In 2020, Indonesia recorded the largest population of Muslims worldwide, with around 239 million. This was followed with around 226.88 million Muslims in Pakistan and 213 million Muslims in India.

In 2024, Nigeria had the largest Muslim population in Africa, with around 105 million people who belonged to an Islamic denomination. Egypt and Algeria followed with 90.4 million and 39.4 million Muslims, respectively. Muslims have a significant presence in Africa, with an estimated 50 percent of the continent's population identifying as Muslim. The spread of Islam in Africa began in the 7th century with the arrival of Arab traders, and it continued through Islamic scholars and missionaries.

Associated with manuscript titled: Fifty Muslim-majority countries have fewer COVID-19 cases and deaths than the 50 richest non-Muslim countriesThe objective of this research was to determine the difference in the total number of COVID-19 cases and deaths between Muslim-majority and non-Muslim countries, and investigate reasons for the disparities. Methods: The 50 Muslim-majority countries had more than 50.0% Muslims with an average of 87.5%. The non-Muslim country sample consisted of 50 countries with the highest GDP while omitting any Muslim-majority countries listed. The non-Muslim countries’ average percentage of Muslims was 4.7%. Data pulled on September 18, 2020 included the percentage of Muslim population per country by World Population Review15 and GDP per country, population count, and total number of COVID-19 cases and deaths by Worldometers.16 The data set was transferred via an Excel spreadsheet on September 23, 2020 and analyzed. To measure COVID-19’s incidence in the countries, three different Average Treatment Methods (ATE) were used to validate the results. Results published as a preprint at https://doi.org/10.31235/osf.io/84zq5(15) Muslim Majority Countries 2020 [Internet]. Walnut (CA): World Population Review. 2020- [Cited 2020 Sept 28]. Available from: http://worldpopulationreview.com/country-rankings/muslim-majority-countries (16) Worldometers.info. Worldometer. Dover (DE): Worldometer; 2020 [cited 2020 Sept 28]. Available from: http://worldometers.info

The average for 2013 based on 46 countries was 43.9 percent. The highest value was in Algeria: 100 percent and the lowest value was in Angola: 0 percent. The indicator is available from 1960 to 2013. Below is a chart for all countries where data are available.

Islam is the major religion in many African countries, especially in the north of the continent. In Comoros, Libya, Western Sahara, at least 99 percent of the population was Muslim as of 202. These were the highest percentages on the continent. However, also in many other African nations, the majority of the population was Muslim. In Egypt, for instance, Islam was the religion of 79 percent of the people. Islam and other religions in Africa Africa accounts for an important share of the world’s Muslim population. As of 2019, 16 percent of the Muslims worldwide lived in Sub-Saharan Africa, while 20 percent of them lived in the Middle East and North Africa (MENA) region. Together with Christianity, Islam is the most common religious affiliation in Africa, followed by several traditional African religions. Although to a smaller extent, numerous other religions are practiced on the continent: these include Judaism, the Baha’i Faith, Hinduism, and Buddhism. Number of Muslims worldwide Islam is one of the most widespread religions in the world. There are approximately 1.9 billion Muslims globally, with the largest Muslim communities living in the Asia-Pacific region. Specifically, Indonesia hosts the highest number of Muslims worldwide, amounting to over 200 million, followed by India, Pakistan, and Bangladesh. Islam is also present in Europe and America. The largest Islamic communities in Europe are in France (5.72 million), Germany (4.95 million), and the United Kingdom (4.13 million). In the United States, there is an estimated number of around 3.45 million Muslims.

In 2024, Nigeria accounted for 7.08 percent of the global Muslim population, the highest share among African countries. Egypt and Algeria followed, with shares of 6.12 percent and 2.67 percent, respectively. Islam has a significant presence in Africa, with an estimated 50 percent of the continent's population identifying as Muslim. The spread of Islam in Africa began in the 7th century with the arrival of Arab traders, and later continued through Islamic scholars and missionaries.

