South Korea's Major Beauty Brands Not In Hurry To Gain Halal Certification, Market Observers Say

South Korea’s leading beauty brands are reluctant to work for halal certification of their products due to enormous costs of changing their manufacturing and marketing process. According to the Korea Muslim Federation, only one cosmetics product, a facial sheet mask made by Dr. Maris, has received halal certification from the local certifying body. Data from the report, “The State of the Global Islamic Economy 2015,” by Thomson Reuters, revealed Muslim spending on cosmetics worldwide is forecast to grow from $46 billion in 2013 to $73 billion by 2019, accounting for 8.2 percent of global purchases. Of this market, halal cosmetics accounted for $23.4 billion in 2015, and is expected to expand at a CAGR of 14.5 percent to reach $45 billion by 2020.