The global market for halal cosmetics is expecting strong thrust from the Asian countries with large Muslim population. The products are becoming popular among young Muslim women who wish to maintain their religious rules. It will also gain from the growing demand for cruelty-free products. People are fast-becoming aware of the testing methods on animals, which is why they are looking for products that are have no connection with such lab tests. This will boost the global halal cosmetics market. Market Research Future (MRFR) predicts a possibility of rise by 13.40% during the forecast period of 2018 to 2023.
However, high costs and lack of standardization process can hinder the market growth.
The global market for halal cosmetics has been studied by expert market analysts from MRFR from the perspective of product type and distribution channel. These segments have data with proper backing from scientific studies that can provide insights and help in forming strategies that would increase the profit margin.
By product type, the global report on the halal cosmetics market can be segmented into hair care, skin care, multifunctional, color cosmetics, and others. The skin care segment has the maximum market share whereas the color cosmetics segment is slated to record the fastest CAGR during the forecast period.
By distribution channel, the global report on the halal cosmetics market has been segmented into store-based and non-store-based. The store-based segment has the highest market share, which can be segmented into supermarkets & hypermarkets, convenience stores, and others. This is primarily due to the opportunity to check the products and compare them with others before buying. The non-store-based segment is the fastest growing one.
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North America would take the charge of the global halal cosmetics market. Increasing presence of various manufacturers, realization among people, and others are expected to boost the global market. In Asia Pacific, the growth would be substantial with the fastest CAGR during the forecast period.
Inika, PHB Ethical Beauty, MMA Bio Lab Sdn Bhd., Iba Halal Care, Amara Cosmetics, Clara International, Martha Tilar Group, Wardah Cosmetics, Sampure Minerals, Wipro Unza, One Pure, Ivy Beauty Corporation Sdn Bhd., Halal Cosmetics Company, Talent Cosmetics Ltd., Paragon Technology and Innovation, Brataco Group of Companies, Mena Cosmetics, and SaafSkinCare are some of the major companies that would trigger better growth for the global market through their strategic moves spanning over merger, tie-up, innovation, branding, launching, research and development scope, acquisition, and others.
In June 2020, Mersi Cosmetics announced that they are ready to enter the Halal cosmetics industry by launching their new breathable and certified Halal nail polish line. The company is launching around 20 different shades and their names would evoke natural wonders. The nail polish would allow easy permeation of water and oxygen through the nails, which will provide users a rich experience. This will make sure that the nails stay hydrated. This will also help in performing ablution without removing the nail polish.
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The impact of COVID-19 would be immense on the market for halal cosmetics. This is due to the tumbling effect the pandemic had on various economies. In many countries, lay-offs and pay-cuts are taking places, which will impact the intake of the product. In developing countries, the market may experience a plummet due to this fall in disposable income. However, this will be temporary. With economies lifting bans, prospects will soar and the market will expand.
Note : Our team of researchers are studying Covid-19 and its impact on various industry verticals and wherever required will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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