The Muslim religion is the second largest and fastest growing religion in the world, with Muslim consumers expected to reach 26 percent of the global population by 2030. Around $266 billion was spent on clothing and footwear by Muslim consumers in 2013. This amounts to around 12% of total global expenditure on clothing (a 10% increase from 2012). The market for Muslim fashion is projected to account for over 24% of the global fashion market by 2021.
According to The Economist, the global Islamic market was worth over $3.6 trillion in 2013, and the market is projected to be worth over $5 trillion by 2020. The global halal food market reached a value of US$ 1.4 Trillion in 2017. The growth of the global halal food market is being primarily driven by health benefits offered by halal food items which is continuously influencing the eating patterns of people. This has resulted in an increase in the consumption and acceptance of halal food among non-Islamic communities.
While the average age of citizens is around 30 in majority-Muslim countries, Europe and the US has an average population age of 44. Because the purchasing power of young consumers should grow over time, the market for Muslim goods will thrive for years to come.
Islam is meant to be a way of life, not just a series of practices and traditions, so the governing rules permeate every moment of a Muslim’s day, from food to clothing, investments to insurance. While there is global variability in how strictly you adhere to these systems, many Muslims such as myself must ensure that we as consumers only buy what is considered halal (permissible) and not haram (forbidden).
Supply has simply not caught up with demand for Muslim-friendly products. By looking more closely at markets like food and fashion, we can bring the huge opportunity into focus and highlight the growth potential for the world’s Islamic populace.
Muslim consumers seek products that cater to their religious needs and comply with Islamic requirements: from halal production process to halal labelling and packaging. The lack of permissible offerings has led to a surge in demand, as Muslims grow hungry for trendy products and services adapted to their lifestyle.
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