Saudi Arabia
Market overview: The halal pharmaceutical sector in Saudi Arabia has been experiencing significant growth in recent years. And has a significant potential for growth, driven by a combination of factors such as a growing Muslim population, increasing demand for halal-certified products, and favorable government policies and regulations.
Market Size: Saudi Arabia has a population of 37 million of which 97% are Muslims
Market Potential: Saudi Arabia Ranks second in terms of Pharmaceuticals Muslim Consumer Market Size hitting $9 Bn in 2021 and is expected to grow at a compound annual growth rate (CAGR) of around 6% between 2021 and 2026. Within this market, the halal pharmaceutical sector is expected to grow at an even faster rate, driven by the increasing demand for halal-certified products and the country’s efforts to promote and develop the halal industry. Saudi Arabia is also the number one OIC Importer of Pharmaceuticals with $5.61 Bn in 2020
Market Activity: Overall, the halal pharmaceutical market activity in Saudi Arabia is expected to continue to grow in the coming years, with several local, and international pharmaceutical companies establishing operations in the country to produce halal medicines.