Report : Asia Pacific Halal Cosmetics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis– by Product Type (Skincare, Haircare, Makeup, and Others), Category (Men, Women, and Unisex), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)
At 13.2% CAGR, the Asia Pacific Halal Cosmetic Market is speculated to be worth US$ 33,709.63 million by 2028, says Business Market Insights
According to Business Market Insights’ research, The Asia Pacific Halal Cosmetic Market was valued at US$ 14,838.48 million in 2022 and is expected to reach US$ 33,709.63 million by 2028, registering an annual growth rate of 14.7% from 2022 to 2028.Lucrative growth in emerging countries and increasing consumer focus on religiously sensitive skincare products the critical factors attributed to the market expansion.
The increasing awareness towards harmful effects of synthetic cosmetics such as respiratory distress, skin allergy, and others has propelled the shift of consumers’ preference towards halal cosmetics. Additionally, the growth of Islamic population across the region is augmenting the expansion of Halal cosmetics market. With the growth envisaged in the coming years, new start-up cosmetics players are emerging, and the sector is diversifying its product portfolio. Also, surge in internet penetration has supplemented the growth of e-commerce and online retailing in the region. This has led to a lucrative opportunity for Halal cosmetics manufacturers to sell their product via online platforms, in order to increase their reach. Large manufacturers are thus leveraging the reach of social media for spreading awareness about the halal cosmetics to consumers. The growth of Halal cosmetics in the Southeast Asia is expected to be driven by demand from countries like Malaysia, Singapore and Indonesia.
On the contrary, challenges faced in marketing the halal cosmetic products hurdle the growth of the Asia Pacific Halal Cosmetic Market.
Based on product type, The Asia Pacific Halal Cosmetic Market is segmented into skincare, haircare, makeup, and others. The skincare segment held 40.75% market share in 2022, amassing US$ 6,047.11 million. It is projected to garner US$ 14,034.58 million by 2028 to expand at 15.1% CAGR during 2022–2028.
Based on category, The Asia Pacific Halal Cosmetic Market is segmented into men, women, and unisex. The women segment held 39.72% market share in 2022, amassing US$ 5,893.67million. It is projected to garner US$ 13,748.91 million by 2028 to expand at 15.2% CAGR during 2022–2028.
Based on distribution channel, The Asia Pacific Halal Cosmetic Market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The online retail segment held 34.80% market share in 2022, amassing US$ 5,164.03 million. It is projected to garner US$ 12,075.66 million by 2028 to expand at 13.5% CAGR during 2022–2028.
Based on country, The Asia Pacific Halal Cosmetic Market has been categorized into the Australia, China, India, Japan, South Korea, and Rest of Asia Pacific. Our regional analysis states that Rest of Asia Pacific captured 41.02% market share in 2022. It was assessed at US$ 6,086.56 million in 2022 and is likely to hit US$ 14,023.21 million by 2028, exhibiting a CAGR of 14.9% during the forecast period.
Key players dominating The Asia Pacific Halal Cosmetic Market are Clara International Beauty Group,Inglot Cosmetics,OnePure LLC,PHB Ethical Beauty Ltd, IVY Beauty Corporation,Sampure Minarals, IBA Cosmetics,MMA Bio Lab Sdn Bhd, and Inika Organic Australia among others.