Bangladesh 6th largest Muslim cosmetics market – Financial Express Bangladesh
Bangladesh is the sixth largest Muslim cosmetics market, according to a report titled State of the Global Islamic Economy Report 2016-17.
The answer company of Thomson Reuters prepared the report in association with Dinar Standard, a growth strategy research and advisory firm based in New York.
It showed that the estimated size of Muslim consumers’ cosmetic spending in Bangladesh was $2.5 billion in 2015.
India is the largest market of Muslim consumers’ cosmetic spending worth $4.7 billion followed by Russia ($3.5 billion) and Indonesia ($3.3 billion).
Turkey and Malaysia ranked fourth and fifth with $3.1 billion and $2.8 billion respectively.
The report also showed that 40 per cent of Muslim cosmetics market in non-OIC countries and the value was estimated at $22 billion while the size of OIC countries Muslim cosmetic market was $34 billion in 2015.
It also mentioned that the OIC countries’ combined import of cosmetic is $12.7 billion or 12.1 per cent of the global import worth $105 billion.
This report also estimated that global Muslim spending on cosmetics was $56 billion in 2015 or seven per cent of the global expenditure of $750 billion. This is a growth of 4 per cent from the previous year, and is higher than the global market growth rate of 2.4 per cent. “Muslim spend on cosmetics is expected to reach $81 billion by 2021, a CAGR of 7 per cent from 2015,” it added.