2024 Global Halal Market Trends: Highlights from DinarStandard’s Report

Washington, D.C., April 17, 2024 – DinarStandard, a research and advisory firm based in New Jersey, unveiled findings from the United States in the latest State of the Global Islamic Economy Report 2023/2024. This report was presented during an event co-hosted with the U.S. Department of Agriculture (USDA) on April 17th.

Since its inception in 2013, the annual report, now in its tenth edition, provides comprehensive insights into the halal ethical economy. It covers sectors such as halal products, Islamic finance, and lifestyle, which cater to approximately 2 billion Muslim consumers worldwide, as well as the broader global ethical consumer market. In 2022, Muslim spending in areas including food, pharmaceuticals, cosmetics, modest fashion, travel, and media reached approximately $2.29 trillion. Moreover, the value of Islamic finance assets was estimated at $3.96 trillion for 2021/22, with projections suggesting growth to $5.94 trillion by 2025/26.

The report includes the Global Islamic Economy Indicator (GIEI), which benchmarks 81 countries. In this ranking, the U.S. placed 26th overall, with specific standings of 27th in Halal Food, 11th in Islamic-themed media and recreation, and 15th in modest fashion. Malaysia has retained the top position for the tenth consecutive year, followed by Saudi Arabia, Indonesia, and the UAE.

Significant strides have been made within the U.S. halal economy, impacting various sectors from food to finance. Notable American halal brands include HalalGuys, a rapidly expanding QSR franchise nearing 100 branches, Haute Hijab in modest fashion, and Wahed in the Islamic ethical fintech sector.

The report also sheds light on international trade, noting that the import of halal-related products by OIC member countries (Muslim-majority) reached $359 billion in 2022, with a forecasted annual growth rate of 7.6%, aiming for $492 billion by 2027. The U.S. emerged as a major player, ranking fourth globally with $20.8 billion in halal product exports to OIC countries in 2022, predominantly to Indonesia, Egypt, Saudi Arabia, the UAE, and Malaysia.

Investment in companies relevant to the halal economy surged to $25.9 billion in 2022/23, marking a 128% increase year-on-year. The U.S. experienced a 17% growth in this area compared to the previous year.

On the occasion of the report’s decade milestone, Rafi-uddin Shikoh, CEO and Managing Director of DinarStandard, highlighted the SGIE report’s role as a pivotal global resource for tracking the Islamic Economy’s progress and identifying opportunities for future growth. Since its launch, the report has reached over 113,000 readers in 85 countries, with substantial downloads and media coverage.

Furthermore, the 2023/24 SGIE report emphasizes the halal economy’s role in addressing the United Nations’ 17 Sustainable Development Goals (SDGs), with initiatives particularly focused on mitigating poverty and enhancing food security. This year’s report was produced in collaboration with SalaamGateway.com, the leading news and media platform for the Islamic economy, and supported by Dubai’s Department of Economy and Tourism (DET), with IFANCA, a U.S.-based halal certifier, serving as the global strategic partner.