Halal Cosmetics Market Is Projected to Grow at CAGR 6.8% during the Forecast Period

Global halal cosmetics market accounted for USD 12.6 Billion in 2015 and the market is expected to reach USD 21.4 Billion by the end of 2024. Further, the market is anticipated to expand at a compound annual growth rate of 6.8% over the forecast period i.e. 2016-2024.

Major Players: Pure Halal Beauty, SAAF International, Samina Pure Makeup, Inika Cosmetics, Martha Tilar Group, One Pure, Ivy Beauty, MMA Biolab, The Halal Cosmetics company, Clara International, INGLOT, Jataine, Le Wangi De Wangi.

Geographically, Asia-Pacific region dominates the global halal cosmetic market and accounted for more than 35% revenue share in 2016. High Muslim population countries in South Asia such as Indonesia, Malaysia and Singapore are the major revenue contributors to the halal cosmetic market in Asia-Pacific region. The halal cosmetic market is booming in Middle East and Europe. Across Middle East, halal cosmetic market is registering 12% annual growth rate reaching USD 2.3 billion in total value of halal cosmetics related sales. Europe is also witnessing growth in halal cosmetic sales owing to highly aware and traditional Muslim communities. In U.K, for instance more than 35% Muslims fall into desirable 18-35 year old demographic which is an important consumer base for halal cosmetics. America’s region is expected to witness strong growth over the forecast owing to rising Muslim population in North America.

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Market Overview:
Halal cosmetics were introduced particularly by keeping Muslim community in mind as this community is very much conserved about the sharia law which prohibit consumption and application of various things like alcohol, pig fats and chemicals which are commonly found in the cosmetic products. The halal cosmetics do not contain any kind of alcohol, petrochemicals, fatty acids and ingredients that are obtained from the animals like pig. The basic motive behind these products is to provide clean, pure and the products which do not contain any kind of ingredient which is not acceptable by the Islam.
According to the report of UN, Islam is the 2nd largest religion after the Christianity which is increasing at a rate of 3% annually. The Muslims represents one third of the global population or we can say 2.4 billion consumers, providing a huge market for the halal cosmetic products. These products are not exclusively or limited to Muslim community only, these products have gained market among the non-muslim consumers also, who associate these products with the ethical consumerism. The changing mindset of Muslim consumers and the worldwide trend of ethical consumerism trigger the development of vast range halal cosmetic products. The western countries are the key players in this industry even after being the non-muslim countries. They still hold the 70% of the global market

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Market Drivers and Challenges:
Growing Muslim population and rising adoption of modern lifestyle by the Muslim community are the major factors driving the growth of global halal cosmetics market. Non Muslim consumers are also driving the demand for halal cosmetics owing to rising demand for organic and vegan cosmetics. Young people, in particular are the drive force for halal cosmetics as they fit their lifestyles and beliefs. Being at its nascent stage halal beauty products market is highly unorganized and majorly catered by the local players. With growing Muslim population and rising demand for halal cosmetics, the multinational players such as L’Oreal, Unilever, P&G among others have potential opportunities to break in halal cosmetic industry to cater high demand for halal cosmetics. Moreover, Gulf countries and South Asian halal cosmetic market showcase huge business opportunity due to presence of large Muslim population and high awareness for halal cosmetic products.
However, lack of awareness among the Muslim female population and inappropriate structure of the halal cosmetic industry is expected to hinder the growth of global halal cosmetics market. Lack of proper standardization of the halal beauty products as the halal guidelines vary from region to region and within different communities of Muslims, which affects the production and sales of the products, also creating huge barriers for the growth of global halal cosmetics market.

By Geography
o North America (US, Canada) {Market Share (%), Market Size (USD Million), Adoption Rate (%)}
o Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe)
o Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa)
o Latin America (Brazil, Mexico and Rest of Latin America)
o Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific)
o Rest of the World

REASONS TO PURCHASE THIS REPORT

  • Identify the drivers, restraints, and opportunity possessed by the global Halal Cosmetics market with in-depth analysis.
  • Analyze the various perspectives of the global market dynamics with the help of Porters five forces analysis.
  • Identify the most dominating type of service and application with forecasted market estimate for the global Halal Cosmetics market.
  • Identify the largest, fastest growing, and significant regions during the forecast period with in-depth analysis.
  • Identify the latest developments, market shares, and strategies employed by the major market players.
  • 3 months analyst support, along with the Market Estimate sheet (in excel).

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Dr Nancy Miller

Dr Nancy Miller has over 20 years experience as a educator and health practitioner. She has a B.S. from Lake Head University In Thunder Bay, and a Ph.D. in biology from the University of Guelph . Dr. Miller has worked as a special medical consultant for a major insurance provider before becoming a freelance health author and public speaker. There are several ways to contact Dr. Miller here.

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