Market Overview
The Halal cosmetics market is expected to grow at an impressive CAGR of 9.20% over the forecast period which ends in 2030, asserts Market Research Future (MRFR) in detailed research.
Market Dynamics
Almost every country across the globe has seen a significant surge in the usage of cosmetics. Young women favor cosmetics, but men are also using them to improve their appearance. As a result, cosmetics are no longer gender specific. As the generation progresses, the preferences for numerous products are changing dramatically. Cosmetics are divided into several categories, with Halal cosmetics being one of them. According to Islamic law, halal cosmetic goods are those that do not contain any animal products and are fully devoid of animal-derived substances. These products have been a terrific product for vegans all over the world because they don’t contain any animal-derived ingredients. Vegans, who do not prefer animal-based goods, are one of the main drivers of the Halal cosmetics sector. Halal cosmetics are well-known in Muslim countries all over the world. The expansion of the Muslim population around the world is fueling the growth of the Halal cosmetics sector. Young women love to use halal cosmetics because they are all-natural and do not include any animal fat. Muslim women’s strong desire to observe religious conventions and use halal cosmetics is propelling the Halal cosmetics market forward. The majority of Muslim countries choose these products for young women who adhere to Islamic etiquette. As a result, the Halal cosmetics business is growing in nations such as Saudi Arabia, the United Arab Emirates, and others.
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Segmentation
Product type and distribution channel are the two primary sectors of the Halal cosmetics industry.
Haircare, skincare, color cosmetics, multipurpose, and other categories make up the Halal cosmetics market. Among these categories, the skincare category has the biggest share of the Halal cosmetics market share. Color cosmetics are the fastest-growing area of the industry, owing to their widespread use among young women around the world.
The Halal cosmetics market is divided into two types: store-based and non-stored. Supermarkets and hypermarkets, convenience stores, and others make up the store-based component. The store-based category has the largest market share and has a healthy CAGR over the projected period, while the non-store-based segment is the fastest-growing segment due to its rapid expansion.
Region Overview
The demand for cosmetics in Asia Pacific is quickly rising, with India and China being two of the world’s largest emerging markets. The Muslim community of India accounts for about 15% of the population, making halal cosmetics a profitable growth opportunity. Furthermore, in compared to its Southeast Asian neighbors, Malaysia is one of the largest export markets for halal products.
Over the review period, the Middle East and Africa are predicted to increase at an exponential rate. Despite the increased demand for halal products in the Middle East, there is no comprehensive regulatory structure in place. In the Middle East and North Africa, adoption is still modest, but it will expand as more products become certified and as public awareness grows. The same is true in African markets, albeit due to reduced purchasing power, volume sales will be more important than medium to higher priced products.
Not just for local sales, but also for exports, the United States and the United Kingdom are key halal cosmetics markets. ‘Made in the United States/United Kingdom/Europe’ is a powerful selling point for accessing Middle Eastern markets, particularly the Gulf, where cosmetics expenditure is considerable.
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Competitive Dynamics
The prominent key players are PHB Ethical Beauty, MMA Bio Lab Sdn Bhd., Inika, Amara Cosmetics, Clara International, Iba Halal Care, Sampure Minerals, Wipro Unza, Wardah Cosmetics, Halal Cosmetics Company, Talent Cosmetics Ltd, One Pure, Ivy Beauty Corporation Sdn Bhd., Brataco Group of Companies, Mena Cosmetics, Paragon Technology and Innovation, Martha Tilar Group, and Saaf Skincare.
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