Meat substitutes fuelled by health and environmental concerns

Research and Markets has added Meat Substitutes Market - Global Forecast to 2020 to its database. The new report highlights how increasing awareness about health and wellness, health concerns for pets and increasing environmental issues are driving growth for food made from tofu and tofu ingredients, textured vegetable protein (TVP), quorn - made from edible fungus, seitan - made from wheat gluten, fermented soybean products including miso, natto and tempeh, yaso - a sprouted soybean as well as products from lupini beans, pea-protein, risofu - made from rice, and valess - from milk protein and vegetable fibres.

The meat substitute market is projected to grow at a CAGR of 6.4% between 2015 and 2020, to reach a value of US$5.17 billion. The tofu and tofu-ingredient segments are expected to be the largest in 2015. The Asia-Pacific region is projected to be the fastest-growing market during the forecast period.

Companies discussed in the report include AMY's Kitchen, Beyond Meat,
Garden Protein International, MGP Ingredients, Meatless, Morningstar Farms, Quorn Foods, Sonic Biochem Extractions from India, Nisshin Ollio Group from Japan, and Vbites Foods.

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Saudi Arabia halal cosmetics market forecasts put CAGR at over 15% through to 2020

Research and Markets has added TechSci Research's Saudi Arabia Halal Cosmetics Market Forecast and Opportunities, 2020 report to their offering. 

The halal cosmetics market in Saudi Arabia is projected to grow at a CAGR of over 15% from 2015 to 2020 due to growing accessibility, rising consumer awareness regarding the benefits of using halal cosmetics, coupled with increasing willingness to pay more for high-quality halal cosmetics. In 2014, fragrances and skincare products accounted for a majority share in the country's halal cosmetics market.

Religious preference for halal products in Saudi Arabia is another factor driving demand. In addition, growing health concerns due to harmful effects of ingredients used in manufacturing cosmetics is increasing demand for halal cosmetics, not only among Muslims but also non-Muslim population in the country.

Halal cosmetics are skin and body care products which are free from materials forbidden by the Islamic law, such as blood, pork and pork products as well as alcoholic constituents. The increasing preference for halal cosmetics is increasing their importance in the business strategy of local as well as international players.

Key players operating in KSA include Inika, One Pure, FX Cosmetics, Clara International Beauty Group and Samina Pure Minerals Makeup. Other companies mentioned include Amara Halal Cosmetics, Miracle Halal Mineralz, Saaf Skincare, The Halal Cosmetics Company and Wardah Cosmetics.

UAE Financial Markets announce Eid holiday

The Eid al-Fitr holiday for UAE financial markets will begin on 29 Ramadhan (16 July), and trading will resume on 4th Shawwal, reported the Emirates news agency WAM.

This was announced by the Securities and Commodities Authority based on a circular issued by the Federal Authority for Government Human Resources, FAHR, on the holidays for Eid al-Fitr.

posted from Bloggeroid

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.

APAC halal cosmetics and personal care market to grow 11% through to 2018

Research and Markets has introduced the Halal Cosmetics and Personal Care Market in the APAC Region 2014-2018 report, which predicts that the halal cosmetics and personal care market in the APAC region will grow at a CAGR of 11% from 2013 to 2018. 
 
One of the emerging trends in the market is the increase in awareness about the transdermal penetration of cosmetics. For instance, lipstick applied on the lips could be ingested and there are a few chemicals in such cosmetics and also in personal care products which can directly enter the blood stream. If such products contain any animal ingredients that are not permissible, then the penetration or ingestion of such products is a major concern for Muslim end-users. 

The growing number of Muslims in Asia Pacific, the primary consumers of halal products, is leading to an increase in the consumption of halal cosmetic and personal care products. The challenge comes with trying to obtain certification of products by credible bodies. 

Key regions covered include Malaysia, Indonesia, Pakistan, India, Bangladesh, Thailand, China, New Zealand and Australia. The major vendors in this space are INIKA Cosmetics, Ivy Beauty Corp., Martha Tilaar Group, and PT Paragon Technology and Innovation. Colgate-Palmolive, INGLOT, Jetaine Corp., Muslimah Manufacturing, Tanamera Tropical Spa and Wipro Unza Holdings are also discussed.

Malaysian takaful market to see 19% CAGR through to 2018

Research and Markets predicts that the takaful market in Malaysia will grow at a CAGR of 19% from 2013 to 2018 in a report titled  Takaful Market in Malaysia 2014-2018.

The increasing geographic expansion of international takaful providers into Malaysia and an emphasis on Islamic banking are key trends, the analysts noted. Bank partnerships, which present a new and readily available distribution channel, open up new opportunities for takaful operators to write shari'ah-compliant bancassurance products.

According to the report, one of the major drivers in this market is the rapid growth of the Malaysian economy. Malaysia is one of the fastest growing Southeast Asian countries, with a GDP growth of approximately 5% per annum in recent years. The country has a large Muslim population that is already inclined to purchase products which comply with shari'ah principles, and increased disposable income with which to do it.

However, since takaful is a relatively new concept, many Islamic and non-Islamic segments of the country are not aware of takaful products and their benefits.

Key vendors dominating this space include HSBC Amanah Takaful (Malaysia), Malayan Banking, and Syarikat Takaful Malaysia. Other vendors mentioned in the report include Sun Life Financial, AIA AFG Takaful, AmFamily Takaful and Great Eastern Takaful.

Global halal cosmetics and personal care to see 13% CAGR through to 2018

Research and Markets has a Global Halal Cosmetics and Personal Care Market 2014-2018 report which forecasts this market to grow at a CAGR of 13% over the period 2013-2018. 

One of the key factors contributing to market growth is the increase in the Muslim population, but the lack of halal certification by an authentic body could pose a challenge, said analysts. The major consumers of the products are in the Asia Pacific and Middle East-Africa regions, as these are the densely-populated Muslim regions.

Key vendors dominating this space are Amara Cosmetics, IMED Lab, INIKA Cosmetics, and Martha Tilaar Group. Other vendors mentioned in the report are EL Asira, Muslimah Manufacturing, SAAF International, Samina Pure Makeup, Shiffa Dubai skin care, Wardah Cosmetics, and Zuii Organic.

Commenting on the report, an analyst from the team said: The rapid growth in non-Muslim countries offers huge potential for the global halal cosmetics and personal care market. Though halal cosmetics witness huge demand in regions populated by Muslims, a significant contribution is being witnessed from the non-Muslim economies. 

"Currently, halal cosmetics and personal care products are widely accepted by other communities as they are considered safe, of high quality, and to have been prepared using hygienic procedures. Moreover, the integrity of the cosmetics is maintained during the production process. Hence, there is huge potential for the global market to grow during the forecast period because of the increased acceptance of and demand for the products in the developed non-Muslim countries."