Over 280 million Southeast Asians, about 40% of the region’s population, identify as Muslim. That’s spawned demand for goods and services that cater to a more Islamic lifestyle. It’s more than just halal food: Muslim consumers also demand more modest fashion or cosmetics that don’t use pig-derived products or alcohol.
Even Southeast Asia’s finance sector is becoming more halal. Islamic finance in Southeast Asia totaled roughly $859 billion in 2023, up from $754 billion in 2020, according to a study from the Islamic Corporation for the Development of the Private Sector and the London Stock Exchange Group.
