According to a new market research report published by Credence Research, Inc. “Halal Cosmetics Market– Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the global halal cosmetics market was valued at US$ 21.11 Mn in 2016, and is expected to reach US$ 58.41 Mn by 2025, expanding at a CAGR of 12.9% from 2017 to 2025.
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Market Insights
Halal is an Arabic word which means according to the law or permitted. Halal cosmetics are certified products by the Halal certification organizations, it functions under Sharia law, which means product contain no animal products and no alcohol. Halal cosmetics are body and skin care products, free from the ingredients that are illegal by the Islamic society. The global halal cosmetics market is a highly fragmented market, with number of well-established international and regional players.
Growing Muslim population and rising awareness about the usage of personal care products, meeting Islamic law standards and obey with religious beliefs is expected to drive the overall growth of this market. Increasing number of educated Muslims gaining consciousness regarding usage of safe & high-quality products is another factor for the changing trends.
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Due to rising awareness about side effects of chemical material used in cosmetics is growing the demand for halal cosmetics, among both Muslims and non-Muslim population. Local and international players are changing their business strategy according to the market, as the demand for halal cosmetics are increasing.
Halal cosmetics have wide range of product type contains skin care, hair care, oral care, cosmetics, and others (perfumes, deodorants and fragrances). Among which skin care accounted the largest market with a share of 34.27% of the overall market in 2016 , and is likely to grow at a CAGR of 13.1% from 2017 to 2025. Manufacturers are trying to meet the terms of Islamic codes by combining more ingredients that are in obedience with the sharia law.
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The Middle East is a huge consumer market for halal cosmetics. Saudi Arabia, UAE, Oman, and Jordan are considerable high income countries. They have more organized Islamic society, which in turn is a driving factor for the global industry.
Asia Pacific have around 45% of the global Muslim population. Pakistan, Malaysia, India, Indonesia, Bangladesh, and Maldives are the developing countries and have a stable socio-economic condition with a considerable Muslim population. These factors will lead to the growth of halal cosmetics globally.
Some of the major companies operating in the market include Clara International, INGLOT, INIKA Cosmetics, Ivy Beauty, Maicare Marketing, Martha Tilaar Group, MMA Bio Lab (IMED Lab), PHB Ethical Beauty, Saaf Skincare and Prolab Cosmetics, Talent Cosmetic Co., Ltd., The Halal Cosmetics Company, and Zelcos.
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