Global Islamic Economy is estimated to expand up to $3 trillion by the end of 2021. Its overall market size at the end of 2015 was $1.9 Tn and it is growing with 8% CAGR (compound annual growth rate).
These stats are the result of the Global Islamic Economy Report produced by Thomson Reuters in collaboration with Dinar Standard and sponsored by Dubai the Capital of Islamic Economy.
The expanding religion and increasing attitude of people to adopt the faith-based lifestyle is making business persons, manufacturers and entrepreneurs to produce goods and services that fit best on the Halal norms. For instance, there are six major business sectors that make up the entire Global Islamic Economy including Halal Food, Islamic Finance, Halal Media and Recreation, Halal Travel and Halal Modest Fashion.
Among these, the Islamic Finance Sector and Food & Beverages sector stand high regarding spending with figures of $2 Tn and $1.17 Tn.
As part of this research report, a survey was also conducted that analysed the level of millennial engagement in consuming Halal products. According to the research results, 55900 millennials in Pakistan are interested in promoting an economy based on the trade of goods and services according to Islamic trend. The survey also analysed the most productive sector with high potential for future growth. Islamic Finance, Modest Fashion and Media & Recreation emerged to be the areas with most opportunities and growth.
These stats are encouraging not only for businesses based in Islamic countries but also for the entire world as Islamic economy especially the Halal food sector is getting international recognition in the form of an established brand that offers the hygienic product.
This trend is very common in Pakistan where the market share of Halal food products is less than negligible.