Growth expected in halal cosmetics and personal care market

Technavio says the halal cosmetics and personal care market is poised to grow by US$28.34 billion from 2020-2024, progressing at a CAGR of over 7% during the forecast period. Year-over-year growth for 2020 is estimated at 6.7%.

Source: Technavio. The Halal Cosmetics and Personal Care Market 2020-2024 report forecasts 6.7% growth globally for 2020.

According to its halal cosmetics and personal care market report:

- Demand for halal personal care and grooming products for men are major trends driving the growth of the market.

- The Asia Pacific region will contribute 44% of the market share.

- The company advises market vendors to focus more on the fast-growing segments, while maintaining their positions in the slow-growing segments.

Vendors mentioned in the Halal Cosmetics and Personal Care Market 2020-2024 report include:

• Amara Halal Cosmetics
• Clara International Beauty Group
• Ivy Beauty
• PROLAB COSMETICS
• Martina Berto
• Paragon Technology and Innovation 
• Saaf Skincare 
• Talent Cosmetics Company
• Total Beauty Network
• Wipro Enterprises

However, Technavio said the market is fragmented, and the degree of fragmentation will accelerate during the forecast period.

Technavio is a global technology research and advisory company focusing on emerging market trends and actionable insights to help businesses identify market opportunities and develop effective strategies to optimise their market positions. Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries.

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APAC to drive global halal cosmetics and personal care market through to 2022

Source: Technavio, via Businesswire. Infographic on the global halal cosmetics and personal care market 2018-2022.

Technavio forecasts that the global halal cosmetics and personal care market to grow at a CAGR of 13.55% from 2018 to 2022. To calculate market size, the company considered the revenue generated from the sales of halal cosmetics and personal care through online and offline channels.

A key factor driving growth is the rising Muslim population worldwide. Technavio said an increase in demand from the growing Muslim population and rising awareness of halal cosmetics and personal care products are pushing demand up.  Improved standardisation and certifications are another market driver.

As the Asia Pacific region (APAC) is home to more than 55% of the Muslim population, the region is experiencing a relatively higher demand for halal cosmetics and personal care products. EMEA led the market in 2017 with a global halal cosmetics and personal care market share of close to 52%. During the forecast period, the APAC region is expected to register the highest incremental growth, while the other two regions will witness a decline in their market shares.

Brands listed in the report include: 

• Amara Halal Cosmetics
• Ivy Beauty Corporation
• Martha Tilaar Group
• PT Paragon Technology and Innovation, the parent company for Wardah
• Total Beauty Network, parent company of Inika
• WiproEL

Vendors in the market are trying to capitalise on the demand for halal personal care and grooming products for men. Although many vendors manufacture halal cosmetics and personal care products for women, not many cater to men. Segment categories include skincare products, haircare products, and fragrances. Celebrity endorsements are also encouraging men to use personal care and grooming products.

“Presently, Millennial Muslim consumers are becoming conscious of their looks and appearance, propelling an interest in personal grooming among young men. This expands the consumer base of the market. Therefore, the interest in personal grooming is expected to spike the volume sales of halal cosmetics and personal care products during the forecast period,” says a senior analyst at Technavio.

As halal cosmetics and personal care become more popular, the counterfeiters will also have a field day, Technavio warns.

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Global halal cosmetics market to have a CAGR of nearly 15% by 2021

Amara Cosmetics, Inika, Martha Tilaar Group, MMA Bio Lab, and the Halal Cosmetics Company, are the key vendors in the global halal cosmetics market, says market analyst firm Technavio.The company predicts that the global halal cosmetics market will grow steadily during the next four years and post a CAGR of almost 15% by 2021.

Rising consumer awareness toward halal cosmetic products is one of the primary growth factors for this market. Due to the need to follow Islamic standards for halal certification of cosmetics, halal beauty products do not contain animal-derived ingredients or alcohol, Technavio said. They are considered to be more pure and hygienic compared to regular cosmetics, which increases their adoption rate among the non-Muslim population as well*, Technavio said. Furthermore, the growing awareness among the younger Muslim population across the globe about their religious obligations will also drive the growth of the halal cosmetics market.

