Report : South and Central America 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 9.9% CAGR, the South & Central America Halal Cosmetic Market is speculated to be worth US$ 5,989.63 million by 2028, says Business Market Insights
According to Business Market Insights’ research, The South & Central America Halal Cosmetic market was valued at US$ 3,408.63 million in 2022 and is expected to reach US$ 5,989.63 million by 2028, registering an annual growth rate of 9.9% from 2022 to 2028. Increasing islamic population across the world and increasing consumer focus on religiously sensitive skincare product the critical factors attributed to the market expansion.
Demand for halal cosmetics is likely to grow in the coming years with the increase in Islamic population across the countries. About ~67% of the Halal products (comprising of food and beverage, cosmetics and personal care, Pharmaceutical and others) come under FMCG sector. This has created a huge opportunity for multinational FMCG players like L’Oreal, Unilever, P&G, Colgate-Palmolive and others to foray into the halal cosmetics market. The increased penetration will additionally generate a healthy competition for local players such as Wipro Unza (Malaysia) Sdn Bhd, Southern Lion Sdn Bhd and SimplySiti Sdn Bhd and will ultimately benefit the consumers in the form of better quality, wide product choices and reduced prices
On the contrary,challenges faced in marketing the halal cosmetic products hurdles the growth of the South & Central America Halal Cosmetic market.
Based on product type, the South & Central America Halal Cosmetic Market is segmented into skincare, haircare, makeup, and others. The skincare segment held 39.83% market share in 2022, amassing US$ 1,357.66 million. It is projected to garner US$ 2,397.11 million by 2028 to expand at 9.9% CAGR during 2022–2028.
Based on category, the South & Central America Halal Cosmetic Market is segmented into men, women, and unisex. The women segment held 41.74% market share in 2022, amassing US$ 1,422.67 million. It is projected to garner US$ 2,559.97 million by 2028 to expand at 10.3% CAGR during 2022–2028.
Based on distribution channel, The South & Central America Halal Cosmetic Market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The specialty stores segment held 38.11% market share in 2022, amassing US$ 1,298.97 million. It is projected to garner US$ 2,313.59 million by 2028 to expand at 10.1% CAGR during 2022–2028.
Based on country, The South & Central America Halal Cosmetic Market has been categorised into the Argentina,Brazil, and Rest of South and Central America. Our regional analysis states that Brazil captured 74.49% market share in 2022. It was assessed at US$ 1,845.49 million in 2022 and is likely to hit US$ 3,400.18 million by 2028, exhibiting a CAGR of 10.7% during the forecast period.
Key players dominating The South & Central America Halal Cosmetic Market are,Inglot Cosmetics,OnePure LLC,PHB Ethical Beauty Ltd, IVY Beauty Corporation, and Sampure Minarals among others.