The global halal cosmetics market size is expected to showcase an opulent growth opportunity with a phenomenal CAGR of 11.6% from 2022 to 2032. The market size is estimated to reach US$ 38,217 Million in 2022 and is projected to surpass a valuation of US$ 114,524 Million by 2032.
Many different fragrances, colour cosmetics like lipsticks, foundation, and lip balms, personal hygiene products, and skin care products like reviving creams, moisturisers, and lotions are included in the popular categories of halal cosmetics.
The consumer preference for chemical-free, natural-ingredients-based cosmetics and personal care products is drastically changing, which is fueling the growth of the halal cosmetics market. Halal products are growing over the course of the forecast period in the nations with a majority of Muslims.
Key Takeaways
Personal grooming and popular beauty items are increasingly common, but they must adhere to a person's religious principles. The Muslim community has seen a considerable increase in the sales of halal cosmetics. Halal cosmetics are increasingly favoured because of factors including the substances used and safety, even though there is a sizable market for them in non-Muslim nations as well.
Worldwide demand for halal cosmetics has skyrocketed, especially in countries with a majority of Muslims like the UAE, Saudi Arabia, Indonesia, Malaysia, Turkey, and others.
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Large halal cosmetics companies have increased their manufacturing capabilities to the point where they can now compete in the conventional cosmetics market. By 2032, the market for halal cosmetics is expected to grow positively due to their increasing popularity.
RD and innovation projects are being prioritised by major companies in the cosmetics sector, which has a substantial positive impact on the demand for halal cosmetics. The halal-certified cosmetics business is anticipated to offer tremendous growth potential for potential participants in the next years due to the rising demand for safe and cleanly labelled products.
With a significant rise in the Muslim population all over the world, global businesses such as Unilever, LOreal, and PG, among others are likely to enter the halal cosmetics market to efficiently meet the rising demand for halal cosmetic products.
The global halal cosmetics market share is expanding with the rise of the Muslim population around the world, this has resulted in the development of the halal market and an increase in halal certification compliance.
Competitive Landscape
Prominent players in the halal cosmetic market are focusing on employing a variety of techniques to thrive in a competitive market. Companies are concentrating on innovations and advances to stay ahead of consumer demands build brand names and thrive in a competitive climate.
Key market players in halal cosmetics are focusing on merger and acquisition strategies to maximize their business operations and increase their in-house expertise. Strategic alliances and partnerships are yet another means to achieve a competitive edge through expanded corporate reach and services. Besides this, new product launches continue to excel in the growth of the halal cosmetics market
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More Insights into the Halal Cosmetics Market
Throughout the forecast period, the United States is likely to lead the North American halal cosmetics market. Over recent years, there has been the emergence of new entrants seeking to capitalize on the country’s business potential. The United States is considered a dominant market comprising a big chunk of halal-certified cosmetics. Canada is yet another crucial market for such products in North America.
Asia Pacific region is projected to lead the global halal cosmetics market by 2032. The expanding Muslim population in Southeast Asian countries along with the increased presence of halal-certified enterprises in the region, affect the halal cosmetics market trends.
The top halal beauty products are manufactured in countries like India, Indonesia, and Malaysia. The rising awareness about animal welfare and growth in the Muslim population is driving the expansion of the halal cosmetics market.
Germany is also expected to showcase lucrative growth opportunities by gradually adopting the cruelty-free culture, which is fueling the demand for halal cosmetics in the beauty and personal care sectors.
