Asia Pacific Halal Cosmetic Market was valued at US$ 2.81 Bn in 2022 and is estimated to reach US$ 6.23 Bn by 2030, exhibiting a CAGR of 10.5% during the forecast period (2023-2030). According to Asia Pacific Halal Cosmetic Market Report, By Type (Skin Care, Color Cosmetics (Lip Care, Eye Care, Nail care, Face Care), Hair care, Fragrances), and By Region (Southeast Asia, East Asia, South Asia, Oceania) as highlighted in a new report published by Coherent Market Insights.
Halal cosmetics are those cosmetic products that are produced without the use of animal or alcoholic ingredients. Halal cosmetics are free from any products such as animal parts that are not slaughtered as per Sharia law. These products are gaining huge demand, especially across Muslim regions such as the UAE, Indonesia, Malaysia, Saudi Arabia, and Turkey, as they are safe for both Muslim and non-Muslim consumers. However, the Asia Pacific region is gaining strong demand due to the high presence of the Muslim population in the region. Halal cosmetics are safe to use and do not cause any health-related diseases such as cancer, genital abnormalities, or other long-term effects on health. Halal cosmetics are considered the ideal and best alternative to other cosmetic products that are produced from animal and alcoholic ingredients.
Drivers
The growing need for personal grooming products among the population of the Asia Pacific region is augmenting the growth of the Asia Pacific halal cosmetics market. Rising awareness regarding personal hygiene and a growing sense of fashion among both women and men are also expected to propel market growth over the forecast period. Moreover, the increasing penetration of new brands in the region is also projected to foster market growth.
Market Opportunities
Growth in the number of non-Muslim consumers who prefer safe, high-quality, and ethical products is providing major growth potential to the market, especially in China and Japan countries. Moreover, the rising concerns over the use of animal-derived ingredients such as collagen and gelatin in cosmetics products and testing on animals are raising the demand for halal cosmetics among both Muslim and non-Muslim consumers. This is expected to augment the market growth.
Market Restraints
Lack of awareness regarding the benefits of halal products among the population of the Asia Pacific region is projected to hinder market growth. According to the Coherent Market Insights analysis, India has only one halal cosmetics brand, Iba Halal Care, which was introduced in 2022. This fact is indicative of a lack of awareness regarding the concept of halal cosmetics even in countries with a potential market for them.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/asia-pacific-halal-cosmetic-market-3690
Key Takeaways:
On the basis of the type, the color cosmetic segment dominated the Asia Pacific halal cosmetics market in 2022 with a 37.8% market share in terms of value, followed by skin care and hair care.
Market Trends
Increasing approval of halal products by regulatory authorities is projected to augment market growth. The growing adoption of smart strategies among major players in order to expand their foothold in the market is expected to augment the market growth. For instance, in February 2020, CIMB Islamic Bank Bhd and local beauty brand SimplySiti announced a collaboration to enable SimplySiti to expand its halal beauty care business beyond Malaysian borders. The home-grown brand will also leverage the end-to-end support of the CIMB-ASEAN Halal Corridor and CIMB’s strong regional network, to meet the demand for quality halal beauty, cosmetics, and skincare products across the region.
Regulations
Australia
- The Islamic Council Of Western Australia
- According to ICWA (Institute of Cost and Works Accountants of India), emulsifiers such as glycerol mono-stearate, fatty acids (animal-derived), as well as glycerin, which are obtained from processing animal fats, and are widely used in cosmetics, are not permissible in halal cosmetics. Members of the Muslim community may consume these products, but only if the animals were slaughtered according to halal rules.
Competitive Section:
Key players operating in Asia Pacific halal cosmetics market include INKIA, Martha Tilaar Group, Wipro Unza, Clara International, Ivy Beauty Corporation, Sdn Bhd Overview, Paragon Technology & Innovation, and Brataco Group of Companies
Asia Pacific Halal Cosmetic Market- COVID-19 Impact
The pandemic period put the cosmetic industry in a difficult position. Due to the imposed lockdown effect, almost all of them suffered significant revenue losses. The industrial sector's raw material supply was delayed. The virus outbreak had an impact on the Asia Pacific halal cosmetic market's sales sector. The delivery of products to customers was delayed, slowing the market's growth rate. At the same time, the key players concentrated on developing new products, allowing the halal cosmetic market share to recover. The Asia Pacific halal cosmetic market's recovery will continue, and its demand will emerge globally. In the coming years, the halal Cosmetic Market Value will grow at a healthy CAGR.
