Asia Pacific cycles Halal Cosmetics Market: Drivers
Good presence of the Muslim customer base in Asia Pacific is anticipated to propel growth of Asia Pacific halal cosmetics market over the forecast period. For example, according to Pew Research Center, the number of Muslims for the Asia Pacific is projected to increase from about – billion in 2010 to regarding 1. 3 billion in 2030.
Increasing presence of halal-certified makers is also expected to assist in regarding the market. Regarding instance, Indochine Natural Sdn Bhd, a Malaysia-based artisan offers halal-certified all-natural skin and hair-care goods.
Asia Pacific Halal Cosmetics Market: Opportunities
Increasing liking for high quality and moral products from non-Muslim consumers is going to be expected to offer lucrative progress opportunities for players in Asia Pacific halal cosmetics market.
Moreover, increasing concerns over use in animal-derived ingredients such as collagen and gelatin in cosmetics items is also expected to assist in growth of the market.
Asian countries Pacific Halal Cosmetics Market: Restraints
Absence of standard regulatory climate across economies in Asia Pacific is expected to limit development of the market. Moreover, presence of counterfeit products that maintain to be halal certified is undoubtedly also expected to hinder your market growth.
On the basis of type, color cosmetics dominated your Asia Pacific halal cosmetics market in 2019 with around 37. 9% of market share inside terms of revenue, followed from skin care, hair care as well as fragrances respectively. The growth regarding the color cosmetics segment is without a doubt owing to the rising throw-away income of the population. Based on Coherent Market Insights’ analysis, a global color cosmetics market was valued at US$ 62. 36 million and is expected to achieve US$ 90. 16 billion from 2025, witnessing a CAGR of 4. 22% over the estimate period (2017 – 2025).
On the exact basis of sub-regions, Southeast Asia dominated the Asia Pacific halal cosmetics market in 2019 using around 61. 8% of industry share with regard to revenue, followed by simply South Asia, East Asia and even Oceania respectively. The need for halal cosmetics is increasing in Southeast Asia owing to the raising awareness about the use with top quality products and rising federal regulations for ones development of brand new halal cosmetic products.
Market Trends/Key Takeaways
Major players in the market focus on adopting online distribution stations to boost their market share. The following is attributed to increasing embracement of smartphones and rapid emergence of the e-commerce sector. As an example, according to India Brand Equity Foundation, the e-commerce sector throughout India is expected to accomplish US$ 200 billion by 2026 from US$ 38. 5 million as of 2017.
The demand for halal solutions in India has witnessed a powerful upward spiral. This is owing to high presence of Muslim society in the country. For case in point, according to Pew Research Heart, Muslim population in India is expected to reach 311 trillion in 2050.
In March 2019, Indonesia’s Halal Product Law (“Halal Law”) came into effect.
- According to the law, consumer products and related services in the land must now be Halal-certified
- The law regulates the processing, materials, and certification of Halal products
- The law mandated the establishment of the Halal Products Certification Agency (BPJPH), a new government agency under the Ministry of Religious Affairs that may issue Halal certificates through an one-stop-shop system
- According to the BPJPH, the compulsory Halal labeling law will initially apply to food and beverages before cosmetics, drugs, and other consumer goods, and services related to these goods, which will have until 2022 to comply
Asia Pacific Halal Cosmetics Market: Competitive Landscape
Major players operating in Asia Pacific halal cosmetics market include, INKIA, Martha Tilaar Group, Wipro Unza, Clara International, Ivy Beauty Corporation, Sdn Bhd Overview, Paragon Technology & Innovation, and Brataco Group of Companies
Asia Pacific Halal Cosmetics Market: Key Developments
Major players in the market are focused on adopting partnership strategies to expand their product portfolio. For instance, in April 2020, SAFI, a producer of halal skincare products, partnered with Tealive, a Malaysia-based bubble tea chain, under which the launch of four facial cleansers is going to be witnessed.
Source: globenewswire. com
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