According to a report,”Halal Cosmetics Market Size, Share & Trends Analysis Report By Product (Skin Care, Hair Care, Makeup), By Region (North America, Europe, Asia Pacific, MEA, Central & South America), And Segment Forecasts, 2019 – 2025″, published by Grand View Research, Inc. The global halal cosmetics market size is projected to reach USD 52.02 billion by 2025 registering a CAGR of 12.3%. Considerable Islamic population base across the globe that is willing to pay premium prices for Halal-certified beauty products is anticipated to drive the product demand over the forecast period. The market is niche with the presence of both large- and small-scale manufacturers. Growing concern among consumers about the usage of animal-derived ingredients, such as gelatin and collagen, has resulted in the increased production of halal-certified products by many cosmetic industry participants.
Regional companies are entering the global market to fulfill the rising demands. Middle East and Africa accounted for around 18% of the global revenue share in 2018. Though there is a growing demand for halal products in Middle East, there is an absence of complete regulation system. However, Brunei has an established regulatory system that promotes and produces halal products. There have been a lot of initiatives taken by different Islamic countries to integrate the halal industry. For instance, Malay Chamber of Commerce Malaysia (MCCM) built a marketing center in Dubai to help the growth of such products and pave opportunities for manufacturers to advertise their portfolio.
Key Takeaways from the report:
Skin care is anticipated to be the fastest-growing product segment of the halal cosmetics market over the forecast period
Makeup products is projected to be the second-largest segment and is said to register a CAGR of 12.5% from 2019 to 2025
Middle East & Africa is the second-largest regional market after Asia and was valued at 4.04 billion in 2018
Since Muslims constitute a major part of the population of the region, the mainstream cosmetic industry is pushed to fulfil their needs
Some of the key companies in this market are MMA Bio Lab Sdn Bhd, Ivy Beauty Corporation Sdn Bhd, PHB Ethical Beauty
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Southeast Asian region is projected to witness the most lucrative growth over the forecast period. Factors, such as rise in spending on personal care products, awareness regarding the hazards of transdermal cosmetics, and demand for eco-friendly cosmetics have fueled the product growth in this regional market. Cosmetic companies present in this region are trying to consolidate their position by offering a wide range of products. Companies are leveraging the reach of social media for spreading awareness among the customers and to connect with their target audiences (young adults and female customers).
Primary factor driving demand in the Europe market is the unique packaging style developed by Dutch entrepreneurs, who started the idea of halal cosmetics in this region. The market has witnessed significant growth in western countries, such as U.S. and European Union countries, owing to increasing Muslim population and their need for safe and naturally manufactured beauty products.
Halal Cosmetics Market Share Insights
Companies in the market are spending high amounts on promotional activities spreading awareness about the benefits of using halal beauty products. There has been a promotion of prestigious cosmetic brands in local magazines in Malaysia. Some of the prominent industry participants are Martha Tilaar Group, Clara International, Wipro Unza, Paragon Technology and Innovation, and Ivy Beauty Corporation Sdn Bhd. The other manufacturers are Saaf Skincare, Prolab Cosmetics, TALENT Cosmetic Co. Ltd and PHB Ethical Beauty.
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