PUNE, India, Feb. 15, 2021 (GLOBE NEWSWIRE) -- The Global Halal Cosmetics Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The global halal cosmetics market size was estimated to be US$ 22.5 billion in 2019 and expected to reach US$ 80 billion by 2030 at a CAGR of 13.3% through 2030. Rising demand for luxury, and proven-by-convention cosmetics promises major growth for the halal cosmetics market. A growing number of global consumers are looking for safe, natural, and effective cosmetic products. The trend is likely to remain on the rise, as growth of e-commerce, global convergence of conventions with modern cosmetics, and growing influx of information remain key drivers of growth. Moreover, social-media influencers remain highly essential as marketing tools, and room for lack of transparency remains minimum. On the other hand, demand for natural-ingredient based products, major advances in packaging, and rising disposable income among Muslim population globally remain major impetus for growth of the halal cosmetics market.
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Growing Demand for Natural and Vegan Product Remains Key Driver for Growth:
Growing demand for vegan products, and rising DIY trends in the cosmetics industry will drive major growth for the Halal Cosmetic market. The rising information among consumers, and growing consumer tilt towards animal-free products like vegan will drive major growth for the halal cosmetics market.
Halal product manufacturers keenly aware of the growing tide in their favour are working towards building products for global consumer base. For example, major brands are focusing on integrating natural ingredients in halal cosmetic products, as health-related concerns regarding cosmetics are on the rise.
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Furthermore, the growing products range includes pork-free products to replace cheap oils in the conventional products. This has provided a major momentum for premium ethnic cosmetic industry, offering opportunities for growth for gelatin-based, fat-based, and premium-oil based cosmetics in the halal cosmetics market.
Personal Care Products dominate the Product segment of the Halal Cosmetics Market:
The demand for halal personal care products is driven by the growing number of Muslims wishing to combine personal hygiene with religious observances. Halal personal care products include a vast range of product that have a substantial application in the daily lives of Muslim consumers owing to the religious adherences.
The companies have a potential to shift their focus from manufacturing merely hygiene products to more personalised personal care products. This trend has been noted in products such as body wash, hair care products, traditional soap bars, and many other skin care products. The regions of LAMEA and APAC together, accounted for about 78.6% of the total personal care market, with the former constituting around 43.2% of the share.
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Hair Care takes the lead in the Application segment:
Halal hair care products include shampoo, conditioner, hair oil, hair gel, hair spa creams among others. Hair care application has been witnessing a dominant position in the halal cosmetics application over the years owing to specific interests and desires for healthy hair and hair styling especially among the Muslim women. LAMEA is expected to grow at a lucrative rate of 14.7% during the forecast period. APAC is estimated trail right behind.
The increasing awareness surrounding the benefits of using skincare products is expected to drive the growth of the skincare market of the Application segment. Most cosmetics contain ingredients that cause irritation of the skin when applied, and may have a long-term negative effect on one’s health. In this respect, halal cosmetics have proven to be a better alternative and a more effective solution for the cosmetics consumers. The reasons that could account for the market growth are the rise in disposable income along with the adoption of modern a lifestyle.
There are some vegan options provided, that expand the market opportunity for the non-Muslim population as well. For example, an Indian company Eco trail, and the U.K.-based PHB Ethical Beauty, offer products that are not only Halal certified but also cruelty-free and free from harmful substances. Many leading global brands too are jumping onto the wagon, such as The Body Shop and Forest Essentials, which, in turn, is giving support to the expansion of the Halal Cosmetics market.
The region segment is led by Middle East, followed closely by Asia Pacific:
The region of LAMEA dominates the global Halal Cosmetics Market due to the growth in Muslim population in the Middle Eastern region, especially in the countries such as Saudi Arabia, UAE, Qatar, Kuwait, and others.
The Asia-Pacific region is expected to witness a significant growth during the forecast period owing to the rise in Muslim population in the countries that are Muslim dominant, such as Indonesia, Malaysia, and Singapore. The Southeast Asian region too is projected to witness the most lucrative growth over the forecast period. Factors, such as a steady rise in the spending of people on personal care products, the widespread awareness today regarding the hazards of transdermal cosmetics, and a growth in the demand for eco-friendly cosmetics, have fueled the growth of the product in this regional market.
The cosmetic companies in this region are trying to cement their position by offering a wide range of products at affordable prices to counter the growing competition. Most global leading brands are using the reach of social media as a branding tool among the customers to connect with their target audiences, which are primarily seen to be young adults and female customers.
The key factor generating a massive demand in the Europe market is the unique packaging style developed by Dutch entrepreneurs, who originally came up with the idea of halal cosmetics in this region.
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The market has witnessed a good growth in the western countries, such as U.S.A. and the European Union countries, owing to the increasing Muslim population and their need for safe and naturally manufactured beauty products.
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