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‘Top 30 OIC Halal Products Companies 2023’ list, led by Indonesian, Malaysian, Saudi Arabian, and UAE firms

  • It is the first-ever ranking of OIC-based halal products companies, spanning halal food, pharmaceuticals, and cosmetics verticals.
  • Indonesia dominated the list with 15 companies, followed by Malaysia (5), Saudi Arabia (4), and the UAE (2).
  • Biofarma (Indonesia), Duopharma Biotech (Malaysia), Indofood (Indonesia), Paragon Technology and Innovation (Indonesia), and Al Islami (UAE) lead the list.
  • Muslim consumer spend across food, pharmaceuticals, and cosmetics verticals was estimated at US$1.595 trillion in 2022.

Salaam Gateway, in partnership with DinarStandard, has released a ranking of the top 30 halal products companies, domiciled in 57 member states of the OIC (Organization of Islamic Cooperation). 

The ‘Top 30 OIC Halal Products Companies 2023 list presents a roster of strong regional enterprises that are well-positioned to champion strategies for halal market growth from the trade bloc. The OIC markets represent the majority of the US$1.595 trillion global Muslim consumption of food, pharmaceuticals, and cosmetics.

The ranking features countries from Southeast Asia, South Asia, and the GCC, with Indonesia dominating the list with 15 companies. Malaysia ranked second with five firms, followed by Saudi Arabia (4) and the UAE (2). The companies were judged on their halal market initiatives and intra-OIC exports. 

Biofarma Indonesia, Southeast Asia’s largest vaccine producer, topped the rankings. Malaysia’s Duopharma Biotech, Indonesia’s Indofood CBP Sukses Makmur and Paragon Technology and Innovation (Wardah), and the UAE’s Al Islami rounded off the top five.

While Saudi Arabia is the largest importer of halal products globally, four companies on the list – Bateel, Savola, Almarai, and Americana – highlight the strong potential of domestic champions emerging to play a role in the halal products market globally. 

Among commodities, palm oil emerged as one of the most important vis-à-vis OIC exports. Halal vaccines and bio-pharmaceuticals also emerged strongly on the list, having gained momentum since the outbreak of the COVID-19 pandemic. Meanwhile, notable halal cosmetics companies, such as Paragon and Martha Tilaar, found space in the ranking.

Rafi-uddin Shikoh, managing partner of DinarStandard, said: “Across the leading OIC-member countries, there is a clear recognition of the halal products market as part of national economic growth policies, increasing focus on food and medicinal security, and halal compliance integrity. This ‘Top 30 OIC Halal Products Companies’ list is meant to highlight the champions from their domestic ecosystems to realize these strategic objectives.”

Southeast Asian halal products companies established their dominance on the list, having leveraged a formidable Muslim population, rising consumer awareness, regional trade ties, and conducive regulations overseeing local halal industries. Burgeoning government-led initiatives for food stability, a rise in homegrown brands, and a thriving, well-versed population are also augmenting GCC halal industry companies. 

Observations suggest that increasing halal products awareness and compliance beyond the food space have been rising steadily over the years, particularly in Southeast Asia. Additionally, more companies are integrating ESG (environment, social, and governance) elements as well as ‘halal’ certifications within their business value proposition.

The ‘Top 30 OIC Halal Products Companies’ list can be viewed here

About DinarStandard

DinarStandard™ is a growth strategy research and execution management firm, empowering organizations for profitable and responsible global impact. 

DinarStandard specializes in government innovation, global halal/ethical economy and the social impact space. (DinarStandard is part owner of the Salaam Gateway platform.)

About Salaam Gateway

Salaam Gateway is the world’s leading news and insights platform on the global Islamic economy.
The platform covers original insights from the halal industry, Islamic finance, and Islamic lifestyle sectors, with an eye on key producer and consumer markets.

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