LETTERS: MALAYSIA is under the spotlight from the perspective of the halal pharmaceutical market.
Pharmaceuticals account for about one-third of all halal-certified products worldwide. The global halal pharmaceutical market is currently worth US$300 billion.
Taking the pandemic into consideration, the global halal pharmaceutical market is expected to be worth US$445.9 million this year and US$913.7 million by 2028.
In this regard, despite the current volatility of crude oil prices and the Covid-19 crisis, the halal industry continues to demonstrate resilience due to its solid fundamentals.
Malaysia is regarded as a major halal centre in the Middle East, and businesses are looking to capitalise on this by collaborating with Qatar and signing agreements with Saudi Arabia, Oman and many other countries.
The Muslim consumer market is rapidly expanding, fuelled by a growing population that is more ethnically, geographically, and economically diverse than ever before.
Young, product-conscious Muslims are driving the economy for halal cosmetics, with the market expected to grow from an estimated US$20 billion in 2015 to US$54 billion by this year.
This demonstrates the enormous potential of halal cosmetics to meet global demand from both Muslim and non-Muslim consumers. Because halal food is widely accepted, so should halal cosmetics.
Consuming halal products is not an option for Muslims, but rather a requirement.
Despite some misunderstanding of religious obligations, demand for halal products has grown at the fastest rate in the world market.
Islam is the world's fastest-growing religion and promotes hygiene and high-quality products.
In that regard, halal-certified cosmetics have a broader market appeal among non-Muslim consumers as well, who associate these products with ethical consumerism and more rigorous quality control standards.
Some users claim that cosmetic items used by Muslims should be halal because they wear them during prayers. This is particularly important for working women who must pray while wearing make-up.
With Muslims accounting for 61 per cent of Malaysia's population, it would be advantageous for the product to be halal-certified before entering the country, allowing it to appeal to Muslims and non-Muslims.
In this regard, small- and medium-scale enterprises (SMEs) must understand all aspects of marketing, including branding, distribution channels, messaging and communications strategy.
It must also be said that the fact that the products are halal-certified does not mean that they can easily sell in the global market.
Contrary to Islamic teachings, most cosmetics advertisements feature sensual female models. Therefore, businesses here should influence new promotional methods in line with Syariah requirements.
Although Malaysia has all the infrastructure required to support its halal economy, whether it has the infrastructure required to support its halal cosmetics sector remains to be seen.
ASSOCIATE PROFESSOR DR RAIHANA ZAHIRAH EDROS
Faculty of Chemical and Process Engineering Technology
Universiti Malaysia Pahang (UMP)
DR SUHAIDAH HUSSAIN
Faculty of Industrial Management, UMP
The views expressed in this article are the author's own and do not necessarily reflect those of the New Straits Times