Growth of Halal Cosmetic Product Market Trends, Share, Industry Size, Opportunities and Forecast 2017-2024 – Research Nester

“Halal Cosmetic Product Market: Global Demand, Growth Analysis & Opportunity Outlook 2023”

Global Halal Cosmetic Product Market Overview

Halal cosmetics are personal care products which are free from ingredients forbidden by the Islamic law. These cosmetics do not contain animal derived material such as blood from any animal, pork and pork products as well as alcoholic constituents in their manufacturing. Halal cosmetic products include hair shampoos, conditioners, bath and shower gels, cleansers, creams, lotions, talc and baby powders, toners, make up, perfumes, eau de colognes and oral care products. As the Islamic law only permits the use of halal cosmetic products, this religion segment holds the largest consumer base of halal cosmetic products across the globe.

Market Size & Forecast

The Global Halal Cosmetic Product Market is anticipated to reach USD 53 billion by the end of 2023 witnessing a promising compound annual growth rate of 14.1% over the period of forecast i.e. 2016-2023. Middle East is anticipated to hold the largest consumer base owing to the dominance of Islamic culture. Absence of halal certification body in the region is anticipated to fuel the supply of halal cosmetic product in the region.

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Europe halal cosmetic market is anticipated to grow at a high pace due to the dominance of well-established cosmetic manufacturers in the region such as Saint Laurent and L’Oreal. In 2009, European Commission banned animal testing for cosmetic ingredients and other products. This has forced the cosmetic manufacturers to increase the incorporation of plant based ingredients. This is likely to pave the demand for halal cosmetic products in the region.

Asia Pacific halal cosmetic product market is estimated to reach USD 2.9 billion by the end of 2023 witnessing a compound annual growth rate of 9.4% over the period of forecast, Asia Pacific market is expected to be remunerative region owing to the increasing Muslim consumer base with rising personal grooming needs and rising demand of vegan friendly cosmetics in the region.

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Research study states that 20% of the global Muslim population is concerned about halal issues with the products they are using. Growth of the market is mirrored by the consumer knowledge about the ingredient used and product awareness. Social media has raised the awareness of use of halal certified cosmetic products which is going to boost the demand for halal cosmetic products across the globe. According to the halal industry development corporation, many well recognised and international brands are now considering to establish their market in halal industry by adding halal cosmetics and personal care products in their product line.

By Region

Global Halal Cosmetic Product Market is further classified on the basis of region as follows:

North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis

Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis

Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis

Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis

Middle East and Africa ( GGC, South Africa, North Africa ) Market size, Y-O-Y growth & Opportunity Analysis

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Growth Drivers and Challenges

Rising awareness about the percutaneous essence of conventional cosmetic products along with rising demand of vegan friendly cosmetics is anticipated to propel the growth of global halal cosmetic product market across the globe. Rising Muslim population (nearly two billion) and increasing expenditure of Muslim consumers on food and lifestyle is anticipated to fuel the demand for halal cosmetic products. The global expenditure of Muslim consumers has increased by 10% in 2015, and is expected to reach USD 3.9 trillion by the end of 2023 witnessing a compound annual growth rate of 11% over the forecast period i.e. 2016-2023.

Growing health concerns due to harmful effects of ingredient that are used in manufacturing of cosmetic product is increasing the demand for halal cosmetic products not only among the Muslim populations, globally consumers are now more inclined towards the adoption of cruelty free product. Factor such as lack of authentication laws, liberal government regulations and challenges faced in positioning and marketing as well as short shelf life of the organic products are some factor restraining the market growth.

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