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9ASIAHALALDIRECTORY2024/2025Thehalalindustryin Asiahas experiencedrobustgrowthanddevelopmentinrecentyearsreflectingtheincreasingdemandforhalalproductsandservicesintheregionTheStateoftheGlobalIslamicEconomy(SGIE)Report2023/2024outlinedadynamicpictureoftheglobalhalalindustryInitthereportforecastsapromisinggrowthamidstaglobalcrisisaroundthePalestinianIsraeliconflictcontinuedconflictinUkrainetheworseningclimatecrisisanduncertaintiesfromthedigitalAIrevolutionWithanestimated2billionMuslimsspendingaroundUSD229trillionin2022thehalalindustryhasgrownremarkablyboastinga95percentyearon-yearfromUSD2trillionin2021TheSGIEreportprojectedthatconsumerspendingwillreachUSD31trillionby2027agrowthof48percentcompoundannualgrowthrate(CAGR)overa5yearperiodfrom2022to2027Todayitisestimatedthatthereareover203billionMuslimsintheworldwiththelargestconcentrationofMuslims(65percent)livinginAsiaSome28AsiannationsrecordaMuslim-majoritypopulationCountrieslikeIndonesiaPakistanIndiaandBangladeshhavesomeofthelargestMuslimpopulationsintheworldGrowingMuslimpopulationandyoungMuslimsAprimaryfactordrivingthegrowthofthehalalindustryinAsiaistheincreasingMuslimpopulationAccordingtothePewResearchCentertheMuslimpopulationisexpectedtogrowatCAGRof18percentfrom2020to2025IntheAsiaPacificMuslimsareexpectedtogrowto15billionby2025AmongthegrowingMuslimpopulationacrossAsiancountriestherehasbeenrisingawarenessanddemandforhalalproductsamongtheMuslimyouthIn2023Muslimyouthandyoungadults(ages15-29)represented278percentoftheworldsyouthandyoungadultsItisexpectedthatby2030nearlythreeintenoftheworldsyouthandyoungadultsareprojectedtobeMuslimsTheseyouthfulGenZandMillennialsbeingthelargestspendersof theMuslimpopulationareplayingacriticalroleintheboomingofthehalaleconomyinAsiaAsMuslimconsumersbecomemorediscerningabouttheproductstheyconsumethereisagrowingpreferenceforhalalcertifiedbrandsacrossvarioussectors such as food fashion cosmeticspharmaceuticalsmedia/recreationtravelandalsofinanceRisingconsumerspendingpowerAnotherkeydriverofthehalalindustryinAsiaistherisingdisposableincomesinmanycountriesintheregionAseconomiesinAsiacontinuetogrowanddevelopmoreconsumershavethepurchasingpowertochoosehalalproductsovernon-halalalternativesThispreferenceisparticularlyevidentinsectorssuchasfoodandbeverageswhereconsumersareincreasinglylookingforproductsthatcomplywiththeirreligiousbeliefsanddietaryrestrictions
