Muslim spending across food, beverage, and lifestyle sectors is estimated to have reached $2 trillion in 2016, accounting for 11.9 percent of global expenditure, according to a new report.
By category, F&B leads Muslim spend at $1.24 trillion, followed by clothing and apparel at $254 billion, media and entertainment at $198 billion, travel at $169 billion, and spending on pharmaceuticals and cosmetics at $83 billion and $57.4 billion respectively.
The figures were revealed by Dubai Islamic Economy Development Centre (DIEDC) in its State of the Global Islamic Economy Report 2017-2018 report published in collaboration with Thomson Reuters.
The report found Halal food to be the largest and most diverse sector of the Islamic economy. New entrants have come into the market, and product offerings have firmly moved beyond being meat-focused to include candy, ready-made meals, snacks and children’s food.
Established players are expanding at home and abroad, through franchising. Multinationals have also made major investments in Muslim-majority markets, anticipating rising demand. Meanwhile, private equity investment and sovereign wealth funds have been particularly active, and a number of Halal investment funds are in development, the report added. More info
By Staff arabianbusiness.com