Halal Cosmetics Market Analysis Report and Forecast till 2024
Market Research Future (MRFR) perceives the global halal cosmetics market to have a noteworthy growth and advance at a CAGR of 13.40% over the forecast period which ends in 2023.
The Global Halal Cosmetics Market was valued at USD 22.74 Bn in 2017 and is expected to surpass USD 52 Bn mark by the end of 2023.
With the surge in Muslim populace across the globe, the demand for halal cosmetics are on the upswing. The Muslim population generally adhere to religious guidelines and halal cosmetics cater to the needs of these consumers.
To capitalize on the massive popularity of halal cosmetics, various multi-national players are making cruelty-free or halal cosmetics to appeal to a wider range of consumers.
Surging awareness regarding animal welfare, social responsibility and environmentally friendly products coupled with growing trend of veganism has been a major drive for the growth of the global halal cosmetics market. Animal testing for beauty products has been banned in various parts of the world and various public figures have been a critical influence for the market growth. Various celebrities are promoting the use of cruelty-free products which encourage consumers to opt for halal cosmetics.
However, the growth of the market might be hindered by high costs associated with halal cosmetics and lack of standard guidelines for halal certification. Lack of awareness regarding halal cosmetics in underdeveloped regions and lack of affordability might also act as an impediment to the growth of the market.
The Global Halal Cosmetics Market has been segmented based on product type and distribution channel.
North America, Europe, Asia Pacific, and the Rest of the World (RoW) are the key markets for halal cosmetics. The North America market for halal cosmetics is considerably large and is driven by presence of many cosmetics companies who are rapidly foraying into the halal cosmetics space. In addition, high disposable income and substantial demand for halal cosmetics owing to growing popularity.
Asia pacific market is slated to be the fastest growing market for halal cosmetics owing to rise in Muslim population across countries such as Malaysia, Indonesia, South Korea, Thailand, and Singapore. Moreover, the untapped markets in the region provide ample opportunities for market growth.
Europe is also a significant market and its growth can be exclusively accredited to the presence of some top-notch cosmetic companies in the region. Moreover, animal testing for beauty-care products is barred in Europe which also creates a conducive environment for the growth of the halal cosmetics market.
The Rest of the World is also expected to fare well in the coming years, especially the Middle East market due to the presence of Muslim-dominated populace in the region and their preference for halal cosmetics.
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Iba Halal Care, PHB Ethical Beauty, Martha Tilar Group, SaafSkinCare, One Pure, Halal Cosmetics Company, Ivy Beauty Corporation Sdn Bhd., Wardah Cosmetics, Clara International, Inika, Brataco Group of Companies, Talent Cosmetics Ltd., Amara Cosmetics, Sampure Minerals, Wipro Unza, Mena Cosmetics, MMA Bio Lab Sdn Bhd., and Paragon Technology and Innovation.