$2.02 tln consumer spending in Islamic Economy sectors forecasted for a 8% drop in 2020: State of the Global Islamic Economy Report 2020/21

• Despite the COVID-19-triggered drop, all sectors, except tourism, are to rebound by end 2021
• Investments in Islamic economy-relevant companies totalled US$11.8 billion in 2019/20, a decline of 13 percent over the previous year
• Global Muslim spend on food and beverages forecast to hit US$1.38 trillion by 2024
• Islamic finance assets expected to reach US$3.69 trillion by 2024
• 33 key signals of opportunities identified including: tokenization of sukuks, supply chain shifts, food security investments, nutraceutical demand, domestic tourism, and accelerated digital transformations

Dubai, November 16th, 2020 - Dubai Islamic Economy Development Centre (DIEDC) has announced the results of the State of the Global Islamic Economy Report (SGIE) 2020/21 with a theme of ‘thriving in uncertainty’.  Launched in 2013, the eighth edition of the report presents an annual update on the Islamic Economy - encompassing halal products, Islamic finance, and lifestyle sectors and services – pre and post-COVID-19.

This year’s SGIE report, produced by DinarStandard, a US-based research and advisory firm, estimates that Muslims spent US$2.02 trillion in 2019 on food, pharmaceuticals, cosmetics, modest fashion, travel, and media. While this spending reflects 3.2 percent year-on-year growth, Muslim spending in 2020 is forecast to contract by 8 percent due to the impact of the pandemic. However, spending, excluding travel, is forecast to rebound by end 2021, and is slated to reach US$2.3 trillion by 2024, at a cumulative annual growth rate (CAGR) of 3.1 percent. Islamic finance assets are estimated to have reached US$2.88 trillion in 2019 and are estimated to remain at the same level in 2020.