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Halal Industry

The Global Islamic Economy 2024/25 Overview: Muslim consumer market size and trajectory


The Global Islamic Economy 2024/25 Overview: Muslim consumer market size and trajectory

Largest and fastest-growing sectors

Halal food retains pride of place, accounting for almost three-fifths of total spend with US $1.434 trillion in 2023 and on track for US $1.939 trillion by 2028. Yet the most dramatic expansion is earmarked for Muslim-friendly travel, whose post-pandemic rebound is tipped to deliver a 12.1% CAGR, taking the market from US $217 billion to US $384 billion in just five years. Halal pharmaceuticals (6.8% CAGR) and halal cosmetics (6.3% CAGR) also outpace the headline growth rate as Muslim consumers pivot toward health, wellness and ethical beauty solutions.

Sector

2023 spend

2028 forecast

5-yr CAGR

Halal Food

US $1.434 tn

US $1.939 tn

6.2 %

Muslim-friendly Travel

US $217 bn

US $384 bn

12.1 % (fastest)

Modest Fashion

US $327 bn

US $433 bn

5.8 %

Halal Media & Recreation

US $260 bn

US $337 bn

5.3 %

Halal Pharmaceuticals

US $107 bn

US $149 bn

6.8 %

Halal Cosmetics

US $ 87 bn

US $118 bn

6.3 %

 

Islamic finance asset size

  • US $4.93 trillion in global Islamic-finance assets (2023).
  • Expected to reach US $7.53 trillion by 2028 (8.9 % CAGR), underscoring capital depth that underwrites the wider halal economy.

Best-performing national ecosystems (GIEI 2024)

    1. Malaysia
    2. Saudi Arabia
    3. Indonesia
    4. UAE
    5. Bahrain

Trade, investment and consumer signals highlighted

  • US $407.8 bn worth of halal-related goods imported into OIC states in 2023, forecast to rebound sharply to US $608 bn by 2028 (8.3 % CAGR).
  • OIC member countries remain heavily reliant on imports, posting a US$ 76.37 billion trade deficit in halal related products.
  • Only 3 OIC nations in the top 10 exporters to OIC countries for halal related products.
  • US $5.8 bn invested across 225 Islamic-economy deals (Aug 2023–Jul 2024); Media & Recreation largest by count, Islamic Finance largest by value.
  • Key signals mapped include AI-powered halal certification, blockchain traceability, localisation of supply chains and the rise of halal-oriented VC/PE funds.