by South East Asia Halal Skincare Market is Estimated to Witness High Growth Owing to Rising Awareness. Skincare refers to the range of practices that support skin integrity, enhance its appearance and relieve skin conditions. Halal skincare products refer to beauty and personal care products that are certified as per Islamic Sharia law principles. These products do not contain any ingredients restricted by Islamic law such as alcohol and animal derivatives or tested on animals.
The global 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 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising Awareness and Religious Affinity: One of the key drivers for the growth of the South East Asia Halal skincare market is rising awareness among Muslim consumers regarding Halal certified products and their growing affinity towards following religious principles in daily lives. Consumption of Halal certified products is considered important by a large population as it brings them closer to their religious beliefs. According to surveys, a majority of Muslim consumers are willing to pay a premium for Halal certified products.
Changing Consumer Preferences: Another important factor propelling the market growth is changing consumer preferences towards natural and organic ingredients based products. Consumers are increasingly preferring skincare products containing natural actives over chemical based ones considering their lower risk of side effects. This changing preference also aligns well with the requirements of Halal certified skincare products which do not allow the use of artificial preservatives and colors. Hence, natural and organic positioning gives Halal beauty brands an edge over competitors.
SWOT Analysis
Strength: The South East Asia halal skincare market benefits from strong demand for halal certified products from the region’s large Muslim population. It allows companies to cater to religious requirements and cultural norms. moreover, rising disposable incomes are increasing spending on personal care products.
Weakness: However, lack of standardized regulations and guidelines for halal certification makes it difficult for companies and consumers to identify truly halal compliant brands. Additionally, the presence of many small local players with limited resources increases fragmentation in the market.
Opportunity: The growing popularity of online shopping in Southeast Asian countries presents an opportunity for brands to reach consumers directly. Further, an increasing focus on natural and herbal ingredients offers chances for innovation in product development.
Threats: Strengthening regulations around halal standards in some countries can raise compliance costs for companies. Non-halal personal care products from international brands also pose competition.
Key Takeaways
The Global South East Asia Halal Skincare Market is expected to witness high growth over the forecast period of 2023 to 2030. Expanding middle-class population, rising disposability incomes, and growing awareness about halal certified products are driving the demand in Southeast Asian countries.
Regional analysis
The ASEAN region dominates the South East Asia halal skincare market and is expected to maintain its leading position during the forecast years. Indonesia, Malaysia, and countries in the Indonesia-Malaysia-Thailand Growth Triangle region hold maximum shares due to their large Muslim populations. Countries like Indonesia is further expected witness fastest growth supported by growing number of health-conscious young consumers willing to spend on premium personal care brands.
Key players
Key players operating in the South East Asia halal skincare market are Active Motif, Inc., Illumina, Inc., Life Technologies, Affymetrix, Inc., Agilent Technologies, Bio-Rad Laboratories, Inc., Qiagen, Knome, Inc., GE Healthcare, Geneva Bioinformatics SA, Quest Diagnostics, bitBiome, Inc., Intomics, Advanced BioInformatics GmbH, and Fios Genomics Ltd. Major players are focusing on developing halal certified skin care portfolios and expanding distribution networks across Southeast Asian countries to tap the high growth potential.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
