Indonesia Halal Cosmetics Market Forecast 2023-2030

Indonesia Halal Cosmetics Market Forecast 2023-2030

KEY FINDINGS

The Indonesia halal cosmetics market is anticipated to register a CAGR of 9.13% during the forecasted years of 2023 to 2030. The market growth of the country is accredited to key drivers, such as the significant Muslim population as well as the augmenting international reach and portfolios of Indonesian brands.

MARKET INSIGHTS

The increasing purchasing power of the population in Indonesia, the growing number of Muslims, as well as the Muslim community’s inclination towards associating their interest in cosmetic items with upholding their religious values play an essential role in fuelling the demand for halal cosmetics in the country. Furthermore, foreign investors are increasingly providing Indonesian entrepreneurs with funding in the cosmetics industry, as well. For example, while Base revealed that it had raised $6 million from investors, including Rakuten Ventures, Esqa announced it had raised $6 million from consumer behemoth Unilever as well as venture capital company East Ventures.

Conversely, as per the Zap Beauty Index 2023, 19% of women in Indonesia exclusively utilize local skincare, with more than 96% of the women opting for domestic skincare products in 2022. Aligning with this, several Indonesians have also begun supporting local businesses owing to the COVID-19 pandemic. Hence, these factors are predicted to offer lucrative growth opportunities to the halal cosmetics market in Indonesia during the forecasted years.

COMPETITIVE INSIGHTS

Some of the main companies operating in the market are Clara International Beauty Group, PHB Ethical Beauty, etc.

Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation caters to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• The competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments