Trade of Malaysia Halal Cosmetic
The global halal industry is estimated to be worth around USD2.3 trillion. The halal industry has now expanded beyond the food sector to include pharmaceuticals, cosmetics, health products, toiletries and medical devices as well as service sector components such as logistics, marketing, print and electronic media, packaging, branding, and financing. In recent years, with the increase in the number of affluent Muslims, the halal industry has expanded further into lifestyle offerings including halal travel and hospitality services as well as fashion.
Growth in the halal cosmetics market is mirrored by a growth in consumer knowledge about the ingredients used and product awareness, fuelled by social networks. The global halal cosmetic industry is estimated at USD13 billion with an annual growth rate of 12%. At present the halal cosmetic market constitutes 11% of the total global halal industry. The cosmetic industry has been expanding and growing around the world in both developed and developing countries. The cosmetics market in Malaysia seems to be one of the fastest growing markets. This continuous growth and evolution in cosmetics industry offers a good opportunity for those who are interested in this business to promote their cosmetics products.