SOUTH EAST ASIA HALAL SKINCARE MARKET ANALYSIS

South East Asia Halal Skincare MarketSize and Trends

The Halal skincare market is estimated to surpass US$ 1,214.0 million by the end of 2030 in terms of revenue, exhibiting a CAGR of 10.8% during the forecast period (2022 to 2030).

Market Trends

Rising Muslim population in South East Asia is one of the major trends augmenting the growth of the region’s halal skincare market. Hence, manufacturers are focusing on manufacturing products that cater to the specific needs of this section of the population. For instance, in December 2019, according to data published by The Wisconsin Economic Development Corporation (WEDC), a public-private agency in the state of Wisconsin designed to assist business development and innovation, Malaysia’s domestic market is strong, as 60% of its population of 32 million practices Islam and the country is also a leading destination for Muslim travellers from around the world. Moreover, The Wisconsin Economic Development Corporation (WEDC) also stated that Indonesia is also the number-one Islamic food consumer market in the world, with consumer spending of US$ 173 billion in 2018, according to the State of the Global Islamic Economy Report 2019-20.

Figure 1. South East Asia Halal Skincare Market Revenue Share (%), By Product Type, 2020

Among product type, cream & lotions segment held a major market share of 47.5% in 2020 and is expected to retain its dominance throughout the forecast period. Consumers significantly utilize skincare products to keep their skin healthy and glowing. Awareness and acceptance of halal skincare products among consumers contribute to the popularity of halal certified skincare products.

Figure 2. South East Asia Halal Skincare Market Revenue Share (%), By End User, 2020

Among product type, Women segment held a major market share of 45.1% in 2020 and is expected to retain its dominance throughout the forecast period