In 2018, Muslim Consumers spent about $2.2 trillion in the food, pharmaceutical and lifestyle sectors of the world economy. According to the State of the Global Islamic Economy Report, this trend is on the rise and spending will continue to grow in the future.
In the report, the basic needs and lifestyle sectors are food, finance, tourism, cosmetics, pharmaceuticals, media, cosmetics, recreation and fashion.
Economic Factors
Halal consumers represent approximately 25% of the world’s population. Many reside in developing economies with increasing GDP’s and consumer purchasing power. Some Halal economic growth indicators highlighted in the study include:
- high population growth
- increasing affluence among Muslim populations
- multinational expansion in developing countries
- global investment
- government investment in ethical products and services
Values that Affect Consumption Choices
Besides economic growth, the demand for Halal goods and services are often socially, culturally and religiously based. According to the study, this includes stronger adherence to ethical values.
Some universally accepted and shared values that influence and affect consumption choices include:
Related reading: What is a Halal Economy? | International Halal Food and Beverage Trends 2022 | Türkiye, Indonesia, Malaysia Among Top 20 Halal Economy Exporters
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