New York, June 02, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published the latest research study on Halal Cosmetics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type (Skincare, Haircare, Makeup, and Others), Category (Men, Women, and Unisex), Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, Others), and Geography," the market is expected to grow from US$ 36,686.54 million in 2022 to US$ 79,861.73 million by 2028; it is estimated to grow at a CAGR of 13.8% from 2022 to 2028. A rise in demand in Southeast Asian countries and Islamic countries' mandates for halal certification are driving the halal cosmetics market. However, challenges faced in marketing halal cosmetic products are expected to restrict the market growth. The report highlights key factors driving the halal cosmetics market and prominent players and their progress in the market.
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| Report Coverage | Details |
| Market Size Value in | US$ 36,686.54 Million in 2022 |
| Market Size Value by | US$ 79,861.73 Million by 2028 |
| Growth rate | CAGR of 13.8% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 150 |
| No. Tables | 83 |
| No. of Charts & Figures | 83 |
| Historical data available | Yes |
| Segments covered | Product Type, Category, and Distribution Channel |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Halal Cosmetics Market: Competition Landscape and Key Developments
Clara International Beauty Group; Inglot Cosmetics; Inika Organic Australia; IVY Beauty Corporation; MMA Bio Lab Sdn Bhd; OnePure, LLC; PT Paragon Technology and Innovation; PHB Ethical Beauty Ltd.; Sampure Minerals; and IBA Cosmetics are among the key players operating in the market. Leading market players adopt various business strategies such as mergers and acquisitions to expand their geographical presence and consumer base across the world.
In 2021, Asia Pacific dominated the global halal cosmetics market. The region is expected to continue its dominance during the forecast period. The halal cosmetics market trends are influenced by the growing Muslim population in Southeast Asian countries and an increased presence of halal-certified companies in the region. Countries such as India, Indonesia, and Malaysia are among the top 10 spenders on halal beauty products. The increased spending on halal cosmetics in these countries and increased awareness about animal welfare and a rise in the trend of veganism across the region are driving the halal cosmetics market growth.
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Lucrative growth in Southeast Asian Countries
The increased awareness about animal welfare and the harmful impacts of synthetic cosmetics across the southeast Asian countries are driving the demand for halal cosmetics. Further, countries such as Indonesia and Malaysia have a majority of the Muslim population which is driving the demand for halal cosmetics in such countries. Moreover, the implementation of halal product law in Indonesia has positively impacted the market. The halal product law was implemented in 2019, and it applies to cosmetics, foods, and non-food products & services. Under this set of regulations, all foreign beauty products distributed or retailed in Indonesia will be treated as non-halal cosmetic products until the products are halal certified in Indonesia or by an accredited foreign certification body. Also, the presence of established halal cosmetic brands such as Wardah has led to the increased demand for halal cosmetics in Southeast Asian countries.
Halal Cosmetics Market Size: Segment Overview
Based on product type, the market is segmented into skincare, haircare, makeup, and others. In 2021, the skincare segment held the largest halal cosmetics market share. The skincare product category includes cosmetic products such as moisturizers, hydrating and anti-aging creams, toners, serums, and lotions. The growing demand for health-promoting and self-care products worldwide has led to the growth of the skincare segment.
Based on category, the halal cosmetics market is segmented into men, women, and unisex. The women segment is expected to grow rapidly during the forecast period. The growing number of working women and the growing number of beauty clinics are aiding the halal cosmetics market.
Based on distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The online retail segment is expected to grow rapidly during the forecast period. The increased adoption of e-commerce by the consumers due to its various benefits, such as home delivery, varied payment options, and attractive discounts and offers for customers, has led to an increased demand for halal cosmetics from e-commerce platforms.
Halal cosmetics are products that do not include any ingredient derived from animals. These products are progressively gaining traction worldwide, especially since customers across all industries indicate a preference for cruelty-free cosmetic products. They are made using a complex combination of ingredients in accordance with halal guidelines. Manufacturers continuously check the products to ensure that they meet the halal grade. In comparison to standard cosmetics products on the market, the safety and quality of halal cosmetic principles are difficult to assess.
This reason also adds to the increased global popularity of halal-certified cosmetics. As a result, the halal cosmetics business is expected to rise in the future. Moreover, the younger generation is more concerned about adopting environment friendly practices. Halal is the most recent addition to the sustainability category. Consumer understanding of ingredients used in cosmetics has risen dramatically in recent years. Consumers' changing behavior patterns, which have made them more concerned about animal welfare, have resulted in a shift toward more sustainable and environment friendly alternatives.
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Based on distribution channel, the halal cosmetics market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. In 2021, the specialty stores segment was the dominant segment in the market. Specialty stores provide an excellent consumer experience with unique features such as high-level customer service, premium offers, and special discounts. Consumers prefer purchasing halal cosmetics from specialty stores as a wide range of halal cosmetics is present in the store.
Moreover, the staff has complete knowledge about the product and helps the buyers know the product specifications before buying. Thus, increased focus on customer satisfaction has led to a surge in demand for purchasing halal cosmetics from specialty stores. Online retail is expected to be the fastest-growing segment in the halal cosmetics market. Online retail is one of the fastest-growing distribution channels owing to its convenience in terms of shopping and product delivery. Online retail stores offer a wider range of products and heavy discounts; also, consumers can conveniently buy desirable products remotely.
The halal cosmetics market, based on geography, is segmented into North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA). In 2021, Asia Pacific dominated the global market. The changing lifestyle of consumers and the increased awareness about animal welfare are driving the demand for halal cosmetics in Asia Pacific.
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The increased population of Muslims in Southeast Asian countries and increased spending on cosmetic products are driving the halal cosmetics market. The Middle East & Africa is the second-largest market for halal cosmetics, and Asia Pacific is expected to be the fastest-growing region in the halal cosmetics market. The rapidly expanding e-commerce platforms, rapidly increasing Muslim population, and growing consumer preference for natural & effective cosmetic products is driving the halal cosmetics market in the Middle East and Africa.
Impact of COVID-19 Pandemic on Halal Cosmetics Market
Many industries, such as the consumer goods industry, faced unprecedented challenges due to the COVID-19 pandemic. The shutdown of the manufacturing units adversely affected the production and supply side of the market. Also, the logistics and transportation sectors hampered the market due to the lockdown. However, the growing penetration of e-commerce during the COVID-19 pandemic has had a positive impact on the market. Consumers are becoming more and more health and wellness conscious, which is positively impacting the market.
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