Over the past two years, plant-based food consumption has grown by 49% across the EU, reaching a total sales volume of €3.6 billion.
The $2.3 trillion halal consumer market plays a significant role in the U.S. economy
2025-05-15
Global consumer spending in the halal economy (halal economy refers to products and services based on Islamic ethics and values) is expected to grow 9.5% year-on-year to $2.29 trillion in 2022. DinarStandard, a New Jersey-based research and consulting firm, presented its latest "2023/2024 State of the Global Islamic Economy" report on opportunities in the United States at an event held in conjunction with the U.S. Department of Agriculture (USDA) on April 17. The report, the tenth edition (2023/24), first published in 2013, provides an annual update on the halal ethical economy—including halal products, Islamic finance, and lifestyle industries driven by 2 billion Muslim consumers—and expands upon the broader global ethical consumer market. This year's SGIE report shows that Muslims will spend $2.29 trillion on food, medicine, cosmetics, modest fashion, travel, and media in 2022. It estimates that Islamic financial assets will reach $3.96 trillion in 2021/22 and grow to $5.94 trillion by 2025/26. The report's Global Islamic Economy Index (GIEI), a national benchmark for 81 countries, ranked the United States 26th. It also ranked 27th in halal food, 11th in Islamic-themed media and entertainment, and 15th in modest fashion. Malaysia held the top spot for the 10th consecutive year, followed by Saudi Arabia, Indonesia, and the UAE. Major developments in the US halal economy spanned sectors from food to finance. HalalGuys represents a successful QSR franchise model, now with nearly 100 branches. Other successful US halal brands include the low-profile Haute Hijab and Wahed, a player in Islamic ethical fintech. Imports of halal-related products to Muslim-majority member countries of the Organization of the Islamic Conference (OIC) were projected to reach $359 billion in 2022 and are projected to grow at a compound annual growth rate of 7.6% to $492 billion by 2027. In 2022, the United States exported $20.8 billion worth of halal products to the OIC, ranking fourth globally. The largest halal product export destinations are Indonesia, Egypt, Saudi Arabia, the UAE, and Malaysia. Investment in halal-related companies increased significantly, reaching $25.9 billion in 2022/23, a 128% year-on-year increase. The United States ranked #23 with a 17% year-on-year increase in 2022/23. Commenting on the 10th anniversary of the SGIE report, Rafi-uddin Shikoh, CEO and Managing Director of DinarStandard, said: "By the grace of Almighty God, the SGIE report has evolved into a global reference point, assessing the annual development of the Islamic economy across seven sectors globally while highlighting areas of potential growth. Over the past decade, the report has reached over 113,000 readers in 85 countries, with over 15,670 downloads and over 1,570 media mentions. Muslim spending has increased from $1.62 trillion in 2012 to $2.29 trillion a decade later. The SGIE report also highlights the social impact of the halal economy in achieving the United Nations' 17 Sustainable Development Goals (SDGs), including initiatives to address growing poverty and food security crises, and shows promising signs of impact. The SGIE 2023/24 report was produced in partnership with SalaamGateway.com, the largest Islamic economy news and media platform, and with the support of the Dubai Department of Economy and Tourism (DET). This year's report's global strategic partner is the US-based Halal Certification Agency.