In the coming years, initiatives by industry players to advertise their innovative products, which are also intended to create a clear foothold in the competitive climate, are likely to allow for steady growth.
DUBAI, UAE / ACCESSWIRE / February 18, 2021 / Future Market Insights: FMI states in its recent study on the halal cosmetics market that the market will record a CAGR of 11.6% through 2031. Demand for halal cosmetics is anticipated to continue surging because aligned with their religious beliefs, the Muslim population prefers halal products.
"The halal cosmetics do not contain any ingredient derived from any forbidden animals, be it pork or any animal dead before slaughtering, blood, alcohol or carnivorous animals. The term halal, therefore, promotes cruelty-free products and hence the upward trajectory of the halal cosmetics market." says the FMI analyst.
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Halal cosmetics Market - Important Highlights
- Skincare is the top-selling segment according to an FMI report and is predicted to see a growth trend over the projected period.
- According to the sales channel, transactions from specialty stores and multi-brand stores are anticipated to account for a large amount.
- The popularity of makeup is gaining fast importance in the market
- South Asia is estimated to lead the market during the forecast period.
Halal cosmetics Market - Drivers
- the demand for cruelty-free and vegan products, especially among the younger generation, is driving the halal cosmetics industry.
- Muslim-dominated nations are the foundations of the rapidly rising demand for halal cosmetics.
- Celebrity impact and inspiration through social media have strengthened the brand presence, opening the way for start-ups to invest and leverage the opportunity to the fullest caliber.
Halal cosmetics Market - Restraints
- In contrast to conventional, organic, vegan, and natural products, halal marking is less known and carries lower trust.
- The absence of guidance defined for certification of halal marketing by the authorities of various regions is hindering the growth of the market.
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COVID-19 Impact on Halal cosmetics Market
The COVID-19 pandemic has had a significant effect on the worldwide halal cosmetic and fragrance industries but has also generated opportunities for new product lines such as hand creams, skin cream, eye care, and sanitizers as the outbreak has changed customer appetite for above-the-mask items such as eye care, eye make-up, hand creams, face creams, and others. However, the market is likely to set on a path of regaining as economies steadily stabilize.
Competitive Landscape
The halal cosmetics market players are leaning towards the expansion of the production facilities besides opting for strategic collaborations to attain a competitive edge. For example, Ex-Loreal executives launched the halal brand in August 2020 to suit the diverse customer base. A few of the key companies functioning in the global market include Iba Cosmetics, Martha Tilaar Group, Clara International, Kao Corporation, Andalou Naturals, Ivy Beauty Corporation Sdn Bhd, Nature's Dream
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About the Study
The study offers readers a comprehensive assessment of the halal cosmetics market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on product type (skincare, hair care makeup, body care), the end-user( men, women, baby, unisex), saves channel (Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, Multi-brand Stores, Online Retailing) and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
Table Of Content
1. Executive Summary
1.1. Global Market Overview
1.2. Summary of Key Statistics
1.3. Summary of Key Findings
1.4. Product Evolution Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation Trends
3.3. Future Prospects of Halal Cosmetics Industry
4. Impact of Covid-19 on The World, and Economies
4.1. Covid-19 The Situation Now
4.2. The Effects of National Lockdown on Various Countries
4.3. Scenarios For The Economic Impact of The Covid-19 Crisis
4.4. Industries Affected By Coronavirus Outbreak Worldwide
4.5. Projected Recovery for Hardest Hit Sectors
4.6. Coronavirus Impact on The World of Work
4.7. Impact of Covid-19 on Manufacturing Industry
4.8. Manufacturing Purchasing Managers Index, 2020
4.9. Impact of Covid-19 on Supply Chain Worldwide
4.10. Planning & Managing During Covid-19 Pandemic
4.11. Upcoming Pointers Business Leaders Should Focus On
5. The Massive Impact of the Crisis
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE: Future Market Insights