Global Halal Cosmetic Product market is majorly propelled by rising Muslim population and growing health concerns due to harmful effects of ingredient that are used in manufacturing of cosmetic product according to our research report “Global Halal Cosmetic Product Market Outlook 2023”.
Regionally, the halal cosmetic product market is segmented into North America, Europe, Asia-Pacific and Rest of World (ROW). Among these, Middle East and Africa is anticipated to witness a significant growth and occupy the largest share of the halal cosmetic product market by 2023.
Owing to the increasing Muslim population and rising need of halal certified cosmetic product, global halal cosmetic product market is anticipated to reach USD 53 billion by the end of 2023 witnessing a promising compound annual growth rate of 14.1% over the period of forecast i.e. 2016-2023.
Asia Pacific halal cosmetic market is anticipated to project a market size of USD 2.9 billion by the end of 2023 expanding at a CAGR of 9.4% over the forecast period i.e. 2016-2023. This can be attributed towards increasing Muslim consumer base in the region and rising demand of vegan friendly cosmetics
Rising Muslim Population: Up-thrust
Rising Muslim population (nearly two billion) and increasing expenditure of Muslim consumers on food and lifestyle is anticipated to fuel the demand for halal cosmetic products. The global expenditure of Muslim consumers has increased by 10% in 2015, and is expected to reach USD 3.9 trillion by the end of 2023 witnessing a compound annual growth rate of 11% over the forecast period i.e. 2016-2023.
Growing Health Concerns Due to Harmful Effects of Ingredient That are Used in Manufacturing of Cosmetic Product: Boost
Rising awareness about the percutaneous essence of conventional cosmetic products coupled with increasing consumer knowledge about the ingredient used in the product is anticipated to fuel the demand of halal certified cosmetic product across the globe. Research study states that 20% of the global Muslim population is concerned about halal issues with the products they are using.
The report titled “Global Halal Cosmetic Product Market Outlook 2023” delivers detailed overview of the halal cosmetic products in terms of market segmentation by regions, by product, by distribution channel.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the halal cosmetic industry which includes company profiling of Amara Cosmetics Inc., IMED Lab SdnBhd, INIKA Cosmetics, and Martha Tilaar Group. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview on the global halal cosmetic product market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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