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9ASIAHALALDIRECTORY2023/2024SurgeinethicalconsumerismIncreasinglyglobalconsumersareshiftingtheirwaysofconsumingandpurchasingproductsthatmeetethicalconcernssuchasthesupportoffairwagesworkersrightsandsafetytheprotectionofthenaturalenvironmentcruelty-freeorganicandnaturalManyoftheIslamicvaluesalreadyembeddedinIslamiceconomysectorsmakeitappealingtoconsumersconcernedaboutconsumptionethicshealthandtheenvironmentAstudybyIBMshows60percentofconsumersarewillingtochangetheirshoppinghabitstoreduceenvironmentalimpactOver70percentwouldpayapremiumofupto35percentforbrandsthataresustainableandenvironmentallyresponsibleThesurgeofethicalconsumerismhasmadeitincrediblyattractiveforMuslimandnon-MuslimconsumerstoshifttheirpurchasinghabitstocompaniesthatofferhalalproductsInthesevensectorsoftheIslamiceconomybelowsummarisesfromtheSGIE2022reportwhichcoversdevelopmentsfromthemiddleofthepandemicin2020untilthirdquarterof2021IslamicfinanceassetswerevaluedatUS$36trillionin2021andareexpectedtogrowby80percentin2022andreachUS$49trillionin2025ata4-yearCAGRof79percentMuslimspendonfoodincreasedby69percentin2021fromUS$119trilliontoUS$127trillionandisexpectedtogrowby70percentin2022andreachUS$167trillionin2025ata4-yearCAGRof71percentRecoveringfromabadlybatteredglobaltravelandtourismindustryin2020MuslimspendontourismincreasedfromUS$58billiontoUS$102billionin2021andisexpectedtogrowby500percentin2022toUS$154billionandreachUS$189billionin2025ata4-yearCAGRof165percentModestfashionhasliketherestofthefashion industry had a difficult yearwithfoottrafficatretailoutletsdownduetopandemicrestrictionsMuslimspendonfashionincreasedby57percentin2021fromUS$279billiontoUS$295billionandisexpectedtogrowby60percentin2022toUS$313billionandreachUS$375billionin2025ata4-yearCAGRof61percentThepandemichasdriveninnovationinthehalalsegmentwithahalal-certifiedCOVID-19detectionkitdevelopedintheUKandahalal-certifiedfacemaskinSingaporeaspreventativecarehascontinuedtobeakeydriverofsalesofhalalcertifiednutraceuticalsMuslimspendonpharmaceuticalsincreasedby65percentin2021fromUS$935billiontoUS$100billionandisexpectedtogrowbyafurther67percentin2022toUS$106billionandreachUS$129billionin2025ata4-yearCAGRof67percentMuslimspendoncosmeticsincreasedby68percentin2021fromUS$65billiontoUS$70billionandisexpected togrowbyafurther72%in2022toUS$75billionandreachUS$93billionin2025ata4-yearCAGRof74percent