreneurs together. The Malaysian International Halal Showcase (MIHAS) acts as the platform to ease the sourcing and marketing of Halal products and services to Muslims worldwide.

Themed “Halal Worlds Combine”, MIHAS helps identify and bring global Halal buyers and sellers to a single platform. MIHAS is now the largest and most focused Halal trade fair. With its primary objective to serve as a one stop centre, MIHAS is the perfect tool for businesses to exploit. Here businesses get the chance to showcase their products through live product presentations and demonstrations that appeal to the human senses thus intensifying the buying and selling experience.

So, don’t miss out on this opportunity. Come and see, touch and feel the proceeds that are yours by becoming part of the Global Halal market. Make your move and we will see you at MIHAS 2009!

To find out more about MIHAS’s advantages for your business, please contact the MIHAS SECRETARIAT at Tel: +603 6203 4433 or Fax: +603 6203 4422. Email to enquiry@halal.org.my or log on to www.halal.com.my.