Rising environmentally-conscious women in Southeast Asia making it a leader in the Halal Cosmetics Industry. The major factor for the growth is the increasing Islamic populace in the region, growing awareness regarding the benefit of halal cosmetic due to the absence of chemicals and escalating purchasing power of the people. Besides this, surging internet penetration has propelled the growth of e-commerce and online retailing in the region. This imposes a lucrative opportunity for Halal cosmetics vendors to sell the product via online platforms, to extensively grow their revenues and profitability. Moreover, the rising inclination of the non-Muslim populace toward halal cosmetic is expected to fuel the growth of the market in the forecast period.
Key questions answered in the study
According to MarkNtel Advisors’ research report “Southeast Asia Halal Cosmetics Market Analysis, 2021”, the Southeast Asia Halal Cosmetics market is anticipated to grow at a CAGR of 10% during 2021-26. Based on Distribution Channel, the Online platform is growing at an astronomical rate in 2020. The significant rise in mobile internet usage is the major factor for the growth of e-commerce and online retailing. The manufacturers and vendor are leveraging online sales platforms for enhanced penetration of halal-certified products. Besides this, the launch of e-commerce beauty platform in the countries along with increasing customer inclination toward online purchasing of the product due to the availability of a wide range of products and brands are predicted to upsurge the market value of the segment in the forecast period.
“Southeast Asia Halal Cosmetics Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Halal Cosmetics providers across the region. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Malaysia Attain the Highest CAGR
Malaysia is expected to attain the highest CAGR in Southeast Asia Halal Cosmetics over the forecast period during 2021-26. The halal cosmetic product is gaining robust traction in the country. The growing awareness regarding halal products among millennial has fuelled the demand and supply in the cosmetic market. Besides this, the entrance of new market player, the growing populace of Muslim and the bolstering e-commerce industry is the soaring demand for halal products in the country. Moreover, the introduction of Halal standard by the government for cosmetics and personal care products and burgeoning purchasing power are anticipated to proliferate the market growth of Halal Cosmetics in the forecast period as revealed by the MarkNtel Advisors’ research report “Southeast Asia Halal Cosmetics Market Analysis, 2021”.
According to MarkNtel Advisors’, the key players with a considerable market share in Southeast Asia include MMA Bio Lab Sdn Bhd, Clara International, Inika Cosmetics, Wardah Cosmetics, Martha Tilaar Group, Ivy Beauty Corporation Sdn Bhd, Wipro Unza, Zahara, SO.LEK Cosmetics etc.