Amino Acids Market 2021-2031: Market Share and Forecast
The Amino Acids Market is expected to register a CAGR of 9% from 2023 to 2031, with a market size expanding from US$ XX Million in 2023 to US$ XX Million by 2031.
The report is segmented by Source (Plant-Based, Animal Based). The report further presents analysis based on Product (L-Glutamate, Lysine, Methionine, Threonine, Tryptophan, Leucine, Others). The global analysis is further broken-down at regional level and major countries. The market size and forecast at global, regional, and country levels for all the key market segments are covered under the scope. The report offers the value in USD for the above analysis and segments. The report provides key statistics on the market status of the key market players and offers market trends and opportunities.
Purpose of the ReportThe report Amino Acids 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.
Amino Acids Market Segmentation
Source- Plant-Based
- Animal Based
- L-Glutamate
- Lysine
- Methionine
- Threonine
- Tryptophan
- Leucine
- Animal Feed
- Food and Dietary Supplements
- Pharmaceutical
- 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
Amino Acids Market Growth Drivers- Rising Demand for Amino Acids in Animal Feed Drives Market Growth: The amino acids market is significantly driven by its rising use in animal feed. Amino acids are crucial for the growth and health of livestock and poultry. As the global demand for meat and dairy products increases, livestock producers are supplementing feed with amino acids to improve productivity and animal health, thereby driving market growth.
- Amino Acid-Based Dietary Supplements Gain Popularity Among Health-Conscious Consumers: The popularity of dietary supplements, particularly among fitness enthusiasts and health-conscious consumers, is propelling the amino acids market. Amino acids are known for their role in muscle recovery and overall health. As awareness of their benefits grows, the demand for amino acid-based supplements is expected to rise, boosting market opportunities.
- Biotechnological Advancements and Fermentation Processes Enhance Amino Acid Production: Innovations in biotechnology and fermentation processes are enhancing the production and quality of amino acids. These advancements allow for more efficient production methods, resulting in lower costs and higher purity levels. As manufacturers leverage these technologies, the amino acids market is likely to expand, attracting new applications and consumers.
- Personalized Nutrition Drives Demand for Specific Amino Acids: The evolution of nutrition towards dietary solutions specified to an individual, particularly among consumers, is anticipated to boost demand for certain amino acids. Supplements and functional food products that are tailored to meet health needs will become more common, thus creating an uptick in the consumption of amino acids.
- Amino Acids in Sports Nutrition: Fueling Performance and Recovery: With physical fitness and sports participation becoming popular, the use of amino acids in sports nutrition products is forecasted to increase further. Innovations in the manufacturing of amino acid mixtures will probably be directed at improving the performance and recovery of the ever-increasing eating - athletes’ population.
- Pet Humanization Trend Boosts Amino Acid Use in Premium Pet Food: The burgeoning pet humanization trend is heightening the need for premium nutrition in pet food. Since amino acids are vital for the health of pets, their inclusion in premium pet foods is expected to provide additional growth avenues for the amino acids market which is not restricted to human consumption only.
- Tailored Nutrition Creates New Opportunities for Amino Acid Manufacturers: The increasing trend of nutrition tailored for the individual is providing prospects for the manufacturers of amino acids. For instance, customers are no longer interested in general dietary supplements and functional foods, and companies that will develop certain formulations that address given health goals will enjoy great prospects in this developing market.
- Amino Acids in Animal Nutrition: Meeting the Needs of Livestock Production: The amino acids market is also poised for growth due to anticipated expansion of the animal nutrition market. As farmers involved in livestock production try to enhance the health and productivity of animals, the demand for specialized amino acids in the form of feed additives is set to increase and therefore market growth.
- Fitness and Sports Performance Boosts Amino Acid Demand in Nutritional Products: The growing interest in fitness pursuits and optimal performance in sports is increasing the need for amino acids in nutritional products designed for sports. This trend can be taken advantage of by manufacturers by introducing new immersive compositions designed for faster recovery, muscle gain, and performance improvement to the health wary population or athletes.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Amino Acids 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 Amino Acids 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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to country scope.
