Products permissible for use by the Islamic law and manufactured from permissible ingredients are termed as halal products. In accordance to the Islamic law or sharia law, all Muslims are permitted to consume and use Halal products. Consumption or use of non-halal products, commonly known as haram products, is only advised during life threatening situations for all the Muslims. The products that are differentiated with the help of these two terms span areas such as foods and beverages, cleaning products, personal care, and cosmetics. According to some estimates, nearly 70% of the Muslims across the globe follow halal principles.
With sales touching billions of dollars on yearly basis, it will be safe to say that halal cosmetics has no longer remained a trend but a key component of the global cosmetics market. Consumer preference and awareness for halal cosmetics is surging and people across the globe have become more diligent in analyzing the ingredients of the products that they use. These factors have led to a constant rise in the number of halal cosmetic users over the years, hinting towards a market with promising growth avenues.
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The rise in demand for halal cosmetics is manly prejudiced by the halal logos. Manufacturers of halal cosmetic products are engaged upon continuous research and development in order to develop new products and conducts regular survey in order to know the customers concerns towards halal cosmetics. Increasing number of Muslim population and preference towards consumption of beauty products is considered to be a major driver for the global halal cosmetics market.
Here’s a compilation of some of the key facts associated with the global market for halal cosmetics:
A Multi-billion Dollar Industry: According to a recent report by the International Halal Accreditation Forum (IHAF), expenditure on halal cosmetics has reached a valuation of nearly AED205.5 bn (US$55.8 bn) annually, accounting for over 7% of the overall global cosmetics market.
Asia Pacific is the Largest Halal Cosmetics Market: The presence of four of the world’s top ten countries in the list of countries with the highest Muslim population, India, Indonesia, Bangladesh, and Pakistan, the Asia Pacific region is the largest consumer of halal cosmetics. Indonesia and Malaysia in the region are also considered some of the top consumers of halal cosmetics and continue to account for a notable share in the global market.
Rising Influx of New Product Varieties: It has been observed that the investment interest in the field of halal cosmetics has been significantly rising in the past few years and a number of renowned companies in the field of cosmetics are seeking to develop halal cosmetic products to target the steadily rising consumer base for these products. Instances are the halal certified ‘H’ nail polish lines launched by Saudi Arabia-based company BCI Group, Greece-based company Safe ‘N’ Beautiful, and UK-based Nails Inc.
Absence of Universally Accepted Halal Principles Makes Trade Complex: Islamic regulatory bodies of different countries are different hence the definition of halal products vary from country to country. Hence the products accepted by the Halal Certification Board of a particular country may not be accepted in another country, thus creating chaos among manufacturers and consumers. This factor could limit the growth prospects of the market to a certain extent. For the amplification of the flow of trade of halal products, the acceptance and formation of a global halal standards regulatory body could play a key role.