Aromatherapy Oils Market Strategies and Trends - 2031
The Aromatherapy Oils Market is expected to register a CAGR of 11.3% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The Aromatherapy Oils Market is categorized by type into the following subsegments: Lavender, Tea Tree, Rosemary, Lemon, and Others. It further presents an analysis based on category, i.e., Organic, Conventional, and distribution channels, i.e., Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others. The report includes projections up to 2031. The global analysis is broken down at the regional level and major countries. The market evaluation is presented in US$ for the above segmental analysis.
Purpose of the ReportThe report Aromatherapy Oils 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.
Aromatherapy Oils Market Segmentation
Type- Lavender
- Tea Tree
- Rosemary
- Lemon
- Others
- Organic
- Conventional
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Retail
- 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
Aromatherapy Oils Market Growth Drivers- Growing Health and Wellness Awareness: The natural health conscious shoppers are more oriented towards wellness products and the need for aromatherapy oils for stress reduction, mental health and wellness also continues to rise.
- Emergence of Natural Health: As the existing healthcare systems become dysfunctional or dangerous, patients are looking to herbal remedies like aromatherapy for pain management, anxiety and insomnia.
- Growing Disposable Income: People have more disposable income and are able to spend more on high-quality healthcare items like aromatherapy oils that are therapeutic in everyday life.
- Opt for Organic and Natural Oils: More and more people are choosing organic, cruelty-free and sustainably produced aromatherapy oils as they are concerned about the environmental and ethical impact of their purchases.
- Online Shopping and E-commerce Growth: The convenience of shopping online is driving sales of aromatherapy oil, and most brands sell through e-commerce platforms and subscriptions.
- Personalized Aromatherapy Experiences: As the market demands individualized wellness experiences, blended oils that can be used to get a sleep or mood boost or relief from pain are growing.
- Number of Wellness Centers and Spas: As the numbers of wellness tourists and spa therapists increase, so does the place for added aromatherapy oils in the treatment for the well-being, relaxation, and therapeutic benefit of customers.
- Expanded Product Range: There are also possibilities of providing newer products like aromatherapy candles, diffusers, personal care products etc to cater to larger consumer base.
- Market Access in Emerging Markets: The middle class is rising in the emerging economies, and aromatherapy oils could grow in Asia-Pacific because of the already strong cultural base for wellness practices such as Ayurveda.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Aromatherapy Oils 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 Aromatherapy Oils 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
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- doTERRA, Young Living, Plant Therapy, and Rocky Mountain Oils.
Key trends in the market include growing application of essential oils in psychological and emotional purposes, rise in the e-commerce industry, demand for eco-friendly packaging.
The market is expected to register a CAGR of 11.3% during 2023-2031.
The driving factors of the market are growing awareness of stress management, natural healing, and the increased use of essential oils.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Aromatherapy Oils Market - By Type
1.3.2 Aromatherapy Oils Market - By Category
1.3.3 Aromatherapy Oils Market - By Distribution Channel
1.3.4 Aromatherapy Oils Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. AROMATHERAPY OILS 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. AROMATHERAPY OILS 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. AROMATHERAPY OILS MARKET - GLOBAL MARKET ANALYSIS
6.1. AROMATHERAPY OILS - GLOBAL MARKET OVERVIEW
6.2. AROMATHERAPY OILS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. AROMATHERAPY OILS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. LAVENDER
7.3.1. Overview
7.3.2. Lavender Market Forecast and Analysis
7.4. TEA TREE
7.4.1. Overview
7.4.2. Tea Tree Market Forecast and Analysis
7.5. ROSEMARY
7.5.1. Overview
7.5.2. Rosemary Market Forecast and Analysis
7.6. LEMON
7.6.1. Overview
7.6.2. Lemon Market Forecast and Analysis
7.7. OTHERS
7.7.1. Overview
7.7.2. Others Market Forecast and Analysis
8. AROMATHERAPY OILS MARKET - REVENUE AND FORECASTS TO 2028 - CATEGORY
