According to the latest research report by The Insight Partners “Halal Cosmetics 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.
Strong Growth of Halal Cosmetics Market Industry in Developing Countries Drives Halal Cosmetics Market
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.
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.
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.
The market for Halal Cosmetics Market is concentrated with some very well-established players. Some of the key players in the Halal Cosmetics Market include
• 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
• IBA Cosmetics
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