In 2023, it was estimated that approximately ** percent of the Indonesian population were Muslim, accounting for the highest share of Muslims in any Southeast Asian country. Indonesia also has the world's largest Muslim population, with an estimated *** million Muslims. Demographics of Indonesia The total population of Indonesia was estimated to reach around *** million in 2028. The median age of the population in the country was at an all-time high in 2020 and was projected to increase continuously until the end of the century. In 2020, the population density in Indonesia reached its highest value recorded at about ***** people per square kilometer. Shopping behavior during Ramadan in Indonesia Nearly all Muslims in Indonesia celebrated Ramadan in 2022. During the month of Ramadan, ** percent of Indonesian users utilized online applications to order food. Many Indonesians planned to shop online or offline during Ramadan, with around ** percent of online users planning to purchase fashion wear and accessories. Shopee was the most used app for shopping purposes during that period.

Muslim Ingredients Market Outlook

The global Muslim ingredients market size is projected to grow from USD 1.9 billion in 2023 to USD 3.5 billion by 2032, at a compound annual growth rate (CAGR) of 7.2%. The burgeoning Muslim population, coupled with increasing awareness and demand for halal-certified products, is a key growth factor driving this market.

The rising Muslim population globally is one of the primary drivers of the Muslim ingredients market. As of 2023, Muslims constitute about 24% of the worldÂ’s population, and this demographic is expected to grow significantly over the next decade. This growth is predominantly seen in regions such as the Asia-Pacific, Middle East, and Africa. The increasing Muslim population naturally leads to a higher demand for halal products, including food, beverages, pharmaceuticals, and cosmetics. A deeper understanding and adherence to religious dietary laws have further solidified the importance of incorporating halal ingredients in daily consumption.

The surge in disposable income among Muslim consumers has also played a pivotal role in the market's expansion. Improved economic conditions in countries with significant Muslim populations, such as Indonesia, Malaysia, Saudi Arabia, and UAE, have led to increased spending on premium halal-certified products. This trend is particularly evident in the food and beverage sector, where consumers are willing to pay a premium for assurance of quality and compliance with Islamic dietary laws. Consequently, manufacturers are increasingly investing in halal certification and aligning their products with Islamic principles to tap into this lucrative market.

Technological advancements and innovation in the processing and certification of halal products have further bolstered market growth. The introduction of blockchain technology for halal certification ensures transparency, traceability, and authenticity, thus gaining consumer trust. Additionally, advancements in food science have enabled the development of new halal-friendly ingredients, expanding the range of available products. Companies investing in research and development are better positioned to cater to the evolving preferences of Muslim consumers and gain a competitive edge in the market.

Halal Food plays a pivotal role in the Muslim ingredients market, as it aligns with the religious and cultural practices of Muslim consumers. The demand for halal food is not only limited to Muslim-majority countries but is also gaining traction in regions with growing Muslim populations, such as Europe and North America. This trend is driven by the increasing awareness of halal food as a symbol of quality and ethical production, appealing to both Muslim and non-Muslim consumers. The assurance of halal certification provides consumers with confidence that the food products adhere to strict Islamic dietary laws, which is crucial for maintaining religious observance. As a result, food manufacturers are increasingly investing in halal certification to cater to this expanding market segment and capitalize on the growing demand for halal food products globally.

Regionally, the Asia-Pacific holds the largest market share, driven by countries like Indonesia and Malaysia, where the majority of the population adheres to Islamic dietary laws. North America and Europe are also witnessing increased demand for halal products, fueled by the growing Muslim immigrant population and rising awareness among non-Muslim consumers about the benefits of halal-certified products. The Middle East and Africa region, with its predominantly Muslim population, remains a critical market, contributing significantly to the global revenue.

