SGIE Report 2024/25: Halal cosmetics thrives, with Asian brands standing tall
Muslim consumer spending on cosmetics has grown at a steady pace, rising from $84 billion in 2022 to $87 billion in 2023, with projections to reach $118 billion by 2028, according to the State of the Global Islamic Economy Report 2024/25.
The spending underscores the persistent global interest in halal-certified beauty products. From a dollar-and-cent perspective, the halal cosmetics recorded eight deals across mergers and acquisitions, private equity or venture capital funding in 2023/2024, down from 10 recorded during the previous period.
Asian brands, GCC markets steal spotlight
East Asian cosmetics brands, particularly from China and South Korea, are significantly influencing the global halal cosmetics market.
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