Increasing awareness among consumers about halal-certified
products has boosted the demand for halal cosmetics, according to a new report,
titled, “Halal Cosmetics Market:
Asia Pacific Industry Analysis and Opportunity Assessment 2015 - 2020”, by
Future Market Insights (FMI). FMI forecasts that the halal cosmetics market in
Asia Pacific will witness a 9.9% compound annual growth rate (CAGR) during the
forecast period 2015-2020.
“As more consumers in Asia Pacific gain awareness about the ingredients
used in conventional cosmetics and their transdermal nature, demand for halal
cosmetic will increase. This will prompt manufacturers to diversify their product
offerings and introduce halal-certified products in the market”, says FMI
analyst P.S. Neha, who compiled the report.
Demand for Halal Colour
Cosmetics is Robust in Asia Pacific
On the basis of product type,
the Asia Pacific halal cosmetics market is segmented into skin care, colour
cosmetics, hair care, and fragrances. Among these, the demand for colour
cosmetics is robust. This segmented accounted for 37.4% share of the halal
cosmetics market in 2014; FMI estimates that this segment will witness a 10.3%
CAGR during the forecast period 2015-2020.
The colour cosmetics segment is
further sub-segmented into lip care, eye care, nail care and face care. Among
these sub-segments, lip- and face- care collectively accounted for over 65% of
the market share in 2014. FMI estimates the lip care segment to amplify at a
10.5% CAGR through 2020 and reach a valuation of US$ 400.6 Mn.
Browse Full: "Halal
Cosmetics Market: Asia Pacific Industry Analysis and Opportunity Assessment
2015 - 2020" Market Research Report at http://www.futuremarketinsights.com/reports/details/halal-cosmetics-market
FMI’s analysis on the Asia
Pacific hair care market revealed that skin care was the second most lucrative
segment after colour cosmetics. The segment accounted for over 30% share of the
market in 2014; FMI estimates it to amplify at a 10% CAGR through 2020.
FMI forecasts that hair care
and fragrances segment will amplify at a healthy CAGR through 2020. Although
demand for halal fragrances is not as robust as other halal cosmetics, FMI
estimates it to witness the highest CAGR through 2020.
Demand for raw materials that
are permissible to use according to Islamic law is high in Asia Pacific. FMI’s
research found that manufacturers relied heavily on plant derivatives for use
in preparing halal cosmetics. Halal cosmetic companies need to comply with the
regulations set up by respective governments in Asia Pacific to gain
halal-certification.
Southeast Asia & South Asia Most Lucrative Markets for Halal
Cosmetics
FMI’s analysis found that the
Southeast Asia was the most lucrative market for halal cosmetics in Asia
Pacific. It was valued at US$ 863.7 Mn in 2014 and FMI estimates it to amplify
at a 10.2% CAGR and reach a valuation of US$ 1,535.3 Mn by 2020. On the other
hand, the halal cosmetics market in South Asia was worth US$ 342.9 Mn in 2014.
According to FMI’s analysis, the halal cosmetics market in South Asia will
witness a CAGR of 9.9% through 2020 and reach a valuation of US$ 599.6 Mn by
2020.
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East Asia and Oceania, other key regions in the Asia Pacific
halal cosmetics market are anticipated to expand at a healthy single-digit CAGR
through 2020.
Key players in the Asia Pacific
halal cosmetics market include INIKA, Martha Tilaar, Wipro Unza, Clara
International, Brataco group of companies, Ivy Beauty Corporation Sdn Bhd, and
Paragon Technology and Innovation.
Future Market Insights (FMI) is a leading market intelligence and consulting firm delivering syndicated research reports, custom research reports and consulting services which are personalised in nature. FMI delivers a complete packaged solution, combining current market intelligence, statistical anecdotes, technology inputs, valuable insights into market growth patterns, a bird’s-eye view of the competitive framework and future market trends.
Our research services cover global as well as regional emerging markets such as GCC, ASEAN and BRICS. Our offerings cover a broad spectrum of industries including Chemicals, Materials, Energy, Technology, Healthcare and Retail. FMI’s operating model blends cross-disciplinary research experience to deploy in-depth, insightful and actionable research.
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3rd Floor,
207 Regent Street,
London - W1B 3HH
United Kingdom
T: + 44 (0) 20 7692 8790
D: +44 (0) 20 3287 4268
USA Tel: +1-347-918-3531
Email: sales@futuremarketinsights.com
Website: www.futuremarketinsights.com
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