September 08, 2022 03:05 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, Sept. 08, 2022 (GLOBE NEWSWIRE) -- The global halal cosmetics market size is expected to showcase an opulent growth opportunity with a phenomenal CAGR of 11.6% from 2022 to 2032. The market size is estimated to reach US$ 38,217 Mn in 2022 and is projected to surpass a valuation of US$ 114,524 Mn by 2032.
The popular types of halal cosmetics incorporate an array of fragrances; color cosmetics such as lipsticks, foundation, and lip balms; personal hygiene items; and skin care goods such as revitalizing creams, moisturizers, and lotions.
Consumers are drastically shifting towards chemical-free and natural ingredients-based cosmetics along with personal care products which are driving the halal cosmetic market expansion. In the Muslim- majority countries, halal items are on a rise across the forecast period.
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Prominent players in the halal cosmetic market are focusing on employing a variety of techniques to thrive in a competitive market. Companies are concentrating on innovations and advances to stay ahead of consumer demands build brand names and thrive in a competitive climate.
Key market players in halal cosmetics are focusing on merger and acquisition strategies to maximize their business operations and increase their in-house expertise. Strategic alliances and partnerships are yet another means to achieve a competitive edge through expanded corporate reach and services. Besides this, new product launches continue to excel in the growth of the halal cosmetics market
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More Insights into the Halal Cosmetics Market
Throughout the forecast period, the United States is likely to lead the North American halal cosmetics market. Over recent years, there has been the emergence of new entrants seeking to capitalize on the country's business potential. The United States is considered a dominant market comprising a big chunk of halal-certified cosmetics. Canada is yet another crucial market for such products in North America.
Asia Pacific region is projected to lead the global halal cosmetics market by 2032. The expanding Muslim population in Southeast Asian countries along with the increased presence of halal-certified enterprises in the region, affect the halal cosmetics market trends.
The top halal beauty products are manufactured in countries like India, Indonesia, and Malaysia. The rising awareness about animal welfare and growth in the Muslim population is driving the expansion of the halal cosmetics market.
Germany is also expected to showcase lucrative growth opportunities by gradually adopting the cruelty-free culture, which is fueling the demand for halal cosmetics in the beauty and personal care sectors.
Halal Cosmetics Market by Category
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3.1. Key Trends Impacting the Market
3.3. Future Prospects of Halal Cosmetics Industry
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