According to a new report published by Allied Market Research, titled, “Halal Cosmetics Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2014-2022″, the global market is expected to reach $54,164 million by 2022, from $20,247 million in 2015, registering a CAGR of 15.2% during the forecast period.
The fragrance market is expected to register the highest CAGR of 15.8% in the halal cosmetics market, owing to an increase in demand for attar sprays among Muslim consumers. LAMEA is expected to dominate the market due to an increase in Muslim population countries such as Saudi Arabia, UAE, Kuwait, Bahrain, and others; rise in purchasing power and growth in demand for personal grooming products that adhere to Islam virtues. Asia-Pacific is expected to register a significant growth rate owing to the increase in Muslim population in nations such as Indonesia, Malaysia, Singapore, and India, thereby resulting in increased halal cosmetics market size during the forecast period.
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The global halal cosmetics market is driven by rising in the Muslim population globally and the booming halal market, which has now extended its product base to meet the growing personal & beauty care needs of the Muslim population. Halal certification enables the Muslim population to identify genuine products, thereby obeying the virtues of their religion, thereby fueling the growth of the global halal cosmetics market.
However, rules and regulations on the authenticity of a halal ingredient vary as per the countries, which is thereby expected to restrict the companies to penetrate the halal cosmetics market. Cosmetic manufacturers thereby fail to obtain an authentic halal certification in Muslim-dominant countries. Thus, the lack of a global standardized set of halal-specific guidelines is a major factor that restrains the growth of the halal cosmetics market.
Among the product type, the fragrance segment is expected to have the highest CAGR during the forecast period, followed by color cosmetics. The color cosmetics segment is expected to account for $17,908 million in 2022 from $6,635 million in 2015, registering a CAGR of 15.3%. Halal color cosmetics have widespread adoption among the Muslim women population, especially in the youth. An increase in interest of the young Muslim population toward make-up trends that adhere to religious loyalties has fueled the demand for global color cosmetic products.
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The demand for halal cosmetic products in the overall halal cosmetics industry is expected to be driven by an increase in purchasing power of the growing Muslim population and significant desire among young Muslim women to associate their interest in fashion and makeup with Islamic religious loyalties. These factors also provide lucrative opportunities for multinational cosmetic companies to enter the halal cosmetics market. Countries such as Saudi Arabia, Iran, UAE, Malaysia, and Indonesia offer potential growth opportunities for halal color cosmetics products owing to the factors such as the increase in young population, high disposable income, and rise in interest in fashion and makeup trends.
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In the halal cosmetics industry, LAMEA is expected to register the highest CAGR of 15.1% owing to the growth in the Muslim population, especially in the Middle East, high purchasing power, and continuous demand for personal & beauty care cosmetic products among the Muslim consumers.
The key players operating in the market include Amara Cosmetics, Iba Halal Care, Halal Cosmetics Company, Clara Internation, Inika, Wardah Cosmetics, PHB Ethical Beauty, Sampure Minerals, One Pure, Mena Cosmetics, SaafSkinCare, and others.
Key Findings of the Halal Cosmetics Market:
- The hair care segment generated the highest revenue in 2015 and is expected to grow at the CAGR of 14.1% during the forecast period.
- The personal care segment accounted for the highest revenue in 2015 and is expected to have a notable CAGR of 14.6%.
- With the growth in demand for e-commerce sales, the online distribution sales channel is expected to grow at the fastest rate of 18.2% by 2022.