Growth of South East Asia Halal Skincare Market
The South East Asia Halal Skincare Market is estimated to be valued at US$ 584.37 Mn or Million 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.
SWOT Analysis:-
· Strength: Complies with religious beliefs and ethics of over 60% population in South East Asia which gives it an exclusive consumer base.
· Weakness: Low brand awareness in rural areas.
· Opportunity: Growing expat population from Middle East provides new customer segment. Introduction of customized halal certified products for specific countries can capture new markets.
· Threats: Stiff competition from global players entering the market. Supply chain disruptions due to COVID-19 pandemic can impact availability.
Key Takeaways:-
The South East Asia Halal Skincare Market Growth is expected to witness high, exhibiting a CAGR of 10% over the forecast period, due to increasing disposable income and growing middle class population.
Regional analysis: Indonesia represents the largest market for halal skincare in the region accounting for over 35% share, followed by Malaysia. This is attributed to the presence of over 250 million Muslims and growing middle class with higher spending on personal care products. Countries like Thailand, Vietnam and Philippines are also expected to showcase strong growth during the forecast period.
Key players operating in the South East Asia Halal Skincare Market are Amara Halal Cosmetics, Andalou,Clara International Beauty Group, COSMECCA KOREA, COSRX, Ecotrail Personal Care Pvt. Ltd., Halal Korea Co., Ltd., INGLOT Cosmetics, INIKA organic, IVY Beauty Corporation, KOLMAR KOREA, SO.LEK Cosmetics, and Talent Cosmetics. Brands are launching new sublines focused on herbal ingredients as well as products suitable for sensitive skin to strengthen their portfolio.
Read more - https://www.trendingwebwire.com/south-east-asia-halal-skincare-market-outlook-and-forecasts-analysis/
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