India named largest halal cosmetics market

India named largest halal cosmetics market

India has topped the rankings of halal cosmetics markets in a report compiled by Thomson Reuters in association with Dinar Standard, according to a report published by The Financial Express.

The State of the Global Islamic Economy Report 2016-17 estimates the market’s value at US$4.7 billion. Russia came in second with a value of US$3.5 billion, followed by Indonesia (US$3.3 billion). Turkey (US$3.1 billion) and Malaysia (US$2.9 billion) were ranked fourth and fifth, tailed by Bangladesh in sixth position with a value of US$2.5 billion as of 2015.

Surprisingly, OIC (Organization of Islamic Cooperation) countries account for only 60 percent of the total halal cosmetics market, with a combined value of US$34 billion in 2015, versus US$22 billion for non-OIC countries.

Global Muslim spend on cosmetics was up 4 percent in 2015 on the previous year’s figures, reaching a value of US$56 billion. Muslim spend on cosmetics is expected to reach US$81 billion by 2021.