Halal Tourism Market: Current Analysis and Forecast (2022-2028)

Report Description

Global Halal Tourism Market is expected to grow at a significant rate of around 5% during the forecast period. The emerging Muslim population, surging disposable income, and emerging number of players providing halal tourism services are some of the prominent factors that are contributing to the market growth. According to the Global Muslim Travel Index 2021 (GMTI), international Muslim traveler arrivals grew from an estimated 108 million in 2013 to 160 million in 2019. With Islam the world’s fastest growing and most youthful religion, this trajectory is expected to continue. Within countries that are members of the Organization of Islamic Cooperation (OIC) – an international grouping founded in 1969, consisting of 57 member states, with a collective population of more than 1.8 billion – the Muslim middle class is growing.

An increasing population that is disproportionately young, educated, and upwardly mobile is contributing to the rise of the halal tourism industry. The Islamic world is home to a substantial share of tourism markets and destinations, which has a favorable effect on the forecast for the halal tourism business. Halal tourism is also important to consider. Due to initiatives to boost tourism in Uzbekistan and Saudi Arabia as well as the restoration of lost historical places, there is a rising demand for halal travel. The adoption of halal tourism is also growing as more OIC locations follow suit and discover treasures that can be of interest to Muslim tourists. Muslims in the coming generation is expected to be key players in shaping the next stage as they enter the workforce.

Halaltours.org, Carisa travel group, Rooh Travel Limited, HalalBooking Ltd., Halal Safaris, Halal Trip India, Hello Travel Pte Ltd, Islamic Travel, Rihaala, Tripfez Travel, etc., are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst type, international tourism category to witness higher CAGR during the forecast period”

Based on type, the market is segmented into domestic tourism and international tourism. The international tourism segment grabbed the major market share and dominated the market in 2020. The emerging number of travelers for several purposes coupled with the availability of halal foods for consumers is contributing to the market growth of this segment. Furthermore, leading market players are coming up with innovative tour packages specially designed for Muslim tourism to capitalize on the growing demand for Halal Tourism.

“Amongst tourist type, Tour group category to witness higher CAGR during the forecast period”

Based on type, the market is categorized into individual, tour group, and package traveler. Tour group category to witness highest growth during the forecast period. This is mainly due to the rising disposable income, emerging hospitality sector, etc., According to the World Bank, the number of international departures more than doubled between 1997 and 2017, from 687 million to 1.57 billion per annum. Moreover, the number of hotel rooms globally had risen by 17.7% since 2008 to 17 million in 2018.

“Malaysia to witness extensive growth”

Regions/countries analyzed in the report include The United Arab Emirates, Saudi Arabia, Iran, Qatar, Kuwait, Malaysia, Indonesia, Singapore, The United Kingdom, and Rest of the World. Malaysia is one of the leading countries across the world in terms of market share owing to the growing tourism spending and increasing penetration of halal-friendly tour packages in the region. Factors such as the growing emergence of Muslim-friendly hotels and rising travel spending in post covid era would create lucrative growth prospects for the halal tourism market in the country. Malaysia has been chosen as the world’s top destination for Muslim travelers for three consecutive years in recent surveys conducted by Singapore’s Crescent Rating and the United States’ Dinar Standard. Furthermore, the country offers accessibility to a wide range of halal food as well as offering a wide range of Muslim-friendly tour packages for tourists to enjoy its history, mosque architecture, heritage, gastronomy, nature, arts and culture. This is further expected to drive the halal tourism market in Malaysia during the forecast period.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Halal Tourism market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Halal Tourism Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Halal Tourism market were the three major steps undertaken to create and analyze the adoption of Halal Tourism in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Halal Tourism market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Halal Tourism market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Halal Tourism market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and tourist type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the halal tourism market. Further, we conducted factor analysis using dependent and independent variables such as type and tourist type of Halal Tourism. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Halal Tourism market across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Halal Tourism market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Halal Tourism market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Halal Tourism market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Halal Tourism market. Data was split into several segments & sub-segments post studying various parameters and trends in the type and tourist type in the global Halal Tourism market.

The main objective of the Global Halal Tourism Market Study

The current & future market trends of the global Halal Tourism market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the halal tourism market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type and tourist type.
• Define and analysis of the regulatory framework for the Halal Tourism
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Halal Tourism market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Middle East and Africa.
• Company profiles of the Halal Tourism market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
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