LONDON, March 23, 2017 /PRNewswire/ -- The global halal cosmetics market is expected to reach USD 52.02 billion by 2025, according to a new report by Grand View Research, Inc. Awareness levels of Muslim populace regarding the ingredients used in cosmetic and personal care formulations to determine the industry's future growth trajectory.
With considerable Islamic population and their ingraining of cultural aspects into daily lifestyles has pushed the mainstream beauty-care industry to also concentrate on product offerings that are halal-certified. To the extent, consumers are willing to pay a premium price for these goods keeping in view ethical beliefs.
Countries such as Malaysia, Thailand, and Indonesia offer tremendous opportunities for growth as a result of Islam being a predominant sect and simultaneous socio-economic growth of individuals. Furthermore, products certified by recognized bodies, such as JAKIM (Jabatan Kemajuan Islam Malaysia), will also boost consumer confidence and further propel growth.
Malaysia and Indonesia together accounted for nearly 60% of the Asia Pacific revenue in 2015, with skincare and makeup being the dominant products consumed. Personal care and beauty-care launches in Malaysia outnumbered UK and Philippines, primarily due to local brands such as SimplySiti and IVY Beauty.
Further key findings from the report suggest:
Asia Pacific was the dominant region and accounted for nearly three-quarters of the overall revenue in 2015.
Countries such as India, Malaysia, Indonesia, Bangladesh, Pakistan and Maldives are characterized by considerable Muslim population and improving socio-economic conditions The above stated factors are crucial for halal cosmetics growth globally since Asia Pacific accounts for nearly 45% of the global Muslim population
The Middle East is also an important consumer hub for the industry, particularly considering high income levels in UAE, Saudi Arabia, Jordan, and Oman. Furthermore, as a more structured Islamic society, the region is a natural growth driving factor for the global industry
Hair care product segment is anticipated to grow at a CAGR of 12.3% in terms of revenue over the forecast period. In view these evolving consumer requirements, manufacturers are trying to comply with Islamic code of law by incorporating more ingredients that are in compliance with the sharia law
Major key operating companies include Clara International, INIKA, Talent Cosmetic Co., Ltd., MMA Bio Lab Sdn Bhd, The Halal Cosmetics Company, Saaf Skincare and Prolab Cosmetics, Martha Tilaar Group, and IBA Halal Care.
Shiseido, a Japanese company sells 28 halal skin care products under the brand name Za Brand in Malaysia. Colgate-Palmolive Company also offers toothpaste products which are halal certified
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