Have Western beauty players properly valued the Muslim personal care and cosmetics market? Although estimated to be worth approximately $46bn two years ago, new insight from The Global Islamic Economy Summit – taking place today and tomorrow – claims this figure is likely to surge to an estimated $80bn by 2020, an increase of almost 74%.
In an exclusive interview with Cosmetics Business, Mustafa Adil, Head of Islamic Finance for Thomson Reuters, said the largest demand for cosmetic products among Muslim consumers is now coming from large Muslim minorities in India and Russia, with Indonesia, Turkey and Malaysia close behind.
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