Categories: Market Research

Halal Cosmetics Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Halal Cosmetics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

Learn More On The Halal Cosmetics Market:

https://www.thebusinessresearchcompany.com/report/halal-cosmetics-global-market-report

According to The Business Research Company’s Halal Cosmetics Global Market Report 2024, The halal cosmetics market size has grown rapidly in recent years. It will grow from $36.8 billion in 2023 to $42.15 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to rising Muslim population, increased awareness of halal practices, cultural and religious sensitivity, globalization and cross-cultural influences, ethical consumerism.

The halal cosmetics market size is expected to see rapid growth in the next few years. It will grow to $72.22 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to expanding middle-class Muslim consumers, demand for natural and organic products, inclusive marketing strategies, sustainability and eco-friendly practices, global halal certification standards. Major trends in the forecast period include certification and transparency, rise of e-commerce, clean and natural ingredients, innovation in product development, customization and personalization.

The increasing Muslim population is expected to propel the growth of the halal cosmetic market going forward. The term “”increase in Muslim population”” refers to an increase in the number of Muslims in a specific region, country, or world. This growth can be due to several factors, including higher birth rates among Muslim families, Muslim immigration from other countries, and conversion to Islam. As the Muslim population grows, there is an increasing demand for halal cosmetics as more Muslim consumers seek products that align with their religious beliefs. For instance, in April 2023, according to Prayer Times, an Indian-based Islamic organization, it is estimated that there will be over 2.01 billion Muslims in the world by 2023. The global Muslim population will reach 2.2 billion by 2030, according to the Pew Research Centre. Therefore, the increasing Muslim population is driving the growth of the halal cosmetics market going forward.

Get A Free Sample Of The Report (Includes Graphs And Tables):

https://www.thebusinessresearchcompany.com/sample.aspx?id=9798&type=smp

The halal cosmetics market covered in this report is segmented –

1) By Type: Skin Care, Hair Care, Makeup, Others

2) By Distribution Channel: Offline, Online

3) By End User: Men, Women, Unisex

Major companies operating in halal cosmetics are adopting strategic investments, such as Believe Pte Ltd’s investment in IBA Cosmetics, to increase their presence in the expanding clean beauty industry. The Believe Pte Ltd. investment in IBA Cosmetics will assist in strengthening its distribution network, diversifying its range, and expanding in domestic and international markets. For instance, in November 2022, Believe Pte Ltd., a Singapore-based company that offers market-ready solutions, announced an investment of $10 million in IBE Cosmetics, an India-based Halal-certified and PETA-approved personal hygiene and vegan cosmetic brand, as part of a strategic alliance between two organizations with similar ideals. It mostly sells online via its website as well as portals such as Purplle, Amazon, Nykaa, Flipkart, and Bigbasket.

The halal cosmetics market report table of contents includes: