The rise in the Muslim population, increase in compliance of halal certification, and boom in the halal market have boosted the growth of the global halal cosmetics market. The market across LAMEA held the lion’s share in 2016, accounting for more than two-fifths of the market. As most of the companies adopted work from home culture, the demand for cosmetics decreased during the pandemic.
As per the report published by Allied Market Research, the global halal cosmetics market was pegged at $23.17 billion in 2016, and is projected to reach $54.16 by 2022, growing at a CAGR of 15.2% from 2016 to 2022.
Global Halal Cosmetics Market & The Covid-19 Scenario:
- The Covid-19 pandemic resulted in a disrupted supply chain and revenue chain for most industries
- As most of the companies adopted work from home culture, the demand for cosmetics decreased during the pandemic.
- However, as various governments have lifted the lockdown regulations, the demand for halal cosmetics is expected to rise post-pandemic in the near future. Increased vaccination to people all over the world may also play an important role in the rise of the global halal cosmetics market.
- The global halal cosmetics market is segmented based on product type, application, and distribution channel. Based on product type, the market is classified into personal care products, color cosmetics, and fragrances. The personal care products segment held the lion’s share in 2016, accounting for nearly two-fifths of the market. However, the fragrances segment is projected to register the highest CAGR of 15.8% during the forecast period. This shows a structural shift in the demand for various segments of global halal cosmetics.
Based on application, the market is divided into haircare, skincare, face care, and beauty care. The hair care segment held the largest share in 2016, contributing to nearly one-third of the market. However, the beauty care segment is estimated to register the highest CAGR of 16.7% during the forecast period ending in 2022.
The global halal cosmetics market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across LAMEA held the lion’s share in 2016, accounting for more than two-fifths of the market. Also, the region is expected to register the highest CAGR of 15.7% during the forecast period.
The global halal cosmetics market report includes an in-depth analysis of the major market players such as Amara Cosmetics, Iba Halal Care, Halal Cosmetics Company, Clara Internation, Inika, Wardah Cosmetics, PHB Ethical Beauty, Sampure Minerals, One Pure, Mena Cosmetics, and SaafSkinCare.
What Does It Mean For New Entrants Into The Halal Cosmetics Industry?
The report clearly shows that the demand for various segments of halal cosmetics products is rising steadily. New entrants need to understand the changes in demand for these segments. They also need to take into account the rising demand across various geographical regions. Only then, they will be able to formulate their strategies to get grow their business successfully.