Halal cosmetics are widely regarded as having major markets in nations including the United Arab Emirates, Indonesia, the Kingdom of Saudi Arabia, Turkey, India, and Malaysia. The market for halal cosmetics is expected to increase significantly over the next few years, according to a recent analysis by Future Market Insights (FMI). By the end of 2022, it’s anticipated to reach US$ 474.7 million. Halal cosmetics producers are continuing a trend by investing in the market to expand the current product selection and geographic reach.
Muslim consumers have become a significant consumer group, with increased per capita spending and untapped cosmetics market opportunities. Manufacturers of consumer and personal care products have been driven by this to seize the arising latent opportunity. Regarding the purchasing power of this population, businesses are upbeat. It is quite likely that they will concentrate on creating cutting-edge items and creating market-level strategies to take advantage of current opportunities during the course of the next four to five years.
A growing number of people, including those who aren’t Muslims, are turning toward Halal-certified goods as a result of knowledge about the usage of porcine-based substances in cosmetics. Additionally, a significant segment of customers has serious reservations about the use of swine placenta in cosmetics like face masks and wrinkle treatments.
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This shift in consumer purchasing preferences has prompted market participants to promote innovation and broaden their product lines, thereby reaching previously untapped markets and boosting demand over the predicted period.
According to FMI’s most recent report, the market would grow at a CAGR of 11.6 percent between 2022 and 2031. Skincare products will make up a sizeable portion of all product types. Consumers are becoming more and more aware of the usage of questionable substances in the cosmetics sector. Due to the importance of skin care in daily life, both men and women are purchasing more halal skin care products.
Key Takeaways from the Halal Cosmetics Market Study
- Global halal cosmetics market is forecast to exhibit strong growth through forecast period. The market has been projected to register above 10% Y-o-Y growth in 2021
- The U.S. will lead the market in North America, accounting for above 82% of the share in 2021
- The U.K. will remain a strong market in Europe, exhibiting over 16% Y-o-Y growth in 2021
- Germany and France will emerge as lucrative markets for halal cosmetic sales in Europe
- Demand from Japan and South Korea will increase considerably over the forecast period
COVID-19 Pandemic Causing Significant Disruptions
Both the supply side and the demand side have faced several difficulties as a result of the current pandemic outbreak. Supply chains have been severely damaged by the temporary regulation that regional governments implemented to restrict the mobility. In addition, the market growth has been adversely affected by the general shift in consumer spending from discretionary to essential products.
Another significant development in customer purchasing habits is the move from store-based to internet commerce, which enables a greater market reach. The industry’s newer businesses have encountered significant logistical challenges that have limited their ability to make money. However, the market is currently beginning to recover in many places, which is another sign that suggests new prospects for both established and newly emerging businesses.
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Who is winning?
Iba Cosmetics, Martha Tilaar Group, Clara International, Kao Corporation, Andalou Naturals, Ivy Beauty Corporation Sdn Bhd, Nature’s Dream, Prolab Cosmetics, Inglot Cosmetics, One Pure, and Talent Cosmetics are a few of the major companies in the halal cosmetics sector.
To acquire a competitive advantage over other market participants, the players are aggressively investing in order to encourage and support product development. The creation of an innovative product portfolio and portfolio expansion is the most popular strategy among the major businesses.
Halal Cosmetics Market Key Segments
By Product Type
- Skin Care
- Creams & Lotions
- Face Cleanser
- Others
- Hair Care
- Shampoo
- Conditioner
- Hair Oil
- Others
- Makeup
- Facial Products
- Eye Products
- Lip Products
- Nail Products
- Body Care
- Soaps
- Shower Gels
- Lotions
- Others
- Fragrance
By End User
- Men
- Women
- Unisex
By Sales Channel
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Stores
- Multi-brand Stores
- Online Retailing
- Other Sales Channel
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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