According to a new report published by UnivDatos Markets Insights, the Halal Tourism Market is expected to grow at a CAGR of around 5% from 2022-2028. The analysis has been segmented into Type (Domestic Tourism, International Tourism); Tourist Type (Individual, Tour Group, and Package Traveler); Region/Country.
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The Halal Tourism market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Halal Tourism market. The Halal Tourism market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Halal Tourism market at the global and regional levels.
Market Overview
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.
The Halal Tourism Market is expected to grow at a steady rate of around 5% owing to the disposable income and rising Muslim population. Due to the rise in Muslim consumers in the upper middle class and the rise in interconnectedness, which has made travel a way of life, the demand for halal tourism is projected to explode. The halal tourism sector is anticipated to gain traction and grow into a vital component of the thriving global halal tourism industry, satisfying the demand for halal travel from all over the world. Future trends in the halal tourism industry are also influenced by Gen Alpha, who are anticipated to become another group of tourists with a major influence on Muslim families’ travel habits. The market for halal tourism has grown to include a variety of lifestyle offers such as halal travel, tourism, and hospitality services, and the adoption of halal tourism is expanding along with the rise in the number of wealthy Muslims. One of the tourism sectors with the fastest growth rates in the world is the worldwide halal tourism market. The recent developments in the halal tourism market are caused by ethical consumer trends and the change in the temperament of Muslim consumers globally.
Some of the major players operating in the market include Halaltours.org, Carisa travel group, Rooh Travel Limited, HalalBooking Ltd., Halal Safaris, Halal Trip India, Hello Travel Pte Ltd, Islamic Travel, Rihaala, Tripfez Travel.
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COVID-19 Impact
Tourism is one of the sectors most affected by the Covid-19 pandemic, impacting economies, livelihoods, public services, and opportunities on all continents. Before COVID-19, travel, and tourism had become one of the most important sectors in the world economy, accounting for 10 percent of global GDP and more than 320 million jobs worldwide. However, Export revenues from tourism could fall by $910 billion to $1.2 trillion in 2020. This will have a wider impact and could reduce global GDP by 1.5% to 2.8%.
The global Halal Tourism market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- 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.
- On the basis of tourist 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
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Halal Tourism Market Geographical Segmentation Includes:
- The United Arab Emirates
- Saudi Arabia
- Iran
- Qatar
- Kuwait
- Malaysia
- Indonesia
- Singapore
- The United Kingdom
- Rest of the World
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 country 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.
The major players targeting the market include
- org
- Carisa travel group
- Rooh Travel Limited
- HalalBooking Ltd.
- Halal Safaris
- Halal Trip India
- Hello Travel Pte, Ltd
- Islamic Travel
- Rihaala
- Tripfez Travel
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Halal Tourism market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the Halal Tourism market?
- Which factors are influencing the Halal Tourism market over the forecast period?
- What are the global challenges, threats, and risks in the Halal Tourism market?
- Which factors are propelling and restraining the Halal Tourism market?
- What are the demanding global regions of the Halal Tourism market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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Table of Content-
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 IMPACT OF COVID-19 ON THE HALAL TOURISM MARKET
6 HALAL TOURISM MARKET REVENUE (USD BN), 2020-2028F
7 MARKET INSIGHTS BY TYPE
8 MARKET INSIGHTS BY TOURIST TYPE
9 MARKET INSIGHTS BY COUNTRY
10 HALAL TOURISM MARKET DYNAMICS
11 HALAL TOURISM MARKET OPPORTUNITIES
12 HALAL TOURISM MARKET TRENDS
13 COMPETITIVE SCENARIO
14 COMPANY PROFILED
15 DISCLAIMER
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