RESEARCH AND MARKETS: GLOBAL HALAL COSMETICS MARKET 2015-2019
Dublin, 9 Rabi’ul Akhir 1436/30 January 2014 (MINA) — Research and Markets has announced the addition of the “Global Halal Cosmetics Market 2015-2019” report to their offering.
The Global Halal Cosmetics market on the basis of revenue to grow at a CAGR of 13.67% over the period 2014-2019.
Halal is an Arabic term meaning permissible or lawful. Haram, which is the opposite of halal, means prohibited or unlawful according to Islamic law. Halal and Haram are universal words that apply to all facets of life, including halal banking, halal clothes, and halal food. These words are popularly used in relation to food products, meat products, cosmetics, personal care products, leather goods, and food ingredients, heraldonline quoted by Mi’raj Islamic News Agency (MINA) as reporting.
Halal cosmetics are products certified by the Halal certification organizations. These organizations operate under Sharia law. The Islamic Sharia law is a system comprising the rules and principles a Muslim needs to adhere to.
One key trend emerging in this market is the increase in demand from the non-Muslim population residing in Western countries. With the increase in awareness about halal cosmetics and the growing concerns among the non-Muslim population regarding skin care, the demand for halal cosmetics is increasing.
According to the report, one of the major drivers of the market is the growing Muslim population worldwide. As Muslims form the largest demographic in terms of consumption of halal cosmetics, the increase in population will directly influence the demand in the market.
Further, the report states that the high risks associated with suppliers, the quality of raw materials used to manufacture halal cosmetics, and the untimely delivery of raw materials can adversely affect the halal cosmetics vendors. Vendors face a major challenge in finding qualified suppliers that meet these standards. They also face difficulties in procuring these products in a timely and efficient manner depending on the suppliers’ location.(T/P009/P3)
Mi’raj Islamic News Agency (MINA)