The demand for products with halal certified ingredients is growing. Various chemical companies are manufacturing products which comply with international halal standard HAS 23000. For example chemical company BASF announced that 145 of its products for personal care comply with international halal standard HAS 23000.
TOILETRIES Market TO REACH $194 BILLION BY 2020 ACCORDING TO THE BUSINESS RESEARCH COMPANY.
The Business Research Company expects the global Toiletries Market to grow to $193 billion in 2020. Europe was the largest region in the toiletries market in 2016, accounting for $62 billion. Europe was the largest market because of increasing income levels, high advertising spend and high awareness about toiletries and new products development carried out by the major brand manufacturers.
The chart below shows the year-on-year growth of the global toiletries market during 2016 - 2020.
According to The Business Research Company’s Chemicals Consultant, the aging population is expected to be a growth driver for this market. Sales of products such as anti-aging creams and peels, wrinkle-reducing moisturizers, and other anti-aging topical treatments will increase. Apart from this, older women usually have more disposable income than younger women. This will make it easier for them to spend more on cosmetics. According to the Population Reference Bureau, the population with the age of 65 years and above are expected to increase from 601 million in 2015 to 714 million in 2020. This is expected to increase the demand for various cosmetic products, especially cosmetics with pharmaceutical capabilities.
Reckitt Benckiser was the largest company in the toiletries market with revenues of $ 5.49 billion for the financial year 2015. Reckitt Benckiser Group’s growth strategy is to invest in more profitable consumer health and pharmaceutical products over traditional household goods.
The toiletries industry includes companies involved in preparing, blending, compounding, and packaging toiletries. The products that are classified as toiletries include perfumes, shaving preparations, hair preparations, face creams, lotions, sunscreens and other cosmetics. These products are used for cleansing, beautifying, and improving attractiveness and appearance of the human body. For instance, face creams and lotions are used for protection from dust and sunlight, cosmetics are used for beautification, and perfumes and deodorants are used to prevent bad odours.
Synthetic chemicals, as well as natural ingredients, are used in the manufacturing of toiletries products. Regulatory authorities and government agencies, such as Food and Drug Administration (FDA) in the USA, specify guidelines to be followed to ensure product safety. These authorities list specific ingredients that are prohibited or restricted from being used in the toiletries of cosmetics.
The toiletries market follows the usual method of product distribution. Products move from manufacturers to distributors and then to various wholesalers. These wholesalers primarily cater to two different categories of retailers – offline and online. Offline retail sales are made through supermarkets, hypermarkets, departmental stores, pharmacies, beauty salons and specific beauty products stores. Online sales are made through both companies’ online stores as well as general online retailers. Some companies such as Avon Products, Inc. (AVP) and Nu Skin Enterprises, Inc. (NUS) still utilise door-to-door selling technique to directly contact their potential customers.
Various factors helped in the growth of the toiletries products market. Some of the key reasons for growth include changing fashion trends and increased customer awareness about grooming and beautification. The increase in disposable income of customers in the emerging economies also helped drive the global market growth. Some of the leading competitors in the toiletries market include Reckitt Benckiser Group, Procter and Gamble (P&G) and Unilever.
Toiletries Global Market Briefing is a detailed report giving a unique insight into this market. The report is priced at $750 for an individual user. To use across your office the price is $1000 and $1350 if you wish to use across a multinational company.
About The Business Research Company
Visit TheBusinessResearchCompany.com, mail [email protected] or call +447443439350 or +918897263534 or +919160996838 for more information on this and many other titles.
The Business Research Company is a market research and intelligence company, which excels in company, market and consumer research.
It has research professionals at its offices in the UK, India and the US as well a network of trained researchers globally. It has specialist consultants in a wide range of industries including manufacturing, healthcare, chemicals and technology.
The Business Research Company's management has more than 20 years of varied business research experience. They have delivered hundreds of research projects to the senior management of some of the world's largest organizations.