Islamic pound is demanding credibility from today's consumer brands
A new trend is emerging among consumers, one that emphasises the importance of ethical consumption. Over the past 20 years, Muslim consumers have been searching for brands and products that speak to their religious identity. According to the seventh edition of the State of the Global Islamic Economy report published last week, Muslims spent $2.2 trillion last year on food, pharmaceuticals and lifestyle products and services. This is set to rise to $3.2 trillion by 2024. With the majority of Muslims under the age of 30 and many living in countries with large consumer markets, such as Indonesia, Malaysia and the UAE, there is immense potential for the global community. Halal brands are now finding their way into a wider consumer beauty movement seeking cruelty-free, animal-free products.
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