What were the biggest developments in the global halal cosmetics industry in 2019-2020? The State of the Global Islamic Economy 2020/21 report from DinarStandard gives a detailed breakdown of the movements in the industry.
MARKET SIZE
- Muslims spent $66 billion on cosmetics (note: cosmetics in general, and not halal cosmetics only) in 2019, up 3.4% from 2018.
- India, Indonesia, Russia and Malaysia are the top countries by expenditure.
- Muslim expenditure on cosmetics is set to drop by 2.5% in 2020 to $64 billion due to the COVID-19 crisis.
- Muslim expenditure on cosmetics is forecasted to reach $76 billion by 2024.
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