The South East Asia Halal Skincare Market is Expected to Witness High Growth owing to Growing Muslim Population in the Region
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| South East Asia Halal Skincare Market |
The South East Asia halal
skincare market has been gaining significant traction over the past few years,
owing to the ever-growing Muslim population in countries including Malaysia,
Indonesia, Brunei, Singapore, and Thailand. Halal skincare products refer to
personal care items that are permissible under Islamic law. Key components of
halal skincare include ensuring the absence of any animal-derived ingredients
or alcohol in formulations. The products also need to comply with other Islamic
guidelines pertaining to modesty and purity. Rising disposable income and improving
living standards have bolstered the demand for high-quality halal cosmetic and
skincare items among Muslims in Southeast Asian nations. Furthermore, increased
awareness about ingredients and their origins has driven consumers to opt for
ethically-produced goods. The Global South East Asia Halal Skincare Market is
estimated to be valued at US$ 673.2 Bn
in 2024 and is expected to exhibit a CAGR
of 15% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the South
East Asia halal skincare market are Natron Energy Inc., Faradion Limited,
Altris AB, AMTE Power PLC, Contemporary Amperex Technology Co. Limited, NGK
Insulators Ltd., and TIAMAT SAS. Key players are focusing on product innovation
and introducing new halal certified skincare lines to tap the rising demand
from Muslim consumers. The growing Muslim population across Southeast Asian
countries and increased awareness about Islamic laws pertaining to personal
care items is fueling the demand for halal skincare products in the region.
Major players are also expanding their geographical footprint and entering new
markets to gain a more prominent share of the lucrative halal cosmetics
industry.
The growing demand for halal
certified personal care items can be attributed to rising disposable income,
better access to online shopping portals, and a stronger sense of religious
identity among the youth. Muslims, particularly women, are exhibiting increased
purchasing power and a higher inclination toward premium beauty products that
adhere to their beliefs. This presents lucrative opportunities for skincare
brands to penetrate untapped exotic locales with tailored halal lines.
International players are keen on
partnering with regional halal certification bodies to expand their business
scope and boost global exports. Several Southeast Asian nations like Malaysia
and Indonesia already have well-established halal standards and a large
consumer base, attracting foreign investments. This has accelerated the global
expansion of the halal skincare domain.
Market Drivers
The increasing Muslim population
in Southeast Asian countries is one of the major drivers propelling the growth
of the regional halal skincare market. Strict halal guidelines and the
prohibition of using animal-derived or alcohol-based ingredients in personal
care products are prompting brands to launch dedicated halal skincare ranges.
Moreover, rising disposable income has driven up consumer spending on premium
beauty items, especially among young Muslim consumers who actively follow
religious practices pertaining to personal care. Strong government support
through favorable export policies and initiatives to promote certified halal
goods is also fueling the market growth.
Impact of geopolitical situation on market growth
The South East Asia halal
skincare market is witnessing significant political instability and conflicts
among various countries in the region which is negatively impacting the market
growth. The ongoing territorial disputes between China and some ASEAN member
countries like the Philippines and Vietnam regarding South China Sea have
strained diplomatic ties. This has made many international brands apprehensive
about expanding operations in these politically volatile locations. Similarly, civil
wars and ethnic conflicts in countries like Myanmar and Thailand are
discouraging new investments and trade deals within ASEAN. The halal skincare
companies will need to closely monitor the evolving geopolitical scenarios and
take necessary steps like diversifying supply chains and production bases to
minimize risks from adverse policy changes or trade disruptions. They may also
consider lobbying with governments to resolve conflicts through diplomatic
channels to ensure a stable political environment conducive for long term
market growth.
Regions concentrating market value
Indonesia, being the biggest
Muslim populous country in the world, forms the hub for South
East Asia Halal Skincare Market Share in terms of value. With a
population of over 260 million, nearly 90% of whom are Muslims, Indonesia
provides a huge addressable market for halal certified personal care brands.
Established players like Wardah, MAC, and Jinke have a dominant presence here
catering to the local consumer preferences. Moreover, Indonesia also acts as a
manufacturing and export base for several international brands targeting other
Islamic countries. It accounted for over 35% of the total regional market value
in 2024 driven by strong domestic demand and trade activities.
Fastest growing regional market
The halal skincare market of
Malaysia has been witnessing exponential growth rate over the past few years
and is emerging as the fastest expanding segment in South East Asia. While
Indonesia remains the largest overall, Malaysia is projected to see a CAGR of
over 20% during the forecast period. This can be attributed to rising
disposable incomes, increasing urbanization, growth of Halal tourism industry
and skilled workforce. Moreover, the presence of international brands in the
country coupled with strong promotional activities has boosted awareness and
trial among Malaysian consumers. The government's focus on leveraging
Malaysia's position as a hub for Islamic products will further aid the growth
prospects of halal skincare sector.
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