For decades, many Western company failed to appreciate the unique needs of Muslim consumers, marketing experts say. Worse, some companies offended potential customers by not understanding religious sensitivities. But as the Islamic population has grown in size and affluence — there are now 1.57 billion Muslims worldwide — more multinationals are seeking to tap into the market.

Instead of simply importing products and advertising from the West, companies are increasingly developing marketing campaigns — and formulating products themselves — with Muslims firmly in sight.

“Islamic marketing,” some experts say, is the next wave in branding, and now, as the holy month of Ramadan begins, activity is surging.

“For the last few years, it’s been China and India,” said Paul Temporal, an associate fellow at the Said Business School at the University of Oxford. “The next big market is the Muslim market. There’s this huge group of people who have been relatively untapped in terms of what they want and need, and they represent a tremendous opportunity.”

John Goodman, Ogilvy & Mather’s regional director for South and Southeast Asia, is more blunt: “It’s like being in 1990 and telling people that China doesn’t matter. Twenty years ago you might have said that, but now you’re being foolish.”