NEW YORK, Jan. 15, 2024 /PRNewswire/ — The halal cosmetics and personal care market is estimated to grow by USD 17.89 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 4.67% during the forecast period. However, the growth momentum will progress. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 43%.
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Global Halal Cosmetics And Personal Care Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on product (halal color cosmetics and other halal BPC products), distribution channel (offline and online), and geography (APAC, Middle East and Africa, Europe, North America, and South America).
The market share growth of the halal color cosmetics segment is significant during the forecast period.
Muslims worldwide adhere to various religious obligations and ethical practices. These religious requirements necessitate the use of halal products for the skin, compelling vendors to provide halal color cosmetics.
Geography Overview
By geography, the global halal cosmetics and personal care market is segmented into APAC, Middle East and Africa, Europe, North America, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global halal cosmetics and personal care market.
APAC accounts for 43% to the growth of the global market during the forecast period. Countries including Indonesia, India, Malaysia, and Pakistan have a sizeable Muslim population, which is one of the major driving factors of the market in APAC
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Global Halal Cosmetics And Personal Care Market – Market Dynamics
Key factor driving market growth
The growing interest in personal grooming drives the market growth. Islamic religious obligations and established practices significantly influence many Muslim consumers to opt for halal BPC products. However, there were limited halal-certified BPC and personal care products available in the past.
Leading trends influencing the market
The emerging demand for halal personal care and grooming products among men is a primary trend in the market. The demand for personal care and grooming products is robust among men. Market players are recognizing this trend and seeking to leverage it by introducing halal personal care and grooming products tailored for men.
Major challenges hindering the market growth.
An increase in production cost is one of the major challenges hindering the market growth. Halal cosmetics and personal care products tend to be priced slightly higher than regular cosmetics due to the use of natural ingredients in these products.
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What are the key data covered in this Halal Cosmetics And Personal Care Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the halal cosmetics and personal care market between 2023 and 2027
- Precise estimation of the size of the halal cosmetics and personal care market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the halal cosmetics and personal care market across APAC, Middle East and Africa, Europe, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of halal cosmetics and personal care market players
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The Halal cosmetics and personal care market, catering to Islamic consumers, is rapidly evolving with an emphasis on Halal certification, cruelty-free practices, vegan ingredients, and alcohol-free formulations. This sector, encompassing skin care, makeup products, hair care, fragrances, and men’s grooming, is gaining traction on e-commerce platforms. Consumer awareness is growing regarding ingredient transparency, ethical manufacturing, and regulatory compliance. Global distribution networks are expanding, fostering brand loyalty. Halal beauty salons and pharmacies are emerging, driven by innovative product development and cultural sensitivity. Market research firms highlight the importance of sustainability practices and Muslim-friendly marketing. The industry is increasingly focusing on natural extracts and ensuring products are dermatologically tested, with beauty bloggers and influencers playing a pivotal role in the demographic expansion. This growth necessitates continuous research and development, mindful of customs and import regulations.
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ToC
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
