Beard Grooming Products Market Analysis 2021-2031
The Beard Grooming Products Market is expected to register a CAGR of 7.5% from 2024 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The Beard Grooming Products Market report covers analysis By Product Type (Oil, Shampoo, Shaving Cream, Shaving Gel, Others); Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, Others). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Beard Grooming Products 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.
Beard Grooming Products Market Segmentation
Product Type- Oil
- Shampoo
- Shaving Cream
- Shaving Gel
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Retail
Strategic Insights
Beard Grooming Products Market Growth Drivers- Growing Beard Trends Driving Market: The rising trend of growing beards among the age groups has been a major influence on the beard grooming products market. The Beard Grooming Products Market reports specify that more men are seeking the maintenance of a nice-kept appearance, with higher demand, thus causing expansion in the market. From PEST analysis, a new trend in culture with more people embracing facial hair, especially the millennials, Gen Z, and an influence to demand more. By carrying out competitive analysis, several brands offer diversified product portfolios as well, which helps the global market grow as such importance is being given.
- Self-Care Boosting Grooming Demand: The new buzzword being self-care, personal grooming including beard care is very much coming into the limelight. According to market analysis, growth in demand for such products as beard oils, balms, and kits can be seen as the Beard Grooming Products Market size expands. This is due to market trends where a growing awareness of self-presentation among men creates an open scope for brands to innovate. Competitive analysis points out the rise of market leaders that would expand their portfolio to capture this increasing global market of self-care-driven consumers.
- Social Media Influencing Beard Styles: The influence of social media on male grooming boosts the beard grooming products market. As per the reports of the market, celebrity and influencer influence raises interest in beard style and maintenance, thereby pushing forward the demand for product usage. Competitive analysis proves that brands are using social media for marketing and interacting with customers. With such a trend, the growth of the market can be supported as a growing global market size for beard care items, considering increased exposure to grooming products.
- Organic Products Redefining Beard Care: Trends of organic and natural grooming products are changing the face of the beard grooming market. Dynamics of the market show growing consumers care about the composition of the products being used; they seek products devoid of chemicals and naturally sourced. Analysis via SWOT portrays the trend as a strength of brands focusing on 'green' formulation. The primary competitors are embracing natural ingredients in their Beard Grooming Products Market strategies; therefore, the growth trend for such products is likely to stay strong since consumers will look for clean and sustainable grooming products.
- Multifunctional Grooming Products in Demand: The trend of multifunctional beard grooming product lines, providing convenience as well as value, grows. Market dynamics show a demand for one product that allows moisturizing, styling, as well as conditioning. So, this is an opportunity for the key players to adjust their market strategies to emphasize the versatility of their product lines. The SWOT analysis shows that this would be an opportunity. This is because the market study shows that consumers are ready to pay more for better, efficient, all-in-one grooming solutions from which they can save time.
- Premium Beard Care Gaining Traction: The market trend has been witnessing premium and luxury beard care on the rise. As per market surveys, future markets seem to indicate the willingness of men to have high-quality performance in their grooming products. Along with such trends, premium lines and finer ingredients in more advanced packaging now assume importance for the market strategies pursued by market leaders. SWOT analysis shows it as a brand positioning, thus making the brand unique in comparison with other brands. Beard Grooming Products Market dynamics reflect that rich consumers turn towards products of luxury as they enhance the experience of grooming.
- North America Leading Beard Market: North America is very interested in male grooming, thus proving to be a considerable source of growth for the beard grooming products market. According to reports on the market overview, demand for specialized beard care has increased as men put self-care routines high on their priority list. The industry scenario reflects that companies that concentrate on high-quality and innovative products can capture the space in North America as they are more open to changing their grooming habits. This regional growth factor is expanding the market by tapping into the urban markets among male consumers.
- Asia-Pacific Markets Fueling Growth: The Asia-Pacific's emerging markets promise much potential for beard grooming products. Increasing awareness of grooming helps boost demand in these emerging markets. The market share analysis of disposable incomes and acceptability of grooming products across countries such as India and China reflects a growth momentum. Industry landscape analysis points out that companies have a huge opportunity to create products that are affordable, accessible, and priced, to benefit from this trend. The geographic growth opportunity of this trend is further boosted by the fact that men in the Asia-Pacific region are increasingly accepting Western grooming habits, thus paving the way for expansion in these markets.
- Sustainability in Beard Care Products: Rising need for sustainable and environment-friendly products is a unique opportunity in the beard grooming market. Overview reports on the market suggest a direction of consumers towards environmentally friendly products. For example, recyclable packaging and cruelty-free formulations will be sought by most customers. The industry landscape of the market reveals such brands that adopt the sustainability route will gain share from the eco-conscious customer segment. This growth opportunity is aligned with Beard Grooming Products Market trends concerning ethical products, which is an enabler of the long-term growth of eco-friendly products in the beard grooming market.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Beard Grooming Products 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 Beard Grooming Products 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 report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
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.
Key companies of this market are - Colgate Palmolive Company, Edgewell Personal Care, ITC Limited, Johnson and Johnson Consumer Inc, L Or al, Philips N V, REVLON, The Est e Lauder Companies, The Man Company.
