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7ASIAHALALDIRECTORY2023/2024TheglobalhalalindustryisflourishingworldwideWhatstartedasbeingallaboutfoodhastodayexpandedtoincludeclothespharmaceuticalscosmeticshealthproductstoiletriesandmedicaldevicesaswellasservicessuchastravellogisticsmarketingprintandelectronicmediapackagingbrandingbankingandfinancingandevendatingandmatchmakingEstimatedtobewortharoundUSD23trillion(excludingIslamicfinance)ayearitisoneofthefastestgrowingmarketsAccordingtoStateoftheGlobalIslamicEconomy(SGIE)Report2022producedbyDinarStandardwiththesupportofDubaiEconomyandTourism(DET)theglobalhalalmarketisforecastedtoreachUS$28trillionby2025ata4-yearCumulativeAnnualGrowthRate(CAGR)of75percentAmongthekeyfactorsdrivingtheglobalhalalindustrygrowthistheMuslimpopulationandyoungMuslimstheexpandingglobalIslamiceconomiesgreaterappealforIslamicvaluesdigitalconnectivityandgrowthofe-commerceandsurgeinethicalconsumerismMuslimpopulationThereareover201billionMuslimsintheworldtodaymakingupmorethan25percentofglobalpopulationOfthesemajorityofMuslimsareconcentratedintheAsia-Pacificregionmakingup62percentofMuslimsworldwidewiththelargestpopulationcomingfromIndonesiawhichhosts13percentofthe worldsMuslimsPEWResearchprojectedthattheMuslimpopulationwillincreaseto28billionor30percentoftheworldstotalprojectedpopulationby2050AmongsttheglobalMuslimyouthdemographicthoseaged15to29yearscovered273percentoftheMuslimpopulationin2020andisexpectedtoriseto30percentoftheworldsyoungpopulationby2030InSingaporeshalaldiningsegmentMillennialsandGenXarethemaindriversThisisduetothehighpopulationof these twoagegroupsand therelativelyhigherincomecomparedtootheragegroupsSingaporesdomestichalaldiningmarketisestimatedatUS$500MillionLocalMuslimmillennialsarethekeydrivingforcebehindthegrowthofthissectorAgedbetween25to40yearstheyaccountfor24percentofthelocalSingaporeanMuslimpopulationGenX(41to55years)arethenexthighestcategoryrepresentingaround19percentofthelocalMuslimpopulationSingaporesMillennialsandGenXaccountforcloseto45percentoftheHalaldiningexpenditureExpandingglobalIslamiceconomiesNotwithstandingasluggishgrowthofglobaleconomicpost-pandemicOrganisationofIslamicCooperation(OIC)countriesareprojectedtogrowfasterthantherestoftheworldsGDPgrowthreportedSGIE2022ItwasrevealedinInternationalMonetaryFund(IMF)GDP,currentpriceprojections(April2021)thecompoundedannualgrowthrate(CAGR)oftheOICeconomyisexpectedtobe7percentcomparedtotheglobalaverageof64percentbetween2020to2026SGIE2022notedthatmostoftheOICcountriesarealsogrowingfasterthanIMFsemergingmarketdevelopingeconomiesandadvancedeconomiesGlobalMuslimsincreasingaffluenceisalsoevidentthroughtheGDPpercapitawhichisalsogreaterthantheglobal
