Halal is an Arabic term which means lawful or permissible. Halal cosmetic products are beauty products that may not contain any alcohol ingredients, pork or animal blood.
Female Segment Acquired the Highest Market Share
Based on Gender, Female acquired the highest market share in the Southeast Asia Halal Cosmetics market in 2019. The rising awareness of skin disease towards the use of chemical products, launch of various Halal cosmetics by the market players to cater largest customer base, and increasing demand for cruelty-free cosmetic product are the factors propelling the demand for halal cosmetic product. Coupled with this, the rise in working women populace, burgeoning adoption of smartphones and snowballing demand for halal cosmetic via online distribution channel are projected to accelerate the growth of Southeast Asia Halal Cosmetics market in the coming years as revealed by MarkNtel Advisors’ research report “Southeast Asia Halal Cosmetics Market Analysis, 2021”.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Countries Covered||Indonesia, Thailand, Malaysia, Singapore|
|Key Companies Profiled||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.|
|Unit Denominations||USD Million/Billion|
According to MarkNtel Advisors’ research report “Southeast Asia Halal Cosmetics Market Analysis, 2021”, the market is anticipated to grow at a considerable CAGR during 2021-26F on account of behavioural change among the consumer towards using halal cosmetics. The increasing awareness toward the benefit of the halal product and significant customer inclination towards organic cosmetic products are the major factors for the huge revenue growth of halal cosmetics. In addition to this, the adoption of modern lifestyle, strong growth in the e-commerce sector and growing concern among millennial about hazards of transdermal cosmetics are positively impacting the market growth. Moreover, growth in discretionary income of women and rising demand for halal personal care product are the factors leading to growth of the market.
Impact of COVID-19
The Outbreak of the covid-19 pandemic has impacted the demand for halal cosmetics on account of the paradigm shift of the customer from less essential products to essential products. However, exponential growth in online retailing was witnessed in the region in order to offset the disruption in the market. Besides this, the new product innovation under halal cosmetics was also introduced during the pandemic such as sanitisers, hand creams, eye care etc. Hence, the market is expected to observe a significant growth rate in the forthcoming timeline.
According to MarkNtel Advisors’, the key players with a considerable market share in the Southeast Asia Halal Cosmetics industry 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.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics