VALLEY COTTAGE, N.Y.--(BUSINESS WIRE)--Asia Pacific Halal cosmetics market is expected to expand at 9.9% CAGR during the forecast period 2015-2020, reaching a valuation of US$ 2,479.5 Mn by the end of the forecast period. Southeast Asia will account for the bulk of the demand for Halal cosmetics in the near future. These insights are offered by Future Market Insights (FMI) in its research report, “Halal Cosmetics Market: Asia Pacific Industry Analysis and Opportunity Assessment 2015-2020”.
Increasing awareness about transdermal nature of conventional cosmetics, rise in personal grooming needs, demand for organic/vegan-friendly cosmetics are key demand side drivers fuelling the Halal cosmetics market in Asia Pacific.
Although FMI maintains a positive outlook on the Asia Pacific Halal cosmetics market, few factors have the potential to impede its growth. Lack of authentic certification and laws, concerns about Halal integrity, and challenges in product positioning and marketing have been identified as the key restraints identified in the market.
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FMI has analysed the distribution channel in the Asia Pacific Halal cosmetics market. Hypermarket/supermarket accounted for nearly 47.2% share of the Asia Pacific Halal cosmetics market in 2014; FMI expects it to increase to 49.3% share by the end of forecast period.
On the basis of product type, FMI has segmented the Asia Pacific Halal cosmetics market into skin care, colour cosmetics, hair care, and fragrances. Among these, the demand for Halal colour cosmetics is robust in Asia Pacific; FMI forecasts colour cosmetics to account for 38% market value share by the end of the forecast period.
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Region-wise, Southeast Asia is the most lucrative market for Halal cosmetics in the entire Asia Pacific region. The Southeast Asia Halal cosmetics market was valued at US$ 863.7 Mn in 2014; FMI expects it to reach US$ 1,535.3 Mn by the end of 2020.
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