The Economist conducted a study in 2012 showing that over 50% of businesses who catered to the Muslim consumer enjoyed an “annual growth in revenue of at least 5%, while 34% are registering higher than 15% growth. The same participants are sanguine about the future: over 60% of respondents foresee at least 5% growth in three years, while 43% envisage growth in revenue higher than 15%.”
From Best Buy running a simple Eid holiday greeting campaign which translated into a 13% increase in annual sales, to Walmart opening a store that caters to the Muslim community in Michigan, to Whole Foods’ introducing Saffron Road halal food products into their stores nationwide, it’s clear that there is real growing market potential that these corporations are tapping into.   Published research and studies are continuing to show that American Muslim consumers have over $170 billion in buying power, yet the market has yet to fully cater to this buying power by providing targeted products and services. With the current global Muslim population ballooning to 1.8 billion and growing rapidly, very few businesses can afford to ignore this demographic. More than 50% of the Muslim population is under the age of 25, accounting for 10% of the world’s population, and businesses are beginning to understand the vital need to engage this audience while the opportunity is at its peak.
The US Census Bureau reported that there were an estimated 6 million American Jews in 2008, while Zogby International estimated the number of Muslims to range up to 7 million in that same year, and yet a Muslim lifestyle network stated that for every halal product in the US there are 800 kosher products.  Therefore it’s easy to understand why a poll found 76% of American Muslims wishing American companies “would provide a wider range of products with specific appeal to the Muslim consumer.” 98% of companies don’t reach out to Muslim consumers, while over 80% of this population claims to be loyal to a product that supports Islamic identity.