LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global halal cosmetics market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The market research report by Technavio provides segmentation by product (personal care and color cosmetics), by distribution channel (department stores, hypermarkets, and supermarkets, specialist stores, pharmacies and drug stores, and online retail), and by geography (APAC, MEA, Europe, and the Americas).
Analysts at Technavio have forecast the market size of halal cosmetics to grow to USD 52.29 billion by 2021, at a CAGR of almost 15%. APAC is expected to generate the highest revenue and maximum incremental growth in the market through the forecast period.
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The top three emerging trends driving the global halal cosmetics market according to Technavio consumer and retail research analysts are:
- Rising demand from non-Muslim countries
- New product launches
- Leveraging online channel
Rising demand from non-Muslim countries
Halal cosmetics are considered safe, of high quality, and prepared under hygienic conditions. This has pushed for its adoption not only in Muslim countries but also in countries with high percentage of the non-Muslim populace, like India and China. Non-Muslim consumers accounted for around 31% of the sales of halal cosmetics in 2016, and this share is expected to increase during the forecast period.
“Halal makeup products are manufactured and distributed by many global personal care companies across the globe. The vendors maintain a high-quality and integrity of these product lines, which makes them appealing to many consumers,” says Brijesh Kumar Choubey, one of the lead analysts at Technavio for cosmetic and toiletry research.
New product launches
The halal cosmetics market is witnessing the introduction of innovative personal care products to cater to varying age and lifestyle demographics. The market space is witnessing the launch of halal products from established brands like BASF and Avon. Additionally, the growing trend is also seeing many new companies such as Iba Halal Care and Amara Cosmetics entering the market space with innovative offerings. The relative growth in awareness and new product lines is expected to drive the market during the forecast period.
Leveraging online channel
“Online retailing and e-commerce are immensely popular due to the rapidly increasing internet penetration. This has given an innovative and powerful tool for halal cosmetics vendors to increase their sales and profitability,” says Brijesh.
Many manufacturers are focusing on the internet-savvy consumer segment to shift a majority of their sales online, which not only increases profits but also saves on operating costs. Promotions through social media platforms and growth in online campaigns are creating additional demand for halal cosmetics, thus driving market growth.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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