Frequently Asked Questions
The Amino Acids Market is estimated to witness a CAGR of 9% from 2023 to 2031
Expanding use in animal nutrition is driving the market growth
Ajinomoto Co., Inc.; Evonik Industries AG; Archer Daniels Midland Company (ADM); Cargill, Incorporated; NOW Foods; Kyowa Hakko Bio Co., Ltd.; BASF SE; NutraBio Labs, Inc.; Amino Acid Co., Ltd.; Primaforce; Chempure; Bluebonnet Nutrition; Kraft Heinz Company; Fonterra Co-operative Group Limited; NutraScience Labs
Based on source, the plant-based segment is expected to witness the fastest growth during the forecast period
Based on geography, Asia Pacific held the largest share of the amino acids market due to the well-established food and beverage industry across the region, coupled with continuous growth and development
Growing interest in personalized nutrition is expected to be the key market trends
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Amino Acids Market - By Source
1.3.2 Amino Acids Market - By Product
1.3.3 Amino Acids Market - By Application
1.3.4 Amino Acids Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. AMINO ACIDS 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. AMINO ACIDS 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. AMINO ACIDS MARKET - GLOBAL MARKET ANALYSIS
6.1. AMINO ACIDS - GLOBAL MARKET OVERVIEW
6.2. AMINO ACIDS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. AMINO ACIDS MARKET - REVENUE AND FORECASTS TO 2028 - SOURCE
7.1. OVERVIEW
7.2. SOURCE MARKET FORECASTS AND ANALYSIS
7.3. PLANT-BASED
7.3.1. Overview
7.3.2. Plant-Based Market Forecast and Analysis
7.4. ANIMAL BASED
7.4.1. Overview
7.4.2. Animal Based Market Forecast and Analysis
8. AMINO ACIDS MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
8.1. OVERVIEW
8.2. PRODUCT MARKET FORECASTS AND ANALYSIS
8.3. L-GLUTAMATE
8.3.1. Overview
8.3.2. L-Glutamate Market Forecast and Analysis
8.4. LYSINE
8.4.1. Overview
8.4.2. Lysine Market Forecast and Analysis
8.5. METHIONINE
8.5.1. Overview
8.5.2. Methionine Market Forecast and Analysis
8.6. THREONINE
8.6.1. Overview
8.6.2. Threonine Market Forecast and Analysis
8.7. TRYPTOPHAN
8.7.1. Overview
8.7.2. Tryptophan Market Forecast and Analysis
8.8. LEUCINE
8.8.1. Overview
8.8.2. Leucine Market Forecast and Analysis
8.9. OTHERS
8.9.1. Overview
8.9.2. Others Market Forecast and Analysis
9. AMINO ACIDS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. ANIMAL FEED
9.3.1. Overview
9.3.2. Animal Feed Market Forecast and Analysis
9.4. FOOD AND DIETARY SUPPLEMENTS
9.4.1. Overview
9.4.2. Food and Dietary Supplements Market Forecast and Analysis
9.5. PHARMACEUTICAL
9.5.1. Overview
9.5.2. Pharmaceutical Market Forecast and Analysis
10. AMINO ACIDS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Amino Acids Market Overview
10.1.2 North America Amino Acids Market Forecasts and Analysis
10.1.3 North America Amino Acids Market Forecasts and Analysis - By Source
10.1.4 North America Amino Acids Market Forecasts and Analysis - By Product
10.1.5 North America Amino Acids Market Forecasts and Analysis - By Application
10.1.6 North America Amino Acids Market Forecasts and Analysis - By Countries
10.1.6.1 United States Amino Acids Market
10.1.6.1.1 United States Amino Acids Market by Source
10.1.6.1.2 United States Amino Acids Market by Product
10.1.6.1.3 United States Amino Acids Market by Application
10.1.6.2 Canada Amino Acids Market
10.1.6.2.1 Canada Amino Acids Market by Source
10.1.6.2.2 Canada Amino Acids Market by Product
10.1.6.2.3 Canada Amino Acids Market by Application
