DUBAI, 16th March, 2017 (WAM) — With a market size of AED205.5 billion, Halal cosmetics is no longer seen as a trend but a key component of people’s lifestyles, 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 has estimated Muslim expenditure on Halal cosmetics at AED205.5 billion in a year, accounting for a 7 percent share in the global cosmetics market.
“Along with the clamor 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, is now a member of IHAF. Russia, which places second at AED12.8 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 AED33.8 billion.
Current market updates have shown growing investment interest in the Halal cosmetics sector.
“Halal nail polish is a product many companies are seeking to develop. The Saudi Arabia-based BCI Group launched its Halal certified ‘H’ nail polish line in 2014, as did Greece-based Safe ‘N’ Beautiful. The UK’s Nails Inc. launched a Halal friendly line in 2015,” according to the 2016-2017 SGIE Report.
Looking into industry developments through the years, Badri stressed that no international standardisation entity had tackled the Sharia compliance of the cosmetics sector until IHAF.
“This is one of the significant issues IHAF is seeking to address in its three-year strategic goals. Cosmetics, along with food and pharmaceuticals, is a major sector for which unified standards and product verification schemes are being developed,” he said.