Halal Cosmetic Product Market to reach USD 3.9 trillion by 2023

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.
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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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.

Market Segmentation

By Product
On the basis of cosmetic products offered under halal integrity, the market can be segmented into following product type:-
Skin Care,
Colour Cosmetics
Hair Care
Fragrances
By Distribution Channel
Deep dive study has been carried out on following distribution channel segment:-
Hypermarket/supermarket
Convenience/Departmental Store
Specialty Store
Online Store
Others

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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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