8.1. OVERVIEW
8.2. CATEGORY MARKET FORECASTS AND ANALYSIS
8.3. ORGANIC
8.3.1. Overview
8.3.2. Organic Market Forecast and Analysis
8.4. CONVENTIONAL
8.4.1. Overview
8.4.2. Conventional Market Forecast and Analysis
9. AROMATHERAPY OILS MARKET - REVENUE AND FORECASTS TO 2028 - DISTRIBUTION CHANNEL
9.1. OVERVIEW
9.2. DISTRIBUTION CHANNEL MARKET FORECASTS AND ANALYSIS
9.3. SUPERMARKETS AND HYPERMARKETS
9.3.1. Overview
9.3.2. Supermarkets and Hypermarkets Market Forecast and Analysis
9.4. SPECIALTY STORES
9.4.1. Overview
9.4.2. Specialty Stores Market Forecast and Analysis
9.5. ONLINE RETAIL
9.5.1. Overview
9.5.2. Online Retail Market Forecast and Analysis
9.6. OTHERS
9.6.1. Overview
9.6.2. Others Market Forecast and Analysis
10. AROMATHERAPY OILS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Aromatherapy Oils Market Overview
10.1.2 North America Aromatherapy Oils Market Forecasts and Analysis
10.1.3 North America Aromatherapy Oils Market Forecasts and Analysis - By Type
10.1.4 North America Aromatherapy Oils Market Forecasts and Analysis - By Category
10.1.5 North America Aromatherapy Oils Market Forecasts and Analysis - By Distribution Channel
10.1.6 North America Aromatherapy Oils Market Forecasts and Analysis - By Countries
10.1.6.1 United States Aromatherapy Oils Market
10.1.6.1.1 United States Aromatherapy Oils Market by Type
10.1.6.1.2 United States Aromatherapy Oils Market by Category
10.1.6.1.3 United States Aromatherapy Oils Market by Distribution Channel
10.1.6.2 Canada Aromatherapy Oils Market
10.1.6.2.1 Canada Aromatherapy Oils Market by Type
10.1.6.2.2 Canada Aromatherapy Oils Market by Category
10.1.6.2.3 Canada Aromatherapy Oils Market by Distribution Channel
10.1.6.3 Mexico Aromatherapy Oils Market
10.1.6.3.1 Mexico Aromatherapy Oils Market by Type
10.1.6.3.2 Mexico Aromatherapy Oils Market by Category
10.1.6.3.3 Mexico Aromatherapy Oils Market by Distribution Channel
10.2. EUROPE
10.2.1 Europe Aromatherapy Oils Market Overview
10.2.2 Europe Aromatherapy Oils Market Forecasts and Analysis
10.2.3 Europe Aromatherapy Oils Market Forecasts and Analysis - By Type
10.2.4 Europe Aromatherapy Oils Market Forecasts and Analysis - By Category
10.2.5 Europe Aromatherapy Oils Market Forecasts and Analysis - By Distribution Channel
10.2.6 Europe Aromatherapy Oils Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Aromatherapy Oils Market
10.2.6.1.1 Germany Aromatherapy Oils Market by Type
10.2.6.1.2 Germany Aromatherapy Oils Market by Category
10.2.6.1.3 Germany Aromatherapy Oils Market by Distribution Channel
10.2.6.2 France Aromatherapy Oils Market
10.2.6.2.1 France Aromatherapy Oils Market by Type
10.2.6.2.2 France Aromatherapy Oils Market by Category
10.2.6.2.3 France Aromatherapy Oils Market by Distribution Channel
10.2.6.3 Italy Aromatherapy Oils Market
10.2.6.3.1 Italy Aromatherapy Oils Market by Type
10.2.6.3.2 Italy Aromatherapy Oils Market by Category
10.2.6.3.3 Italy Aromatherapy Oils Market by Distribution Channel
10.2.6.4 United Kingdom Aromatherapy Oils Market
10.2.6.4.1 United Kingdom Aromatherapy Oils Market by Type
10.2.6.4.2 United Kingdom Aromatherapy Oils Market by Category
10.2.6.4.3 United Kingdom Aromatherapy Oils Market by Distribution Channel
10.2.6.5 Russia Aromatherapy Oils Market
10.2.6.5.1 Russia Aromatherapy Oils Market by Type
10.2.6.5.2 Russia Aromatherapy Oils Market by Category
10.2.6.5.3 Russia Aromatherapy Oils Market by Distribution Channel
10.2.6.6 Rest of Europe Aromatherapy Oils Market
10.2.6.6.1 Rest of Europe Aromatherapy Oils Market by Type
10.2.6.6.2 Rest of Europe Aromatherapy Oils Market by Category
10.2.6.6.3 Rest of Europe Aromatherapy Oils Market by Distribution Channel
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Aromatherapy Oils Market Overview
10.3.2 Asia-Pacific Aromatherapy Oils Market Forecasts and Analysis
10.3.3 Asia-Pacific Aromatherapy Oils Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Aromatherapy Oils Market Forecasts and Analysis - By Category
10.3.5 Asia-Pacific Aromatherapy Oils Market Forecasts and Analysis - By Distribution Channel
10.3.6 Asia-Pacific Aromatherapy Oils Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Aromatherapy Oils Market
10.3.6.1.1 Australia Aromatherapy Oils Market by Type
10.3.6.1.2 Australia Aromatherapy Oils Market by Category
10.3.6.1.3 Australia Aromatherapy Oils Market by Distribution Channel
10.3.6.2 China Aromatherapy Oils Market
10.3.6.2.1 China Aromatherapy Oils Market by Type
10.3.6.2.2 China Aromatherapy Oils Market by Category
10.3.6.2.3 China Aromatherapy Oils Market by Distribution Channel
10.3.6.3 India Aromatherapy Oils Market
10.3.6.3.1 India Aromatherapy Oils Market by Type
