The South East Asia Halal Skincare Market is estimated to be valued at US$ 584.37 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
The South East Asia Halal Skincare market refers to skincare products that adhere to Islamic law or Shariah. These products strictly avoid ingredients or components that are considered unlawful according to Islamic teachings. Southeast Asian countries like Indonesia, Malaysia and Brunei have large Muslim populations driving the demand for halal certified personal care items. Popular halal skincare products include face creams, lotions, cleansers, scrubs and masks. Their herbal formulations make them suitable for all skin types while being cruelty-free and socially responsible. The rising trend of halal lifestyle and increasing disposable incomes have boosted the growth of halal skincare industry in Southeast Asia.
Market key trends:-
One of the key trends in the South East Asia Halal Skincare market is the increasing preference of natural and organic ingredients. Consumers are moving away from chemical-laden conventional products towards natural formulations using herbal extracts. Coconut oil, aloe vera, hemp seed oil, argan oil, olive oil and plant-based oils are some of the popular natural ingredients featured in halal skincare brands. Another notable trend is the strong traction of premium and luxury halal beauty brands. Established players are launching upmarket product ranges and expanding distribution through online platforms and exclusive outlets to tap into affluent Muslim consumers. Rising awareness about halal certification and authenticity is also driving packaged goods companies to obtain halal licenses for their skincare lines.
Porter's Analysis:-
- Threat of new entrants: The threat of new entrants is moderate due to the large capital required for R&D and marketing. However, many small companies are entering this niche market.
- Bargaining power of buyers: The bargaining power of buyers is high as there are many available substitutes in the market. Buyers can easily switch to other brands.
- Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of raw material suppliers. However, suppliers of certain ingredients may exploit their position.
- Threat of new substitutes: The threat of new substitutes is high as natural cosmetic products are gaining popularity.
- Competitive rivalry: High due to presence of established brands.
Key Takeaways:-
The South East Asia Halal Skincare Market Demand is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing demand from Muslim populace and growing awareness about Halal certified products.
The market size for 2023 is estimated to be US$ 584.37 Mn. Indonesia holds the largest market share in the region currently due to the large Muslim population. Malaysia and Thailand are also growing markets for Halal skincare owing to an increase in religious travellers.
Key players operating in the South East Asia Halal Skincare Market include Amara Halal Cosmetics, Andalou,Clara International Beauty Group, COSMECCA KOREA, COSRX, Ecotrail Personal Care Pvt. Ltd., Halal Korea Co., Ltd., INGLOT Cosmetics, INIKA organic, IVY Beauty Corporation, KOLMAR KOREA, SO.LEK Cosmetics, and Talent Cosmetics. These players are focusing on product innovation and partnership with regional retailers to gain market share.
Read More - https://www.trendingwebwire.com/south-east-asia-halal-skincare-market-outlook-and-forecasts-analysis/
The complete research framework on Global South East Asia Skincare Market reveals various influencing factors like growth factors, industry drivers, restraints, production techniques, latest market trends, market challenges, market extension and opportunities for beginners and established players in global runway lighting market.
As per the world economic evaluate the growth rate of the past four years, market size is estimated from 450 million $ in 2013 to 490 million $ in 2016.
The South East Asia Skincare Market is expected to exceed more than US$ 560 million by 2021 at a CAGR of 2.88% in the given forecast period.
The prime objective of this report is to help the user understand market share distribution of the number of key players in the market included is LÂ’Oreal, Clarins, Guinot, Aveda, SkinMedica, Obagi Medical, Dermalogica, 302 Skin Care, BABOR, Murad, REN, Bioelements, Dermstore.The South East Asia Skincare Market research report helps to understand cost-effective data in the form charts, tables, graphs, and figures which helps to analyze the market growth rate, market share, and trends.
The South East Asia Skincare market provides the in-depth approach towards market segments depicts the market investment areas and marketing strategies to achieve informed growth in the market like revenue, import/export data, volume delivered (in kilo tons) and the income it produces (in US$), demand and supply data (as applicable).
Additionally, also gives valuable data pertaining to their outlook in terms of finances, product portfolios, investment plans, and marketing and business strategies.
