Asia Pacific Halal Cosmetic Market Is Estimated To Witness High Growth Owing To Growing Awareness Of Halal Certified Products

Asia Pacific Halal Cosmetic Market 

The Asia Pacific halal cosmetics market is estimated to be valued at US$ 3.11 Bn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Halal cosmetic products refer to personal care items that are permissible according to Islamic law. These products do not contain any ingredients prohibited from Islamic law. The core advantage of halal cosmetics is safety from harmful and questionable ingredients for Muslim consumers. With increasing Muslim population across Asia Pacific countries, the demand for halal certified personal care items is growing considerably.

Market key trends:
The growing awareness about advantages of natural and herbal ingredients among Muslim consumers is driving the demand for natural and organic halal cosmetics. Majority of Asian countries have witnessed increased adoption of natural and herbal personal care products in recent years owing to rising health concerns. Key halal cosmetic manufacturers are focusing on introducing new product ranges with natural botanical extracts, vitamins and minerals to cater to shifting consumer preferences. Furthermore, the improving spending capacity of Muslim population coupled with rising influence of social media marketing is fueling the sales of premium halal cosmetic brands across Asia Pacific region.

Porter's Analysis
Threat of new entrants: The threat of new entrants into the Asia Pacific halal cosmetic market is moderate. High capital requirements along with stringent regulations by various religious authorities act as entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as the market is fragmented with presence of local as well as global players. Buyers can easily switch between brands.
Bargaining power of suppliers: The bargaining power of suppliers is low due to presence of many ingredient suppliers. Suppliers have less influence on prices due to availability of substitutes.
Threat of new substitutes: The threat of substitute products is moderate. Wide range of products offered and consumer loyalty keeps the threat moderate.
Competitive rivalry: Fierce competition exists between regional and international players.

SWOT Analysis
Strength: Wide distribution network and brand recognition of key global players. Growing middle class population and rapid urbanization driving market growth.
Weakness: High R&D and certification costs adding to product prices. Lack of awareness in rural markets.
Opportunity: Increasing consumers driven by changing lifestyle and preferences in Asia Pacific countries. Rising demand for natural and halal certified ingredients.
Threats: Strict government regulations on ingredients and certifications. Vulnerable to economic slowdowns affecting disposable incomes.

Key Takeaways
The global Asia Pacific Halal Cosmetic Market Share  is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing disposable incomes and rising awareness about halal certified products. The major region dominating the market is Southeast Asia with Indonesia as the fastest growing market.

Regional analysis Southeast Asia represents the largest market for halal cosmetics led by Indonesia, Malaysia and others. Indonesia Islamic cosmetic market size is estimated to reach US$ 3 Bn by 2023 supported by growing population and rising living standards. Other regional markets including North Asia and South Asia are also projected to showcase double digit growth during the forecast period.

Key players operating in the Asia Pacific halal cosmetics market are INKIA, Martha Tilaar Group, Wipro Unza, Clara International, Ivy Beauty Corporation, Sdn Bhd Overview, Paragon Technology & Innovation, and Brataco Group of Companies. Major players are focused on developing new product ranges, expanding distribution networks and increasing brand promotions across Asia Pacific region.

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https://www.newsstatix.com/asia-pacific-halal-cosmetic-market-trends-size-and-share-analysis/