Cosmetics companies could benefit from targeting Muslim market
By Katie Bird
The
Muslim market presents significant opportunities for cosmetics and
fashion brands, according to management consultancy firm A T Kearney.
Despite
the worldwide Muslim population standing at 1.56 billion, few companies
are taking advantage of the significant opportunities presented by this
consumer segment, stated the company.
Targeting this market and
providing consumers with halal product alternatives could bring
significant benefits to the cosmetics and fashion industries as well as
food and beverage manufacturers.
Muslim market important for future growth
The
management consultancy firm note that Muslim consumers represent a
positive outlet for future growth over other consumer segments.
“At
a time when may other large consumer segments are reaching a saturation
point, Muslims are a new outlet from which to build a box for future
growth,” reads the company’s report entitled Addressing the Muslim Market: Can You Afford Not To?
In
addition, Muslims make up an estimated 20 per cent of the world’s
population and increasing consumer affluence and Western influence
means this consumer base is growing increasingly strong.
“Since
Muslims are the fastest growing consumer segment in the world, any
company that is not considering how to serve them is missing a
significant opportunity to affect both its top- and bottom-line
growth,” the report reads.
Muslim market for cosmetics and personal care
The
company highlights the cosmetics and fashion markets as untapped
industries that present excellent opportunity for companies to
incorporate Muslim values.
Although they note that in theory
wearing cosmetics is hamam, a significant proportion of Muslim women do
wear cosmetics and those that do may well prefer halal version.
Developing halal products and specifically marketing to Muslim populations is likely to bring rewards to companies.
“Extra
care in aligning strategies of global fashion apparel and cosmetics
companies present enormous opportunities as the market is sizeable”
said Dirk Buchta managing director of AT Kearney Middle East as quoted
by online news provider MENAFN (Middle East North Africa Financial
Network).
Halal certified products
A
number of cosmetics companies are beginning to tap into this
significant market, releasing halal certified ranges that contain no
animal ingredients and are not tested on animals.
Colgate-Palmolive
has a number of toothpaste products that are certified halal and
Australian firm Almaas produce halal colour cosmetics such as mascaras
and eye shadows.
In addition, The Body Shop although not
certified halal, is an example of a successful retailer in the Middle
East having taken a strong stance against animal testing and using a
number of natural ingredients in their products.
Earlier this
week the company’s franchise in Pakistan announced the opening of its
fourth store in Lahore stating there was a significant demand for the
products in Pakistan which would be tapped into during the coming year.
The
success of the UK-based retailer in this market illustrates that clever
marketing strategies may be as important as offering certified halal
ranges.