10.3.6.3.2 India Aromatherapy Oils Market by Category
10.3.6.3.3 India Aromatherapy Oils Market by Distribution Channel
10.3.6.4 Japan Aromatherapy Oils Market
10.3.6.4.1 Japan Aromatherapy Oils Market by Type
10.3.6.4.2 Japan Aromatherapy Oils Market by Category
10.3.6.4.3 Japan Aromatherapy Oils Market by Distribution Channel
10.3.6.5 South Korea Aromatherapy Oils Market
10.3.6.5.1 South Korea Aromatherapy Oils Market by Type
10.3.6.5.2 South Korea Aromatherapy Oils Market by Category
10.3.6.5.3 South Korea Aromatherapy Oils Market by Distribution Channel
10.3.6.6 Rest of Asia-Pacific Aromatherapy Oils Market
10.3.6.6.1 Rest of Asia-Pacific Aromatherapy Oils Market by Type
10.3.6.6.2 Rest of Asia-Pacific Aromatherapy Oils Market by Category
10.3.6.6.3 Rest of Asia-Pacific Aromatherapy Oils Market by Distribution Channel
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Aromatherapy Oils Market Overview
10.4.2 Middle East and Africa Aromatherapy Oils Market Forecasts and Analysis
10.4.3 Middle East and Africa Aromatherapy Oils Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Aromatherapy Oils Market Forecasts and Analysis - By Category
10.4.5 Middle East and Africa Aromatherapy Oils Market Forecasts and Analysis - By Distribution Channel
10.4.6 Middle East and Africa Aromatherapy Oils Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Aromatherapy Oils Market
10.4.6.1.1 South Africa Aromatherapy Oils Market by Type
10.4.6.1.2 South Africa Aromatherapy Oils Market by Category
10.4.6.1.3 South Africa Aromatherapy Oils Market by Distribution Channel
10.4.6.2 Saudi Arabia Aromatherapy Oils Market
10.4.6.2.1 Saudi Arabia Aromatherapy Oils Market by Type
10.4.6.2.2 Saudi Arabia Aromatherapy Oils Market by Category
10.4.6.2.3 Saudi Arabia Aromatherapy Oils Market by Distribution Channel
10.4.6.3 U.A.E Aromatherapy Oils Market
10.4.6.3.1 U.A.E Aromatherapy Oils Market by Type
10.4.6.3.2 U.A.E Aromatherapy Oils Market by Category
10.4.6.3.3 U.A.E Aromatherapy Oils Market by Distribution Channel
10.4.6.4 Rest of Middle East and Africa Aromatherapy Oils Market
10.4.6.4.1 Rest of Middle East and Africa Aromatherapy Oils Market by Type
10.4.6.4.2 Rest of Middle East and Africa Aromatherapy Oils Market by Category
10.4.6.4.3 Rest of Middle East and Africa Aromatherapy Oils Market by Distribution Channel
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Aromatherapy Oils Market Overview
10.5.2 South and Central America Aromatherapy Oils Market Forecasts and Analysis
10.5.3 South and Central America Aromatherapy Oils Market Forecasts and Analysis - By Type
10.5.4 South and Central America Aromatherapy Oils Market Forecasts and Analysis - By Category
10.5.5 South and Central America Aromatherapy Oils Market Forecasts and Analysis - By Distribution Channel
10.5.6 South and Central America Aromatherapy Oils Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Aromatherapy Oils Market
10.5.6.1.1 Brazil Aromatherapy Oils Market by Type
10.5.6.1.2 Brazil Aromatherapy Oils Market by Category
10.5.6.1.3 Brazil Aromatherapy Oils Market by Distribution Channel
10.5.6.2 Argentina Aromatherapy Oils Market
10.5.6.2.1 Argentina Aromatherapy Oils Market by Type
10.5.6.2.2 Argentina Aromatherapy Oils Market by Category
10.5.6.2.3 Argentina Aromatherapy Oils Market by Distribution Channel
10.5.6.3 Rest of South and Central America Aromatherapy Oils Market
10.5.6.3.1 Rest of South and Central America Aromatherapy Oils Market by Type
10.5.6.3.2 Rest of South and Central America Aromatherapy Oils Market by Category
10.5.6.3.3 Rest of South and Central America Aromatherapy Oils Market by Distribution Channel
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. AROMATHERAPY OILS MARKET, KEY COMPANY PROFILES
12.1. ORGANIC AROMAS
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. EDENS GARDEN
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. PUZHEN
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. SPAROOM
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. RYOHIN KEIKAKU CO. LTD.
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. CAMPO BEAUTY
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. MOUNTAIN ROSE HERBS
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. PLANT THERAPY ESSENTIAL OILS
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. VITRUVI
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. FRONTIER CO-OP.
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.Organic Aromas
2.Edens Garden
3.Puzhen
4.Sparoom
5.Ryohin keikaku Co. Ltd.
6.CAMPO BEAUTY
7.Mountain Rose Herbs
8.PLANT THERAPY ESSENTIAL OILS
9.VITRUVI
10.Frontier Co-op.
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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