This market research and analysis estimates that in terms of geographical regions, Asia Pacific (APAC) will be the major revenue contributor to the market throughout the predicted period. The presence of a large Muslim population in countries such as Indonesia, India, Pakistan, Malaysia, and Bangladesh, the economic development of various countries in the region, and the increase in disposable income of consumers in China, Malaysia, Indonesia, Pakistan, and India, will be major factors fuelling the growth of the halal skincare market in APAC during the next four years.
Competitive landscape and key vendors

The global halal cosmetics market is characterised by the presence of a number of well-established international and regional players and appears to be highly fragmented. The coming years will witness an increase in the adoption of halal makeup products by a wider audience, besides the Muslim community. This will induce halal cosmetics manufacturers to focus on introducing new products and enhance their customer base in various geographical regions. Vendors in the market mainly compete on various factors such as product pricing, quality, brand, and variety of product and deduce different strategies to increase their market shares. Additionally, to maintain their market dominance and improve their market positions, the leading halal cosmetics companies will also concentrate on acquiring new brands.

The report segments the halal cosmetics market into personal care and colour cosmetics. During 2016, the personal care segment dominated this market. Analysts predict that though the rise in availability of counterfeit products will affect the growth of this market segment, the increasing demand for high-quality cosmetics and the benefits of halal personal care products that are attracting the non-Muslim population will also fuel the growth in this market segment in the coming years.

Retail outlets such as department stores, hypermarkets, and supermarkets offer various halal cosmetic brands. Additionally, they also carry out various activities to promote the products to consumers. According to this market research study, this segment accounted for the major revenue shares and dominated the market during 2016.

Besides the leading vendors in the market, other prominent vendors in the market are Malaysia's Clara International, INGLOT Cosmetics, Ivy Beauty, Liasari, Muslimah Manufacturing, OnePure, Paragon Cosmetics, Pure Halal Beauty (PHB) Ethical Beauty, Saaf Skincare, Samina Pure Makeup (Sampure Minerals) and SirehEmas.

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Read the Suroor Asia blog post about Allied Market Research's global halal cosmetics report 

*Interest in beauty products which are all-natural and which do not contain animal by-products is indeed growing but they are sought out by non-Muslims for these characteristics and not because they are halal. Some halal cosmetics may contain animal by-products, while some vegan products may not be halal.

Hair removal cream market to remain buoyant

• Supermarkets and hypermarkets account for majority of revenue
• Key vendors – Church & Dwight, Reckitt Benckiser, Dabur, and P&G

Technavio predicts that the global hair removal cream market will grow at a CAGR of more than 8% between 2016 and 2020. At-home hair removal treatments are popular among the younger generation due to the need to maintain physical appearances. The endorsement of hair removal creams by celebrities and the widespread availability of a large variety of hair removal creams supports growth, Technavio said. The trend is towards natural and organic creams, the company added.

“Vendors in the global hair removal cream market are diversifying their product lines to strengthen their foothold in the competitive market. These include hair removal cream solutions for the body (legs, bikini line, arms, and underarms), skin type (normal, sensitive, and dry), and the desired effect (long-lasting and quick results). Besides, vendors are also trying to create product differentiation through the addition of new products that contain natural ingredients such as aloe vera, papaya extract, jasmine, and almond oil to cater to the changing consumer demands,” says Abhay Sinha, Lead Analyst, New Coverage, Technavio Research.

Hair removal creams have the advantage of being cost-effective and convenient compared to procedures carried out at salons and clinics, which are more expensive and sometimes painful, notes the research firm. Hair removal creams have an average cost ranging between US$10 and US$90 per bottle and can be used up to five times. The downside is that frequent usage can increase the chances of acquiring an infection and may adversely affect the usage of such products, Technavio added.

By 2020, the supermarkets and hypermarkets segment will continue its market dominance by accounting for almost 37% of the overall market revenue. Due to the availability of different private labels brands, latest product launches, and the availability of discounts, the popularity of supermarkets have increased. Sale of private labels in such supermarkets is comparatively high due to the availability of a diverse range of variants at low prices, especially when compared to branded hair removal creams.

The key vendors in the global hair removal cream market include Church & Dwight, Reckitt Benckiser, Dabur, and P&G. The global hair removal cream market is competitive as other hair removal methods like waxing, shaving razors, and epilators are also popular. The leading vendors in this market are competing on the basis of product differentiation, line extension, and pricing to gain maximum market share during the forecast period.

