Muslim spend on cosmetics is estimated at $64 billion in 2018 from $61 billion in 2017, says the State of the Global Islamic Economy 2019/20 report.
The sector is forecast to reach $95 billion by 2024, according to the report author DinarStandard.
Smaller companies, especially from Southeast Asia, have had to compete for shelf space with more established and multinational brands, which might also have halal certification.
New brands have also had to reflect the latest cosmetics trends – from colors to scent, to design and packaging – as well as prove their efficacy to gain customer loyalty.
For all data and analyses of the global halal cosmetics industry as well as all other sectors of the Islamic economy download the report from here.
The State of the Global Islamic Economy is published annually since 2013.
It is produced by growth strategy and advisory firm DinarStandard, the parent company of Salaam Gateway.
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