State of the Global Islamic Economy 2020/21 Report
The report covers these sectors: Islamic finance, halal food and beverages, halal cosmetics, halal pharmaceuticals, Muslim-friendly travel, modest fashion, and Islamic-themed media and recreation.
This year’s report estimates that Muslims spent $2.02 trillion in 2019 across the food, pharmaceutical, cosmetics, fashion, travel and media/recreation sectors, all of which are impacted by Islamic faith-inspired ethical consumption needs.
This spending reflects a 3.2% year-on-year growth from 2018. In addition, Islamic finance assets were estimated to have reached $2.88 trillion in 2019. The pandemic is forecasted to result in an 8% decrease in global Muslim spending in 2020 for the Islamic economy sectors covered in this report.
All of these sectors, except travel, are expected to return to pre-pandemic spend levels by the end of 2021. Muslim spend is forecasted to reach $2.4 trillion by 2024 at a 5-year Cumulative Annual Growth Rate (CAGR) of 3.1%.