This statistic displays the projected Muslim population of Europe from 2010 to 2050, compared with that of non-Muslims. For the 2050 projections, three different scenarios are presented, one for zero migration to Europe, one for medium migration and the last for a high level of immigration. In the scenario where zero-migration occurs the total non-Muslim population of Europe would actually decrease from ****** million people to ****** million people. In the high migration scenario, Muslims are predicted to number ***** million people, in which the total non-Muslim population of Europe is ****** million.

This statistic displays the projected Muslim population proportions in selected European countries in 2050, by scenario. In 2010 the proportion of Muslims in the population of Germany was *** percent, compared with *** percent in the UK and *** percent in France. Depending on the different migration scenarios estimated here, Germany's share of Muslims in the population could rise up to **** percent of it's population by 2050, higher than both the UK and France, with projected Muslim populations of **** and ** percent respectively.

In 2020, around **** percent of the Iranian population identified as Muslim. Around ** percent identified as Shia Muslims in the same year, while a much smaller share followed the Sunni Muslim religion. In Iran, most Sunni Muslims belong to ethnic minority groups. Iran’s demographics The total population in Iran has grown steadily and is expected to surpass ** million in 2028. The vast majority of the population in the country was between 15 and 64 years of age. At the same time, the share of people aged above 64 increased in recent years and constituted over ***** percent of the total population. Muslim population worldwide In Europe, it was estimated that the Muslim population could triple by the middle of the century. In Southeast Asia, Indonesia had the largest share of Muslims as a proportion of its population. On the African continent, the highest number of Muslims was estimated in Nigeria, with close to a hundred million Islam followers. In the United States, less than one percent of the population identified as Muslims.

Europe Halal Foods And Beverages Market size was valued at USD 15.45 Billion in 2024 and is projected to reach USD 26.55 Billion by 2032, growing at a CAGR of 5.20% from 2026 to 2032.

Key Market Drivers:

Rising Muslim Population in Europe: The growing Muslim population in Europe has significantly driven the demand for halal-certified foods and beverages, as adherence to Islamic dietary laws becomes a priority. According to the Pew Research Center, Muslims accounted for approximately 4.9% of Europe’s total population in 2021 and are projected to reach 7.4% by 2050.

Supportive Government Policies and Certifications: Governments in Europe are actively promoting the standardization of halal certification processes to ensure transparency and boost consumer confidence in halal products. The European Commission reported in 2022 that over 30% of food exports from Europe to Islamic countries are halal-certified, reflecting robust internal halal compliance.

According to Cognitive Market Research, the global Islamic Financing market size will be USD 2514.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 10.50% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 1005.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 754.26 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 578.27 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.5% from 2024 to 2031.
The Latin American market will account for more than 5% of global revenue and have a market size of USD 125.71 million in 2024. It will grow at a compound annual growth rate (CAGR) of 9.9% from 2024 to 2031.
The Middle East and Africa held the major markets, accounting for around 2% of the global revenue. The market was USD 50.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.2% from 2024 to 2031.
The Individual held the highest Islamic Financing market revenue share in 2024.

Market Dynamics of Islamic Financing Market

Key Drivers of Islamic Financing Market

Growing Muslim Population to Increase the Demand Globally

The growing Muslim population globally is expected to significantly increase the demand for Islamic financial products and services in the coming years. With Muslims comprising a substantial portion of the world's population, estimated to reach nearly 30% by 2050 according to demographic projections, there is a natural market for Sharia-compliant banking and investment solutions. As incomes rise and financial literacy improves in Muslim-majority countries and beyond, more individuals and businesses are seeking financial services that align with their religious beliefs and ethical values. Moreover, the increasing affluence and urbanization among Muslim populations contribute to a greater demand for sophisticated financial products, including Islamic mortgages, savings accounts, and investment funds. This growing demand is wider than in Muslim-majority countries. Still, it extends to Muslim communities and individuals residing in non-Muslim-majority countries, as well as non-Muslims who are attracted to the ethical principles and risk-sharing mechanisms inherent in Islamic finance.

