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11ASIAHALALDIRECTORY2024/2025SincetheCovid-19pandemictherehasbeenaheightenedfocusonsustainability throughout the entire halalsupplychainTheprimaryfocusliesinimplementinghalaltraceabilityservicestoensure theabsolute verificationof thehalalsupplychainItwasreportedthatcountrieslikeMalaysiaIndonesiaandBruneihaveincorporatedtechnologyintotheirnationalstrategiestoenhancetransparencyandefficiencywithinthehalalsupplychainInsummarythehalalindustryinAsiabenefitsfromagrowingMuslimpopulationincludingtheMuslimyouth;risingconsumerspendingpower;greaterimportanceplacedonreligiousvalues;surgingpreferenceforethicalandsustainableproducts;increasingawarenessamongnon-Muslimconsumers;andandadvancementintechnologyThesefactorscollectivelycontributetoAsiahalalindustryspositivetrajectoryGrowthacrossIslamiceconomicsectorsDinarStandardaresearchandadvisoryfirmunveiledfindingsinthelatestStateoftheGlobalIslamicEconomy(SGIE)Report2023/2024Intoitstentheditiontheannualreportshedlightontheperformanceof6Islamiceconomicsectorsandranks81countriesagainstthemtoassesswhichcountriesarebestabletosupportthedevelopmentofIslamiceconomybusinessactivityrelativetotheirpopulationsizeandGDPIn the halal food sector there has beenasurgeininvestmentinhalalfoodrelatedcompanieswithfooddeliveryservicesandagri-techreceivingthemostattentionfrominvestorsin2022/23Overall44dealsrelatedtohalalfoodwererecordedin2022/23with30discloseddealsamountingtoUS$22billionMuslimspendingonfoodwasUSD14trillionin2023/2024andisforecastedtogrowtoUSD167trillionby2025TechnologicalinnovationparticularlytheroleoffintecharepropellingIslamicfinancetowardsgreaterdigitalisationsustainabilityandfinancialinclusionSukukissuancehasbeenamajordriverofglobalIslamicfinanceexpansionIn2021/2022theIslamicfinanceindustryreachedUSD396trillionandispredictedtogrowtoUS$595trillionby2025AstheappetitefortravelreturnsstronglyvastopportunitiesawaitMuslim-friendlytourismdestinationsserviceprovidersandhospitalitybusinessesTheMuslim-friendlytravelindustryvaluedatUSD133billionin2023/2024anincreaseof17percentover theprevious years valueatUSD114billionisexpectedtoreachUSD174billionby2027growingataCAGRof55percentAsmodestfashionstepsintothespotlightandgainsmorerecognitioninfashionschoolsfashioneventsandmainstreamretailstoresthisdynamicsegmentofthefashionindustryisboundtocontinueexpandingMuslimspendingreachedUS$318billionin2023/2024upby84percentfromUSD293billioninthepreviousyearandisprojectedtoreachUSD428billionby2027growingataCAGRof61percentAs more halal medicines and innovationsarecommercialisedandaccreditationpracticesareincreasinglyharmonisedhalalpharmaceuticalswillcontinuetoscaleupandexpandMuslimspentUSD108billiononpharmaceuticalsin2023/2024andforecastedtoreachUSD142billionby2027