Cosmetics that follow to Islamic principles and are suitable for usage by Muslims and those who follow halal regulations are known as halal products. They are made with morally and environmentally sound methods and don't contain any illegal elements like alcohol or ingredients derived from pork. Certification as halal guarantees adherence by confirming that components and manufacturing adhere to halal requirements.
According to SPER market research, ‘Halal Cosmetics Market Size- By Product Type, By Application, End-User, By Distribution Channel - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Halal Cosmetics Market is predicted to reach USD 140.92 billion by 2033 with a CAGR of 12.99%.
Drivers:
The market for halal cosmetics is expanding rapidly due to a growing Muslim population, greater consumer awareness, and a growing desire for natural and ethical products. The market for cosmetics with the Halal certification is growing as customers become more conscious of the contents in their beauty products and look for alternatives that fit their dietary requirements and morals. Furthermore, because they follow Islamic rules, Halal cosmetics are seen as being devoid of dangerous chemicals and animal byproducts, drawing in customers who value their health and prefer natural ingredients.
Challenges:
The lack of standardized international standards and certifications is one of the major issues facing the halal cosmetics sector. Halal compliance can be interpreted differently depending on the country or location, as different organizations may certify Muslims differently. Consumers and businesses may find it challenging to successfully traverse the market due to confusion and inconsistency caused by this lack of standards. The establishment of harmonized standards and the maintenance of uniform product quality and compliance across borders necessitate increased cooperation between international Halal certification organizations in order to tackle this challenge. Establishing a single, internationally accepted certification method for Halal products would increase consumer confidence and promote the industry's expansion.
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Impact of COVID-19 on Global Halal Cosmetics Market
The COVID-19 epidemic resulted in trade and transportation restrictions that disrupted the halal cosmetics supply chain, potentially causing delays and increased costs. But consumer tastes have changed, leading to a rise in the market for halal cosmetics, particularly in nations where Muslims predominate. This demand is fueled by ethical and health concerns. Because people preferred the security and ease of home purchasing, the pandemic also increased the adoption of e-commerce, which led to an increase in the sales of halal cosmetics online. However, decreased disposable income as a result of job losses and uncertain economic conditions affected the market for cosmetics in general, particularly halal cosmetics.
Halal Cosmetics Market Key Players:
Additionally, some of the market key players are; Amara Halal Cosmetics, Brataco Group of Companies, Clara International Beauty Group, Elaheh Halal Cosmetics Inc, Flora & Noor, IBA Halal Care, INIKA Organic, Ivy Beauty Corporation Sdn Bhd, Kao Corporation.
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