July 24, 2024
Asia Pacific Halal Cosmetic Market

The rising Muslim population is anticipated to open up the new avenue for Asia Pacific Halal Cosmetic Market

The global Asia Pacific Halal Cosmetic Market is estimated to be valued at US$ 3.11 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Halal cosmetic products refer to personal care items that comply with Islamic Shariah law. They include skincare, hair care, color cosmetics, and fragrances that use halal certified ingredients and avoid animal-derived, alcohol-based, or genetically modified content. The Asia Pacific region has a large Muslim population that has been observing an increasing demand for halal certified personal care items. This is mainly due to growing awareness among consumers regarding Shariah compliant lifestyle and ingredients. The halal cosmetic industry offers clean, natural, ethical, and faith-based products that are gaining mainstream acceptance across diverse consumer segments.

Market key trends:
One of the key trends in the Asia Pacific halal cosmetic market is the rise in branded products offering modern formulations through e-commerce and retail platforms. Top brands are leveraging online platforms for improved visibility, accessibility, and marketing of premium halal skincare ranges infused with natural and herbal actives. Furthermore, growing demand from non-Muslim customers has prompted established players to focus on innovative packaging and universal ingredients that appeal to wider customer segments. Increasing millennial preferences for clean label, sustainable, and multi-benefit cosmeceutical items is further fueling the popularity of halal certified beauty brands across the region.
Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate due to the stringent regulatory requirements for product certification and established brand names in the market.

Bargaining power of buyers: The bargaining power of buyers is high owing to the presence of many substitute products and options available to buyers.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many suppliers in the market.

Threat of new substitutes: The threat of substitutes is high due to the availability of alternatives such as conventional cosmetic products.

Competitive rivalry: High due to the presence of established brands competing on the basis of product quality, price, and marketing.

Key Takeaways

The Asia Pacific Halal Cosmetic Market Share is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing consumer awareness about halal certified personal care products. The market size for 2023 is US$ 3.11 Bn.

Regional analysis: The South East Asian countries such as Indonesia, Malaysia, and others dominate the Asia Pacific halal cosmetic market owing to the high population of Muslims in these countries. However, China is expected to be the fastest growing market due to rising muslim population in the country.

Key players: Key players operating in the 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. These players are focused on new product launches to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it