Dubai: With a market size of Dhs205.5 billion ($56 billion), Halal cosmetics is no longer seen as a trend but a key component of people’s lifestyles; hence the need to protect the public has become a primary agenda of top consumer countries, according to the head of the International Halal Accreditation Forum (IHAF) General Secretariat Office based in the UAE.
Mohammed Saleh Badri, Secretary General of the International Halal Accreditation Forum, said: “Consumer awareness and preference for Halal cosmetics is stronger now more than ever. People have become more diligent in scrutinising the ingredients of the products they use. This is highly evident in the latest statistics generated in a study of the Global Islamic Economy.”
The most recent State of Global Islamic Economy (SGIE) Report estimated Muslim expenditure on Halal cosmetics at Dhs205.5 billion ($56 billion) in a year, accounting for a 7 per cent share in the global cosmetics market.
“Along with the clamour for Halal products, comes the pressing need to establish a universal system of identifying which products are genuinely Halal. Therefore it is not surprising that top consumer markets are seeing the value of taking part in IHAF’s standardisation initiatives,” Badri said.
India, the primary Muslim consumer cosmetics expenditure market at AED17.2 billion ($4.7 billion), is now a member of IHAF. Russia, which places second at Dhs12.8 billion ($3.5 billion), is communicating with IHAF and is expected to join soon.
Indonesia, Turkey, and Malaysia are included in the top five markets with the highest Muslim consumer cosmetics expenditure, having a total market size of Dhs33.8 billion ($9.2 billion).
IHAF, an international organisation based in the UAE, has become fully functional following its General Assembly meeting last year and has 20 members on board, representing 23 countries from several continents.