LONDON: Technavio’s latest report on the global halal cosmetics market forecasts growth to reach USD52.29 billion by 2021, at a CAGR of almost 15%.
APAC is expected to generate the highest revenue and maximum incremental growth in the market. The top emerging trends are:
Demand From Non-Muslim Countries
Halal cosmetics are considered safe, of high quality, and prepared under hygienic conditions. This has pushed for its adoption not only in Muslim countries but also in countries with high percentage of the non-Muslim populace, like India and China.
Non-Muslim consumers accounted for around 31% of the sales of halal cosmetics in 2016, and this share is expected to increase during the forecast period.
New Product Launches
The halal cosmetics market is witnessing the introduction of innovative personal care products to cater to varying age and lifestyle demographics.
Established brands like BASF and Avon and many new companies such as Iba Halal Care and Amara Cosmetics are entering the market space with innovative offerings.
Leveraging Online Channel
Many manufacturers are focusing on the internet-savvy consumer segment to shift a majority of their sales online, which not only increases profits but also saves on operating costs.
Dr. Bilal Philips