by The South East Asia halal skincare market is estimated to be valued at US$ 584.37 Mn or Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Halal skincare products refer to cosmetic and personal care products that are permitted under Islamic Shariah law. These products do not contain any ingredients derived from animals or alcohol. The key products in the market include cleansers, toners, creams & lotions, essential oils, and scrubs & masks. Halal certified skincare products are gaining popularity among Muslim consumers who prefer using products that comply with their religious beliefs.
Market Dynamics:-
The South East Asia halal skincare market is driven by rising product adoption among Muslim consumers in the region. According to the Pew Research Center, the Muslim population in Southeast Asia is estimated to grow at a faster pace and will reach over 305 million by 2030. This provides significant opportunities for halal skincare producers targeting the Muslim demographic. Additionally, growing awareness regarding benefits of organic and natural ingredients is encouraging consumers to opt for halal certified natural skincare products. Furthermore, rising disposable income of middle-class consumers is boosting their spending on personal care products. However, high costs of compliance with strict halal certification standards remains a challenge for small players in the market.
SWOT Analysis:-
- Strength: South East Asia Halal Skincare Market has a large population base with high awareness of Halal products. This population prefers skincare products which are natural, sustainable and ethically sourced which is in line with Halal regulations. The growing Muslim population in the region also drives demand for Halal certified skincare brands.
- Weakness: Language barrier and lack of brand awareness in certain rural communities of the region act as challenges for international Halal brands. There is also a need for more stringent certification processes and common standards for Halal branding across countries.
- Opportunity: Rising disposable incomes and growing middle class are encouraging trials of premium skincare brands in the region. Increasing internet penetration also allows digital marketing of Halal skincare products. Social media influencer campaigns can boost awareness among young consumers.
- Threats: Free trade agreements encourage entry of international non-Halal brands which can capture market share. Strict regulations on ingredients and formulations may limit product innovation compared to conventional brands.
Key Takeaways:-
The South East Asia Halal Skincare Market Growth expected to witness high, exhibiting CAGR of 10% over the forecast period, due to increasing health consciousness among Muslim populations. Growing relevance of natural and herbal ingredients is driving the demand for Halal certified brands.
Regional analysis: Indonesia and Malaysia dominate the South East Asia Halal Skincare Market owing to the large Muslim population base. Indonesia accounts for over 40% value share due to high demand across both rural and urban areas. The digitally savvy consumers in Indonesia tend to research and purchase Halal skincare products online.
Key players: Key players operating in the South East Asia Halal Skincare Market are Amara Halal Cosmetics, Andalou,Clara International Beauty Group, COSMECCA KOREA, COSRX, Ecotrail Personal Care Pvt. Ltd., Halal Korea Co., Ltd., INGLOT Cosmetics, INIKA organic, IVY Beauty Corporation, KOLMAR KOREA, SO.LEK Cosmetics, and Talent Cosmetics. These brands offer a wide portfolio of products targeted at specific consumer segments such as millennial, Gen Z, working professionals etc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
