NEWARK, Del, Sept. 08, 2022 (GLOBE NEWSWIRE) -- The global halal cosmetics market size is expected to showcase an opulent growth opportunity with a phenomenal CAGR of 11.6% from 2022 to 2032. The market size is estimated to reach US$ 38,217 Mn in 2022 and is projected to surpass a valuation of US$ 114,524 Mn by 2032.
The popular types of halal cosmetics incorporate an array of fragrances; color cosmetics such as lipsticks, foundation, and lip balms; personal hygiene items; and skin care goods such as revitalizing creams, moisturizers, and lotions.
Consumers are drastically shifting towards chemical-free and natural ingredients-based cosmetics along with personal care products which are driving the halal cosmetic market expansion. In the Muslim- majority countries, halal items are on a rise across the forecast period.
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Key Takeaways
- There is a rising prevalence of personal grooming and trending beauty products that must comply with one’s religious values. Sales of halal cosmetics have seen a significant surge among the Muslim population. While the demand for halal cosmetics is significantly high in Muslim countries but even in non-Muslim countries, halal cosmetics are being increasingly preferred due to criteria such as ingredients utilized and safety.
- A tremendous rise in the demand for halal cosmetics products has been witnessed all over the world, particularly in Muslim-majority nations such as the UAE, Saudi Arabia, Indonesia, Malaysia, Turkey, and others.
- Big halal cosmetic brands have expanded their manufacturing to such an extent that they are able to tap into the mainstream cosmetics market. Owing to their rising prevalence, there is a positive halal cosmetics market outlook by 2032.
- Dominant players in the cosmetic industry are focusing on prioritizing R&D and innovation initiatives, which boost the demand for halal cosmetics significantly. Attributing to the increased demand for safe and clean labeled products, the halal-certified cosmetics industry is predicted to offer significant growth potential for prospective participants in the future years.
- With a significant rise in the Muslim population all over the world, global businesses such as Unilever, LOreal, and P&G, among others are likely to enter the halal cosmetics market to efficiently meet the rising demand for halal cosmetic products.
- The global halal cosmetics market share is expanding with the rise of the Muslim population around the world, this has resulted in the development of the halal market and an increase in halal certification compliance.
Competitive Landscape
Prominent players in the halal cosmetic market are focusing on employing a variety of techniques to thrive in a competitive market. Companies are concentrating on innovations and advances to stay ahead of consumer demands build brand names and thrive in a competitive climate.
Key market players in halal cosmetics are focusing on merger and acquisition strategies to maximize their business operations and increase their in-house expertise. Strategic alliances and partnerships are yet another means to achieve a competitive edge through expanded corporate reach and services. Besides this, new product launches continue to excel in the growth of the halal cosmetics market
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More Insights into the Halal Cosmetics Market
Throughout the forecast period, the United States is likely to lead the North American halal cosmetics market. Over recent years, there has been the emergence of new entrants seeking to capitalize on the country's business potential. The United States is considered a dominant market comprising a big chunk of halal-certified cosmetics. Canada is yet another crucial market for such products in North America.
Asia Pacific region is projected to lead the global halal cosmetics market by 2032. The expanding Muslim population in Southeast Asian countries along with the increased presence of halal-certified enterprises in the region, affect the halal cosmetics market trends.
The top halal beauty products are manufactured in countries like India, Indonesia, and Malaysia. The rising awareness about animal welfare and growth in the Muslim population is driving the expansion of the halal cosmetics market.
Germany is also expected to showcase lucrative growth opportunities by gradually adopting the cruelty-free culture, which is fueling the demand for halal cosmetics in the beauty and personal care sectors.
Halal Cosmetics Market by Category
By Product Type:
- Skin Care
- Hair Care
- Makeup
- Body Care
- 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
- South Asia
- East Asia
- Middle East & Africa
- Oceania
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Table of Content
1. Executive Summary
1.1. Global Market Overview
1.2. Summary of Key Statistics
1.3. Summary of Key Findings
1.4. Product Evolution Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation Trends
3.3. Future Prospects of Halal Cosmetics Industry
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