Halal Cosmetics Global Market Report 2024

The halal cosmetics market size has grown rapidly in recent years. It will grow from $36.8 billion in 2023 to $42.15 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The increase during the historical period can be credited to the growing Muslim population, heightened awareness of halal practices, cultural and religious sensitivity, globalization, cross-cultural influences, and ethical consumerism.

The halal cosmetics market size is expected to see rapid growth in the next few years. It will grow to $72.22 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The expansion anticipated in the forecast period can be linked to the growth of the middle-class Muslim consumer base, the desire for natural and organic products, inclusive marketing approaches, sustainability, and eco-friendly practices, as well as adherence to global halal certification standards. Noteworthy trends expected in the forecast period encompass the emphasis on certification and transparency, the surge of e-commerce, the preference for clean and natural ingredients, advancements in product development, and a focus on customization and personalization.

The halal cosmetic market is poised for growth, primarily due to the increasing Muslim population worldwide. The rising number of Muslims, resulting from factors such as higher birth rates, immigration, and conversions, has led to an elevated demand for halal cosmetics. This demand is driven by Muslim consumers seeking products aligning with their religious beliefs. An estimate from an Indian-based Islamic organization, Prayer Times, predicts over 2.01 billion Muslims globally by 2023. The Pew Research Centre forecasts the global Muslim population to reach 2.2 billion by 2030. Thus, the expanding Muslim population is a key driver of the halal cosmetics market's growth.

The growth of halal cosmetics is expected to be propelled by the increasing demand for cruelty-free and vegan products in the cosmetics industry. Cruelty-free cosmetics are those that do not involve animals at any stage of the manufacturing process, while vegan cosmetics exclude any animal byproducts or materials. The rising popularity of cruelty-free and vegan cosmetics aligns with the principles of halal cosmetics, making halal beauty products more appealing to customers seeking ethical and animal-friendly options. A survey by the V-Label in May 2023 revealed that 85% of customers regularly use cruelty-free and vegan cosmetics, with 86% expressing a willingness to purchase more such products. This surge in demand for cruelty-free and vegan cosmetics is a driving force for the growth of the halal cosmetics market.

Product innovations are gaining prominence in the halal cosmetic market, with major companies adopting new technologies to maintain their market position. For instance, in June 2021, Flora and Noor, a US-based skincare brand offering halal, vegan, and cruelty-free products, launched a line of halal skincare. This product range includes cleansers, toners, serums, moisturizers, masks, body butter, scrubs, and bath bombs - all free of animal by-products and alcohol.

Major companies are adopting strategic investments to bolster their presence in the expanding clean beauty industry. An example of this is Believe Pte Ltd.'s investment of $10 million in IBA Cosmetics, an India-based Halal-certified and PETA-approved personal hygiene and vegan cosmetic brand, in November 2022. This strategic alliance aims to strengthen distribution networks, diversify product ranges, and expand into domestic and international markets. Believe Pte Ltd., based in Singapore, shares similar ideals with IBA Cosmetics and operates with a focus on market-ready solutions. IBA Cosmetics, which primarily sells online through various platforms, including its website, Purplle, Amazon, Nykaa, Flipkart, and Bigbasket, is set to benefit from this investment and collaboration.

In November 2022, TSG Consumer Partners, LLC, a US-based investment firm focusing on the branded consumer sector, acquired Huda Beauty for an undisclosed sum. This acquisition broadens, diversifies, and enriches TSG's portfolio by providing a best-in-class product offering that helps women worldwide look and feel their best every day. Huda Beauty is a UAE-based cosmetics line offering halal cosmetics.

Major companies operating in the halal cosmetics market report are INGLOT Cosmetics, J.L. Morison Ltd., Clara International Beauty Group, Prolab Cosmetics, IVY Beauty Corporation, PHB Ethical Beauty Ltd., Amara Beauty, INIKA Organic Australia, Martha Tillar Group, The dUCk Group Sdn Bhd, Honeybee Gardens LLC, IBA Cosmetics, Ecotrail Personal Care Sdn Bhd, Sampure Minerals, Maryaj Perfumes Pvt Ltd., Saaf Skincare, Wardah Cosmetics, OnePure International Group Ltd., Talent Cosmetics, Pure Halal Beauty LLC, Flora & Noor Cosmetics LLC, Mikyajy Kosmetik Sdn Bhd, Muslimah Manufacturing Sdn Bhd, SirehEmas Global Sdn Bhd, Amsons Laboratories Pvt Ltd., The Halal Cosmetics Company Ltd., T'ZIKAL Beauty Sdn Bhd, Amreen Cosmetics Pvt Ltd., Cotarde France, Halal Beauty Cosmetics.

Asia-Pacific was the largest region in the halal cosmetics market in 2023. North America is expected to be the fastest-growing region in the global halal cosmetics market report during the forecast period. The regions covered in the halal cosmetics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the halal cosmetics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary halal cosmetics types are skin care, hair care, makeup, and others. Skin care involves practices and routines to maintain skin health, appearance, and texture. These cosmetics are distributed through both offline and online channels for men, women, and unisex.

The halal cosmetics market research report is one of a series of new reports that provides halal cosmetics market statistics, including halal cosmetics industry global market size, regional shares, competitors with a halal cosmetics market share, detailed halal cosmetics market segments, market trends and opportunities, and any further data you may need to thrive in the halal cosmetics industry. This halal cosmetics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The halal cosmetics market consists of sales of eyeshadow, foundation, nail polish, hygiene products, and fragrances. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.