According to The Insight Partners latest market study on "The global Halal Cosmetics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type (Skincare, Haircare, Makeup, and Others), Category (Men, Women, and Unisex), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, Others)” the market is expected to grow from US$ 36,686.54 million in 2022 to US$ 79,861.73 million by 2028; it is estimated to grow at a CAGR of 13.8% from 2022 to 2028. The report highlights key factors driving the halal cosmetics market and prominent players and their progress in the market.
There has been a growing awareness among the consumers about the harmful effects of synthetic cosmetics, such as respiratory distress and skin allergies, which has shifted consumers’ preference toward halal cosmetics. Moreover, the rise in the Muslim population across the world and an increase in the spending by the Muslim population on cosmetic products are augmenting the expansion of the halal cosmetics market. With the growth envisaged in the coming years, new start-up cosmetics players are emerging, and the sector is diversifying its product portfolio.
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Also, the increased penetration of online retail has provided growth opportunities for halal cosmetics manufacturers to sell their products via online platforms to increase their reach. An increased number of manufacturers is leveraging the reach of social media to spread awareness about halal cosmetics to consumers. Along with this, men and women especially in urban areas are showing increased interest and awareness towards halal certified cosmetic products. The increased demand from Southeast Asian countries for halal cosmetics is also driving the halal cosmetics market growth.
Halal cosmetic products are cosmetic products that adhere to Islamic standards, i.e., cosmetic products free from pig-derived and other forbidden ingredients. Halal cosmetic products are also wudu–friendly (permeable to water) as required by Islamic standards.
Clara International Beauty Group; Inglot Cosmetics; Inika Organic Australia; IVY Beauty Corporation; MMA Bio Lab Sdn Bhd; OnePure, LLC; PT Paragon Technology and Innovation; PHB Ethical Beauty Ltd.; Sampure Minerals; and IBA Cosmetics are the well-established players constituting the majority of the halal cosmetics market share.
Impact of COVID-19 Pandemic on Halal Cosmetics Market
The COVID-19 pandemic adversely affected the consumer goods industry with the shutdown of manufacturing facilities, difficulty in procuring raw materials and components, and restrictions on logistic operations. The disruptions in the supply of raw materials to manufacturers hampered the production of halal cosmetics. The outbreak distorted operational efficiency and disrupted the value chains due to the sudden shutdown of national and international boundaries, creating revenue loss and damage.
Various halal cosmetics manufacturers had to temporarily close their operations or limit their production capacities, negatively impacting the halal cosmetics market. However, the businesses are gaining ground as governments of various countries worldwide have eased out the previously imposed restrictions. The start of operations in the halal cosmetics manufacturing units is positively impacting the halal cosmetics market.
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