Alginate Market SWOT Analysis by 2031
[Research Report] The alginate market is expected to grow from US$ 520 million in 2022 to US$ 740 million by 2031; it is expected to record a CAGR of 4.5% from 2022 to 2031.
Market Insights and Analyst View:
The global alginate market is expected to experience a surge in expansion soon owing to manufacturers' continuous improvement in acquiring new technologies through research and development activities. The different polymers in brown algae cells' cell walls bind and give rise to the sticky product alginate. Mainly, the raw materials utilized in the processing operations are mixed alginic acid salts applied in brown seaweed. These alginate-derived solutions' color is often white or yellowish-brown. These alginates in granules and filaments are often applied in different end-use industries. The food and beverage and pharmaceuticals are endorsed with different regulations to use synthetic materials in different end-use industries, mainly in the food and beverage and pharmaceuticals applications. Therefore, due to the rising awareness of bio-based solutions, the global alginate market demands sodium-derived alginate.
Furthermore, global consumers are becoming more aware of natural ingredients and their associated benefits. Further, the increasing demand for consumer goods such as clothing, food, and other products is increasing due to the rising population. These alginates also find their application in textiles used in the sporting and medical industry, and the strong growth for specific fabric characteristics is anticipated lucrative opportunities for the manufacturers of alginates in the textile industry. Textile manufacturers in developed economies, such as North America and Europe, and emerging continents, such as Asia Pacific, are more likely to manufacture technical-grade solutions, such as sustainable textiles, rather than chemical-synthesized consumer goods and other products. As a result, the textile industry has generated the need for technical grade sodium-derived alginate, shifting its focus to specialized specialty textiles.
Growth Drivers and Challenges:
Advanced alginate-based solutions have been considerably developed and applied in different end-use industries in the global alginate market. Calcium and sodium-derived alginate solutions are extensively applied in the wound care industry and are also anticipated to augment the global alginate market growth in the upcoming years. Alginates derived from brown seaweeds are the other comprehensive commercial product sources. The sodium, calcium, and potassium-derived alginates have a broad application scope in the pharmaceutical industry. It is a thickener, emulsion stabilizer, film-forming agent, and disintegrant in manufacturing drugs, including tablets. Additionally, growing product demand in tablet coatings with low viscosity is anticipated to fuel the global alginate market growth. The global alginate market is constantly challenged by the volatile supply quantity of seaweeds owing to unsustainable production techniques, which may restrict overall growth.
Strategic Insights
Report Segmentation and Scope:
The "Global Alginate Market" is segmented based on type, application, and geography. The alginate market is segmented into sodium, calcium, potassium, and others based on type. Based on application, the global alginate market is further segmented into food and beverages, pharmaceuticals, industrial, and others. The alginate market, based on geography, is segmented into North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Chile, and the Rest of South & Central America).
Segmental Analysis:
The alginate market is segmented into sodium, calcium, potassium, and others based on type. Sodium-derived alginate arose as a significant segment in the global market in 2022. It is a white-yellowish powder derived from the cell walls of brown algae and is broadly used as a gelling and thickening agent in the food and beverage industry. It mainly produces sauces, whipped cream, jellies, ice creams, and other dressings. It also delivers superior stability to dairy and dessert products, leading to increased demand among the global population. Calcium-derived alginates are broadly used in pharmaceutical applications, including wound care and wound dressing solutions. The calcium-derived fibers promote accelerated healing. Furthermore, in developed countries such as the US, Germany, and Australia, calcium-derived alginate is approved as an anti-foaming agent in the food and beverage industry. It is used as a thickener to improve the viscosity of food and beverage solutions, which is anticipated to drive the calcium-derived alginate segment growth during the forecast period.
Regional Analysis:
Based on geography, the alginate market is segmented into five key regions—North America, Europe, Asia Pacific, South and Central America, and the Middle East & and Africa. In the global alginate market, North America holds a significant share in 2022, mainly driven by the rise in per capita health spending in health and wellness. Over the forecast period, the North American alginate market is anticipated to be driven by increased demand for convenience food options such as RTE and RTC meals, snacks, and dairy and frozen dessert products in the region. Many international and national alginate manufacturers in the region fuel the demand for the global alginate market during the forecast period. Over the past few years, the region's expanded consumer demand for culinary products such as chicken and beef nuggets, ice cream, yogurt, and meat snacks is anticipated to expand the need for gelling agents, emulsifiers, and stabilizers. A heightened consumer preference for convenience and fast-food options incorporated with natural-origin components drives the North American alginate market.
