Halal Cosmetics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023
The global halal cosmetics market reached a value of US$ 63 Billion in 2017. The market value is further expected to reach US$ 89 Billion by 2023, exhibiting a CAGR of 5.8% during 2018-2023. Halal cosmetics are manufactured by using ingredients which are permissible according to the Islamic Sharia law. These products are free from any human parts or materials derived from it; do not contain ingredients that are derived from animals which are prohibited by Islamic law or from animals that were slaughtered in a non halal way. These products are also free from any genetically modified organisms (GMO) that are considered as unclean. Each halal cosmetic product has to be certified so as to guarantee that it does not contain any components which are not in compliance with the Islamic law. Consumers are increasingly ready to pay a premium for such products because their religious beliefs are given due consideration.
Global Halal Cosmetics Market Drivers
The market is strongly driven by an increasing Muslim population which now accounts for over a fifth of the global population. With the younger generation emerging as more conscious consumers, the overall spending on halal cosmetics is increasing.
The range of halal cosmetics has also increased in recent years. Earlier, the choice of halal cosmetics used to be limited for Muslim women. However catalysed by the strong demand of these products, the number of manufacturers and their range of products has risen robustly over the last few years. Today, halal certified cosmetic manufacturers offer a range of items that include perfumes, toners, lipstick, shampoos, lotions, soaps, powders, shower gels, etc.
The market for halal cosmetic products is not limited to the Muslim population but is also attracting Non-Muslim consumers. Halal beauty products symbolize safety, cleanliness, hygiene, and animal byproduct-free products. It also stresses upon cleanliness during manufacturing, packaging and storage. This is driving its demand in a number of Non-Muslim countries.
The market has also been catalysed by the rising penetration of ecommerce and social media. The online market continues to play a key role in driving the demand of these products and is growing significantly faster than more traditional distribution channels. Manufacturers are also increasingly using social media platforms such as youtube, facebook, instagram, whatsapp, etc. to influence consumers.
Based on product types, the market has been segmented as personal care products and color cosmetics. Currently, personal care products dominate the market, holding the largest share.
Region-wise, the market has been segmented into Asia Pacific, Middle East and Africa, Europe, North America and Latin America. Amongst these, Asia Pacific is the leading market, accounting for the majority of the global share.
Based on the distribution channel, the market has been segmented into online and offline.
The competitive landscape of the market has also been examined with some of the key players being Amara Cosmetics, Pure Halal Beauty, SAAF International, Samina Pure Makeup, Inika Cosmetics, Martha Tilar Group, One Pure, Ivy Beauty, MMA Biolab, The Halal Cosmetics company, Clara International, Inglot, Jataine and Le Wangi De Wangi.
This report provides a deep insight into the global halal cosmetics market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the halal cosmetics market in any manner.
Key Questions Answered in This Report:
How has the global halal cosmetics market performed so far and how will it perform in the coming years?
What are the key product types in the global halal cosmetics industry?
What are the major distribution channels in the global halal cosmetics industry?
What are the major application segments in the global halal cosmetics industry?
What are the key regional markets in the global halal cosmetics industry?
What are the price trends of halal cosmetics?
What are the various stages in the value chain of the global halal cosmetics market?
What are the key driving factors and challenges in the global halal cosmetics market?
What is the structure of the global halal cosmetics market and who are the key players?
What is the degree of competition in the global halal cosmetics market?
How are halal cosmetics manufactured?
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