10.1.6.3 Mexico Amino Acids Market
10.1.6.3.1 Mexico Amino Acids Market by Source
10.1.6.3.2 Mexico Amino Acids Market by Product
10.1.6.3.3 Mexico Amino Acids Market by Application
10.2. EUROPE
10.2.1 Europe Amino Acids Market Overview
10.2.2 Europe Amino Acids Market Forecasts and Analysis
10.2.3 Europe Amino Acids Market Forecasts and Analysis - By Source
10.2.4 Europe Amino Acids Market Forecasts and Analysis - By Product
10.2.5 Europe Amino Acids Market Forecasts and Analysis - By Application
10.2.6 Europe Amino Acids Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Amino Acids Market
10.2.6.1.1 Germany Amino Acids Market by Source
10.2.6.1.2 Germany Amino Acids Market by Product
10.2.6.1.3 Germany Amino Acids Market by Application
10.2.6.2 France Amino Acids Market
10.2.6.2.1 France Amino Acids Market by Source
10.2.6.2.2 France Amino Acids Market by Product
10.2.6.2.3 France Amino Acids Market by Application
10.2.6.3 Italy Amino Acids Market
10.2.6.3.1 Italy Amino Acids Market by Source
10.2.6.3.2 Italy Amino Acids Market by Product
10.2.6.3.3 Italy Amino Acids Market by Application
10.2.6.4 United Kingdom Amino Acids Market
10.2.6.4.1 United Kingdom Amino Acids Market by Source
10.2.6.4.2 United Kingdom Amino Acids Market by Product
10.2.6.4.3 United Kingdom Amino Acids Market by Application
10.2.6.5 Russia Amino Acids Market
10.2.6.5.1 Russia Amino Acids Market by Source
10.2.6.5.2 Russia Amino Acids Market by Product
10.2.6.5.3 Russia Amino Acids Market by Application
10.2.6.6 Rest of Europe Amino Acids Market
10.2.6.6.1 Rest of Europe Amino Acids Market by Source
10.2.6.6.2 Rest of Europe Amino Acids Market by Product
10.2.6.6.3 Rest of Europe Amino Acids Market by Application
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Amino Acids Market Overview
10.3.2 Asia-Pacific Amino Acids Market Forecasts and Analysis
10.3.3 Asia-Pacific Amino Acids Market Forecasts and Analysis - By Source
10.3.4 Asia-Pacific Amino Acids Market Forecasts and Analysis - By Product
10.3.5 Asia-Pacific Amino Acids Market Forecasts and Analysis - By Application
10.3.6 Asia-Pacific Amino Acids Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Amino Acids Market
10.3.6.1.1 Australia Amino Acids Market by Source
10.3.6.1.2 Australia Amino Acids Market by Product
10.3.6.1.3 Australia Amino Acids Market by Application
10.3.6.2 China Amino Acids Market
10.3.6.2.1 China Amino Acids Market by Source
10.3.6.2.2 China Amino Acids Market by Product
10.3.6.2.3 China Amino Acids Market by Application
10.3.6.3 India Amino Acids Market
10.3.6.3.1 India Amino Acids Market by Source
10.3.6.3.2 India Amino Acids Market by Product
10.3.6.3.3 India Amino Acids Market by Application
10.3.6.4 Japan Amino Acids Market
10.3.6.4.1 Japan Amino Acids Market by Source
10.3.6.4.2 Japan Amino Acids Market by Product
10.3.6.4.3 Japan Amino Acids Market by Application
10.3.6.5 South Korea Amino Acids Market
10.3.6.5.1 South Korea Amino Acids Market by Source
10.3.6.5.2 South Korea Amino Acids Market by Product
10.3.6.5.3 South Korea Amino Acids Market by Application
10.3.6.6 Rest of Asia-Pacific Amino Acids Market
10.3.6.6.1 Rest of Asia-Pacific Amino Acids Market by Source
10.3.6.6.2 Rest of Asia-Pacific Amino Acids Market by Product
10.3.6.6.3 Rest of Asia-Pacific Amino Acids Market by Application
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Amino Acids Market Overview
10.4.2 Middle East and Africa Amino Acids Market Forecasts and Analysis
10.4.3 Middle East and Africa Amino Acids Market Forecasts and Analysis - By Source
