Halal Cosmetics Market by Product Type, Application, Distribution Channel: Global Opportunity Analysis and Industry Forecasts, 2020-2031
– Shankar Bhandalkar
PORTLAND, OREGON, UNITED STATES, March 28, 2022 /EINPresswire.com/ – According to a new report released by Allied Market Research, titled “Halal Cosmetics Market,” the size of the halal cosmetics market was valued at $ 30,685.40 million in 2020, and is estimated to reach $ 144,816.1 million by 2031, growing at a CAGR of 15.2% from 2022 to 2031. The report offers an in-depth analysis of key growth strategies, drivers, opportunities, segment key, Porter’s five forces analysis and competitive landscape.
Halal cosmetics have substantial application among Muslim consumers due to the growing demand for trendy personal care and beauty products that adhere to religious loyalty among Muslims. In the LAMEA region, the Middle East represents the highest market share due to the presence of Muslim-majority countries that strictly adhere to religious commitments in their halal cosmetic products. However, Asia Pacific is expected to show the fastest growth attributed to the growing Muslim population in Muslim-majority countries such as Malaysia, Singapore and Indonesia, along with a growing focus on personal and beauty care.
The global halal cosmetics market is driven by the growing Muslim population globally and the booming halal market, which has now expanded its product base to meet the growing personal care and beauty needs of the Muslim population. Halal certification allows the Muslim population to identify genuine products, thus obeying the virtues of their religion, thus fueling the growth of the global halal cosmetics market.
According to the analysis of the global halal cosmetics market, the market is divided by product type, application, distribution channel and geographic division. By product type, it includes personal care products, colored cosmetics and fragrances. By application, it includes hair care, skin care, face care and beauty care. Based on the distribution channel, the market is segmented into online and offline. By geographic area, it includes the markets of North America, Europe, Asia-Pacific and LAMEA. Furthermore, the report also covers the strategies adopted by the major market players in order to sustain the competitive environment and increase their market share.
Among product types, the fragrance segment is expected to have the highest CAGR during the forecast period of the halal cosmetics market, followed by color cosmetics. The color cosmetics segment is expected to represent $ 48,801.5 million in 2031, posting a CAGR of 15.5%. Halal-colored cosmetics have widespread adoption among the Muslim female population, especially among young people. The rising interest of the young Muslim population in make-up trends that adhere to religious loyalties has fueled the global demand for colored cosmetic products.
Based on the distribution channel, the offline sales channel held the main market share of halal cosmetics. Offline distribution channels include independent stores, retail stores, supermarkets, and others where products are displayed for consumers to get a first-hand look at products that allow them to verify the authenticity of the products.
The demand for halal cosmetics in the overall halal cosmetics industry is expected to be driven by the increased purchasing power of the growing Muslim population and the significant desire among young Muslim women to associate their interest in fashion and makeup. with Islamic religious loyalties. These factors also offer lucrative opportunities for cosmetics multinationals to enter the halal cosmetics market. Countries such as Saudi Arabia, Iran, United Arab Emirates, Malaysia and Indonesia offer potential growth opportunities for halal-colored cosmetic products due to factors such as increasing young populations, high disposable income and increased interest in fashion and makeup trends
Major Market Players Profiled in the Report:
○ Amara cosmetics
○ Other halal treatments
○ Halal cosmetics company
○ Clara International
○ PHB Ethical beauty
○ Sampure minerals
○ A pure one
○ Mena cosmetics
Main findings of the study:
○ Personal care products held the largest share of the market, accounting for nearly 37.4% of the total halal cosmetics market.
○ The hair care segment held the largest share of the market and is likely to remain dominant throughout the forecast period.
○ The online sales channel is experiencing an important growth rate in the market.
○ The LAMEA region accounts for more than half of the total share in 2020.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research offers global enterprises and small and medium-sized businesses unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market domain.
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