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   The halal market is growing rapidly all over the world. According to the recently published State of the Global Islamic Economy (SGIE) Report 2020/21, some 1.9 billion Muslims spent US$2.02 trillion in 2019 across the food, pharmaceutical, cosmetics, fashion, travel and media/recreation sectors, all of which are impacted by Islamic faith-inspired ethical consumption needs.
While this spending reflects 3.2 percent year-on-year growth, Muslim spending in 2020 is forecast to contract by 8 percent due to the impact of the pandemic. However, with the exception of travel, all other sectors of the halal market are predicted to rebound by end 2021, growing at a five-year cumulative annual growth rate (CAGR) of 3.1 percent to reach US$2.3 trillion by 2024. Islamic finance assets are estimated to have reached US$2.88 trillion in 2019 and are estimated to remain at the same level in 2020.
For the first time, Singapore made it into the top 15 in the Report’s Global Islamic Economy Indicator, which measures how leading national ecosystems are best able to support the development of Islamic economy business activities. This signifies the important role and the momentum of the Islamic economy for Singapore.
Singapore’s strong performances in Halal Food (2nd), Pharmaceutical & Cosmetics (3rd), Media & Recreation (3rd), and Muslim-friendly Travel (9th) are positive signs of Islamic economy’s role in economic revival post-pandemic. Singapore’s share in the over US$255 billion per year global halal trade, as highlighted in the Report, is a significant US$2.4 billion, which represents 1 percent of the global pie. This means there is tremendous potential and room for growth in the halal trade.

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