10.4.4 Middle East and Africa Amino Acids Market Forecasts and Analysis - By Product
10.4.5 Middle East and Africa Amino Acids Market Forecasts and Analysis - By Application
10.4.6 Middle East and Africa Amino Acids Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Amino Acids Market
10.4.6.1.1 South Africa Amino Acids Market by Source
10.4.6.1.2 South Africa Amino Acids Market by Product
10.4.6.1.3 South Africa Amino Acids Market by Application
10.4.6.2 Saudi Arabia Amino Acids Market
10.4.6.2.1 Saudi Arabia Amino Acids Market by Source
10.4.6.2.2 Saudi Arabia Amino Acids Market by Product
10.4.6.2.3 Saudi Arabia Amino Acids Market by Application
10.4.6.3 U.A.E Amino Acids Market
10.4.6.3.1 U.A.E Amino Acids Market by Source
10.4.6.3.2 U.A.E Amino Acids Market by Product
10.4.6.3.3 U.A.E Amino Acids Market by Application
10.4.6.4 Rest of Middle East and Africa Amino Acids Market
10.4.6.4.1 Rest of Middle East and Africa Amino Acids Market by Source
10.4.6.4.2 Rest of Middle East and Africa Amino Acids Market by Product
10.4.6.4.3 Rest of Middle East and Africa Amino Acids Market by Application
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Amino Acids Market Overview
10.5.2 South and Central America Amino Acids Market Forecasts and Analysis
10.5.3 South and Central America Amino Acids Market Forecasts and Analysis - By Source
10.5.4 South and Central America Amino Acids Market Forecasts and Analysis - By Product
10.5.5 South and Central America Amino Acids Market Forecasts and Analysis - By Application
10.5.6 South and Central America Amino Acids Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Amino Acids Market
10.5.6.1.1 Brazil Amino Acids Market by Source
10.5.6.1.2 Brazil Amino Acids Market by Product
10.5.6.1.3 Brazil Amino Acids Market by Application
10.5.6.2 Argentina Amino Acids Market
10.5.6.2.1 Argentina Amino Acids Market by Source
10.5.6.2.2 Argentina Amino Acids Market by Product
10.5.6.2.3 Argentina Amino Acids Market by Application
10.5.6.3 Rest of South and Central America Amino Acids Market
10.5.6.3.1 Rest of South and Central America Amino Acids Market by Source
10.5.6.3.2 Rest of South and Central America Amino Acids Market by Product
10.5.6.3.3 Rest of South and Central America Amino Acids Market by Application
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. AMINO ACIDS MARKET, KEY COMPANY PROFILES
12.1. ADISSEO FRANCE S.A.S.
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. AJINOMOTO GROUP
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. AMINO INC.
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. ANHUI BBCA BIOCHEMICAL CO., LTD
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. ARCHER DANIELS MIDLAND COMPANY (ADM)
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. CARGILL, INCORPORATED
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. CJ CHEILJEDANG CORPORATION
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. EVONIK INDUSTRIES AG
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. SEKISUI MEDICAL CO., LTD
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. SUMITOMO CHEMICAL CO. LTD
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
1. Adisseo France S.A.S.
2. Ajinomoto Group
3. Amino Inc.
4. Anhui BBCA Biochemical Co., Ltd
5. Archer Daniels Midland Company (ADM)
6. Cargill, Incorporated
7. CJ CheilJedang Corporation
8. Evonik Industries AG
9. Sekisui Medical Co., Ltd
10. Sumitomo Chemical Co. 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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