Report by TechNavio predicts growth for global halal cosmetics market

Report by TechNavio predicts growth for global halal cosmetics market

A new report from UK-based market research firm TechNavio has predicted huge growth for the global halal cosmetics market.

Halal cosmetics have become increasingly popular with consumers over the last five years, and TechNavio predicts that the market will continue to expand at a compound annual growth rate (CAGR) of 13.67% from 2014-2019.

According to the report, the market is being driven by higher demand for safe and quality cosmetics, as halal certification is introduced by Muslim and non-Muslim countries.

Halal is an Arabic term meaning ‘permissible’ or ‘lawful’. Halal certification guarantees that products do not contain alcohol, are not tested on animals and do not contain ingredients from animals that Muslims are forbidden to consume under Islam.

Sales of halal cosmetics are booming in Muslim countries across the Middle East, such as Saudi Arabia and the UAE, while market growth is predicted in emerging Asian market, Malaysia.

Halal-certified cosmetics are also gaining popularity with non-Muslim consumers who associate halal-certification with cruelty-free processes.

As the market expands, ingredients and packaging companies located in non-Muslim countries are increasingly adopting halal principles.

In 2014, ingredients company Croda announced that its UK Rawcliffe Bridge manufacturing site was able to offer a variety of halal-approved cosmetic ingredients. Specialty chemical manufacturer Evonik gained halal certification for its Essen and Duisburg plants in 2013. Furthermore, Talent Cosmetics became the first Korean brand to gain halal certification from the Malaysian government just two months ago.