Market Research Report
Halal Cosmetics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
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|Published||Content info||102 Pages
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|Halal Cosmetics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024|
|Published: April 8, 2019||Content info: 102 Pages||
The global halal cosmetics market reached a value of US$ 66 Billion in 2018. The market value is further expected to reach US$ 94 Billion by 2024, exhibiting a CAGR of 6% during 2019-2024. Halal cosmetics are manufactured by using ingredients which are permissible according to the Islamic Sharia law. These products are free from any human parts or materials derived from it; do not contain ingredients that are derived from animals which are prohibited by Islamic law or from animals that are slaughtered in a non-halal way. These products are also free from any genetically modified organisms (GMO) which are considered as unclean. Each of these products must be certified by manufacturers to guarantee that it does not contain any components which are not in compliance with Islamic law.
Global Halal Cosmetics Market Drivers
The market is strongly driven by an increasing Muslim population which now accounts for over a fifth of the global population. With the younger generation emerging as more conscious consumers, the overall spending on halal products is increasing.
Earlier, the choice of halal cosmetics used to be limited, however, catalyzed by the strong demand for these products, the number of manufacturers and their range of products has risen robustly. Today, halal certified cosmetic manufacturers offer a range of items that include perfumes, toners, lipstick, shampoos, lotions, soaps, powders, shower gels, etc.
The market for these products is not limited to the Muslim population but is also attracting non-Muslim consumers. Halal beauty products symbolize safety, cleanliness, hygiene, and animal byproduct-free products. They also stress on cleanliness during manufacturing, packaging and storage, which is driving their demand in several non-Muslim countries.
The market has also been catalyzed by the rising penetration of e-commerce and social media platforms. The online market continues to play a key role in driving the demand for these products and is growing significantly faster than more traditional distribution channels. Manufacturers are also increasingly using social media platforms such as YouTube, Facebook, and Instagram to influence consumers.