Posted by: admin | Posted on: May 7th, 2012 | 0 Comments
In a recently published Inc. magazine article titled, “Bringing a Muslim Culinary Tradition Mainstream”, Adnan Durrani, Chief Executive Officer of Saffron Road called the U.S. Muslim market a “Food Marketers Dream”.
To capture why the U.S. Muslim market really is a dream or significant opportunity for brands, we’ve highlighted some key takeaways below from the article and from our friends over at the American Islamic Congress who hosted an event recently titled “Faith, Money, Power. Leveraging the Buying Power of American Muslims”.
Why The Muslim Market is a Food Marketers Dream:
- 52 percent of U.S. Muslim households have income of more than $50,000
- The U.S. Muslim population is young – 67% are under the age of 40
- Highly educated: Forty-two percent of Muslim American women, for example, hold a college or postgraduate degree, compared with 29 percent of American women overall-a rate second only to that of American Jewish women.
- American Halal had retail sales of more than $4 million in 2011, driven largely by Whole Foods.
- Latest estimates of Muslim market potential: disposable income of between $107 billion and $124 billion – (DinarStandard)
- Muslims more than any other religious group feel that faith plays an important role in their lives, this importance of faith has a correspondingly strong impact on consumer behavior a vast majority of the time.
- The 3 emerging markets which are beginning to see the value of the Muslim consumer include: Food, Pharmaceuticals, Hospitality.