Alternative Sweeteners Market Size 2021-2031 | Drivers
The Alternative Sweeteners Market is expected to register a CAGR of 4.8% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The Alternative Sweeteners Market report covers analysis based on Product Type (High-Fructose Syrup, High-Intensity Sweeteners, and Low-Intensity Sweeteners), Source (Natural and Synthetic), and Application (Food & Beverages, Pharmaceuticals & Nutraceuticals, Animal Feed, and Others). The global analysis is further broken down at the regional level and major countries.
Purpose of the ReportThe report Alternative Sweeteners Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Alternative Sweeteners Market Segmentation
Product Type- High-Fructose Syrup
- High-Intensity Sweeteners
- Low-Intensity Sweeteners
- Natural and Synthetic
- Food & Beverages
- Pharmaceuticals & Nutraceuticals
- Animal Feed
- Others
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Alternative Sweeteners Market Growth Drivers- Health-Conscious Demand for Sweeteners: Consumer awareness about health and wellness is also driving the consumption of alternative sweeteners. Consumers are increasing demand for low-calorie, sugar-free products as consumers are on a mission to diet and lower their sugar intake. Recent market report findings suggest that there has been a paradigm shift in consumers' behavior toward products containing stevia and monk fruit. This trend is prevalent in market growth, which is set to ensure that manufacturers innovate to meet the demand for healthier alternative sweeteners hence largely affecting market share.
- Food & Beverage Industry Growth: The growth is set to be sustained by the expanding food and beverages industry. Consumers currently prefer to consume healthy products instead of unhealthy ones. This growth increases the demand for alternative sweeteners, which can be incorporated into many products, such as drinks and snacks. The main firms are restructuring their products by infusing these sweeteners, and hence they enhance the market synopsis. In addition, this growth translates to a market share expansion with more entrants penetrating the segment to capture the changing demands of the consumers.
- Regulatory Support for Natural Sweeteners: The regulatory aspect is becoming more amenable to utilizing natural alternative sweeteners in various sectors. As sugar consumption is linked to health problems, governments, and health ministries promote decreasing sugar consumption, and this transition supports the market towards healthy alternatives of sweetening. Natural sweeteners have seen more approvals for food formulations than ever before, which have recently increased; such regulatory support strengthens market analysis and boosts the overall market share of natural sweeteners in the world.
- Sustainability Influencing Sweetener Preferences: The increase in the sustainability factor is an evolving critical factor in purchase decisions by consumers wherein shoppers are willing to pay extra for sustainably sourced products. With such momentum, there leaves many of the key players no choice but to adopt eco-friendly practices within the supply chain process throughout. A SWOT analysis would show areas of strength in sustainable sourcing and production whereas PEST analysis will indicate environmental factors at the heart of this shift in market changes. There's this increased demand for companies to pursue sustainability as part of their brand identity. Consumers are driving companies to change their market strategies.
- Technology Enhancing Sweetener Quality: New food technology is changing the way alternative sweeteners will look in the future. Improved extraction methods and flavor-masking technologies are enhancing the quality of the products and, the interest of consumers and manufacturers. A survey showed that 60 percent of food industry professionals thought that technology would have a tremendous impact on the development of products shortly. Such innovation is embraced by key players to adapt it within their market strategy, utilizing SWOT analysis for competitive positioning, and on the other end, a PEST analysis underlines the technological aspect that causes market growth.
- Clean Labeling Boosts Sweetener Demand: Clean labeling is the future as consumers need labeling of their foods to be transparent. Studies reveal that 73% of consumers are likely to purchase products with easy-to-read ingredient listings. This trend is therefore compelling the major players to create products with fewer artificial additives and natural sweeteners. Companies use SWOT analysis to establish how clean the label is, while an analysis based on PEST indicates how consumer preference change is affecting the market dynamics and driving the brands to streamline their market strategies.