Key future trends in this market are - Growth in mechanization of agriculture, Increase in demand for smart farming tools, Advancements in precision agriculture
The Beard Grooming Products Market is estimated to witness a CAGR of 7.5% from 2023 to 2031.
The major factors driving the Beard Grooming Products Market are: Rising Popularity of Beards Among Younger Demographics, Increased Awareness of Personal Grooming and Self-Care, and Growing Influence of Social Media and Male Grooming Trends
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Beard Grooming Products Market - By Product Type
1.3.2 Beard Grooming Products Market - By Distribution Channel
1.3.3 Beard Grooming Products Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. BEARD GROOMING PRODUCTS 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. BEARD GROOMING PRODUCTS 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. BEARD GROOMING PRODUCTS MARKET - GLOBAL MARKET ANALYSIS
6.1. BEARD GROOMING PRODUCTS - GLOBAL MARKET OVERVIEW
6.2. BEARD GROOMING PRODUCTS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. BEARD GROOMING PRODUCTS MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT TYPE
7.1. OVERVIEW
7.2. PRODUCT TYPE MARKET FORECASTS AND ANALYSIS
7.3. OIL
7.3.1. Overview
7.3.2. Oil Market Forecast and Analysis
7.4. SHAMPOO
7.4.1. Overview
7.4.2. Shampoo Market Forecast and Analysis
7.5. SHAVING CREAM
7.5.1. Overview
7.5.2. Shaving Cream Market Forecast and Analysis
7.6. SHAVING GEL
7.6.1. Overview
7.6.2. Shaving Gel Market Forecast and Analysis
7.7. OTHERS
7.7.1. Overview
7.7.2. Others Market Forecast and Analysis
8. BEARD GROOMING PRODUCTS MARKET - REVENUE AND FORECASTS TO 2028 - DISTRIBUTION CHANNEL
8.1. OVERVIEW
8.2. DISTRIBUTION CHANNEL MARKET FORECASTS AND ANALYSIS
8.3. SUPERMARKETS AND HYPERMARKETS
8.3.1. Overview
8.3.2. Supermarkets and Hypermarkets Market Forecast and Analysis
8.4. SPECIALTY STORES
8.4.1. Overview
8.4.2. Specialty Stores Market Forecast and Analysis
8.5. ONLINE RETAIL
8.5.1. Overview
8.5.2. Online Retail Market Forecast and Analysis
8.6. OTHERS
8.6.1. Overview
8.6.2. Others Market Forecast and Analysis
9. BEARD GROOMING PRODUCTS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Beard Grooming Products Market Overview
9.1.2 North America Beard Grooming Products Market Forecasts and Analysis
9.1.3 North America Beard Grooming Products Market Forecasts and Analysis - By Product Type
9.1.4 North America Beard Grooming Products Market Forecasts and Analysis - By Distribution Channel
9.1.5 North America Beard Grooming Products Market Forecasts and Analysis - By Countries
9.1.5.1 United States Beard Grooming Products Market
9.1.5.1.1 United States Beard Grooming Products Market by Product Type
9.1.5.1.2 United States Beard Grooming Products Market by Distribution Channel
9.1.5.2 Canada Beard Grooming Products Market
9.1.5.2.1 Canada Beard Grooming Products Market by Product Type
9.1.5.2.2 Canada Beard Grooming Products Market by Distribution Channel
9.1.5.3 Mexico Beard Grooming Products Market
9.1.5.3.1 Mexico Beard Grooming Products Market by Product Type
9.1.5.3.2 Mexico Beard Grooming Products Market by Distribution Channel
9.2. EUROPE
9.2.1 Europe Beard Grooming Products Market Overview
9.2.2 Europe Beard Grooming Products Market Forecasts and Analysis
9.2.3 Europe Beard Grooming Products Market Forecasts and Analysis - By Product Type
9.2.4 Europe Beard Grooming Products Market Forecasts and Analysis - By Distribution Channel
9.2.5 Europe Beard Grooming Products Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Beard Grooming Products Market
9.2.5.1.1 Germany Beard Grooming Products Market by Product Type
9.2.5.1.2 Germany Beard Grooming Products Market by Distribution Channel
9.2.5.2 France Beard Grooming Products Market
9.2.5.2.1 France Beard Grooming Products Market by Product Type
9.2.5.2.2 France Beard Grooming Products Market by Distribution Channel
9.2.5.3 Italy Beard Grooming Products Market
9.2.5.3.1 Italy Beard Grooming Products Market by Product Type
9.2.5.3.2 Italy Beard Grooming Products Market by Distribution Channel
9.2.5.4 United Kingdom Beard Grooming Products Market
9.2.5.4.1 United Kingdom Beard Grooming Products Market by Product Type
9.2.5.4.2 United Kingdom Beard Grooming Products Market by Distribution Channel
9.2.5.5 Russia Beard Grooming Products Market
9.2.5.5.1 Russia Beard Grooming Products Market by Product Type
9.2.5.5.2 Russia Beard Grooming Products Market by Distribution Channel
9.2.5.6 Rest of Europe Beard Grooming Products Market
9.2.5.6.1 Rest of Europe Beard Grooming Products Market by Product Type
9.2.5.6.2 Rest of Europe Beard Grooming Products Market by Distribution Channel
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Beard Grooming Products Market Overview
9.3.2 Asia-Pacific Beard Grooming Products Market Forecasts and Analysis
9.3.3 Asia-Pacific Beard Grooming Products Market Forecasts and Analysis - By Product Type
