Bangladeshis spent a whopping $2.5 billion dollars on cosmetics in 2016 alone, according to a recent report the State of the Global Islamic Economy Report 2016-17.
Bangladesh is the sixth largest buyer of cosmetics in the Muslim world, the report states. They measured halal pharmaceuticals and cosmetics indicators to evaluate countries health and development of their halal pharmaceuticals and cosmetics ecosystem. This indicator is part of the aggregate Global Islamic Economy (GIE) indicator.
India is the largest market for Muslim consumers, spending $4.7bn on cosmetics followed by Russia at $3.5bn and Indonesia spending $3.3bn.
The report also estimated that global Muslim spending on cosmetics was $56bn in 2016 or 7% of the global expenditure of $750bn. This is a growth of 4% from the previous year, and is higher than the global market growth rate of 2.4%. “Muslims spending on cosmetics is expected to reach $81bn by 2021, a CAGR of 7% from 2016,” the report said.
Turkey and Malaysia ranked fourth and fifth with $3.1 billion and $2.8 billion respectively last year.
It also mentioned that the Organisation of Islamic Countries (OIC) countries combined import of cosmetic is $12.7 billion or 12.1% of the global import worth $105 billion.
172 industry participants were surveyed on their sector’s performance for the report. Businesses confirmed that the aggregate Islamic Economy is a high-growth segment, with 69% considering sector performance to be good or excellent for them, and 86% of the respondents were either optimistic or very optimistic about future prospects indicating future intent to continue to invest in the Muslim world.
Thursday, April 25, 2024
