Halal cosmetics market increased in Indonesia and Pakistan

RELIGIONS NEWS AGENCY (REDNA) – An Indonesian official said investment in halal cosmetics is rapidly growing and it has created a golden economic opportunity for Indonesia and Pakistan.

The Ambassador of Indonesia to Pakistan Mr. Adam M. Tugio, the Islamabad Post reported, added Indonesia and Pakistan must must accelerate bilateral cooperation and research efforts to gain benefits from halal cosmetics market.

He said the halal cosmetic market is rapidly increasing its share every year and creating number of investment opportunities with healthy future growth prospects.

Addressing the International Conference on Islamic Economy and Halal Cosmetics on Nov 20, he stated the popularity of Halal products is not confined to Muslim countries alone but also attracting a wide range of non-Muslim consumers with its high quality standard and certification methods supported by high consumer awareness of healthy and green products.

The conference was organized by the University of Faisalabad (TUF).

He said that the global halal cosmetics market is projected to grow from $33.3 billion in 2021 to $77.34 billion by 2028 with a growth rate of 12.75% between 2021-2028 while Indonesia’s $4.19 bn halal cosmetics industry is expected to grow by nearly 8% a year until 2025 with a target to become the halal industry center in 2024.

The envoy said that the global halal cosmetics market size is projected to reach USD 83.76 billion by 2030 with growth rate of 12% from 2022 to 2030 and market size of beauty and personal care in Indonesia alone will reach about US $7 billion in 2023.

Considering the positive market trends, the Ambassador stressed that Indonesia-Pakistan must expand cooperation in this exclusive Halal industry since both countries are  located in Asia-Pacific region, which is home to about 62.1% of the world’s Muslim population.