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Halal Pharmaceutical Market

Certify Halal Cosmetics sector

 

The global halal pharmaceutical market is currently worth US $300 billion and is about one third of all halal-certified products worldwide.

This is due to the strong support from Islamic demography and a significant increase in Muslim consumers that push the market forward.

Taking the pandemic into consideration, the global halal pharmaceutical market is expected to be worth US $445.9 million in 2022 and US $913.7 by 2028.

This, in turn, is anticipated to result in a wide expanse of the global halal pharmaceutical market penetration in the future.

Thus, young and product-conscious Muslims are driving the economy towards halal cosmetics – where the market is expected to grow from an estimated US $20 billion in 2015 to US $50 billion by this year. (source taken from New Straits Times)

Halal products are gaining recognition globally as a safety and quality assurance benchmark.

Consumers including Muslim and Non-Muslim are constantly looking for halal products as they accept products with halal accreditation with confidence.

The Muslim consumer market is rapidly expanding, fuelled by a growing population that is more geographically and economically diverse than ever before.

Considering Islam is the world’s fastest growing religion and promotes hygiene and high quality product, consuming halal products is not an option for Muslim, but rather acts a requirement.

This provide with an enormous potential for halal cosmetics to meet the global demand for both Muslim and non-Muslim consumers.

Since halal food has been widely accepted, so should halal cosmetics.

Some consumers claim the the cosmetics used by Muslim should be halal because they wear them during prayers.

This is an important feedback that should be highly considered because they are a lot of working Muslim women and they often pray while wearing makeup at work.

With Muslim accounting over 60 per cent of the Malaysian population, it would be an advantage for the products to be halal-certified before entering the country.

In regards, small and medium enterprises (SMEs) must fully understand all aspects in terms of marketing including branding, communications strategies and distribution channels.

Although halal-certified products has been easily accepted around the world, it does not mean that halal cosmetics can be easily accepted as well.

Most cosmetic advertisements consists of sensual female talents.

Therefore, business owners should come up with other promotional methods in doing the advertisements according to the Shariah requirements.

 

 

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