Product Type Analysis

The product type segment of the Muslim ingredients market comprises halal meat, halal dairy products, halal beverages, halal confectionery, halal nutraceuticals, and others. Halal meat holds a significant share in this segment due to the stringent religious guidelines governing meat consumption in Islam. The demand for halal meat is particularly high in regions with large Muslim populations, such as the Middle East, North Africa, and Southeast Asia. Companies are increasingly focusing on ensuring that their meat products are certified halal to cater to this growing demand. The advent of online meat delivery services has further propelled the growth of this segment.

Halal dairy products, including milk, cheese, and yogurt, are another crucial segment that has see

The average for 2013 based on 27 countries was 12.7 percent. The highest value was in Turkey: 99 percent and the lowest value was in Belarus: 0 percent. The indicator is available from 1960 to 2013. Below is a chart for all countries where data are available.

This statistic shows the estimated number of Muslims living in different European countries as of 2016. Approximately **** million Muslims were estimated to live in France, the most of any country listed. Germany and the United Kingdom also have large muslim populations with **** million and **** million respectively.

This statistic shows the estimated Muslim share of the population in different European countries as of 2016. With a Muslim population that makes up around a quarter of it's population, Cyprus has the highest estimated share of Muslims living in its borders. The Muslim share of the Bulgarian and French populations is also quite high with 11.1 and 8.8 percent shares respectively. Portugal, Romania, Czechia and Poland have the lowest Muslim shares of the population at under one percent.

The average for 2013 based on 11 countries was 0 percent. The highest value was in Argentina: 0 percent and the lowest value was in Argentina: 0 percent. The indicator is available from 1960 to 2013. Below is a chart for all countries where data are available.

Singapore Population: Religion: Female: Islam data was reported at 233.800 Person th in 2015. This records an increase from the previous number of 231.478 Person th for 2010. Singapore Population: Religion: Female: Islam data is updated yearly, averaging 231.478 Person th from Jun 2000 (Median) to 2015, with 3 observations. The data reached an all-time high of 233.800 Person th in 2015 and a record low of 185.804 Person th in 2000. Singapore Population: Religion: Female: Islam data remains active status in CEIC and is reported by Department of Statistics. The data is categorized under Global Database’s Singapore – Table SG.G002: Population by Religion .

Population: by Religion: Muslim data was reported at 300.000 Person th in 2017. This stayed constant from the previous number of 300.000 Person th for 2016. Population: by Religion: Muslim data is updated yearly, averaging 90.000 Person th from Dec 1997 (Median) to 2017, with 21 observations. The data reached an all-time high of 300.000 Person th in 2017 and a record low of 70.000 Person th in 2004. Population: by Religion: Muslim data remains active status in CEIC and is reported by Hong Kong Yearbook. The data is categorized under Global Database’s Hong Kong – Table HK.G011: Population: By Religion.

Officially Taiwan has only 60,000 Muslim population, which constitutes only 0.2 % of the total population of Taiwan but many Muslims from countries like Indonesia, Myanmar, Malaysia, Turkey, Pakistan, India, and countries from Africa and the Middle East are part of the workforce which was estimated up to 254,000 in 2015. Interestingly, the number of local Muslims is less than those who came here to work or to study. There are about 7 mosques in Taiwan but it also has many other places where people can perform daily prayers.

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.

The Comparative Values Survey of Islamic Countries is a subset of the "https://www.worldvaluessurvey.org/wvs.jsp" Target="_blank">World Values Survey that was conducted from 1999 to 2006 and examines the beliefs, attitudes and behaviors of individuals in fifteen nations with Islamic majorities. Representative samples of each nation's population are surveyed on their opinions regarding religion, politics, gender roles, well-being and numerous other issues concerning social values and morality.

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...