Additionally, the region's huge population and growing disposable income have influenced the North American alginate market over the past few years. Other regions, such as Asia Pacific and Europe, are also known for well-established facilities and have been exported internationally in large quantities of alginate and alginate-derived products. They often serve the markets in the food industry in manufacturing sauces, processed meals, snacks, dressings, and dairy and frozen dessert products. These alginates derived from sodium, calcium, and potassium also widely serve other industries, such as pharmaceuticals, printing, and other industrial industries in emerging countries over the forecast period.
Industry Developments and Future Opportunities:
Various initiatives taken by the key players operating in the alginate market are listed below:
- In March 2023, JRS Group acquired Algaia SA, a leading hydrocolloid and fiber manufacturer. This strategic initiative enabled the companies to jointly address the rising demand for alginate and alginate-derived solutions, catering to the different end-use industries such as feed, food, pharma, home and personal care, and agriculture.
- In October 2022, KIMICA Corporation announced the establishment of a new research and development facility, "KIMICA HONKAN", in Chiba-Prefecture. The established facility aimed to provide quality control labs, research and development labs, office spaces, and welfare installations.
- In February 2023, Algaia SA announced the expansion of its research and development center premises in France with the help of funding obtained from Saint Lô Agglo. This expansion involves the building of new laboratories with advanced and modern equipment.
- In October 2022, KIMICA Corporation revealed the establishment of two warehouses in Futtsu City. This laboratory has served the food industry for the expansion of innovative alginate applications, while the quality control division has been designed to comply with pharmaceutical regulations.
COVID-19 Impact:
The COVID-19 pandemic affected economies and industries in various countries. Travel bans, lockdowns, and business shutdowns in leading countries in North America, Europe, Asia Pacific (APAC), South & and Central America (SAM), and the Middle East and Africa (MEA) negatively affected the growth of various industries, including the food and beverage, pharmaceuticals, and industrial in the alginate market. The shutdown of manufacturing units disturbed global supply chains, delivery schedules, manufacturing activities, and sales of essential products, including food additives such as alginate. Various companies announced possible delays in product deliveries and a slump in future sales of their products in 2021. In addition, the bans imposed by various governments in Europe, Asia, and North America on international travel forced the companies to put their collaboration and partnership plans on a temporary hold. All these factors hampered the food and beverage industry in 2021 and early 2021, restraining the alginate market's growth.
Competitive Landscape and Key Companies:
DuPont, KIMICA Corporation, Qingdao Rongde Seaweed Co., Ltd., Prestige Brands, Inc., Cargill, Incorporated, Qingdao Liyang Seaweed Industrial Co., Ltd., Shandong Jiejing Group Corporation, Prinova Europe Limited, Compañía Española de Algas Marinas S.A., and Ingredients Solutions, Inc. are among the prominent players operating in the global alginate market. These alginate manufacturers offer a modern and hi-tech variety of products in alginate with innovative features to deliver a superior experience to different end users.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Alginate Market - By Type
1.3.2 Alginate Market - By Application
1.3.3 Alginate Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. ALGINATE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. EXPERT OPINIONS
5. ALGINATE MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. ALGINATE MARKET - GLOBAL MARKET ANALYSIS
6.1. ALGINATE - GLOBAL MARKET OVERVIEW
6.2. ALGINATE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. ALGINATE MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. SODIUM
7.3.1. Overview
7.3.2. Sodium Market Forecast and Analysis
7.4. CALCIUM
7.4.1. Overview
7.4.2. Calcium Market Forecast and Analysis
7.5. POTASSIUM
7.5.1. Overview
7.5.2. Potassium Market Forecast and Analysis
7.6. PROPYLENE GLYCOL
7.6.1. Overview
7.6.2. Propylene Glycol Market Forecast and Analysis
7.7. OTHERS
7.7.1. Overview
7.7.2. Others Market Forecast and Analysis
8. ALGINATE MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. FOOD AND BEVERAGES
8.3.1. Overview
8.3.2. Food and Beverages Market Forecast and Analysis
8.4. PHARMACEUTICAL
8.4.1. Overview
8.4.2. Pharmaceutical Market Forecast and Analysis
8.5. INDUSTRIAL
8.5.1. Overview
8.5.2. Industrial Market Forecast and Analysis
