Recent report published by Research Nester titled “Halal Cosmetic Product Market: Global Demand, Growth Analysis & Opportunity Outlook 2023”delivers detailed overview of the global halal cosmetic product market in terms of market segmentation by product, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global halal cosmetic product market is segmented into product such as skin care, color cosmetics, hair care and fragrances. Among these segments, skin care segment is expected to occupy top position in overall halal cosmetic product market during the forecast period. Increasing demand for halal skin care products is driving the growth of the market. Further, increasing Muslim population across the globe is also anticipated to foster the growth of the halal cosmetic product market. However, color cosmetics segment is likely to grow at highest CAGR in overall halal cosmetic product market.
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Global halal cosmetic product market is expected to flourish at a significant CAGR of 14.1% during the forecast period. Moreover, the global halal cosmetic product market is expected to garner USD 53 Billion by the end of 2023. High spending (about USD 54 Billion in 2016) on cosmetics and personal care by Muslims is driving the growth of halal cosmetic product market. Moreover, rising demand for vegan friendly cosmetic products is expected to impel the growth of the global halal cosmetic market.
Middle East market is anticipated to make significant contribution to in the overall halal cosmetic product market. Moreover, domination of Islamic atmosphere in the region is propelling the demand for halal cosmetic product. Asia Pacific is expected to showcase lucrative growth in the upcoming years.
This can be attributed to high Muslim population in the region. Moreover, presence of halal certification organizations in the region is also expected to positively impact the growth of the halal cosmetic product market in Asia Pacific. Indonesia and Malaysia are believed to witness augmented demand for halal cosmetic products during the forecast period.
Increasing Muslim Population in the World
Rising number of Muslim population across the globe is anticipated to significantly impact the demand for halal cosmetics during the forecast period. Apart from this, high demand for halal cosmetic products in Muslim dominant countries owing to religion ethos is fostering the growth of the global halal cosmetic product market.
Growing Expenditure on Personal Care & Cosmetics Product by Muslim Population
Increasing spending by global Muslim population on the purchase of cosmetics product is anticipated to trigger the growth of the halal cosmetic products market during the forecast period. Moreover, growing fashion and makeup activities among young Muslim women is envisioned to bolster the growth of the global halal cosmetic product market.
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Although, high cost associated with halal certified cosmetic products, low awareness about the halal cosmetic products among population and varying halal certification standards as per the countries are some of the key factor which is likely to dampen the growth of global halal cosmetic product market during the forecast period.
