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.
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