8.6. OTHERS
8.6.1. Overview
8.6.2. Others Market Forecast and Analysis
9. ALGINATE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Alginate Market Overview
9.1.2 North America Alginate Market Forecasts and Analysis
9.1.3 North America Alginate Market Forecasts and Analysis - By Type
9.1.4 North America Alginate Market Forecasts and Analysis - By Application
9.1.5 North America Alginate Market Forecasts and Analysis - By Countries
9.1.5.1 United States Alginate Market
9.1.5.1.1 United States Alginate Market by Type
9.1.5.1.2 United States Alginate Market by Application
9.1.5.2 Canada Alginate Market
9.1.5.2.1 Canada Alginate Market by Type
9.1.5.2.2 Canada Alginate Market by Application
9.1.5.3 Mexico Alginate Market
9.1.5.3.1 Mexico Alginate Market by Type
9.1.5.3.2 Mexico Alginate Market by Application
9.2. EUROPE
9.2.1 Europe Alginate Market Overview
9.2.2 Europe Alginate Market Forecasts and Analysis
9.2.3 Europe Alginate Market Forecasts and Analysis - By Type
9.2.4 Europe Alginate Market Forecasts and Analysis - By Application
9.2.5 Europe Alginate Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Alginate Market
9.2.5.1.1 Germany Alginate Market by Type
9.2.5.1.2 Germany Alginate Market by Application
9.2.5.2 France Alginate Market
9.2.5.2.1 France Alginate Market by Type
9.2.5.2.2 France Alginate Market by Application
9.2.5.3 Italy Alginate Market
9.2.5.3.1 Italy Alginate Market by Type
9.2.5.3.2 Italy Alginate Market by Application
9.2.5.4 United Kingdom Alginate Market
9.2.5.4.1 United Kingdom Alginate Market by Type
9.2.5.4.2 United Kingdom Alginate Market by Application
9.2.5.5 Russia Alginate Market
9.2.5.5.1 Russia Alginate Market by Type
9.2.5.5.2 Russia Alginate Market by Application
9.2.5.6 Rest of Europe Alginate Market
9.2.5.6.1 Rest of Europe Alginate Market by Type
9.2.5.6.2 Rest of Europe Alginate Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Alginate Market Overview
9.3.2 Asia-Pacific Alginate Market Forecasts and Analysis
9.3.3 Asia-Pacific Alginate Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Alginate Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Alginate Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Alginate Market
9.3.5.1.1 Australia Alginate Market by Type
9.3.5.1.2 Australia Alginate Market by Application
9.3.5.2 China Alginate Market
9.3.5.2.1 China Alginate Market by Type
9.3.5.2.2 China Alginate Market by Application
9.3.5.3 India Alginate Market
9.3.5.3.1 India Alginate Market by Type
9.3.5.3.2 India Alginate Market by Application
9.3.5.4 Japan Alginate Market
9.3.5.4.1 Japan Alginate Market by Type
9.3.5.4.2 Japan Alginate Market by Application
9.3.5.5 South Korea Alginate Market
9.3.5.5.1 South Korea Alginate Market by Type
9.3.5.5.2 South Korea Alginate Market by Application
9.3.5.6 Rest of Asia-Pacific Alginate Market
9.3.5.6.1 Rest of Asia-Pacific Alginate Market by Type
9.3.5.6.2 Rest of Asia-Pacific Alginate Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Alginate Market Overview
9.4.2 Middle East and Africa Alginate Market Forecasts and Analysis
9.4.3 Middle East and Africa Alginate Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Alginate Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Alginate Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Alginate Market
9.4.5.1.1 South Africa Alginate Market by Type
9.4.5.1.2 South Africa Alginate Market by Application
9.4.5.2 Saudi Arabia Alginate Market
9.4.5.2.1 Saudi Arabia Alginate Market by Type
9.4.5.2.2 Saudi Arabia Alginate Market by Application
9.4.5.3 U.A.E Alginate Market
9.4.5.3.1 U.A.E Alginate Market by Type
9.4.5.3.2 U.A.E Alginate Market by Application
9.4.5.4 Rest of Middle East and Africa Alginate Market
9.4.5.4.1 Rest of Middle East and Africa Alginate Market by Type
9.4.5.4.2 Rest of Middle East and Africa Alginate Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Alginate Market Overview
9.5.2 South and Central America Alginate Market Forecasts and Analysis
9.5.3 South and Central America Alginate Market Forecasts and Analysis - By Type
9.5.4 South and Central America Alginate Market Forecasts and Analysis - By Application
9.5.5 South and Central America Alginate Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Alginate Market
9.5.5.1.1 Brazil Alginate Market by Type
9.5.5.1.2 Brazil Alginate Market by Application
9.5.5.2 Argentina Alginate Market
9.5.5.2.1 Argentina Alginate Market by Type
9.5.5.2.2 Argentina Alginate Market by Application
9.5.5.3 Rest of South and Central America Alginate Market
9.5.5.3.1 Rest of South and Central America Alginate Market by Type
9.5.5.3.2 Rest of South and Central America Alginate Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. ALGINATE MARKET, KEY COMPANY PROFILES
11.1. DUPONT
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. KIMICA CORPORATION
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. QINGDAO RONGDE SEAWEED CO., LTD.
