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Colgate-Palmolive widens its product range to Muslim consumers
As the Muslim market continues to grow, the demand for halal products increases too and many companies are beginning to tap into this growing market. According to a Thomson Reuters report, the global halal (‘permissible’ or ‘lawful’) market, which includes products and services complying with Islamic laws and regulations, was valued at $1.7tn in 2012; growing faster than other consumer markets despite the recent global recession.
Despite the most common belief that the term ‘halal’ is limited to meat and poultry, opportunities in the halal market go way beyond this and include cosmetics, personal hygiene products, retail, banking, travel, clothing amongst many more.
As discussed in the MarketLine case study, Colgate-Palmolive: leader in oral hygiene; the company has a number of toothpaste products that are certified halal. Of particular interest is Colgate-Palmolive’s miswak toothpaste. Miswak is a teeth cleaning twig made from the Salvadora persica tree, and the practice of using it is predominant in Muslim inhabitant areas. It is often mentioned that the Islamic Prophet recommended the use of miswak.
The company has marketed its product strategically; the advertisement highlights the benefits of miswak and then demonstrates how this is now in a paste form making it easier to use for consumers; particularly younger consumers who may have difficulty using a miswak twig for cleaning their teeth.
Innovation is a crucial element in addressing business opportunities in the halal market, allowing players to find a gap in the market or even set new trends; Colgate-Palmolive’s miswak toothpaste has been successful in doing this. This product will not only attract consumers in Muslim countries, but is also reaching out to many Muslims worldwide.
This in turn will increase the company’s revenues and help the company compete in international markets. Moreover, by marketing its products as halal, consumers may be willing to pay a premium for products that meet their ethical and religious beliefs.
This provides many opportunities for the company to generate revenues further.
Colgate-Palmolive Company (MarketLine Company Profile)