The Asia Pacific Halal Cosmetic Market Is Estimated To Witness High...

The Asia Pacific Halal Cosmetic Market Is Estimated To Witness High Growth Owing To Growing Muslim Population

Posted 2023-11-07 13:09:04

The Asia Pacific halal cosmetic market is estimated to be valued at US$ 3.11 Bn in 2023 and is expected to exhibit a CAGR of 10. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Halal cosmetic products refer to personal care items and cosmetics that adhere to Islamic law (Sharia). They are certified to contain no alcohol or any other ingredients derived from animals or humans that are considered impure according to Islamic law. The growing Muslim population across the Asia Pacific region has increased the demand for halal certified personal care and beauty products.

Market Dynamics:
The Asia Pacific halal cosmetic market is expected to witness significant growth over the forecast period owing to growing Muslim population and their rising disposable income in the region. According to a report by DinarStandard, the global Muslim market spends $263 billion annually on personal care products and is expected to increase to $366 billion by 2024. Additionally, increasing awareness about ingredients in cosmetic products and demand for ethical and purity standards compliant products is also fueling market growth. However, stringent certification and regulation around halal standards may hamper market growth during the forecast period.

Human: Here is the SWOT Analysis and Key Takeaways section for the given Asia Pacific Halal Cosmetic Market details:

SWOT Analysis
Strength: Asia Pacific halal cosmetic market has a large target base of over 1.8 billion Muslim population in the region representing huge market potential. Strict regulations and certification processes ensure product quality and reliability. Growing health and wellness trends boost demand for natural and organic personal care products.
Weakness: Lack of uniform standards and regulations in some countries leads to inconsistent product quality. Limited distribution channels and availability in rural areas restricts market reach. High costs associated with certification procedures makes products expensive.
Opportunity: Rising internet and smartphone penetration aids online sales and product promotions. Increasing disposable incomes in developing nations boost spending on premium beauty and personal care products. Growing awareness about halal labeling and certification expands the addressable market size.
Threats: Presence of local unorganized players offering low cost substitutes without proper certification poses compliance issues. Vulnerability to global economic slowdowns and political uncertainties hampers market growth. Stringent regulations in some countries limit foreign entries in the domestic markets.

Key Takeaways
The global Asia Pacific Halal Cosmetic Market Share is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing health consciousness among Muslim consumers. The Asia Pacific halal cosmetic market size for 2023 is US$ 3.11 Bn and is projected to reach over US$ 6 Bn by 2030.

Regional analysis - Indonesia holds the dominating position in the Asia Pacific halal cosmetic market, accounting for over 35% share in 2023. Rising disposable incomes, growing popularity of halal certified personal care brands, and large Muslim population base drive the Indonesia market. The Southeast Asian countries including Malaysia, Philippines, and Vietnam are also growing at a rapid pace, exhibiting combined CAGR of around 12% during the forecast period.

Key players operating in the Asia Pacific halal cosmetics market include INKIA, Martha Tilaar Group, Wipro Unza, Clara International, Ivy Beauty Corporation, Sdn Bhd Overview, Paragon Technology & Innovation, and Brataco Group of Companies. The key players are focusing on strengthening distribution networks across developing Asian countries and enhancing online retail presence to tap the growing e-commerce opportunity in the region. New product launches with natural ingredients and competitive pricing are the other strategies adopted by these leading halal cosmetic brands.

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