Census: Population: by Religion: Muslim: Karnataka: Female data was reported at 3,885,194.000 Person in 03-01-2011. This records an increase from the previous number of 3,160,545.000 Person for 03-01-2001. Census: Population: by Religion: Muslim: Karnataka: Female data is updated decadal, averaging 3,522,869.500 Person from Mar 2001 (Median) to 03-01-2011, with 2 observations. The data reached an all-time high of 3,885,194.000 Person in 03-01-2011 and a record low of 3,160,545.000 Person in 03-01-2001. Census: Population: by Religion: Muslim: Karnataka: Female data remains active status in CEIC and is reported by Office of the Registrar General & Census Commissioner, India. The data is categorized under India Premium Database’s Demographic – Table IN.GAE003: Census: Population: by Religion: Muslim.

Islamic Financing Market Outlook

In 2023, the global Islamic financing market size was estimated to be approximately USD 2 trillion, with a projected compound annual growth rate (CAGR) of 10% between 2024 and 2032. The market is expected to reach around USD 4.7 trillion by 2032, driven by robust growth factors including rising interest in ethical financing, increasing Muslim population, and supportive government regulations.

The growth of the Islamic financing market can largely be attributed to the increasing demand for Sharia-compliant financial instruments. As awareness about the principles and benefits of Islamic finance grows, both among Muslims and non-Muslims, the demand for ethical and interest-free financial products continues to rise. Additionally, governments in Muslim-majority countries are implementing supportive regulations and policies to promote Islamic finance, further fueling its growth. This regulatory support creates a conducive environment for the development and expansion of Islamic financial institutions and products, attracting more investors and customers.

Another significant growth factor is the increasing Muslim population worldwide. As the number of Muslims continues to rise, so does the demand for financial services that comply with Islamic law. This demographic trend is particularly noticeable in regions such as Asia Pacific and the Middle East, where a significant portion of the population adheres to Islamic principles. Financial institutions in these regions are increasingly tailoring their products and services to meet the specific needs and preferences of Muslim consumers, thereby driving market growth.

Technological advancements are also playing a crucial role in the growth of the Islamic financing market. The integration of technology in financial services, known as fintech, is transforming the way Islamic financial products are delivered and consumed. Fintech solutions are making it easier for consumers to access Islamic financial services, reducing the cost of transactions, and increasing efficiency. This technological revolution is enabling Islamic financial institutions to reach a broader audience and provide more innovative and competitive products.

As the Islamic financing market continues to grow, there is an increasing focus on the use of Muslim Ingredients in various financial products and services. These ingredients, which adhere to Islamic principles, ensure that all financial transactions are conducted in a manner that is compliant with Sharia law. This includes the prohibition of interest (riba) and the requirement for risk-sharing and ethical investment practices. By incorporating Muslim Ingredients into their offerings, financial institutions can appeal to a broader audience seeking ethical and Sharia-compliant solutions. This approach not only aligns with the values of Muslim consumers but also attracts non-Muslims interested in ethical finance, thereby expanding the market reach and potential for growth.

Regionally, the Middle East & Africa is the largest market for Islamic financing, accounting for a significant share of the global market. The region is home to several Muslim-majority countries where Islamic finance is deeply rooted in the culture and financial system. Asia Pacific is another major market, driven by large Muslim populations in countries such as Indonesia and Malaysia. North America and Europe are also witnessing growth in Islamic financing, albeit at a slower pace, as financial institutions in these regions recognize the potential of this market and begin to offer Sharia-compliant products.

Financial Instrument Analysis

The Islamic financing market is segmented by financial instruments, including Murabaha, Ijara, Mudarabah, Musharakah, Sukuk, and others. Murabaha is a cost-plus-profit financing structure where the seller discloses the cost and profit margin to the buyer. It is widely used due to its simplicity and compliance with Sharia law. In Murabaha transactions, the bank purchases an asset on behalf of the customer and then sells it to the customer at a predetermined profit margin. This structure is commonly used for trade financing, real estate, and personal financing.

Ijara is another popular Islamic financial instrument, akin to a lease agreement. In an Ijara transaction, the bank buys and leases out an asset to the customer for a fixed rental payment. The ownership of the asset remains with the bank, but the customer has the