The global halal cosmetics market size was USD 21.20 billion in 2020. The market is anticipated to grow from USD 33.3 billion in 2021 to USD 77.34 billion by 2028 at a CAGR of 12.7% in the 2021-2028 period. This information is provided by Fortune Business Insights™, in its report titled, “Halal Cosmetics Market, 2021-2028.”
According to our researchers, the surging consumer inclination for chemical-free, organic ingredient-grounded cosmetics, and personal care products is fueling the market growth. Moreover, important players remain to focus on R&D and innovation activities, which greatly enhance sales.
Interruptions in Supply Chain amid Pandemic to Hinder Growth
COVID-19 has caused significant supply chain disruptions worldwide, most notably throughout 2020. Small-scale manufacturers in emerging countries, such as India, Malaysia, and others, are being challenged by price fluctuations and economic uncertainties caused by the novel pandemic. Key international players such as Kao Corporation and Ivy Beauty Corporation Sdn Bhd are also experiencing disruptions in their business operations.
Fortune Business Insights™ lists out all the halal cosmetics market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Ivy Beauty Corporation Sdn Bhd (Selangor, Malaysia)
- Iba Cosmetics (Ahmedabad, India)
- Talent Cosmetics (Seoul, Korea)
- Clara International Beauty Group (Selangor Darul Ehsan, Malaysia)
- Kao Corporation (Tokyo, Japan)
- Amara Halal Cosmetics (California, U.S.)
- INIKA Organic (Victoria, Australia)
- Elaheh Halal Cosmetics Inc (New York, U.S.)
- Flora & Noor (Kentucky, U.S.)
- Martha Tilaar Group (Jakarta, Indonesia)
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The report presents a holistic study of the disposable medical gloves market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, a thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the market growth are shared in the report.
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Quality and Safety of Cosmetics Set to Support Market
Halal cosmetics are produced or obtained from halal ingredients, comprising oils, vitamins, organic solvents, proteins, plant, and botanical extractions, as well as antioxidants. They are created utilizing a complex combination of all these components under halal standards. Manufacturers carefully monitor the products to match the halal grade. The safety and quality of halal cosmetic principles are difficult in comparison with normal cosmetics products that are available in market for sale. This factor also contributes to the heightened popularity of halal-certified cosmetics worldwide. Therefore, this is estimated to boost the halal cosmetics market growth during the forthcoming era.
Based on product type, the market is segmented into skincare, haircare, makeup, and others. The skincare segment held a dominant share of the market in 2020.
Based on distribution channel, the market is categorized into store-based/offline and non-store-based/online.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Russia appeared as a notable market in Europe in 2020 with 28.60% market share. The country is projected to preserve its considerable position through the forecast period.
The U.S. led the North America market in 2020. In recent years, it has been observed a substantial rise in the number of novel participants capitalizing on the business prospects in the country.
Asia Pacific held the most significant halal cosmetics market share in 2020 and is expected to witness sturdy growth over the forecast period.
Inventive Product Launch Declarations by Vital Players to Bolster Market Growth
The fundamental players implement numerous tactics to boost their position in the market as dominating companies. One such fundamental tactic is procuring companies to boost the brand value among users. Another effective tactic is intermittently unveiling innovative products with a methodical review of the market and its target audience.
June 2021– Flora & Noor, a Muslim-possessed skin care brand presented novel halal sanctioned skin care products. The company presents toners, serums, cleaners, moisturizers, body scrubs as well as bath bombs, and all these products are vegan, cruelty-free, and halal approved.