The halal industry is growing rapidly, with a projected global market value of $10 trillion by 2030, encompassing sectors such as food, finance, fashion, pharmaceuticals, cosmetics, tourism, and logistics, according to the American Halal Foundation. As more people are looking for ethical and Shariah-compliant products, halal businesses have the opportunity to thrive.
However, not all products will succeed. Finding a winning product requires careful research, strategy, and alignment with market needs.
1) Understand Market Trends and Demand
Success in the halal industry needs an astute understanding of consumer trends and market demand. DinarStandard, Thomson Reuters, and Statista provide comprehensive market research reports to identify emerging categories in the halal sector. Digital tools like Google Trends and social media analytics can also help in ascertaining the rising searches of halal products.
For example, when there is an increased demand for halal-certified supplements, firms can find opportunities to discover new products and network with the players in the industry. Participating in halal trade fairs, like the Malaysia International Halal Showcase and Gulfood Dubai, they could be updated with the latest trends and new products and gain insights into what the consumer likes.
2) Spot Gaps in the Market
To be noticed, companies must make sure to identify unserved or underserved niches within the sector. Indeed, though halal food remains a dominant market, cosmetics, pharmaceuticals, and fashion remain the fastest-growing markets. According to Grand View Research, the halal cosmetics market is projected to reach $52.02 billion by 2025 and approximately $94.20 billion by 2030, growing at a CAGR of 12.95%.
Solving pain points in consumers, like a lack of halal-certified travel-friendly snacks, could be huge. Competitor analysis can help identify gaps. It can be vegan Halal products, Halal-certified pet foods, Halal travel options, or more. This way, businesses can increase profits, have happy customers, and have a strong reputation in the market.
3) Test the Product with Real Customers
Validate your product with real customers before large-scale production. This includes consumer research with SurveyMonkey, Google Forms, and similar sites. It is of utmost importance to test the interest in your product through pre-orders or a limited launch. Facebook groups, Reddit communities, and Islamic lifestyle forums help fine-tune the product-market fit through real feedback.
4) Get the Right Halal Certification
A halal business thrives on trust and authenticity. Ensuring compliance with accreditation bodies such as JAKIM of Malaysia, ESMA of the UAE, and HFA of the UK is important. Transparency in ingredient sourcing and halal certification will surely build credibility. Brands that clearly display their certification and ethical practices tend to gain greater consumer trust and loyalty.
5) Making Sure Your Product Can Grow and Stay Profitable
A winning halal product should be scalable and profitable. Instead of introducing many different products, it is wise to introduce one tried-and-true winner first before offering line extensions. Shopee, Amazon, and TikTok Shop are new opportunities for global reach.
Strong supply chain partnerships can mean cost optimization, so product consistency is assured with affordability.
Conclusion
The process of how to find the winning product for a halal business is way more than getting a certificate. It means identifying the needs of the market, validating the product, being transparent, and scaling up the plans. A successful halal business solves real-time consumer problems with authenticity, ethics, and adaptability to trends in the market.