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APAC leads the global market for fish and seafood

Technavio estimates that the global fish and seafood market will grow at a CAGR of 4% between 2016 and 2020, and valued at US$260 billion by 2020. One of the major factors leading to the rise of the fish and seafood market is the increasing demand for processed seafood, Technavio said. 

The Asia Pacific region leads the global market for fish and seafood, accounting for 40% of the overall market share. The primary growth factors in this region 

is the rise in population plus a large number of people who consume fish. Countries like China, India, Japan, Thailand, Australia, Bangladesh, Singapore, and Malaysia are the key contributors here. 

“Aquaculture is the fastest-growing food production process worldwide. It has surpassed commercial fishing as well as various other food-sourcing methods, thanks to improved logistics and the growth of the retail sector. Vendors are constantly coming up with new species to decrease the dependency on imports and maintain balance on over-exploited fisheries,” says Vijay Sarathi, Lead Analyst, Food & Beverages, Technavio Research.

The fresh and chilled fish and seafood segment dominated the market in 2015 in terms of revenue. Growing health consciousness, increased demand for quality food, and changing demographics are the main factors fuelling the growth of this segment, Technavio said.

The leading vendors in the global fish and seafood market include High Liner Foods, Iglo Group, Leroy, Marine Harvest, and Thai Union Frozen Products. With the existence of intense competition in the global fish and seafood market, vendors are reducing their prices and actively acquiring smaller entities to enhance their footprint in the market. The inflow of private labels - companies whose products are labelled with their customers' brands - is on the rise, making competition fiercer.

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Technavio says Islamic financing to grow at a CAGR of 19% through to 2019

Islamic banking and financial vendors are increasingly seeking diversification into foreign investments on account of strong growth prospects and higher investment returns. Technavio’s research predicts that the global Islamic financing market to record a CAGR of close to 19% during the 2015 to 2019 period.

The market is expected to witness an increase in the demand for shari'ah-compliant assets in Asian markets, including Malaysia, and Indonesia. Islamic banks located in Iran and GCC are also expanding operations in countries like Singapore to deploy Islamic funds strategically to corporates in the different regions across the globe, through Islamic bank financing, and sukuk issuances. Similarly, other countries offering strong political support with various tax incentives for institutional investors will attract significant investments through Islamic banking in the years to come.

Islamic banks will produce more customised products and services for the clients over the forecast period. Governments of different developing economies are also focusing on the regulatory intervention that help the key market players to expand their customer base. In countries like the UAE, the Islamic banking industry is estimated to grow at more than twice the rate of conventional banking which would considerably spur the growth of the Islamic banking assets over the next fore years.

The report predicts that global Islamic financing in Asia will be worth over US$985 billion by 2019, with the growth of Islamic financing in countries like Bangladesh, Indonesia, Malaysia, and Pakistan.

The asset-backed nature of Islamic financing is ideal for large-scale infrastructure such as highway networks and ports. An estimated US$800 billion worth of infrastructure financing will be needed each year in Asia over the next decade. During the forecast period, places such as Hong Kong, mainland China, and Thailand will also witness a growing Islamic finance segment.

Low market penetration of Islamic products in most of the emerging markets has created an attractive growth opportunity for the top market players. Market expansion strategies are crucial to the enhancement of Islamic products and services. To capitalise on the market opportunity, Frost & Sullivan says the leading players are expected to focus more on devising and developing effective marketing channels by affiliating with various distribution channels as per the forecast.

Key banks mentioned in the report include Al Rajhi Bank, Abu Dhabi Islamic Bank, Al Baraka Banking Group, Dubai Islamic Bank, and Emirates NBD.

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Read the Suroor Asia blog post on the outlook for the global takaful market, published by the Dubai Islamic Economy Development Centre (DIEDC), and ACRIE, a subsidiary of aafaq Islamic Finance.

Takaful will grow at a CAGR of 19% through to 2019

Global Takaful Market - Market Research 2015-2019 by Technavio discusses life/family takaful and general takaful across the GCC, APAC, and ROW regions. The market is witnessing intense competition due to the low differentiation in the product offerings, the company said.

