The State of the Global Islamic Economy 2022 Report highlights many notable developments in the growing Islamic economy despite the ongoing COVID-19 pandemic. The report covers key sectors that have been globally impacted by the Halal economy: Halal Food and Beverages, Islamic Finance, Halal Pharmaceuticals, Halal Cosmetics, Muslim-Friendly Travel, Modest Fashion, and Islamic-Themed Media and Recreation.
This year’s report estimates that the world’s 1.9 billion Muslims spent the equivalent of US$2 trillion in 2021 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 an 8.9% year-on-year growth from 2020, with Islamic finance assets estimated to have grown to US$3.6 trillion in 2021, up 7.8%, from US$3.4 trillion in 2020. Despite the continued uncertainty related to the pandemic, global Muslim spending in 2022 is forecasted to grow by 9.1% for the Islamic economy sectors covered in this report, excluding the Islamic finance sector. All of these sectors, except travel, have returned to pre-pandemic spend levels by the end of 2021. Muslim spend is forecasted to reach US$2.8 trillion by 2025 at a 4-year Cumulative Annual Growth Rate (CAGR) of 7.5%.