A Dubai Chamber report estimated spending on the global halal market segment at around $ 190 billion in 2018.A report using the latest data from MasterCard-Crescent Rating forecasts that the halal segment will grow at a cumulative annual rate of 5.9% to reach $ 300 billion. By 2026.
The report predicts that the number of Muslim travelers will rise from 140 million currently, accounting for 10% of total global tourism to 230 million from around the world by 2026, with an expected cumulative annual growth of 6.4%.
The report considered the digital transformation of young Muslims or those within the so-called "millennial" and "generation Z" a factor driving increased spending in this market. According to MasterCard-Crescent Rating, Muslim travelers' online spending was estimated at $ 45 billion in 2018, accounting for 24% of their total. The share is expected to increase steadily to about 60% of Muslim travelers' spending over the next eight years with an expected value of $ 180 billion as businesses seek to attract young people to make online purchases by adopting new technologies such as artificial intelligence and virtual reality.