Halal Cosmetics business expands opportunities for Pak-Indonesia
Faisalabad, 18 November 2022 (GNP): To profit from the booming Halal cosmetics sector, which is fast increasing its share and giving a wide range of economic opportunities with excellent future development prospects, Indonesia and Pakistan must speed up bilateral cooperation and research activities.
Adam M. Tugio, the ambassador of Indonesia to Pakistan, made this statement during a lecture at the University of Faisalabad’s International Conference on Islamic Economy and Halal Cosmetics (TUF).
According to Ambassador Adam, many non-Muslim consumers are becoming interested in Halal products because of their high-quality standards and certification procedures, which are supported by high consumer awareness of healthy and eco-friendly products. This trend is not just limited to Muslim countries.
He asserts that it is expected that the worldwide market for halal cosmetics will develop from $33.3 billion in 2021 to $77.34 billion in 2028, expanding at a pace of 12.75 percent between those two years.
By 2025, the $4.19 billion halal cosmetics market in Indonesia is expected to expand at about 8% annually, with the country aiming to become the halal industrial hub in 2024.
The envoy predicts that the market for halal cosmetics will expand at a rate of 12% between 2022 and 2030 to reach USD 83.76 billion and that the size of the beauty and personal care industry in Indonesia alone will surpass USD 7 billion in 2023.
The Ambassador emphasized that Indonesia and Pakistan must increase collaboration in this niche Halal business, given the favourable market trends and the fact that both nations are part of the Asia-Pacific region, which is home to around 62.1% of the world’s Muslim population.
He also emphasized other natural remedies, such as Jamu, an Indonesian herbal medication used for centuries to treat illnesses and preserve beauty. The envoy continued, “Indonesia has abundant essential natural ingredients for health care due to its rich biodiversity and needs to be explored further for more benefits. I also observe that Pakistan has a lot of potentials to develop traditional herbal medicines as we can see from the success of Unani medicines here.
In order to promote the economically significant Halal cosmetics sector and traditional herbal medicines, the Ambassador urged the corporate sector to step forward and support research activities. Universities can act as incubators for these efforts and create productive connections between Indonesia and Pakistan.
Speaking at the event, Mr. Haider Amin, Chairman of BOG University of Faisalabad, noted that Indonesia is one of the world’s top producers and consumers of halal goods, with a market for those goods that is steadily growing. He expressed gratitude to the Indonesian Ambassador for attending and stressed the need further to improve Indonesia-Pakistan research collaboration in the halal sector.
Dr. Tanzeela Khalid stated in her brief remarks that TUF organized the Conference with 300 online participants from various countries and 40 international specialists to expand the inter-professional approach to promoting skincare and health products. She also said that the conference would provide a venue for the commercialization of research expertise to meet industry needs and disseminate information on best practices in the expanding Halal skincare and cosmetics business.