DUBAI: The global halal economy is estimated to be worth $3.2 trillion by 2024, according to a new Dubai-produced research about local, regional, and international Islamic economy.
The second edition of “Dubai – A Global Gateway for Halal Industry: A Step-by-Step Guide” – authored by Dubai Airport Freezone (DAFZA) - explores the prospects of different sectors within the global Islamic economy.
It ranked the food and beverage industry first in terms of growth potential – $2 trillion by 2021. Modest fashion is the second most popular sector, valued at $283 billion.
Other key players in the industry identified by the report are Islamic-themed media, halal pharmaceuticals, and halal cosmetics.
The report also outlined the impact of the coronavirus pandemic on the halal industry, explaining how travel, Islamic finance and modest fashion have been the most affected.
“The guide details the opportunities around core Halal economy sectors, outlines trends and provides strategic insights that will enrich the knowledge of entrepreneurs and companies keen to invest in the Islamic economy and capitalize on its promise of enduring growth and prosperity,” DAFZA’s Assistant Director General Amna Lootah said.
An earlier report, State of the Global Islamic Economy Report 2019/20, pegged the value of the global Islamic industry at $2.2 trillion in 2018 – 12 percent of which is from the food, pharmaceutical and lifestyle sectors.