Global spending on Islamic food, lifestyle to hit $3 trillion

ISLAMABAD: Global spending on Islamic food and lifestyle is projected to hit $3 trillion in five years as the Islamic finance sector, which has assets currently worth $2 trillion, is poised to touch $3.3 trillion by 2021 on the back of growing awareness about its product offerings.



According to Khaleej Times, the Dubai Islamic Economy Development Centre in its ‘State of the Global Islamic Economy Report’ prepared in partnership with Thomson Reuters and DinarStandard estimates that global Muslim spending on food and beverages is expected to reach $1.9 trillion by 2021. The report’s findings show that global Muslim spending across sectors was over $1.9 trillion in 2015.

Some of the world’s biggest consumer groups are making halal face creams and shampoos for Indonesia ahead of a new labeling law, part of a broader push to cater to growing Muslim populations as sales in many Western markets slow.

Unilever, Beiersdorf and L’Oreal are among the multinationals converting their supply chains for the world’s biggest Muslim-majority nation. The law, the first of its kind, requires food to be labeled halal or not in 2017, followed by toiletries in 2018 and medicines in 2019.

Published in The Express Tribune, October 5^th, 2016.

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