The Thrive 2025 – North America Muslim Market Report, produced by DinarStandard in partnership with Muslimi and the American Muslim Consumer Consortium (AMCC), reveals a dynamic ecosystem of Muslim-led innovation transforming the U.S. and Canadian economies. From the surge of Yemeni-inspired coffeehouses like Qahwah House, Haraz, and Qamaria, to the rise of ethical consumer platforms such as Boycat and Zeteo, the report highlights how North American Muslim entrepreneurs are driving mainstream trends rooted in authenticity, ethics, and creativity.

“This report is both a mirror and a map—reflecting a confident, values-driven market and charting practical steps for business leaders to engage it.” —

Rafi-uddin Shikoh, CEO and Managing Partner of DinarStandard

A Powerful Economic Force Muslims in North America represent a combined consumer market of $186 billion, with $170.8 billion spent in the United States and $15.8 billion in Toronto’s Census Metropolitan Area (CMA). Muslim-owned small and medium enterprises (SMEs)—defined as those generating between $0.5 million and $50 million annually—number 57,016 firms across both markets, generating $55.8 billion in revenue (U.S. $46.9 billion; Toronto CMA $8.9 billion).

These firms are concentrated in: -Infrastructure and support services (44%)

• Lifestyle, wellness, and consumer markets (35%)

• Finance and impact sectors (~10%)

• Media and creative industries (~3–4%)

Geographically, they are clustered in California, Toronto, Texas, Florida, and New York, which together account for two-thirds of the top-performing regions.

A Young, Diverse, and Values-Driven Demographic The report estimates 7.47 million Muslims in the U.S. and 725,000 in the Toronto CMA—a population younger and more diverse than national averages.

• In the U.S., 77% are under 50 (median age 34).

• In Toronto, 25% are under 15 (median age 32).

Ethnically, the Muslim population is a mosaic—ranging from Asian (36%), White (34%), and Black/African American (25%) in the U.S., to South Asian (52%), West Asian (15%), and Arab (13%) in Toronto.

Survey Findings:

Islamic Values Drive Purchasing A North America-wide consumer survey found that Islamic values are central to purchasing decisions, rated “very or extremely important” for: -Food & dining (59%)

• Education (52%)

• Clothing (52%)

• Media (49%)

• Pharmaceuticals (46%)

• Travel (45%)

• Cosmetics (43%)

Top unmet needs include housing finance (39%), investments/savings (34%), and personal insurance/pensions (34%), pointing to significant opportunities for Islamic finance and ethical financial innovation.

The Thrive 5: Muslim Consumer Personas

The report introduces the “Thrive 5” framework, segmenting North American Muslims into five consumer personas:

1. Rooted Pragmatists – faith-anchored, financially secure first-generation Muslims

2. Integrated Modernists – balancing lifestyle aspirations with Islamic values

3. Digital Natives – Gen Z Muslims merging faith and digital culture

4. Mindful Achievers – career-driven Millennials balancing family and purpose

5. Established Strategists – older, stability-focused Muslims seeking trusted guidance

Case Studies: Muslim-Led Innovation in Action

The report features 15 case studies showcasing leadership and innovation from organizations including Pillars Fund, ShariaPortfolio, Manzil, Maple Leaf Foods, Crescent Foods, Haute Hijab, Edible Arrangements, Shah’s Halal Food, Qahwah House, Flora & Noor, LaunchGood, Humaniti, Muzz, Boycat LLC, and Replit. These success stories illustrate the growing influence of Muslim entrepreneurs in redefining ethical finance, purpose-driven philanthropy, inclusive fashion, halal food innovation, and values-based media. Together, they underscore how Muslim-led ventures are setting new standards for impact-driven business in North America.

Actionable Insights for Business Leaders

The report’s Growth Playbook converts insight into action, including: -49 ready-to-launch business opportunities across five tracks.

• 20 AI optimization recommendations to enhance trust and efficiency

• A capital and finance toolkit

• 10 high-growth halal export markets and the top 10 export products.

• A directory of 163 content creators shaping Muslim consumer culture.

Shaping an Inclusive Economic Future

From halal food brands like Crescent Foods and Saffron Road to fintech innovators like Zoya and Manzil, North America’s Muslim entrepreneurs are redefining ethical business models—blending spiritual values with global competitiveness.

NAMMS25 Executive Summary.pdf

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© 2025 DinarStandard™, Muslimi, and AMCC. All rights reserved. Distribution of this publication is prohibited. Any citation must include full attribution to the original publishers.