Pune, India, July 14, 2023 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Halal Cosmetics Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis By Product Type, Category, and Distribution Channel”, the global halal cosmetics market size is expected to grow from $36.68 billion in 2022 to $79.86 billion by 2028; it is estimated to grow at a CAGR of 13.8% from 2022 to 2028. Asia Pacific dominated the global halal cosmetics market which accounted for $14,838.48 million in 2022, while Europe is expected to register the CAGR of over 13.9% over 2022-2028.
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Global Halal Cosmetics Market Report Scope, Segmentations, Regional & Country Scope:
|Market Size Value in||USD 36.68 Billion in 2022|
|Market Size Value by||USD 79.86 Billion by 2028|
|Growth rate||CAGR of 13.8% from 2022 to 2028|
|No. of Pages||150|
|No. of Tables||83|
|No. of Charts & Figures||83|
|Historical data available||Yes|
|Segments covered||Product Type, Category, and Distribution Channel|
Browse key market insights spread across 150 pages with 83 list of tables & 83 list of figures from the report, “Halal Cosmetics Market Size and Forecasts (2022 – 2028), Global and Regional Growth Opportunity Analysis)” in detail along with the table of contents: https://www.theinsightpartners.com/reports/halal-cosmetics-market
Global Halal Cosmetics Market: Competitive Landscape
Clara International Beauty Group; Inglot Cosmetics; Inika Organic Australia; IVY Beauty Corporation; MMA Bio Lab Sdn Bhd; OnePure, LLC; PT Paragon Technology and Innovation; PHB Ethical Beauty Ltd.; Sampure Minerals; and IBA Cosmetics are a few key players operating in the global halal cosmetics market. The halal cosmetics market players are focusing on providing high-quality products to fulfill customer demand. These players are adopting strategic development initiatives to expand into the market. For instance, in November 2022, Iba Cosmetics partnered with Believe company based in Singapore. Believe company has invested USD 10 million to partner with Iba Cosmetics to distribute and expand their retail market space across operating countries such as Middle Eastern countries and European and South Asia countries. Such developments by key players further boost the demand of halal cosmetics and expected to drive the market growth.
Increasing Islamic Population Across the World to Offer Opportunities for Global Halal Cosmetics Market During 2022-2028:
Demand for halal cosmetics is likely to grow in the coming years with the increase in Islamic population across the countries like Indonesia, Turkey, UAE, Saudi Arabia, Malaysia, Kuwait, Bahrain and others. About ~67% of the Halal products (comprising of food and beverage, cosmetics and personal care, Pharmaceutical and others) come under FMCG sector. This has created a huge opportunity for multinational FMCG players like L’Oreal, Unilever, P&G, Colgate-Palmolive and others to foray into the halal cosmetics market. The increased global penetration will additionally generate a healthy competition for local players such as Wipro Unza (Malaysia) Sdn Bhd, Southern Lion Sdn Bhd and SimplySiti Sdn Bhd and will ultimately benefit the consumers in the form of better quality, wide product choices and reduced prices.Thus, the increasing Islamic population across the globe are expected to open lucrative opportunities in the halal cosmetics market over the forecast period.
In 2021, Asia Pacific held the largest share of the global halal cosmetics market and it is expected to register the highest CAGR from 2022 to 2028. The growing use of halal cosmetics by different consumer bases is anticipated to fuel the demand for halal cosmetics in Asia Pacific. For instance, according to the Indonesia Halal Economy Report 2021/2022, the Indonesian halal cosmetics industry is expected to grow by 8% in 2025 due to the increasing Muslim population in the region. Women’s cosmetics are a strong contributor to the market’s growth. The key players operating in the Asia Pacific halal cosmetics market include Iba Cosmetics, Clara International Beauty Group, Inika Organic Australia; and MMA Bio Lab Sdn Bhd. Furthermore, rising consumer demand for plant-based and premium botanical ingredients in natural cosmetics, such as anti-aging, anti-wrinkle, or scar removal claims, is a significant factor driving the halal cosmetics market in the region. These factors are boosting the demand for cosmetics and personal care products are anticipated to drive the halal cosmetics market growth in the forecast period.
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Global Halal Cosmetics Market: Segmental Overview
Based on product type, the halal cosmetics market is segmented into skincare, haircare, makeup, and others. The skincare segment held the largest market share in 2021; however, the haircare segment is expected to grow at significantly over the forecast period. Halal skincare products include face wash, creams, moisturizers, sunscreens, and other skincare products. The expansion of the halal cosmetics industry to different customers base has resulted in a massive global increase in demand for the products, as well as an increase in acceptance of their development in the skincare market. These factors are expected to drive the segment’s growth in the forecast period.
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