- Market Growth in North America: Although the existing market in North America presents significant opportunities for growth, this region is seeing growing interest in alternative sweeteners. The same trend is increasingly being seen concerning emerging markets. To benefit from this trend, firms have to tailor their products to the local tastes and preferences of populations. A competitive analysis reveals that brands entering Asia and Latin America can tap into the growing health consciousness of consumers in these regions. Global expansion brings along a great opportunity for growth and provides a wide platform for companies to become leaders in the global alternative sweeteners market.
- Sweeteners in Personal Care Products: Alternative sweeteners are not solely used within the food and beverage sectors. There is a rise in using these ingredients in personal care products. As consumers look into this uncharted territory of receiving natural and safe alternatives for personal care products, companies can find the potential for new growth. A competitive analysis, therefore, suggests that brands introducing this niche market in North America would catch the tide of clean beauty products, and the firms would come up with creative solutions answering the needs of consumers for health and wellness.
- Health-Conscious Consumers Drive Demand: Going to the food and beverages industry, alternative sweeteners have gradually gained ground as the demand for more healthy products has been rising. As consumers look for low-calorie and sugar-free alternatives, companies that innovate in their formulation will enjoy this growth opportunity. A good competitive analysis indicates the requirement to focus on niche groups, including local fitness enthusiasts and diabetics, to successfully invade the North American market. This allows companies to not only enhance product offerings but also work through an affair as industry leaders in an increasingly health-conscious environment.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Alternative Sweeteners Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Alternative Sweeteners Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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Frequently Asked Questions
Some of the customization options available based on request are additional 3-5 company profiles and country-specific analysis of 3-5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Key companies in this market are: Archer Daniels Midland Company, Associated British Foods plc, Cargill Incorporated, E I du Pont de Nemours and Company, GLG LIFE TECH CORP, Heartland Food Products Group, Ingredion Incorporated, PureCircle, Tate and Lyle PLC
Key future trends in this market are - Shift to healthier eating habits, Increased demand for sugar substitutes, Growth in low-calorie food products
The Alternative Sweeteners Market is expected to register a CAGR of 4.8% from 2023-2031.
The major factors impacting the Alternative Sweeteners Market are: Rising Health Consciousness, Expansion of Food and Beverage Industry, and Regulatory Support for Natural Sweeteners
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 Alternative Sweeteners Market - By Product Type
1.3.2 Alternative Sweeteners Market - By Application
1.3.3 Alternative Sweeteners Market - By Region
1.3.3.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. ALTERNATIVE SWEETENERS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. ALTERNATIVE SWEETENERS 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, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. ALTERNATIVE SWEETENERS MARKET - GLOBAL MARKET ANALYSIS
6.1. ALTERNATIVE SWEETENERS - GLOBAL MARKET OVERVIEW
6.2. ALTERNATIVE SWEETENERS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. ALTERNATIVE SWEETENERS MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT TYPE
7.1. OVERVIEW
7.2. PRODUCT TYPE MARKET FORECASTS AND ANALYSIS
7.3. HIGH FRUCTOSE SYRUP (HFS)
7.3.1. Overview
7.3.2. High Fructose Syrup (HFS) Market Forecast and Analysis
