by The Asia Pacific Halal Cosmetics Market is estimated to be valued at US$ 3.11 Bn or in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Halal cosmetic products are personal care items that are permitted for consumption according to Islamic dietary standards. They are free from any ingredients or components that are considered non-halal. Some key halal cosmetic products include skin care products, hair care products, perfumes, and make-up items. The rising Muslim population across Asia Pacific coupled with the increasing consumer awareness regarding halal-certified personal care products is driving the growth of this market.
Market Dynamics:
One of the major drivers fueling the growth of Asia Pacific halal cosmetics market is the rising population of Muslims across various countries in the region. According to Pew Research Center, Asia Pacific region is home to over 600 million Muslims, which represents around 62% of the total Muslim population worldwide. The growing population translates to increased demand for halal certified personal care products. Secondly, there is rising consumer awareness regarding ingredients used in cosmetic products. Growing number of consumers are checking labels to ensure products are free from any chemical or ingredient deemed non-halal. This is augmenting the demand for halal certified personal care and beauty products.
Segment Analysis
The Asia Pacific Halal Cosmetic market is dominated by the skin care segment. Skin care products such as creams, lotions, cleansers and scrubs account for over 40% of the market share. This is because consumers in Asia Pacific countries place a high importance on skin care and maintaining healthy skin. The skin care segment is also expected to exhibit the highest growth during the forecast period owing to rising awareness about the benefits of natural and organic skin care products among consumers in the region.
PEST Analysis
Political: The government policies in several Asia Pacific countries encourage the growth of industries adhering to Islamic principles like halal certification. This creates a conducive environment for the halal cosmetic market to grow.
Economic: The rising disposable incomes and growing middle class populations in countries like Indonesia, Malaysia and Pakistan are driving greater spending on personal care and cosmetic products.
Social: Following Islamic practices related to purity and contaminants has led to strong demand for halal certified cosmetic and personal care products across Asia Pacific.
Technological: Innovation in natural and herbal ingredients along with safer manufacturing technologies are helping cosmetic brands to develop high quality halal products and expand their market reach.
Key Takeaways
The Asia Pacific Halal Cosmetic Market Share is expected to witness high growth, exhibiting CAGR of 10% over the forecast period of 2023 to 2030, due to increasing demand for natural and organic skin and hair care products in the region. The market size for Asia Pacific halal cosmetic market is estimated to reach US$ 5.43 Bn by 2030 from US$ 3.11 Bn in 2023.
The Southeast Asian countries especially Indonesia, Malaysia, Singapore and Thailand account for over 60% of the halal cosmetic market in Asia Pacific region. Availability of local brands adhering to Islamic rules and large Muslim populations are driving higher adoption of halal certified makeup, perfumes and personal hygiene products in these countries.
Key players operating in the 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. INKIA and Martha Tilaar are amongst the largest players with widest distribution networks across Southeast Asian countries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
