The global Halal Cosmetics Market is forecast to reach USD 66.33 Billion by 2027, according to a new report by Reports and Data. The market is being driven by the increasing number of Muslim population globally. Muslims account for approximately 25% of the worldwide population. An increase in the health concerns among consumers after using cosmetic products is fueling the need for special cosmetic products, which is, driving the market for halal cosmetic products. Moreover, increasing awareness of Muslim consumers on their religious obligations has also contributed to the rising demand for halal-certified cosmetic products.
The report discusses in detail the strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, corporate and government deals, product launches and brand promotions, and licensing agreements undertaken by the key players to gain a robust footing in the market. The Halal Cosmetics market research report also offers a thorough SWOT analysis and Porter’s Five Forces analysis to offer key insights into the company’s progress and position.
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The report further discusses in detail the strategic initiatives undertaken by key companies such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches, and brand promotions to gain a robust footing in the market. Key companies operating in the market are profiled on the basis of company overview, financial standing, global and regional market position, production and manufacturing capacity, gross profit margins, and business expansion plans.
Key participants include MMA Bio Lab Sdn Bhd, Talent Cosmetic Co., Ltd., PHB Ethical Beauty, Ivy Beauty Corporation Sdn Bhd, The Halal Cosmetics Company, Sampure Minerals, INIKA, Amara Cosmetics, Inc., Clara International, and Martha Tilaar Group, among others.
Further key findings from the report suggest:
- A growing Muslim population in the world, along with an increasingly high disposable income, is augmenting the demand for halal hair care products. The main reason for this is the obligations towards religion and awareness regarding ethical products. The growing popularity of this product among the male population is also fostering the growth.
- Halal cosmetic products must label according to the prescribed labeling requirement of the regulatory bodies of respective countries. The label on the product must bear a halal logo and reflect the ingredients of the product accurately as a means to aid the consumer in their decision as well as the consumption of the product. All the text, illustrations, and its advertisement must comply with Islamic law and local culture.
- The online segment dominated the market for halal cosmetics owing to the growing penetration of internet and smartphones in the developing Muslim countries. The e-commerce sector is trying to branch out and cover as much as possible to boost its sales. The online market is witnessing growth due to the influence of popular makeup artist and YouTube blogger leaving a huge footprint on social media.
- The market in Middle East is expected to be the fastest-growing regional market in 2019. Favorable government rules in GCC countries is driving the halal cosmetics market. The growing populace in the Middle Eastern nations is driving the overall market. Global players are expanding their businesses in the Middle East to cater to the increasing demand for these products.
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Product Outlook (Revenue, USD Billion; 2017-2027)
- Personal Care Products
- Color Cosmetics
Application Outlook (Revenue, USD Billion; 2017-2027)
- Hair Care
- Skin Care
- Face Care
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
The report studies the consumption patterns of the regions mentioned along with the estimation of the increase in the consumption rate throughout the forecast period. It further discusses export/import, consumer demand, key trends, regulatory framework, macro- and micro-economic factors and presence of key players in each region. Regional analysis section also covers country-wise analysis to offer better understanding of the market.
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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Identifying the basic business drivers, challenges, and tactics adopted:
- The report provides intrinsic details and fluctuating aspects that influence the commercial dynamics of the Halal Cosmetics market along with integral factors of the rise in the demand for the product have been mapped across vital geographical regions.
- An overview of the multifarious applications, business areas and the latest trends observed in the industry has been laid out by this study.
- Various challenges overlooking the business and the numerous strategies employed by the industry players for successful marketing of the product have also been illustrated.
- The research inspects the sales channels (indirect, direct, marketing) that companies have chosen for the primary product distributors and the superior clientele of the market.
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