Muslim consumers’ spend on food has witnessed a sustained momentum, and continues to be on the rise.
According to the State of the Global Islamic Economy (SGIE) Report 2023/24, Muslim consumers spent $1.4 trillion on food in 2022, increasing 9.6% from $1.28 trillion during a year-earlier period. Indonesia remains the largest market by spend. Egypt has moved up to second position, while Bangladesh occupies the third spot.
By 2027, Muslim consumer spend on food is forecast to reach $1.89 trillion, growing at a CAGR of 6.1%. However, it is imperative to note that these values represent holistic Muslim spending on food and beverages, not on ‘halal-certified’ products.
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