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. PRESTIGE BRANDS, INC.
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. CARGILL, INCORPORATED
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. QINGDAO LIYANG SEAWEED INDUSTRIAL CO.,LTD
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. SHANDONG JIEJING GROUP CORPORATION
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. PRINOVA EUROPE LIMITED
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. COMPAñíA ESPAñOLA DE ALGAS MARINAS S.A.
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. A2 TRADING GMBH
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
11.11. INGREDIENTS SOLUTIONS, INC.
11.11.1. Key Facts
11.11.2. Business Description
11.11.3. Products and Services
11.11.4. Financial Overview
11.11.5. SWOT Analysis
11.11.6. Key Developments
11.12. SNP, INC.
11.12.1. Key Facts
11.12.2. Business Description
11.12.3. Products and Services
11.12.4. Financial Overview
11.12.5. SWOT Analysis
11.12.6. Key Developments
11.13. USA CHEMICAL SUPPLIERS 2
11.13.1. Key Facts
11.13.2. Business Description
11.13.3. Products and Services
11.13.4. Financial Overview
11.13.5. SWOT Analysis
11.13.6. Key Developments
11.14. SAE INTERNATIONAL
11.14.1. Key Facts
11.14.2. Business Description
11.14.3. Products and Services
11.14.4. Financial Overview
11.14.5. SWOT Analysis
11.14.6. Key Developments
11.15. WEGO CHEMICAL GROUP
11.15.1. Key Facts
11.15.2. Business Description
11.15.3. Products and Services
11.15.4. Financial Overview
11.15.5. SWOT Analysis
11.15.6. Key Developments
11.16. OTTOKEMI
11.16.1. Key Facts
11.16.2. Business Description
11.16.3. Products and Services
11.16.4. Financial Overview
11.16.5. SWOT Analysis
11.16.6. Key Developments
11.17. SNAP NATURAL AND ALGINATE PRODUCTS PVT. LTD.
11.17.1. Key Facts
11.17.2. Business Description
11.17.3. Products and Services
11.17.4. Financial Overview
11.17.5. SWOT Analysis
11.17.6. Key Developments
11.18. S.R.K. ENTERPRISES.
11.18.1. Key Facts
11.18.2. Business Description
11.18.3. Products and Services
11.18.4. Financial Overview
11.18.5. SWOT Analysis
11.18.6. Key Developments
11.19. B JOSHI AGROCHEM PHARMA
11.19.1. Key Facts
11.19.2. Business Description
11.19.3. Products and Services
11.19.4. Financial Overview
11.19.5. SWOT Analysis
11.19.6. Key Developments
11.20. ALEC TIRANTI
11.20.1. Key Facts
11.20.2. Business Description
11.20.3. Products and Services
11.20.4. Financial Overview
11.20.5. SWOT Analysis
11.20.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. DuPont
2. KIMICA Corporation
3. Qingdao Rongde Seaweed Co., Ltd.
4. Prestige Brands, Inc.
5. Cargill, Incorporated
6. Qingdao Liyang Seaweed Industrial Co.,Ltd
7. Shandong Jiejing Group Corporation
8. Prinova Europe Limited
9. Compañía Española de Algas Marinas S.A.
10. A2 Trading GmbH
11. Ingredients Solutions, Inc.
12. SNP, Inc.
13. USA Chemical Suppliers 2
14. SAE International
15. WEGO CHEMICAL GROUP
16. Ottokemi
17. SNAP Natural and Alginate Products Pvt. Ltd.
18. S.R.K. Enterprises.
19. B JOSHI AGROCHEM PHARMA
20.Alec Tiranti
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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