Global Halal Cosmetics Market 2017–By Identifying the Key Market Segments Poised for Strong Growth in Future 2024

SUMMARY

WiseGuyReports published new report, titled “Global Halal Cosmetics Market Outlook”.

Market Overview

Halal cosmetics were introduced particularly by keeping Muslim community in mind as this community is very much conserved about the sharia law which prohibit consumption and application of various things like alcohol, pig fats and chemicals which are commonly found in the cosmetic products. The halal cosmetics do not contain any kind of alcohol, petrochemicals, fatty acids and ingredients that are obtained from the animals like pig. The basic motive behind these products is to provide clean, pure and the products which do not contain any kind of ingredient which is not acceptable by the Islam.
According to the report of UN, Islam is the 2nd largest religion after the Christianity which is increasing at a rate of 3% annually. The Muslims represents one third of the global population or we can say 2.4 billion consumers, providing a huge market for the halal cosmetic products. These products are not exclusively or limited to Muslim community only, these products have gained market among the non-muslim consumers also, who associate these products with the ethical consumerism. The changing mindset of Muslim consumers and the worldwide trend of ethical consumerism trigger the development of vast range halal cosmetic products. The western countries are the key players in this industry even after being the non-muslim countries. They still hold the 70% of the global market.
However, there are always challenges for every market as in this authenticity and maintaining the integrity of halal products is a challenge in competitive market. The most challenging part is to attract non-muslim consumers towards the halal cosmetics as there is tough competition from the established key players of the market.

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Market Segmentation

• By Product Types
o Beauty care
o Hair care
o Makeup
o Fragrances
• By Distribution Channels
o Online Channel
o Offline Channels (Beauty Specialty Stores Etc.)

Growth Drivers and Challenges

Growing Muslim population and rising adoption of modern lifestyle by the Muslim community are the major factors driving the growth of global halal cosmetics market. Non Muslim consumers are also driving the demand for halal cosmetics owing to rising demand for organic and vegan cosmetics. Young people, in particular are the drive force for halal cosmetics as they fit their lifestyles and beliefs. Being at its nascent stage halal beauty products market is highly unorganized and majorly catered by the local players. With growing Muslim population and rising demand for halal cosmetics, the multinational players such as L'Oreal, Unilever, P&G among others have potential opportunities to break in halal cosmetic industry to cater high demand for halal cosmetics. Moreover, Gulf countries and South Asian halal cosmetic market showcase huge business opportunity due to presence of large Muslim population and high awareness for halal cosmetic products.
However, lack of awareness among the Muslim female population and inappropriate structure of the halal cosmetic industry is expected to hinder the growth of global halal cosmetics market. Lack of proper standardization of the halal beauty products as the halal guidelines vary from region to region and within different communities of Muslims, which affects the production and sales of the products, also creating huge barriers for the growth of global halal cosmetics market.

Market Size and Forecast

Global halal cosmetics market accounted for USD 12.6 Billion in 2015 and the market is expected to reach USD 21.4 Billion by the end of 2024. Further, the market is anticipated to expand at a compound annual growth rate of 6.8% over the forecast period i.e. 2016-2024.
Geographically, Asia-Pacific region dominates the global halal cosmetic market and accounted for more than 35% revenue share in 2016. High Muslim population countries in South Asia such as Indonesia, Malaysia and Singapore are the major revenue contributors to the halal cosmetic market in Asia-Pacific region. The halal cosmetic market is booming in Middle East and Europe. Across Middle East, halal cosmetic market is registering 12% annual growth rate reaching USD 2.3 billion in total value of halal cosmetics related sales. Europe is also witnessing growth in halal cosmetic sales owing to highly aware and traditional Muslim communities. In U.K, for instance more than 35% Muslims fall into desirable 18-35 year old demographic which is an important consumer base for halal cosmetics. America's region is expected to witness strong growth over the forecast owing to rising Muslim population in North America.

Key Market Players

• Amara Cosmetics
o Synopsis
o Business Strategy
o Product Portfolio
o SWOT Analysis
• Pure Halal Beauty
• SAAF International
• Samina Pure Makeup
• Inika Cosmetics
• Martha Tilar Group
• One Pure
• Ivy Beauty
• MMA Biolab
• The Halal Cosmetics company
• Clara International
• INGLOT
• Jataine
• Le Wangi De Wangi

Market Segmentation

Global halal cosmetics market is segmented as follows:
• By Product Type (Market Size, Demand Analysis and Growth Analysis)
• By Distribution Channels Type (Market Size, Demand Analysis and Growth Analysis)
Global Halal Cosmetics Market Report covered insights of below mentioned regions:
• North America (U.S., Canada) {Market Size, Growth Analysis and Opportunity Analysis}
• Latin America (Argentina, Mexico, Brazil and Rest of Latin America) {Market Size, Growth Analysis and Opportunity Analysis}
• Europe (Germany, Italy, Spain, France, The U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe) {Market Size, Growth Analysis and Opportunity Analysis}

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This release was published on openPR.