Halal Cosmetics Market Is Flourishing Continuously With High CAGR During The Forecast Period 2019-2026
New York, NY 10 Sep 2019 :The global halal cosmetics market is anticipated to reach USD 22.53 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.
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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.
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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About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavour to deliver value-added business solutions to our customers.
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