Halal Cosmetics Market Size Competitive Dynamics & Global Outlook 2030 With COVID -19 Impact

Halal is an Arabic term which means lawful or permissible. Halal cosmetics are body and skin care products which are known to be free from the materials that are forbidden by the Islamic society. Halal cosmetics are based on the concepts of Halal and non-Halal, Najis and Mutanajis, safety and quality. Halal cosmetic is considered as an innovation to the cosmetic industry as it introduces new external and internal operations that will serve the growing customer needs. Halal cosmetics are concerned towards halal compliance that are basically applied upon the entire supply chain which ranges from sourcing of raw materials to manufacturing, transportation, freight handling and warehousing.

Growing consciousness among the consumers regarding the usage of ingredients in cosmetic products are resulting to the increase in halal cosmetics products. Government had identified halal cosmetics as certified halal by the Islamic Religious Department in Malaysia without the use of animal fat, gelatin or other chemicals. Halal cosmetics are known to be safe for Muslim as well as the non-Muslim consumers in terms of process, nature of the products and the knowledge of the ingredients used. Health hazards such as cancer and other distortions associated with the cosmetic products containing nano-particle ingredient resulted to a shift in consumer preference towards halal cosmetics products.

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The global halal cosmetic products market has been segmented into different product types into skin care products, hair care products, make up products and others. Hair care products segment is expected to grow at a rapid rate in terms of revenue as compared to the other type of products. Skin care segment and make up products are expected to lead the market during the forecast period..The rise in demand for halal cosmetics is manly prejudiced by the halal logos. Manufacturers of halal cosmetic products are engaged upon continuous research and development in order to develop new products and conducts regular survey in order to know the customers concerns towards halal cosmetics. Increasing number of Muslim population and preference towards consumption of beauty products is considered to be a major driver for the global halal cosmetics market.

However lack of knowledge regarding the halal cosmetics among the consumers leading to lower adoption rate is holding back the market for hala cosmetic products. Monopoly of the non-Muslim companies and government’s stringent rules and regulations are restraining the global halal cosmetics products market.

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Additionally, South Asian halal cosmetics market are generating opportunities due to the presence of large Muslim population and high awareness regarding the halal cosmetic products. Growing number of women working population are generating business opportunity for more investment in the halal cosmetic industry.

The market for halal cosmetic products has been segmented into by geography namely North America, Europe, Asia Pacific, Middle East, Africa and Latin America. Asia Pacific is anticipated to capture the largest market share due to the presence of emerging countries such as Indonesia, Malaysia, India, Bangladesh, Pakistan and Maldives coupled with their improving socio economic factors. Malaysia consists of great potential to emerge as a global halal hub due to the rising demand of cosmetics and toiletries products. Middle East which includes United Arab Emirates, and Saudi Arabia among others is expected to have an important customer base due to their improvement in income levels coupled with structured Islamic society. Manufacturers use halal certification logo a way to inform and reassure their target customers

Global key participants in the industry includeDarling MMA Bio Lab Sdn Bhd, Ivy Beauty Corporation Sdn Bhd, Talent Cosmetic Co., Limited, The Halal cosmetics company, PHB Ethical Beauty, Sampure Minerals Amara Cosmetics Inc., Inika, Maratha Tilaar Group, Clara International, Saaf Skin care, Prolab cosmetics, IBA Halal Care, NUTRALab, Zelcos, Nizona Corporation, Croda among others.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

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Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

Customer Experience Maps
Insights and Tools based on data-driven research
Actionable Results to meet all the business priorities
Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

North America
Asia Pacific
Europe
Latin America
The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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