According to Goldstein Research, “Rising Muslim population and growing trend of organic and vegan cosmetic product is increasing the consumer’s interest towards halal cosmetics.” High demand for halal cosmetics and beauty products stems from demographic of young and religious conscious Muslim Population. Moreover, growing concerns regarding animal-derived ingredients such as fat and gelatine in cosmetic products propelling the demand for halal cosmetics in both Muslim and non-Muslim consumers.
Global Halal Cosmetics Market Outlook 2024
The global halal cosmetics market is segmented based on products and by distribution channel. Distribution channel is further bifurcated into online and offline channel. Online distribution channel accounted for major revenue share in halal cosmetics market. More than 50% of halal cosmetics were sold through online channels, in which more than 70% customers were female. Asia-pacific regions are leading markets for the online shopping portals. Online shopping trends declining the sales through offline mode but still a very big market share goes to the offline mode only. Supermarkets, pharmacies and branded showrooms are still people's choice to buy halal cosmetics.
The global halal cosmetics market is accounted for roughly USD 12.6 billion in 2016 and expected to expand at compound annual growth rate of 6.8% over the forecast period i.e. 2016-2024. Further, the market is anticipated to surpass USD 21.4 billion by the end of 2024. The market is expected to grow significantly over the forecast period owing to rising Muslim population and popularity of halal cosmetics.
Asia-Pacific region is the major contributor to the global halal cosmetics market and expected to dominate the market over the forecast period. The presence of large Muslim population countries such as Indonesia, Pakistan, Bangladesh, Malaysia and India among others with high disposable income of consumers such as China and Singapore will be the major factors impelling the growth of halal cosmetics in APAC region. Malaysia and Indonesia together accounted for more than 60% share of the Asia-pacific revenue in 2016.
Consumer Power: Social Risk
Muslim consumers are not only important because they are the major consumers of halal cosmetics product but also because of their power not to buy. Boycotting consumer products are not new for the Muslim countries. For example, the companies who are in support of Israel are often targeted by the different Muslim activist groups, which many times resulted in boycotting of their products and services. In short, Islamic sentiments should be kept in mind before serving the Muslim consumers.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Halal Cosmetics Market report also provides competitive outlook of some of the major players which includes profiling of companies such as 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 etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global halal cosmetics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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