Technavio market research analysts estimate the global takaful market will grow at a CAGR of around 19% between 2015 and 2019. The GCC is the largest contributor of the takaful market occupying around 69% share, the company said, while Saudi Arabia, UAE and Malaysia are predicted to be the high growth markets. Changing regulation, growing affluence, and growth in organised savings are some key market drivers in the GCC. Specifically, increasing awareness among Muslims about the benefits of life insurance is encouraging the use of financial products that follow shari'ah principles. This in turn is providing opportunities for foreign vendors to collaborate with insurance companies providing takaful products and increase their market reach.  

The life/family takaful segment accounted for nearly 60% of the market share during 2014 and is expected to be worth US$20 billion by 2019. Life, medical and health, accident, and education plans comprise a significant portion of life/family takaful product segment. 

“The market has ample opportunities in most of the Muslim countries as they have Islamic banks that provide a financially viable and competitive alternative insurance to its policyholders. Islamic banking cannot be fully sharia'h-based unless there is takaful to take their insurance business. Consequently, these products are gaining acceptance in emerging markets such as Indonesia and Malaysia as the majority of their population are Muslims, who are more inclined to purchase shari'ah-compliant products,” says Navin Rajendra, IT Hardware and Services, Technavio Research. 

According to the research firm, the major vendors in the market are Kuwait Finance House, Dubai Islamic Bank, and Malayan Banking. Most of the takaful operators are concentrated in the Gulf region, however. 

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Get ready for more instant coffee varieties

The reputation of instant coffee has improved among consumers, especially youth, as it is less expensive and easy to prepare, boosting the outlook for instant coffee globally, says research firm Technavio. The company has published a new report on the global instant coffee market, which is expected to grow at a CAGR of over 5% from 2015 to 2019.

The number of coffee drinkers has increased, as has the acceptance of café culture globally, prompting coffee producers to introduce new varieties in the market, Technavio adds. Price fluctuations for green coffee beans add an element of volatility however.

“The growing trend of having coffee during casual social conversations, particularly in developing economies where the young population is high, is bolstering the market for coffee vendors globally,” says Faisal Ghaus, Vice President of Technavio.

“With the rise in coffee drinkers spurred by the increase in number of visitors to coffee shops and cafés, the potential customer base for instant coffee has expanded.”

Key vendors in this market include DE Master Blenders 1753, Keurig Green Mountain, Nestlé Holdings and Starbucks. 

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TechNavio says global halal cosmetics market to surpass a CAGR of 13% through to 2019

Source: Amara Cosmetics
website.

TechNavio, a tech-focused research firm, has published a new report titled the Global Halal Cosmetics Market, which it says is expected to grow at a CAGR of 13.67% from 2014 to 2019.

TechNavio says that the global halal cosmetics market is witnessing a higher demand for safe, good quality cosmetics. As halal certification is a mark of purity, the demand for these cosmetics is expected to grow rapidly as awareness increases about the products.

“Many halal brands are gaining international recognition as safe and hygienic cosmetics, which is boosting the demand for halal cosmetics,” says Faisal Ghaus, Vice President of TechNavio.

The latest report by TechNavio emphasizes the growing demand from non-Muslim countries for halal cosmetics, which will open huge growth opportunities for market vendors. Currently, these products are widely accepted by different communities, as these are considered to be safe, high quality and prepared using hygienic procedures.

“Many global personal care companies entering this market are manufacturing and distributing halal beauty products worldwide, as they are considered similar to vegan and organic products,” says Ghaus.

Key vendors mentioned in the report include Amara Cosmetics (accepts international orders), MMA Bio Lab (IMED Lab), INIKA Cosmetics and the Martha Tilaar Group.

Food traceability becomes increasingly important

A new report from research firm TechNavio, forecasts that the global food traceability market is expected to grow at a CAGR of 9.88% from 2015 to 2019.

According to the report from TechNavio, the emergence of analytics systems in this market will help organisations make informed decisions based on real-time data. These systems can also facilitate the tracking of food products in all phases of production, processing, packaging and distribution.

“Big players like IBM have come up with systems that help food distributors, retailers and health officials predict which food products are most likely to be contaminated, and speed up the investigation of an outbreak of any food-borne disease,” says Faisal Ghaus, Vice President of TechNavio.

