$94 Billion Halal Cosmetics Market Research Report: Global Market Review & Outlook (2019-2024)by Chris jackson Market Research
According to the latest report by IMARC Group, titled “Halal Cosmetics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global halal cosmetics market reached a value of US$ 66 Billion in 2018. Halal cosmetics refer to beauty and personal care products manufactured in compliance with the Islamic Shariah law. These products are processed, stored and produced by using utensils, equipment, and machinery that have been adequately cleaned. To gain halal certification, manufacturers have to ensure that the offered skin care and hair care products do not contain human-based parts or materials. Other than this, these cosmetics are not tested on animals and have to be free from ingredients that are harmful for human consumption such as mercury, lead and hydroquinone. Although they have remained as a niche product category for years, these cosmetics have now gained immense popularity worldwide owing to the assurance of high-quality and cruelty-free products.
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Over the last few years, halal cosmetics have witnessed an escalation in their demand on account of improved socioeconomic conditions and increasing awareness among Muslim consumers, particularly the younger generations. Apart from this, these beauty products are also gaining popularity amongst non-Muslim consumers on account of increasing demand for sustainable and ethical beauty products. Moreover, the urban male consumers now account for a significant share of the personal care products market as they have become more conscious about their appearance. This trend has prompted the manufacturers to introduce high-quality male grooming products. Apart from this, manufacturers in the halal beauty products market are adopting innovative marketing strategies to expand their consumer base. Looking forward, the market is expected to reach a value of US$ 94 Billion by 2024, at a projected CAGR of 6% during 2019-2024.
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- On the basis of product types, the market is segmented into personal care products and color cosmetics. Currently, the market is dominated by personal care products which include a wide variety of skin care, hair care and fragrances categories. On the other hand, color cosmetics are further segmented as products for face, eyes, lips and nails.
- Based on distribution channels, the market is categorized into offline and online stores. At present, offline retail platforms represent the most popular distribution channel.
- On a geographical front, Asia-Pacific is the largest market, holding the majority of the total share. This can be attributed to the large Muslim population in countries like Malaysia, Indonesia, Singapore and India. Asia-Pacific is followed by the Middle East and Africa, Europe, North America and Latin America.
- The competitive landscape of the market has also been examined with some of the key players being Amara Cosmetics, Pure Halal Beauty, SAAF International, Sampure Minerals, Inika Cosmetics, Martha Tilar Group, One Pure, Ivy Beauty, MMA Biolab, The Halal Cosmetics company, Clara International, INGLOT, Jataine and Le Wangi De Wangi.
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Created on May 20th 2019 02:01. Viewed 209 times.