Asia Pacific Halal Cosmetics Market to Grow at a CAGR of 9.9% by 2020
Future Market Insights has announced the addition of the “Halal Cosmetics Market: Asia Pacific Industry Analysis and Opportunity Assessment 2015-2020" report to their offering.
Increasing awareness among consumers on their religious obligations has created greater demand for Halal products among people, especially in the Asia Pacific region. The Asia Pacific Halal cosmetics market was estimated to be worth US$ 1,411.2 Mn in 2014. It is anticipated to expand at a CAGR of 9.9% during forecast period 2015-2020. The Asia Pacific Halal cosmetics market is segmented on the basis of product type and region.
Asia Pacific Halal Cosmetics Market: Segmentation
On the basis of product type, the market is segmented into skin care, colour cosmetics, hair care, and fragrances. Furthermore, colour cosmetics segment is segmented into lip care, eye care, nail care, and face care. On the basis on region, the Asia Pacific Halal cosmetics market is segmented into Southeast Asia, East Asia, South Asia and Oceania.
Skin care segment was valued at US$ 453.4 million in 2014 with 32.1% market share. It is expected to gain its market share by 10 BPS through 2020. Colour cosmetics is the largest segment in terms of revenue with 37.4% market share; it is likely to maintain its dominance during the forecast period with 38.0% market share, reflecting an increase of 60 BPS over the forecast period. The colour cosmetics segment is likely to exhibit the highest CAGR of 10.2% during 2015-2020 with rising y-o-y growth through the forecast period.
Asia Pacific Halal Cosmetics Market: Key Regions
Geographically, Southeast Asia is the dominant market for Halal cosmetics and it is likely to grow at the fastest rate, as compared to other regions; South Asia is the second most lucrative market for Halal cosmetics market. Both Southeast- and South- Asia have high consumer base that is looking for Halal-certified products.
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Increasing awareness about transdermal nature of cosmetics is another driver for the growth of the Halal organic cosmetics market in Asia Pacific. Demand for organic/vegan-friendly cosmetics, greater availability of colour cosmetics variants, and increase in distribution and marketing channels are other growth factors for Halal cosmetics market.
Some of the market leaders in the Asia Pacific Halal cosmetics market are INIKA, Martha Tilaar, Wipro Unza, Clara International, Brataco Group Of Companies, Ivy Beauty Corporation Sdn Bhd, and Paragon Technology & Innovation.
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Jan 24, 2017