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10ASIAHALALDIRECTORY2024/2025AccordingtotheIMFtheoverallGDPofOrganisationofIslamicCooperation(OIC)membercountriesisforecastedtoincreaseby217percenttoreachUSD254trillionin2023ThelatestWorldBankdata(2021-2022)alsoshowsthatGDPpercapitaforseveralMuslim-majoritycountriesisabovetheglobalaverageincludingallGulfCooperationCouncil(GCC)countriesBruneiDarussalamandGuyanaGreateremphasisinreligiousvaluesAccordingtoastudydonebyPewResearchCentertherehasbeenasignificantincreaseinreligiosityascomparedtotwodecadesearlierThestudyindicatedthatsome70to90percentofMuslimsintheAsia-Pacificand theMiddleEasternandNorth Africa(MENA)regionhaveprioritisedreligionasveryimportantintheirlivesWiththefindingsitisunderstandabletoexpectthatMuslimconsumerswouldconsiderIslamicvaluescentraltotheirlifestyleandconsumptionpatternsSurgeinsustainableandethicalconsumerismResearchshowsthatmoreconsumersarepreparedtospendonsustainableproductsnowthantwoyearsagoWhileGen Z seems tobeat the forefrontofthistrendthisincreaseholdsacrossthegenerationaldivideManyIslamicvaluesunderlyingvarioussectorsoftheIslamiceconomyhaveawiderappealresonatingwithuniversalprinciplessuchassustainabilityandethicalconsumptionHalalproductsareincreasinglyassociatedwithfoodsafetyhygieneandhealthManyhalalbrandshavesucceededinattractingnon-Muslimethicalconsumersincludingbrandssuch asSaffronRoad andIbaCosmeticsThisdemographictrendofamoreaffluentMuslimpopulationcoupledwithayouthfulgenerationofspendersanincreaseinreligiousvaluesandasurgeindiscerningconsumerismareimportantstimulantsforthegrowthofthemarketforhalalproductsDigitalConnectivityTechnologyandSustainabilityAnewstudybymanagementconsultingfirmYCPSolidiancereportedthatAsiahasexperiencedagrowthindigitalconnectivityspurredbyincreasedaccessibilitytodigitaldevicesinvestmentsintechnologyanddevelopeddigitalinfrastructureThehalalindustryisrecognisingthecrucialroleofdigitalconnectivityinboostingtheIslamiceconomysectorsandbolsteringconsumerconfidenceKeytechnologicaladvancementsincludingblockchaininternetofthings(IOT)artificialintelligence(AI)e-commerceplatformsandcertificationapplicationsarebeingactivelyexpandedwithinthehalalsector
