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12ASIAHALALDIRECTORY2024/2025Ashalalcosmeticsbrandscontinuetomeetconsumerdemandforuniqueproductssuchasalcohol-freefragrancesandastheycontinuetoputtheirbrandcommunitiesfirstthroughproductco-creationthesectorisexpectedtogrababiggershareoftheglobalbeautymarketMuslimspendoncosmeticswasestimatedatUSD84billionin2023/2024andisexpectedtoreachUSD129billionby2027WiththegrowinguseofdigitaltechnologiestoaugmenttraditionalIslamicinteractionsandtherisingdemandforMuslim-centricgamingandcontentplatformsMuslimthemedmediaisexpectedtorecordstronggrowthandprofitabilityintheyearsaheadMuslimspendonmediaandrecreationwasvaluedatUSD247billionin2023/2024By2027itisprojectedtoreachUSD344billionGlobalIslamicEconomyIndicator(GIEI)andMastercard-CrescentRatingGlobalMuslimTravelIndex(GMTI)2023InthetentheditionofSGIEReport2023/24Singaporeremainswithinthetop10rankingintheGlobalIslamicEconomyIndicator(GIEI)whichmeasureshowleadingnationalecosystemsarebestabletosupportthedevelopmentofIslamiceconomybusinessactivitiesMalaysiaretainsthetopspotforthe10thconsecutiveyearwhileSaudiArabiaremainsinsecondpositionThisyearIndonesiamoveduponespottothethirdpositionwithBahrainreturning to the top five for the first timesince2019/20SouthAfricaenteredintotheranksoftop15countrieswhileKazakhstandroppedoutthisyearThebiggestgainswithinthetop15wereachievedbyIranQatarPakistanandSouthAfricaItistobenotedthatthetop14countriesareinAsiaUndertherespectivesectorsoftheIslamiceconomySingaporeranksamongthetop4acrossallsectorsexceptIslamicfinanceandMuslimfriendlytravelSingaporecontinuestorankfirstinpharmaceutical&cosmeticssectorand2ndformedia&recreationPreviouslyranked7thpositionformodestfashionandhalalfoodSingaporehasmovedupto4ththisyearonbothsectorsMalaysiaIndonesiaTurkeyKuwaitJordanPakistanUnitedKingdomSaudiArabiaUnitedArabEmiratesIranSingaporeQatarOmanSouthAfricaGLOBALISLAMICECONOMYINDICATOR2023SCORE010305070911131502040608101214Top15Bahrain