Globally, marketers and researchers have discovered a consumer segment with a very high potential, that is, the ‘halal’ consumers. There are many halal certification companies worldwide, which test the products offered by the brands for halal standards and certify the compliant brands as halal. Halal is essentially a co-brand and/or certification scheme. The global halal market’s potential, excluding Islamic finance, is USD2.3 tn. It is now up to India, as a country with 15 crore Muslims, to tap the opportunity.
Lately, there has been great effort taken on the part of business organizations and companies to capture the newly discovered market. This market comprises a religious segment, which is growing very fast by virtue of high birth rates and by growing conversion rates (Hanzaee and Ramezani, 2011). This phenomenon is ‘halal marketing’ or in a broader sense ‘Islamic marketing’.
Today halal market is estimated to be around $2.3 tn (excluding Islamic finance and banking), and among this halal food has the largest share of around $634.6 bn (Salehudin, 2010; and Daud et al., 2012).
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