According to a new report by Dubai Authorities and Thomson Reuters through the Global Islamic Economy Summit 2015, the demand for halal cosmetics is growing both with Muslims and globally.
The global Muslim market comes in at fourth place at US $46 billion, following the US at number one with $81 billion, Japan, US $77 billion, and China, with US $49 billion. According to the report the demand for halal products is greater than total sales in Germany and India.
It seems that many of the big names have also made moves to capitalize on the growing sector, with the likes of Estée Lauder blazing an acquisition trail of companies aimed at Asian consumers. L’Oréal, for example, has acquired Chinese make-up and skincare brand Yue-Sai in a bid to expand in the East.
Indeed, such is the strength of the Halal market that it is thought to be used as a way to bolster cosmetic brands in countries such as Malaysia that, despite having a mostly Muslim population, has a weaker cosmetics market. There is high competition amongst local and global brands however local brands, such as SimplySiti, are thought to be among the ones aligning themselves with the Halal title in order to get a boost as preferred cosmetic brands in the country.
According to the report, the countries with the highest Muslim consumer expenditure is led by United Arab Emirates with US $4.9 billion, Turkey with US $4.4 billion, India with US $3.5 billion, Russia and Indonesia with US $3.4 billion and Malaysia with US $2.6 billion.