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.

Besides Duopharma Biotech, Malaysian companies that made it to the ranking include agri-business conglomerate FGV Holdings Berhad, integrated pharmaceutical company Pharmaniaga, palm oil producer IOI Corporation Berhad, and fast-food chain Marrybrown.

Among commodities, palm oil was heralded as one of the most important vis-à-vis OIC exports. Halal vaccines and biopharmaceuticals 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, an 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 as part of their business value proposition.