9.3.4 Asia-Pacific Beard Grooming Products Market Forecasts and Analysis - By Distribution Channel
9.3.5 Asia-Pacific Beard Grooming Products Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Beard Grooming Products Market
9.3.5.1.1 Australia Beard Grooming Products Market by Product Type
9.3.5.1.2 Australia Beard Grooming Products Market by Distribution Channel
9.3.5.2 China Beard Grooming Products Market
9.3.5.2.1 China Beard Grooming Products Market by Product Type
9.3.5.2.2 China Beard Grooming Products Market by Distribution Channel
9.3.5.3 India Beard Grooming Products Market
9.3.5.3.1 India Beard Grooming Products Market by Product Type
9.3.5.3.2 India Beard Grooming Products Market by Distribution Channel
9.3.5.4 Japan Beard Grooming Products Market
9.3.5.4.1 Japan Beard Grooming Products Market by Product Type
9.3.5.4.2 Japan Beard Grooming Products Market by Distribution Channel
9.3.5.5 South Korea Beard Grooming Products Market
9.3.5.5.1 South Korea Beard Grooming Products Market by Product Type
9.3.5.5.2 South Korea Beard Grooming Products Market by Distribution Channel
9.3.5.6 Rest of Asia-Pacific Beard Grooming Products Market
9.3.5.6.1 Rest of Asia-Pacific Beard Grooming Products Market by Product Type
9.3.5.6.2 Rest of Asia-Pacific Beard Grooming Products Market by Distribution Channel
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Beard Grooming Products Market Overview
9.4.2 Middle East and Africa Beard Grooming Products Market Forecasts and Analysis
9.4.3 Middle East and Africa Beard Grooming Products Market Forecasts and Analysis - By Product Type
9.4.4 Middle East and Africa Beard Grooming Products Market Forecasts and Analysis - By Distribution Channel
9.4.5 Middle East and Africa Beard Grooming Products Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Beard Grooming Products Market
9.4.5.1.1 South Africa Beard Grooming Products Market by Product Type
9.4.5.1.2 South Africa Beard Grooming Products Market by Distribution Channel
9.4.5.2 Saudi Arabia Beard Grooming Products Market
9.4.5.2.1 Saudi Arabia Beard Grooming Products Market by Product Type
9.4.5.2.2 Saudi Arabia Beard Grooming Products Market by Distribution Channel
9.4.5.3 U.A.E Beard Grooming Products Market
9.4.5.3.1 U.A.E Beard Grooming Products Market by Product Type
9.4.5.3.2 U.A.E Beard Grooming Products Market by Distribution Channel
9.4.5.4 Rest of Middle East and Africa Beard Grooming Products Market
9.4.5.4.1 Rest of Middle East and Africa Beard Grooming Products Market by Product Type
9.4.5.4.2 Rest of Middle East and Africa Beard Grooming Products Market by Distribution Channel
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Beard Grooming Products Market Overview
9.5.2 South and Central America Beard Grooming Products Market Forecasts and Analysis
9.5.3 South and Central America Beard Grooming Products Market Forecasts and Analysis - By Product Type
9.5.4 South and Central America Beard Grooming Products Market Forecasts and Analysis - By Distribution Channel
9.5.5 South and Central America Beard Grooming Products Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Beard Grooming Products Market
9.5.5.1.1 Brazil Beard Grooming Products Market by Product Type
9.5.5.1.2 Brazil Beard Grooming Products Market by Distribution Channel
9.5.5.2 Argentina Beard Grooming Products Market
9.5.5.2.1 Argentina Beard Grooming Products Market by Product Type
9.5.5.2.2 Argentina Beard Grooming Products Market by Distribution Channel
9.5.5.3 Rest of South and Central America Beard Grooming Products Market
9.5.5.3.1 Rest of South and Central America Beard Grooming Products Market by Product Type
9.5.5.3.2 Rest of South and Central America Beard Grooming Products Market by Distribution Channel
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. BEARD GROOMING PRODUCTS MARKET, KEY COMPANY PROFILES
11.1. COLGATE-PALMOLIVE 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. EDGEWELL PERSONAL CARE
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. ITC LIMITED
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. JOHNSON AND JOHNSON CONSUMER 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. L'ORéAL
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. PHILIPS N.V.
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. REVLON
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. THE ESTéE LAUDER COMPANIES
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. THE MAN COMPANY
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. UNILEVER
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
1. Colgate-Palmolive Company
2. Edgewell Personal Care
3. ITC Limited
4. Johnson and Johnson Consumer Inc
5. L'Oréal
6. Philips N.V.
7. REVLON
8. The Estée Lauder Companies
9. The Man Company
10. Unilever
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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