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The 2022 State of the Global Islamic Economy Report covers a period from the height of the pandemic in 2020 until the third quarter of 2021 and expectations beyond that. The report is produced by Dinar Standard with the support of Dubai Economy and Tourism (DET).
In 2021, Muslims spent US$2 trillion across industries. This reflects an 8.9% year-on-year growth from 2020, with Islamic finance growing to US$3.6 trillion in 2021, up 7.8%, from US$ 3.4 trillion in 2020. In 2022, Muslim spending is forecasted to grow by 9.1%, excluding the Islamic finance sector. Muslim spend is forecasted to reach US$2.8 trillion by 2025 at a 4-year Cumulative Annual Growth Rate (CAGR) of 7.5%.
Moreover, Muslim spend on food increased by 6.9% in 2021, from US$1.19 trillion to US$1.27 trillion. It is expected to grow by 7.0% in 2022 and reach US$1.67 trillion in 2025 at a 4-year CAGR of 7.1%. There has been an upswing in Islamic fintech, with 241 companies currently in the market. According to estimated transaction volumes, this sector is forecasted to rise from around US$49 billion in 2020 to US$128 billion by 2025.
It is notable that Muslim spend on tourism increased from US$58 billion to US$102 billion in 2021. It is expected to grow by 50.0% in 2022 to US$154 billion and reach US$189 billion in 2025 at a 4-year CAGR of 16.5%.
In 2021, Muslim spend on fashion increased by 5.7%, from US$279 billion to US$295 billion. It is expected to grow by 6.0% in 2022 to US$313 billion and reach US$375 billion in 2025 at a 4-year CAGR of 6.1%.
Muslim spend on pharmaceuticals increased by 6.5% in 2021, from US$93.5 billion to US$100 billion. It is expected to grow by a further 6.7% in 2022 to US$106 billion and reach US$129 billion in 2025 at a 4-year CAGR of 6.7%. However, Muslim spend on cosmetics increased by 6.8% in 2021, from US$65 billion to US$70 billion. This is while it is expected to grow by a further 7.2% in 2022 to US$75 billion and reach US$93 billion in 2025 at a 4-year CAGR of 7.4%.
Finally, Muslim spend on media increased by 7.2% in 2021, from US$216 billion to US$231billion. It is expected to grow by a further 7.5% in 2022 to US$249 billion and reach US$308 billion in 2025 at a 4-year CAGR of 7.5%.