7.4. HIGH-INTENSITY SWEETENER (HIS)
7.4.1. Overview
7.4.2. High-Intensity Sweetener (HIS) Market Forecast and Analysis
7.5. LOW-INTENSITY SWEETENERS (LIS)
7.5.1. Overview
7.5.2. Low-intensity sweeteners (LIS) Market Forecast and Analysis
8. ALTERNATIVE SWEETENERS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. FOOD
8.3.1. Overview
8.3.2. Food Market Forecast and Analysis
8.4. BEVERAGE
8.4.1. Overview
8.4.2. Beverage Market Forecast and Analysis
8.5. PHARMACEUTICAL
8.5.1. Overview
8.5.2. Pharmaceutical Market Forecast and Analysis
8.6. OTHERS
8.6.1. Overview
8.6.2. Others Market Forecast and Analysis
9. ALTERNATIVE SWEETENERS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Alternative Sweeteners Market Overview
9.1.2 North America Alternative Sweeteners Market Forecasts and Analysis
9.1.3 North America Alternative Sweeteners Market Forecasts and Analysis - By Product Type
9.1.4 North America Alternative Sweeteners Market Forecasts and Analysis - By Application
9.1.5 North America Alternative Sweeteners Market Forecasts and Analysis - By Countries
9.1.5.1 United States Alternative Sweeteners Market
9.1.5.1.1 United States Alternative Sweeteners Market by Product Type
9.1.5.1.2 United States Alternative Sweeteners Market by Application
9.1.5.2 Canada Alternative Sweeteners Market
9.1.5.2.1 Canada Alternative Sweeteners Market by Product Type
9.1.5.2.2 Canada Alternative Sweeteners Market by Application
9.1.5.3 Mexico Alternative Sweeteners Market
9.1.5.3.1 Mexico Alternative Sweeteners Market by Product Type
9.1.5.3.2 Mexico Alternative Sweeteners Market by Application
9.2. EUROPE
9.2.1 Europe Alternative Sweeteners Market Overview
9.2.2 Europe Alternative Sweeteners Market Forecasts and Analysis
9.2.3 Europe Alternative Sweeteners Market Forecasts and Analysis - By Product Type
9.2.4 Europe Alternative Sweeteners Market Forecasts and Analysis - By Application
9.2.5 Europe Alternative Sweeteners Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Alternative Sweeteners Market
9.2.5.1.1 Germany Alternative Sweeteners Market by Product Type
9.2.5.1.2 Germany Alternative Sweeteners Market by Application
9.2.5.2 France Alternative Sweeteners Market
9.2.5.2.1 France Alternative Sweeteners Market by Product Type
9.2.5.2.2 France Alternative Sweeteners Market by Application
9.2.5.3 Italy Alternative Sweeteners Market
9.2.5.3.1 Italy Alternative Sweeteners Market by Product Type
9.2.5.3.2 Italy Alternative Sweeteners Market by Application
9.2.5.4 United Kingdom Alternative Sweeteners Market
9.2.5.4.1 United Kingdom Alternative Sweeteners Market by Product Type
9.2.5.4.2 United Kingdom Alternative Sweeteners Market by Application
9.2.5.5 Russia Alternative Sweeteners Market
9.2.5.5.1 Russia Alternative Sweeteners Market by Product Type
9.2.5.5.2 Russia Alternative Sweeteners Market by Application
9.2.5.6 Rest of Europe Alternative Sweeteners Market
9.2.5.6.1 Rest of Europe Alternative Sweeteners Market by Product Type
9.2.5.6.2 Rest of Europe Alternative Sweeteners Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Alternative Sweeteners Market Overview
9.3.2 Asia-Pacific Alternative Sweeteners Market Forecasts and Analysis
9.3.3 Asia-Pacific Alternative Sweeteners Market Forecasts and Analysis - By Product Type
9.3.4 Asia-Pacific Alternative Sweeteners Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Alternative Sweeteners Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Alternative Sweeteners Market
9.3.5.1.1 Australia Alternative Sweeteners Market by Product Type
9.3.5.1.2 Australia Alternative Sweeteners Market by Application
9.3.5.2 China Alternative Sweeteners Market
9.3.5.2.1 China Alternative Sweeteners Market by Product Type
9.3.5.2.2 China Alternative Sweeteners Market by Application
9.3.5.3 India Alternative Sweeteners Market
9.3.5.3.1 India Alternative Sweeteners Market by Product Type
9.3.5.3.2 India Alternative Sweeteners Market by Application
9.3.5.4 Japan Alternative Sweeteners Market
9.3.5.4.1 Japan Alternative Sweeteners Market by Product Type
