Halal Cosmetics sector offers an attraction for Indonesia, Pakistan: Ambassador Adam M. Tugio
Staff Writer
Faisalabad: Ambassador of Indonesia to Pakistan Adam M. Tugio said this week that Indonesia and Pakistan must accelerate bilateral cooperation and research efforts to gain benefits from the flourishing Halal cosmetics market, which is rapidly increasing its share every year and creating number of investment opportunities with healthy future growth prospects.
Speaking at the International Conference on Islamic Economy and Halal Cosmetics organized by the University of Faisalabad (TUF), the Ambassador said that the popularity of Halal products was not confined to Muslim countries alone but also attracting a wide range of non-Muslim consumers with its high quality standard and certification methods supported by high consumer awareness of healthy and green products.
He said that the global halal cosmetics market is projected to grow from $33.3 billion in 2021 to $77.34 billion by 2028 with a growth rate of 12.75% between 2021-2028 while Indonesia’s $4.19 bn halal cosmetics industry is expected to grow by nearly 8% a year until 2025 with a target to become the halal industry center in 2024.
The envoy said that the global halal cosmetics market size is projected to reach USD 83.76 billion by 2030 with growth rate of 12% from 2022 to 2030 and market size of beauty and personal care in Indonesia alone will reach about US $7 billion in 2023.
Considering the positive market trends, the Ambassador stressed that Indonesia-Pakistan must expand cooperation in this exclusive Halal industry since both countries are located in Asia-Pacific region, which is home to about 62.1% of the world’s Muslim population.
He also highlighted the Indonesian traditional herbal medicine known as Jamu and other natural remedy methods which are considered as authentic natural ways to cure ailments and maintain beauty. “Basic natural ingredients for health care are in abundance in Indonesia due to its rich biodiversity and need to be explored further for more benefits, and I observe that Pakistan also has many potential to develop traditional herbal medicines as we can see the popularity of Unani medicines here”, the envoy added.
The Ambassador urged the corporate sector to come forward and support the research activities as the universities can serve as incubator and to establish productive connectivity between Indonesia and Pakistan for the promotion of economically important Halal cosmetics sector and traditional herbal medicines.
