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Asia pacific halal cosmetics market | Coherent Market Insights

Read here the latest updates on the u201cAsia pacific halal cosmetics marketu201d published by CMI team.

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Asia pacific halal cosmetics market | Coherent Market Insights

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ Covid-19 Impact Tracker

  2. ASIA PACIFIC HALAL COSMETIC MARKET ANALYSIS • Asia Pacific Halal Cosmetic Market, By Type (Skin Care, Color Cosmetics (Lip Care, Eye Care, Nail care, Face Care), Hair care, Fragrances), and By Region (Southeast Asia, East Asia, South Asia, Oceania) - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027 • The Asia Pacific halal cosmetics market is projected to reach around US$ 4.8 billion by the end of 2027, in terms of revenue, growing at CAGR of 10% during the forecast period (2019-2027).

  3. Drivers • Growing concern over the transdermal nature of cosmetic products among the population is primarily fueling the growth of the Asia Pacific Halal cosmetics market. According to the Coherent Market Insights analysis, a survey revealed that 57.6% and 37.7% of consumers in Indonesia and Singapore respectively prefer halal cosmetic and personal care products over conventional cosmetics. Therefore, rising awareness regarding the transdermal nature of the cosmetic is propelling the Asia Pacific Halal cosmetics market. 

  4. Increasing Muslim population in India as it has a Muslim population of some 150 million, making it the state with the second-largest Muslim population in the world after Indonesia as per the Council on Foreign Relations. Moreover, India is also considered as a hub of exports for halal cosmetic products worldwide. Hence, this is expected to accelerate the growth of the Asia Pacific Halal cosmetics market over the forecast period. • On the basis of the region, Southeast Asia dominated the Asia Pacific halal cosmetics market in 2018, accounting for 61.6% share in terms of value, followed by South Asia and East Asia.

  5. Figure 1. Asia Pacific Halal Cosmetics Market, Revenue Share (%), By Region, 2018

  6. Market Restraints • Trust issue in the integrity of cosmetic products owing to weak global halal standards and authentic certification bodies that regulate the use of ingredients in the cosmetic products is projected to hamper the market growth. According to the Coherent Market Insights analysis, there are 150 to 200 halal certification bodies globally; Malaysia has 45 such bodies, Indonesia has 40 and there are 52 across GCC countries.

  7. The availability of well-established organic cosmetics brands is expected to be a major factor hampering the Asia Pacific halal cosmetic market growth. Major brands such as The Body Shop, Naturism, 100% Pure and Eccobella are easily available is creating challenges for the halal cosmetic market in the region. This is projected to hinder the market growth.

  8. Market Opportunities • Expanding middle-class population in the Asia Pacific is expected to offer immense growth opportunities to the market growth over the forecast period. According to the World Bank’s international comparison program in 2014, India overtook Japan as the world’s third-largest economy in terms of purchasing power parity (PPP) with a 6.4% share of the global GDP. Hence, the growing middle-class population will favor market growth.

  9. Emerging advanced technologies to detect the presence of fats and gelatin is expected to create enormous growth opportunity to the market of halal cosmetic products. Gas Chromatography-Mass Spectrometry (GCMS) is an advanced technology that is widely used to detect the presence of any harmful chemicals and animal products. Hence, the launch of such detection technologies is expected to augment the market growth. 

  10. Figure 2. Asia Pacific Halal Cosmetics Market– Opportunity Analysis

  11. Market Trends • Expanding e-commerce in the Asia Pacific region which enables the easy availability of the products is expected to accelerate the market growth. According to the Oberlo, the Asian countries, such as Japan and South Korea, wrap up the list of the five-largest e-commerce markets. They are expected to bring in US$ 115.40 billion and US$ 103.48 billion in e-commerce sales in 2019 respectively, with growth rates of 4.0 percent and 18.1 percent.

  12. Rising demand for accreditation, especially in Southeast Asia, owing to growing awareness regarding the halal products as it ensures the authenticity and integrity of cosmetics products are expected to propel the market growth. Proper certification for halal cosmetics companies in the region will favor the growth of the Asia Pacific halal products. This is expected to foster market growth over the forecast timeframe.

  13. Figure 3. Asia Pacific Halal Cosmetics Market, Revenue Share (%), By Application, in 2018

  14. Regulations • Malaysia • JAKIM • National Pharmaceutical Control Bureau • ASEAN Cosmetic Directive • JAKIM uses MS 2200:2008 for certification of cosmetics and personal care products. According to these standards, halal cosmetics products must not have human parts or ingredients, must not contain any forbidden animal-derivatives or derivatives of animals not slaughtered according to Sharia law, must not contain genetically-modified organisms (GMO), which are termed as ‘najs’, and absolutely no alcohol.

  15. Figure 4. Asia Pacific Halal Cosmetics Market– Value Chain Analysis

  16. Competitive Section: • Key players operating in Asia Pacific halal cosmetics market includes INKIA, Martha Tilaar Group, Wipro Unza, Clara International, Ivy Beauty Corporation, SdnBhd Overview, Paragon Technology & Innovation, and Brataco Group of Companies

  17. REQUEST SAMPLE • DOWNLOAD PDF BROCHURE • REQUEST CUSTOMIZATION • TALK TO ANALYST • REFERENCE: https://www.coherentmarketinsights.com/market-insight/asia-pacific-halal-cosmetic-market-3690

  18. About Us: • Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: • Customized Market Research Services • Industry Analysis Services • Business Consulting Services • Market Intelligence Services • Long term Engagement Model • Country Specific Analysis

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