There is “subustantial” opportunity in the broader organic, cruelty-free, vegetarian and vegan cosmetics markets that native halal companies can tap into, said new report the State of the Global Islamic Economy 2018/19.
The study valued Muslim expenditure on cosmetics at $61 billion in 2017 and projects it to grow 6.9 percent to reach $90 billion in 2023.
The global organic personal care market was estimated at a much lower $12.9 billion in 2017 but has a higher forecasted rate of growth, at 9.5 percent a year, to reach $25.11 billion by 2025.
According to the report, companies addressing the broader opportunity are experiencing substantial growth and presenting strong competition.
It cited the example of the surge in exports of South Korean plant-based cosmetics to Islamic countries, that increased by 21 percent in 2017 to reach $131 million.