Economic Development in Muslim-majority Countries to Propel Market Growth

Economic development in Muslim-majority countries is poised to propel significant growth within the Islamic finance market. As these countries experience robust economic growth, driven by factors such as population growth, urbanization, and natural resource wealth, a corresponding demand for sophisticated financial services that comply with Islamic principles emerges. This demand stems from both individuals and businesses seeking ethical and Sharia-compliant financial solutions to meet their diverse needs. Moreover, the expanding middle class within these countries signifies an increasing appetite for diverse banking and investment products, including Islamic mortgages, savings accounts, and investment funds. As disposable incomes rise and financial literacy improves, more people are turning towards Islamic finance as a viable alternative to conventional banking, recognizing its alignment with their religious beliefs and ethical values.

Restraint Factors Of Islamic Financing Market

Limited Product Offering to Limit the Sales

The limited product offering within the Islamic finance market poses a significant challenge, potentially constraining sales and market growth. Compared to conventional banking, Islamic finance products and services are often more specialized and may only cover part of the spectrum of financial needs for individuals and businesses. This limited range of options can deter potential customers who require a broader array of financial solutions. One of the primary reasons for the limited product offering is the adherence to Sharia principles, which prohibit certain financial activities such as interest (riba) and speculative transactions (gharar). While Islamic finance emphasizes ethical and socially responsible investing, it also imposes constraints on product innovation and development, particularly in areas where conventional finance has mo...

Christianity is the major religion in numerous African countries. As of 2024, around 96 percent of the population of Zambia was Christian, representing the highest percentage on the continent. Seychelles and Rwanda followed with roughly 95 percent and 94 percent of the population being Christian, respectively. While these countries present the highest percentages, Christianity was also prevalent in many other African nations. For instance, in South Africa, Christianity was the religion of nearly 85 percent of the people, while the share corresponded to 71 percent in Ghana. Religious variations across Africa Christianity and Islam are the most practiced religions in Africa. Christian adherents are prevalent below the Sahara, while North Africa is predominantly Muslim. In 2020, Christians accounted for around 60 percent of the Sub-Saharan African population, followed by Muslims with a share of roughly 30 percent. In absolute terms, there were approximately 650 million Christians in the region, a number forecast to increase to over one billion by 2050. In contrast, Islam is most prevalent in North Africa, being the religion of over 90 percent of the population in Algeria, Morocco, Tunisia, and Libya. Christianity in the world As opposed to other religions, Christianity is widely spread across continents worldwide. In fact, Sub-Saharan Africa, Latin America and the Caribbean, and Europe each account for around 25 percent of the global Christian population. By comparison, Asia-Pacific and North America make up 13 percent and 12 percent of Christians worldwide, respectively. In several regions, Christians also suffer persecution on religious grounds. Somalia and Libya presented the most critical situation in Africa in 2021, reporting the strongest suppression of Christians worldwide just after North Korea and Afghanistan.

Schätzungsweise rund 50 Millionen Muslime leben im Jahr 2020 in Europa. Damit machen Europäer muslimischen Glaubens nur einen kleinen Teil der muslimischen Weltbevölkerung aus, zu der im Jahr 2020 mehr als 1,9 Milliarden Menschen zählen. Damit ist der Islam nach dem Christentum die zweitgrößte Religion der Welt. Bis zum Jahr 2050 prognostiziert die Quelle einen Anstieg auf über 2,7 Milliarden Muslime weltweit, während zu diesem Zeitpunkt etwa 71 Millionen Menschen muslimischen Glaubens in Europa leben werden. Auch relativ gesehen steigt der Anteil von Menschen muslimischen Glaubens an der Gesamtbevölkerung - sowohl in Europa, als auch weltweit.