Thursday, April 17, 2014
Global Halal Cosmetics and Personal Care Market 2014-2018 - Increase of Muslim Population to Spur Growth
The Global Halal Cosmetics and Personal Care market to grow at a CAGR of 13% to 2018.
One of the major drivers in the market is the growing Muslim population. This increase in the Muslim population has increased the consumption of these products as Muslims are the potential and primary consumers of the products. The major consumers of these products are the APAC region and the MEA region as these are the densely-populated Muslim regions.
The rapid growth in non-Muslim countries offers huge potential for the Global Halal Cosmetics and Personal Care market. Though Halal cosmetics witness huge demand in regions populated by Muslims, a significant contribution is being witnessed from the non-Muslim economies. Currently, Halal cosmetics and personal care products are widely accepted by other communities as they are considered safe, of high quality, and to have been prepared using hygienic procedures. Moreover, the integrity of the cosmetics is maintained during the production process. Hence, there is huge potential for the global market to grow during the forecast period because of the increased acceptance of and demand for the products in the developed non-Muslim countries.
Further, the report states that the certification of products by authentic bodies is a major challenge hindering the growth of the market. Certification issues are generally noticed in products exported by local markets. These certification issues may lead to numerous consumers losing confidence in the products' Halal status and stop purchasing them.