New York
City, 30 January 2019: The global Halal Cosmetics Market is anticipated to reach USD 22.56
billion by 2026 according to a new study published by Polaris Market Research.
The market growth is primarily due to increase in Muslim populations and their
purchasing power. This has created a surge in demand for halal cosmetics.
Increasing demand has also compelled market players to engage in new product
development.
Currently, consumers are exhibiting
growing interest in halal cosmetics and personal care. This is primarily due to
the increasing consumer awareness about the importance of personal hygiene and
improving lifestyles as a result of increasing disposable income. Halal
cosmetics being different from conventional cosmetics are gaining popularity,
as these cosmetics do not contain alcohol, porcine-by products and their
derivatives. Basically, they do not contain contents or ingredients that are
against Islamic beliefs.
Halal cosmetics are expected to be
produced, packaged, stored, and distributed as per Islamic teachings. Moreover,
these products are considered to be safe, clean, and high quality. The
significant growth in Muslim populations across the globe is expected to offer
immense opportunities to personal care and halal cosmetics industry. In
addition, the rapidly accelerating economic power of Islamic countries is
anticipated to largely influence them to spend additional money on beauty and
personal products.
The growing issues over the
environmental and health hazards are also responsible for such as significant
impact on the cosmetic industry. Some of the health hazards such as distortion,
breast cancer, and abnormalities pertaining to genital are usually blamed to
occur as a result of excessive usage of cosmetics products comprising
nano-particle ingredients. The increasing in number of such events has promoted
consumer awareness about the substance of beauty products, thus, driving
demands for halal personal care and cosmetic goods.
Low level of awareness about the
presence of halal cosmetic brands is acting as a challenge to the industry. As
a consequence, the industry is not experiencing heavy demands as expected out
of its potentials. Moreover, halal issues within the sector are considered
quiet minor among consumers in comparison to food consumption. Thus, this
requires manufacturers to improve their marketing strategies and production
facilities. Furthermore, it becomes difficult to understand consumer
perspective about halal cosmetic brands.
Competitive
Landscape and Key Vendors:
Asia Pacific is anticipated to dominate
the global halal cosmetics market, owing to the presence of emerging
nations such as India, Indonesia, Malaysia, Bangladesh, Maldives, and Pakistan.
These nations have significant population that follow Islamic beliefs.
The list of key companies that are
operating in the market include Ivy Beauty Corporation Sdn Bhd, Mena Cosmetics,
MMA Bio Lab Sdn Bhd, The Halal Cosmetics Company, Talent Cosmetic Co., Ltd.,
PHB Ethical Beauty, Saaf SkinCare, One Pure, Sampure Minerals, Amara Cosmetics,
Wardah Cosmetics, Inika, Clara International, Prolab, and IBA Halal Care. These
players are observed engaging in activities aimed at the development of new
products.
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