Faisalabad: 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. This was said by the Ambassador of Indonesia to Pakistan Mr. Adam M. Tugio while addressing the International Conference on Islamic Economy and Halal Cosmetics organized by the University of Faisalabad (TUF).
Ambassador Adam pointed out that the popularity of Halal products is 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.
Speaking on the occasion, Mr.Haider Amin Chairman BOG University of Faisalabad, said that Indonesia is among the top produces and consumers of Halal products in the world with a progressive developing halal products market. While thanking the Indonesian Ambassador for participation, he emphasized the need to further strengthen Indonesia- Pakistan research cooperation in Halal sector.
In her short remarks, Dr.Tanzeela Khalid said that TUF organized the Conference to expand inter-professional approach to promote skincare and health products with the participation of 40 international specialists and 300 online participants from different countries. The conference would serve as a platform to commercialization of research skills to furnish the demand of industry and to enlighten knowledge on best practices of growing Halal skincare and cosmetics sector, she added.