Recent report published by Research Nester titled “Halal Cosmetic Product Market: Global Demand, Growth Analysis & Opportunity Outlook 2023”delivers detailed overview of the global halal cosmetic product market in terms of market segmentation by product, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global halal cosmetic product market is segmented into product such as skin care, color cosmetics, hair care and fragrances. Among these segments, skin care segment is expected to occupy top position in overall halal cosmetic product market during the forecast period. Increasing demand for halal skin care products is driving the growth of the market. Further, increasing Muslim population across the globe is also anticipated to foster the growth of the halal cosmetic product market. However, color cosmetics segment is likely to grow at highest CAGR in overall halal cosmetic product market.
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In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
Global halal cosmetic product market is expected to flourish at a significant CAGR of 14.1% during the forecast period. Moreover, the global halal cosmetic product market is expected to garner USD 53 Billion by the end of 2023. High spending (about USD 54 Billion in 2016) on cosmetics and personal care by Muslims is driving the growth of halal cosmetic product market. Moreover, rising demand for vegan friendly cosmetic products is expected to impel the growth of the global halal cosmetic market.
Middle East market is anticipated to make significant contribution to in the overall halal cosmetic product market. Moreover, domination of Islamic atmosphere in the region is propelling the demand for halal cosmetic product. Asia Pacific is expected to showcase lucrative growth in the upcoming years.
This can be attributed to high Muslim population in the region. Moreover, presence of halal certification organizations in the region is also expected to positively impact the growth of the halal cosmetic product market in Asia Pacific. Indonesia and Malaysia are believed to witness augmented demand for halal cosmetic products during the forecast period.
Increasing Muslim Population in the World
Rising number of Muslim population across the globe is anticipated to significantly impact the demand for halal cosmetics during the forecast period. Apart from this, high demand for halal cosmetic products in Muslim dominant countries owing to religion ethos is fostering the growth of the global halal cosmetic product market.
Growing Expenditure on Personal Care & Cosmetics Product by Muslim Population
Increasing spending by global Muslim population on the purchase of cosmetics product is anticipated to trigger the growth of the halal cosmetic products market during the forecast period. Moreover, growing fashion and makeup activities among young Muslim women is envisioned to bolster the growth of the global halal cosmetic product market.
The Final Report will cover the impact analysis of COVID-19 on this industry @https://www.researchnester.com/sample-request-207
Although, high cost associated with halal certified cosmetic products, low awareness about the halal cosmetic products among population and varying halal certification standards as per the countries are some of the key factor which is likely to dampen the growth of global halal cosmetic product market during the forecast period.
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