The market is also expected to witness the strongest growth from the APAC region. The increasing demand for food products, dairy products and packaged food in this region will help the market flourish in the coming years.

“The growth of SMEs in emerging regions will also increase the adoption of food traceability systems, thus positively impacting the CAGR of this market,” says Ghaus.

Key vendors mentioned in the report include Intermec, DuPont, Honeywell and IBM.

TechNavio forecasts Islamic travel market to grow nearly 5% to 2018

The Islamic travel market is expected to comprise close to 30% of the global tourism market by 2018, fuelled by an increased interest in travel, says research firm TechNavio in a November 2014 report, Global Islamic Travel Market 2014-2018.

The company forecasts that the global Islamic travel market will grow at a CAGR of 4.89% over the period 2013 to 2018, driven by an increase in outbound tourists from Arabic nations and a growing Muslim population. Globally, it is estimated that the Islamic population will grow at twice the rate of the overall population.

China and Japan are two countries are the favourite destinations for Islamic travel, and these countries have evolved their tourism offerings to attract even more Islamic travellers, TechNavio said. Providing food and other requirements to halal standards is a challenge however.

Key vendors mentioned by the report are CrescentRating, signed an agreement with MasterCard in October to co-develop the MasterCard-CrescentRating Global Muslim Travel Index (GMTI), at the 10^th World Islamic Economic Forum; Halalbooking in Europe, and Dubai-based startup Irhal. Other vendors mentioned include Al Jawhara Gardens Hotel, which its website states is the first Islamic hotel in Dubai; the shari'ah compliant De Palma Hotels in Malaysia; Emirates, Fairmont, Marriott International, Singapore Airlines, Tamani Hotels, Thai Airways, and Turkish Airlines.

Global takaful market has a 16% CAGR through to 2018

Research and Markets has forecast the global takaful market will grow at a CAGR of 16% from 2013 to 2018 on the back of growing market opportunities and new technical expertise. However, low awareness levels could pose a challenge.

The key vendors dominating this space are Dubai Islamic Bank, Kuwait Finance House, and Malayan Banking. Other vendors mentioned in the report, the Global Takaful Market 2014-2018, include Bank Mandiri, HSBC Amanah Takaful Malaysia, and Asuransi Jiwa Bringin Jiwa Sejahtera.

An analyst from the team said: "Geographically, there are not many large takaful operators operating internationally. In fact, there is a growing opportunity for takaful operators to start operations in full swing in geographies such as Europe, the Americas, and Russia. Governments in these geographies are highly recommending the uptake of takaful. Partnerships with banks will present a new and readily available distribution channel, which could open up a gamut of new opportunities for takaful operators to develop shari'ah-compliant bancassurance products."

According to the report, the rapid economic growth in emerging countries is a major driver as higher per capita disposable income has resulted in money available for purchasing takaful products. Countries such as Indonesia, Turkey, and Malaysia have a large Muslim population who are inclined to purchase products that comply with shari'ah principles while non-Muslims are showing an interest as well. 

Indonesia's takaful market expected to have a CAGR of 29% through to 2018

Research and Markets analysts have forecast that the takaful market in Indonesia will grow at a CAGR of 29% over the period 2013 to 2018 as a result of geographical expansion and rapid growth in the Indonesian economy. However, the low awareness of the Takaful system could counter growth.

According to the report Takaful Market in Indonesia 2014-2018 key vendors in this space are Asuransi Takaful Keluarga, Asuransi Allianz Life Indonesia, and Asuransi Takaful Umum. Other vendors mentioned in the report include Asuransi Jiwa Manulife Indonesia, and Askes.

"The changing demographics of Indonesia and the increasing importance of Islamic banking are producing a lot of untapped potential and opportunities for takaful insurers. The country comprises more than 18,000 islands, which would require the partnership with an agency to enforce marketing strategies uniformly across all the islands and effective sales as well. Partnership with banks will present a new and readily available distribution channel, which could open up a gamut of new opportunities for takaful operators to develop shari'ah-compliant bancassurance products," said an analyst on the research team.

According to the report, Indonesia has a large Muslim population who are inclined to purchase products that comply with shari'ah principles, while the non-Muslim population is also showing an interest in the products.