Halal cosmetics are widely regarded as having major markets in nations including the United Arab Emirates, Indonesia, the Kingdom of Saudi Arabia, Turkey, India, and Malaysia. The market for halal cosmetics is expected to increase significantly over the next few years, according to a recent analysis by Future Market Insights (FMI). By the end of 2021, it’s anticipated to reach US$ 474.7 million. Halal cosmetics producers are continuing a trend by investing in the market to expand the current product selection and geographic reach.
Muslim consumers have become a significant consumer group, with increased per capita spending and untapped cosmetics market opportunities. Manufacturers of consumer and personal care products have been driven by this to seize the arising latent opportunity. Regarding the purchasing power of this population, businesses are upbeat. It is quite likely that they will concentrate on creating cutting-edge items and creating market-level strategies to take advantage of current opportunities during the next four to five years.
A growing number of people, including those who aren’t Muslims, are turning toward Halal-certified goods as a result of knowledge about the usage of porcine-based substances in cosmetics. Additionally, a significant segment of customers has serious reservations about the use of swine placenta in cosmetics like face masks and wrinkle treatments.
This shift in consumer purchasing preferences has prompted market participants to promote innovation and broaden their product lines, thereby reaching previously untapped markets and boosting demand over the predicted period.
In its most recent study, FMI predicted that between 2021 and 2031, the market will grow at a CAGR of 11.6%. Skincare products will make up a sizeable portion of all product types. Consumers are becoming more and more aware of the usage of questionable substances in the cosmetics sector. Due to the importance of skin care in daily life, both men and women are purchasing more halal skin care products.