Asia Pacific Halal Cosmetics – A Latent Market, Likely to Unfold
Future Market Insights (FMI) has analyzed that the Muslim population has emerged as a prominent consumer base. Companies are optimistic with regard to the purchasing power of the members of this group and it is more than likely that over the span of the next four to five years, companies will be focused on developing innovative products and designing market level strategies to leverage the potential opportunities emerging due to the growing Muslim population consumer base. FMI has analyzed that not only the Muslim population, but also the non-Muslim population will fuel further growth.
Product offerings for Muslim population will primarily be determined by providers’ ability to meet market demand by proposing genuine and authentic products for Muslim consumers. Halal status should be preserved and not misused. If credibility is lost, consumers will lose confidence in products with Halal status. Success of this segment among non-Muslims will be determined by marketers’ ability to disconnect emotions.
Asia Pacific Halal Cosmetics Market: Segmental Forecasts
On the basis of product type, the market is segmented into skin care, colour cosmetics, hair care and fragrances. Furthermore, the 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. The skin care segment was valued at US$ 453.4 million in 2014 and held 32.1% market share. It is expected to gain 10 BPS through 2020. The colour cosmetics segment is the largest segment in terms of revenue and held 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 expected to be witnessed throughout the forecast period.
Asia Pacific Halal Cosmetics Market: Key Regions
Geographically, Southeast Asia is the dominant market for Halal cosmetics and is likely to grow at the fastest rate as compared to other regions. South Asia is the second most lucrative market for Halal cosmetics. Both Southeast- and South- Asia have high consumer base that is looking for Halal-certified products.
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Increasing awareness about the transdermal nature of cosmetics is another driver responsible 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 the Halal cosmetics market.
Due to Lack of Any Uniformly Centralized Institutions, Local and Independent Agencies Are Still the Prime Point for Certification
Currently, awareness regarding halal certified cosmetic & consumer products among Muslim consumers is relatively low. However, in countries, such as Turkey, Malaysia, Indonesia and Singapore, halal cosmetics have been gaining traction since the past couple of years. Even for established multinational personal care conglomerates, Halal certification is not yet a priority. Till now, the Halal certification ecosystem is being driven by local and regional cosmetic manufacturers, which have confined reach and ability to invest.
The halal label, widely regarded as an innovation, is actually just a form of responsibility and trust that is essential for companies to operate successfully. Companies, such as Wardah, Amara, The Halal Cosmetics Company, etc., are trying to meet community needs for halal cosmetic products. However, a halal label alone would certainly not be well received by the public. Manufacturers put a lot of effort into assuring consumers that the products they offer are safe. This starts with labeling, which includes listing materials used or contents and the timeframe for safe consumption and important elements to help consumers decide if the product is safe or not. Furthermore, manufacturers are constantly innovating to provide consumers with a sense of security. Some manufacturers now add a kosher label to product packaging.
Halal certification and standardization is a key enabler and promoter for successful development and marketing of halal products. However, the halal industry is still plagued by lack of a single, unified global halal standard. There exists different halal standards, mainly due to presence of various halal authorities between countries and within countries. Also, various cases of abuse in halal auditing and fake certification are other factors inhibiting further development of the industry. Due to lack of any uniform centralized institution, local and independent agencies are still the prime point for certification.
Asia Pacific Halal Cosmetics Market: Key Participants
Detailed profiles of providers have also been included under the scope of the report to evaluate long-term and short-term strategies, key offerings and recent developments in the Asia-Pacific Halal cosmetics space. Key competitors covered are INIKA, Marth Tilaar, Wipro Unza, Clara International, Brataco Group of Companies, Ivy Beauty Corporation Sdn Bhd and Paragon Technology and Innovation.
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