World Muslim populations. The Islamic fashion is particularly interesting because of the huge Muslim population in the world. In 2010, 23.4% of the world population or 1.6 billion people are Muslims. (For those of you who may be confused, Islam is a religion, while Muslims are the people with Islamic faith.) Islam is the second largest religion in the world, next to Christianity. But based on the high birth rate of Muslims, it may become the largest within this generation.
If we divide the world into 5 regions, Asia Pacific has the largest population and also the largest Muslim population, or over a billion Muslims, a 62% of the world.
Muslims in ASEAN. Everyone talks about the AEC (ASEAN Economic Community) coming in 2015 these days. You look up the newspaper, there are at least two or three news or seminars preparing us for the AEC. Among the 10 countries making up of ASEAN, the total population in 2010 was 573 million, 40% of that, or 234 million, are Muslims. We really do not have to go very far to sell to look for the market- just right outside our door steps.
Among the ASEAN, the largest country Indonesia, out of 232 million people- 88% are Muslims or 204 million. Thailand has less than 6% or 4 million Muslims, that’s probably why this is not very obvious to most of us.
World demand for Muslim fashion. If we only focus on the women’s side, we are talking about at least 800 million people. And 40% that, or 320 million, is 25 years old and under- the spending group. The adult women, another 480 million, also have to buy their clothing somewhere. Well, for that matter, the men have to wear something too. And their clothes are all covering, a lot of yards of fabric per head consumption, I’d say.
World market of Islam fashion. The world Muslim fashion industry is estimated to be worth US$96 billion. This is based on the assumption that half of the 1.6 billion Muslims each spend US$120 a year on modest clothing. That’s around 3,600 THB a year or 300 THB a month. That’s a very small estimate indeed. You can hardly buy a T-shirt with that amount. So, I’d say it’s on the low side.
It was estimated that in the UK with 1.5 million Muslims, Muslim fashion can be worth between US$90 to 150 million a year. At that rate, the 16 million Muslims in the EU, a potential clothing market can be valued at US$960 million to US$1.5 billion a year.
ASEAN market. For the ASEAN market, if we are to estimate with the US$120 per year spending as well, we can estimate it at US$48 billion market right here in ASEAN.
Muslim fashion in Thailand. What about for our local market, how big is it? We can then estimate the Thai market, using the US$120 per head per year for half of the population, to be worth US$ 240 million a year or THB 7.2 billion a year.
Now is that big enough to get your attention? If so, stay tuned for our next blog.
Muslim fashion goes globalhttp://muslimvillage.com/2011/09/28/15152/muslim-fashion-goes-global/