The Global Halal Cosmeticss Market is projected to grow at a CAGR of around 11.0% during the forecast period, i.e., 2023-28. This detailed analysis offers valuable insights into the key growth drivers, geographical dynamics, and emerging trends that are poised to shape the market's trajectory in the coming years.
The market growth is predominantly driven by the growing Muslim population worldwide, raising the demand for quality, safe, hygienic, halal products, especially among those consumers who adhere to religious loyalties. Besides, the popularity of natural and environmental-friendly products also adds to the market expansion. Additionally, the halal market's development and increasing market players' penetration in the global cosmetics industry are extending the market growth.
Moreover, the rising number of Muslim women entering the workforce and the cosmetic industry is positively affecting the industrial ascension. Furthermore, the industry will likely grow multi-dimensionally with the growing trend of personal grooming, skincare, hygiene routine adoption, etc. Again, the high popularity and prevalence of vegan lifestyles among consumers approving vegan cosmetics as environment-friendly and cruelty-free options add to the market value.
Contrary to this, the higher cost of cosmetics than conventional products will likely hinder market expansion. However, the growing popularity of halal-certified products and governments backing the production and distribution of cosmetics is expected to accelerate the industry.
Exploring the Market Dynamics: What’s Driving the Growth of Halal Cosmetics Market?
Growing Muslim Population and Demand for Quality Products - The increasing demand for halal grooming, hygiene, and self-care products amongst the growing Muslim population has driven the industry. Besides, Halal Cosmetics are popular to possess certain quality and standards due to governmental certifications and religious rules, upgrading their value, hence exemplifying the market.
Islamic law prohibits ingredients sourced from pigs, blood, human body parts, reptiles, and insects and also states that the processing, storage, and transportation of the product to be done hygienically. Thus, the hyped safety and quality of the products have been gaining market traction in the cosmetic industry during the historical period and are expected to continue in the same way during the forecasting period.
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Key Takeaways from the Market Study:
- Historical Data: 2018-21
- Base Year: 2022
- Forecast Period: 2023-28
- CAGR (2023-2028): 0%
- Key Players to Watch: Amara Cosmetics, Brataco Group Of Companies, Clara International Beauty Group, Halal Cosmetics Company, Iba Halal Care, Inika, Mena Cosmetics, Phb Ethical Beauty, Sampure Minerals, Wardah Cosmetics are expected to play a pivotal role in driving market growth through strategic investments, partnerships, and innovation.
Latest News in the Halal Cosmetics Industry:
- In November 2022, Believe Company invested 10 million USD in partnering with Iba Halal Care Cosmetics to distribute and expand their retail market space across operating countries, including Middle Eastern, South Asian, and European countries.
- In April 2022, Inika launched its new cosmetics collection named Pure and Purpose, which includes Lash & Brow Serum, Hydrating Toning Mist, Eyeshadow Quads, Brow Palette, and more products claiming to be 100% natural, vegan-certified, halal-certified, and cruelty-free.
Market Segmentation of Halal Cosmetics Industry
The Halal Cosmetics market is segmented as follows:
- By Product Type
- Personal Care Products
- Color Cosmetics
- Fragrances
According to report, the rechargeable segment holds a larger share of the Global Halal Cosmetics Market mainly due to their lower costs.
- By Application
- Hair Care
- Skin Care
- Face Care
- Beauty Care
- By Distribution Channel
- Online
- Offline
According to reports, offline retail holds the largest market share.
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Halal Cosmetics Market Geographical Analysis
North America
South America
Europe
Middle East & Africa
Asia-Pacific
According to reports, North America holds a prominent share of the Halal Cosmetics Market
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