9.3.5.4.2 Japan Alternative Sweeteners Market by Application
9.3.5.5 South Korea Alternative Sweeteners Market
9.3.5.5.1 South Korea Alternative Sweeteners Market by Product Type
9.3.5.5.2 South Korea Alternative Sweeteners Market by Application
9.3.5.6 Rest of Asia-Pacific Alternative Sweeteners Market
9.3.5.6.1 Rest of Asia-Pacific Alternative Sweeteners Market by Product Type
9.3.5.6.2 Rest of Asia-Pacific Alternative Sweeteners Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Alternative Sweeteners Market Overview
9.4.2 Middle East and Africa Alternative Sweeteners Market Forecasts and Analysis
9.4.3 Middle East and Africa Alternative Sweeteners Market Forecasts and Analysis - By Product Type
9.4.4 Middle East and Africa Alternative Sweeteners Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Alternative Sweeteners Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Alternative Sweeteners Market
9.4.5.1.1 South Africa Alternative Sweeteners Market by Product Type
9.4.5.1.2 South Africa Alternative Sweeteners Market by Application
9.4.5.2 Saudi Arabia Alternative Sweeteners Market
9.4.5.2.1 Saudi Arabia Alternative Sweeteners Market by Product Type
9.4.5.2.2 Saudi Arabia Alternative Sweeteners Market by Application
9.4.5.3 U.A.E Alternative Sweeteners Market
9.4.5.3.1 U.A.E Alternative Sweeteners Market by Product Type
9.4.5.3.2 U.A.E Alternative Sweeteners Market by Application
9.4.5.4 Rest of Middle East and Africa Alternative Sweeteners Market
9.4.5.4.1 Rest of Middle East and Africa Alternative Sweeteners Market by Product Type
9.4.5.4.2 Rest of Middle East and Africa Alternative Sweeteners Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Alternative Sweeteners Market Overview
9.5.2 South and Central America Alternative Sweeteners Market Forecasts and Analysis
9.5.3 South and Central America Alternative Sweeteners Market Forecasts and Analysis - By Product Type
9.5.4 South and Central America Alternative Sweeteners Market Forecasts and Analysis - By Application
9.5.5 South and Central America Alternative Sweeteners Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Alternative Sweeteners Market
9.5.5.1.1 Brazil Alternative Sweeteners Market by Product Type
9.5.5.1.2 Brazil Alternative Sweeteners Market by Application
9.5.5.2 Argentina Alternative Sweeteners Market
9.5.5.2.1 Argentina Alternative Sweeteners Market by Product Type
9.5.5.2.2 Argentina Alternative Sweeteners Market by Application
9.5.5.3 Rest of South and Central America Alternative Sweeteners Market
9.5.5.3.1 Rest of South and Central America Alternative Sweeteners Market by Product Type
9.5.5.3.2 Rest of South and Central America Alternative Sweeteners 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. ALTERNATIVE SWEETENERS MARKET, KEY COMPANY PROFILES
11.1. ARCHER DANIELS MIDLAND COMPANY
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. ASSOCIATED BRITISH FOODS PLC
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. CARGILL, INCORPORATED
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. E. I. DU PONT DE NEMOURS AND COMPANY
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. GLG LIFE TECH CORP
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. HEARTLAND FOOD PRODUCTS GROUP
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. INGREDION INCORPORATED
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. PURECIRCLE
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. TATE AND LYLE PLC
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. ZYDUS WELLNESS LTD.
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
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. Archer Daniels Midland Company
2. Associated British Foods plc
3. Cargill, Incorporated
4. E. I. du Pont de Nemours and Company
5. GLG LIFE TECH CORP
6. Heartland Food Products Group
7. Ingredion Incorporated
8. PureCircle
9. Tate and Lyle PLC
10. Zydus Wellness Ltd.
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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