Muslim consumer spending on cosmetics reached $92 billion in 2024, reflecting 5.8% growth from $87 billion in 2023, and is projected to reach $124 billion by 2029, representing a 6.3% CAGR over the forecast period, according to the State of the Global Islamic Economy 2025/26 report. India remains the largest Muslim cosmetics market globally, followed by Türkiye and Indonesia. 

Key trends have emerged over the last 12 months, including the Gulf’s overarching role in driving demand which is feeding into the premium beauty vertical and attracting investment. On the consumer side, buying behaviour is shifting across social, online, live commerce, and in-store discovery. Men’s grooming is emerging as a high-growth revenue stream across the OIC region. 

From a technology standpoint, AI-led research and development and personalization are speeding formulation and product development. Longevity and regenerative beauty are converging with biotech and clinic-led innovation, while sun care and climate-adaptive skincare are accelerating innovation for heat, humidity, and daily protection. Fragrance is evolving into wellness, emotion, and multisensory experiences. 

Halal beauty brands are scaling women’s empowerment through education, entrepreneurship, and leadership partnerships across OIC markets, while values and geopolitics are reshaping consumer trust and brand switching.

Trade exhibitions are becoming deal platforms that shape regional market access and investment across OIC member states. Africa’s beauty strategy is scaling through local ingredients, science-led brands, and global demand pull. 

The Organization of Islamic Cooperation (OIC) is a strong market for cosmetics, having imported $22.49 billion worth of cosmetics in 2024, rising 9.04% from $20.62 billion in 2023. The largest imported categories were skincare and makeup (24.97%), followed by fragrance blends (18.63%) and perfumes and body sprays (11.46%). 

Over the next five years, imports are projected to reach $35.46 billion by 2029, reflecting a CAGR of 9.54%. The UAE, Saudi Arabia, and Türkiye led OIC cosmetics imports at $5.07 billion, $2.88 billion, and $2.04 billion, respectively. France was the top supplying market in 2024, with exports worth $4.18 billion, followed by the UAE at $2.15 billion and China at $1.41 billion. 
 

Muslims spent $112 billion on pharmaceutical products alone in 2024, rising 4.3% year-on-year, with a view to reach $146 billion by 2029, according to the State of the Global Islamic Economy 2025/26 Report.

Muslim markets bolstering local pharma manufacturing has been the sector’s overarching theme, expanding cross-border partnerships, and advancing traditional medicine toward mainstream, regulated integration. At the same time, demand is moving upmarket into specialty therapeutics such as oncology, as well as prevention and longevity. 

Operationally, the sector is modernizing as countries institutionalize evidence-based traditional medicine through national strategies, standardized training, and hospital-based delivery models. 

Healthcare systems are also expanding beyond pharmaceuticals into integrated care models, reflecting a broader diversification of the halal health ecosystem. These developments signal a transition toward more holistic, scalable, and systemized healthcare delivery across Muslim-majority markets. 

In parallel, national trade and industrial policy are reshaping the competitive landscape. Governments are advancing halal pharmaceutical hub strategies, strengthening vaccine and biologics manufacturing alliances, and leveraging major health platforms to drive deals, financing, and cross-border collaboration. This reflects a growing emphasis on health sovereignty and intra-OIC trade, as countries build the production base, regulatory alignment, and partnership ecosystems needed to reduce Western import dependence. 

Innovation is emerging as a key differentiator, led by Gulf hubs investing in AI-enabled drug discovery, advanced manufacturing, and halal-by-design product development. These capabilities are accelerating the shift from adoption to localized innovation and export readiness. 

In 2025, Muslim-majority nations, including key GCC hubs, pushed the halal pharmaceutical value chain upmarket: scaling local manufacturing and cross-border partnerships, moving traditional medicine toward WHO-backed mainstream integration, attracting more funding and commercialization support.

Meanwhile, funding and commercialization platforms are accelerating scale-up across pharmaceuticals and biotech. Oncology therapies are expanding rapidly, supported by innovative launches and industry partnerships.

