Halal Cosmetics Market Size - Industry Analysis Growth By Forecast 2022-2032
Halal Cosmetics Market Overview:
The global market for halal cosmetics is expecting strong thrust from the Asian countries with large Muslim population. The products are becoming popular among young Muslim women who wish to maintain their religious rules. It will also gain from the growing demand for cruelty-free products. People are fast-becoming aware of the testing methods on animals, which is why they are looking for products that have no connection with such lab tests. Halal Cosmetics Market Size was valued at USD 25.96 Billion in 2022. The Halal Cosmetics market industry is projected to grow from USD 28.35 Billion in 2023 to USD 57.32 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.20% during the forecast period (2023 - 2032). Increasing demand for hygiene products and rising concerns about the quality of skin care products are the key market drivers enhancing market growth.
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Segmentation:
The global market for halal cosmetics market research has been studied by expert market analysts from MRFR from the perspective of product type and distribution channel. These segments have data with proper backing from scientific studies that can provide insights and help in forming strategies that would increase the profit margin.
By product type, the global report on the halal cosmetics market trends can be segmented into hair care, skin care, multifunctional, color cosmetics, and others. The skin care segment has the maximum market share whereas the color cosmetics segment is slated to record the fastest CAGR during the forecast period.
By distribution channel, the global report on the Halal Cosmetics Industry has been segmented into store-based and non-store-based. The store-based segment has the highest market share, which can be segmented into supermarkets & hypermarkets, convenience stores, and others. This is primarily due to the opportunity to check the products and compare them with others before buying. The non-store-based segment is the fastest growing one.
Competitive Landscape:
Inika, PHB Ethical Beauty, MMA Bio Lab Sdn Bhd., Iba Halal Care, Amara Cosmetics, Clara International, Martha Tilar Group, Wardah Cosmetics, Sampure Minerals, Wipro Unza, One Pure, Ivy Beauty Corporation Sdn Bhd., Halal Cosmetics Company, Talent Cosmetics Ltd., Paragon Technology and Innovation, Brataco Group of Companies, Mena Cosmetics, and SaafSkinCare are some of the major companies that would trigger better growth for the global market through their strategic moves spanning over merger, tie-up, innovation, branding, launching, research and development scope, acquisition, and others.
Regional Analysis:
North America would take the charge of the global Halal Cosmetics Market Overview’s Increasing presence of various manufacturers, realization among people, and others are expected to boost the global market. In Asia Pacific, the growth would be substantial with the fastest CAGR during the forecast period.
Industry News:
In June 2020, Mersi Cosmetics announced that they are ready to enter the Halal cosmetics industry by launching their new breathable and certified Halal nail polish line. The company is launching around 20 different shades and their names would evoke natural wonders. The nail polish would allow easy permeation of water and oxygen through the nails, which will provide users a rich experience. This will make sure that the nails stay hydrated. This will also help in performing ablution without removing the nail polish.
The impact of COVID-19 would be immense on the market for halal cosmetics. This is due to the tumbling effect the pandemic had on various economies. In many countries, lay-offs and pay-cuts are taking places, which will impact the intake of the product. In developing countries, the market may experience a plummet due to this fall in disposable income. However, this will be temporary. With economies lifting bans, prospects will soar, and the market will expand.
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