Halal Cosmetics Market-Overview
A considerable increase in the global Muslim population has fueled the expansion of the halal cosmetics market. Developing consumer knowledge about cruelty-free products and building awareness about animal welfare and social responsibility has been important for the halal cosmetic market. As per MRFR, the market is estimated to gain a CAGR of 8.95% in the forecast period.
Premium beauty firms, lured by the popularity of halal cosmetics, have implemented it as a marketing strategy to appeal to customers and are attempting to gain halal certification, resulting in the halal cosmetics industry continuing to grow.
Segmental Analysis
The segmental investigation of the halal cosmetic market is conducted based on distribution channels, product types, and regions. The market has been divided into two segments based on distribution channels: store-based and non-store-based. Supermarkets, convenience stores, and hypermarkets have been subdivided into store-based segments. The halal cosmetics market has been divided into product types such as color cosmetics, hair care, multifunctional, and skincare. The halal cosmetic market region segment consists of North America, Europe, APAC, and other essential regions.
Detailed Regional Analysis
The regional assessment of the halal cosmetic market size includes North America, Europe, Asia Pacific, and other eminent regions. The North American market for halal cosmetics is extensive, owing to the presence of many cosmetics companies that are increasingly entering the halal cosmetics field. Due to its popularity, there is a noteworthy need for halal cosmetics. Also, with the expanding Muslim population in countries such as Malaysia, South Korea, Thailand, Indonesia, and Singapore, the Asia-Pacific market for halal cosmetics is expected to be the fastest-growing. Furthermore, the region's underdeveloped markets offer numerous prospects for industry development. Europe is also a big market, and its expansion can be attributed only to some top-tier cosmetic brands in the region. Furthermore, animal testing for beauty-care products is prohibited in Europe, creating an advantageous atmosphere for establishing the halal cosmetics business. The other regions are predicted to grow well in the next years, chiefly the Middle East market, due to the region's Muslim-dominated populace and preference for halal cosmetics.
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Competitive Analysis
It is projected that the emphasis on accumulating reserves of resources to deal with unexpected crises would impact future market trends. Market developments and research are expected to generate attractive growth opportunities in the next years. The global market is expected to diversify in operational techniques as innovative models for operation and delivery are implemented. The reliance on online commerce for sales is expected to increase significantly during the forecast period, prompting market stakeholders to invest more in its growth. Government assistance is expected to support worldwide market development in the next years. Due to the return of COVID cases in many locations, the market may exhibit constrained growth. The continuation of occasional lockdowns in numerous regions may cause the market expansion to be hampered if resources such as labor and supply chains are severely impacted.
The renowned contenders in the halal cosmetic market are MMA Bio Lab Sdn Bhd., Inika, Martha Tilar Group, Amara Cosmetics, Brataco Group of Companies, Clara International, Iba Halal Care, Paragon Technology and Innovation, Wipro Unza, Wardah Cosmetics, Halal Cosmetics Company, Sampure Minerals, Talent Cosmetics Ltd., One Pure, PHB Ethical Beauty, Ivy Beauty Corporation Sdn Bhd., Mena Cosmetics, and SaafSkinCare.
Industry Updates:
Dec 2021 The Department of Science and Technology's Industrial Technology Development Institute (DOST-ITDI) revealed halal-compliant cosmetics and personal care items on Tuesday, December 14. According to the ITDI, the global expansion in the Muslim population has created a demand for new and differentiated halal products and services. Halal-compliant beauty goods produced by ITDI include moisturizing and whitening soap, moisturizing lipstick, herbal whitening toothpaste, lip balm, and shampoo with hair-growing characteristics.
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