Longevity and preventive-tech are expanding the operational footprint beyond pharmaceuticals. Trade exhibitions and conventions are accelerating OIC/ Africa deal flow, investment, and collaboration. 

Advanced therapeutics and high-tech research and development partnerships are strengthening the ecosystem for next-generation medicine.

Immunization funding and health security financing are also scaling long-term protection systems. 

The widely documented Gaza genocide has prompted Muslim consumers to express their political postures through the power of their choice, resulting in shunning of Western F&B brands. Resultantly, a systemic reorientation of demand has helped create entry points for homegrown alternatives and local brands, according to the newly released State of the Global Islamic Economy 2025/26 report.   

Halal is shifting from a compliance label to a full consumer lifestyle proposition demanding product quality, ethical alignment, across all formats. 

Large-scale capital commitments from sovereign and institutional investors are driving the transition from opportunistic participation to strategic platform-building.

The creation of Sadia Halal - a $2.07 billion joint venture between Brazil’s MBRF and Saudi Arabia’s Public Investment Fund to produce the world’s largest halal chicken company - marks the clearest expression. Almarai’s $4.8 billion five-year plan and JBS’s $85 million Saudi expansion further reflect how red meat, poultry, and seafood are being consolidated under vertically integrated, regionally anchored platforms.

Operationally, the sector is shifting toward large-scale integrated infrastructure, with major investments such as Al Ghurair Foods’ poultry complex in Abu Dhabi, ABIS Group’s facility in Nigeria, and Malaysia’s expanding certified manufacturing base, alongside government-backed seafood infrastructure in Oman and Malaysia. 

Mutual recognition is also dissolving cross-border barriers, facilitating trade and positioning halal standards as tools of export competitiveness and economic diplomacy. 

Innovation is powering the space with advanced manufacturing, AI, and digital traceability, shifting halal food’s competitive frontier from certification access to technological capability. Almarai embedded computer-vision quality inspection on its poultry lines, Tanmiah introduced AI-driven poultry management and IoT monitoring, and Malaysia launched the fully digital MYeHALAL certification system. 

Indonesia’s mandatory online halal logo requirement and the OIC’s Fiqh Academy ruling on cultivated meat suggest how halal governance is preparing for the next frontier of food technology and supply-chain transparency. 

Social impact is becoming a measurable dimension of halal food policy, as governments prioritize inclusion-driven formalization over fee-based compliance. 

Numbers reflect the optimism and the sector’s wider role in the Islamic Economy ecosystem. Muslim consumer spending on food reached $1.5 trillion in 2024, reflecting 6.3% growth from 2023, and is projected to reach $2.1 trillion by 2029, representing a 6.2% CAGR over the forecast period.

Overall, Muslim consumers spend 17.4% of global market spending on food. Indonesia remains the largest Muslim food consumption market globally, followed by Bangladesh and Türkiye. 
 

It also includes direct export operations of Sadia Halal products to markets across the Middle East and North Africa. The assets were valued at $2.07 billion with net sales of $2.1 billion in the 12 months through June 2025, MBRF said last October. 

The agreement does not include MBRF’s assets based in Türkiye.

The launch of the company strengthens the kingdom’s presence as a hub for halal food production, innovation, and trade, the statement added. It also underscores Saudi’s attractiveness for strategic investment and industrial expansion on an international scale.

“Sadia Halal reflects the strength of the halal food sector in Saudi Arabia and supports reinforcing the kingdom’s position as a global hub serving local, regional, and international markets,” said Fahad bin Suliman Alnuhait, CEO of HPDC. 

HPDC, a subsidiary of Saudi Arabia's Public Investment Fund, will hold a minimum of 20% stake in the enterprise, with the right to bump it up to 40% ahead of the venture's anticipated IPO on the Saudi Tadawul market next year. 

MBRF operates in 117 countries and generates annual revenues of 120 billion Saudi riyals, on the back of eight million tonnes of production every year, serving more than 425,000 customers.