Reuters
Bain & Company collaborated with Thomson Reuters on the following session briefing for the November 2013 Global Islamic Economy Summit in Dubai.
Muslims around the world are composed of many different cultures, languages, and levels of affluence; yet, they are unified by a common belief system and Islamic guidelines embedded in various aspects of daily life. There are a few recent trends characterizing Muslim populations worldwide, such as a young and rapidly growing population with increasing spending power. In addition, Muslims are expected to exhibit a wider geographic presence and are increasingly seeking out halal products that comply with Shariah law. This has prompted the emergence of halal or Islamic subsectors over the last decades with increasingly more segments on the rise.
Today, 1.62 billion Muslims comprise more than one fifth of the world's population. By 2030, this number is expected to reach 2.2 billion, or 27% of expected total global population. This rate of growth of Muslim population is expected to be 1.6%, more than double of the rate of growth of the non-Muslim population of 0.7%, over the same period.
In addition, the population in Muslim countries is relatively younger than the rest of the world. For example, around 32% of people in Muslim-majority countries are below 15 years of age, compared to 16% and 28% in more developed non-Muslim-majority countries and less developed ones, respectively.
The faster rate of growth, and younger demographics, are attributed to a generally higher fertility rate, and to the more recent improvements in health and economic conditions, as well as a rising life expectancy in predominantly Muslim countries. For example, life expectancy at birth of Indonesia rose from 67 years in 2000 to 70 years in 2011, a rate of 0.4% annually compared with 0.2% and 0.3% for the United States and Switzerland, respectively.