Biopesticides Market Developments by 2031
The biopesticides market was valued US$ 4,600 million in 2022, it is estimated to grow at a CAGR of 11.5% from 2022 to 2031.
Biopesticides can be derived from animals, plants, bacteria, certain minerals, and other natural materials. Biopesticides are extracted from two major sources—biochemical and microbial. Biochemical pesticides are naturally occurring substances that control pest by nontoxic mechanism. However, microbial pesticides consist of microorganism, including bacteria, fungus, and virus, as an active ingredient. Biopesticide are preferred more than conventional pesticides due to low toxicity. Also, they are easily decomposed, which results in less exposure to atmosphere and helps in avoiding pollution problems. This parameter bolsters the biopesticides market growth.
MARKET DYNAMICS
The biopesticides market growth is mainly driven by the growing use of biofertilizers in the production of cereals and grains, oilseeds and pulses, and fruits and vegetables. The biopesticides are highly preferred in the developed countries due to stringent government norms regarding pollution caused by harmful chemicals. In terms of mode of application, the foliar spray segment is dominating the biopesticides market. Foliar spray helps plants absorb more water, minerals, and nutrients. The handling of the biopesticides has become easy for farmers due to foliar spray without any risk of chemical burn. There is an increasing awareness among consumers regarding the biopesticides use in crop production without any chemical residue remained after the process. The shift in preference of consumer toward organic products to lead a healthy life has forced farmers for adopting sustainable farming methods. All these factors are fuelling the biopesticides market growth.
MARKET SCOPE
The "Global Biopesticides Market Forecast to 2031" report aims to provide an overview of biopesticides market with detailed market segmentation based on type, source, mode of application, and crop type. The report provides key statistics based on the financial performance of the leading players. It also offers key trends and opportunities in the market.
Strategic Insights
MARKET SEGMENTATION
The global biopesticides market is segmented on the basis of type, source, mode of application, and crop type. Based on type, the market is segmented into bioinsecticides, biofungicides, bionematicides, and bioherbicides. By source, the market is segmented into microbials, biochemicals, and others. Based on mode of application, the global biopesticides market is segmented into seed treatment, soil treatment, foliar spray, and others. Based on crop type, the market is segmented into cereals and grains, oilseeds and pules, fruits and vegetables, and others.
The global biopesticides market is segmented into five major regions—North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South America. The report covers an analysis and forecast of 18 countries across the world along with trends and opportunities prevailing in the region.
From the regional perspective, North America dominated the biopesticides market with ~35% share in 2021. The market growth in the region is majorly driven by the presence of a large number of biopesticides manufacturers and the high adoption rate of biopesticides. Syngenta; Marrone Bio Innovations, Inc.; Bayer AG; Novozymes A/S; and Certis USA L.L.C. are among the key biopesticides manufacturers in the region. These suppliers witness constant demand from the agriculture industry. The below figure shows the revenue growth trend in the biopesticides market in North America:
The report analyzes factors, such as drivers, restraints, opportunities, and future trends, which impact the biopesticides market. It also provides an exhaustive Porter's five forces analysis of the factors influencing the market.
IMPACT OF COVID-19 PANDEMIC
Owing to the effects of COVID-19 outbreak, the demand for fertilizers was declined globally. Also, the agriculture producers witnessed significantly lower volumes of orders due to restricted farming activities excluding essential products. The fertilizer production was hampered due to halt in manufacturing activities, creating huge demand–supply gap in the fertilizer market. However, since 2021, the fertilizer industry has been strongly growing, and the growth trend is foreseen to continue over the years. This would propel the consumption of biopesticides during the forecast period.
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The global biopesticides market is segmented into five major regions—North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South America. The report covers an analysis and forecast of 18 countries across the world along with trends and opportunities prevailing in the region.
From the regional perspective, North America dominated the biopesticides market with ~35% share in 2021. The market growth in the region is majorly driven by the presence of a large number of biopesticides manufacturers and the high adoption rate of biopesticides. Syngenta; Marrone Bio Innovations, Inc.; Bayer AG; Novozymes A/S; and Certis USA L.L.C. are among the key biopesticides manufacturers in the region. These suppliers witness constant demand from the agriculture industry. The below figure shows the revenue growth trend in the biopesticides market in North America:
The report analyzes factors, such as drivers, restraints, opportunities, and future trends, which impact the biopesticides market. It also provides an exhaustive Porter's five forces analysis of the factors influencing the market.
IMPACT OF COVID-19 PANDEMIC
Owing to the effects of COVID-19 outbreak, the demand for fertilizers was declined globally. Also, the agriculture producers witnessed significantly lower volumes of orders due to restricted farming activities excluding essential products. The fertilizer production was hampered due to halt in manufacturing activities, creating huge demand–supply gap in the fertilizer market. However, since 2021, the fertilizer industry has been strongly growing, and the growth trend is foreseen to continue over the years. This would propel the consumption of biopesticides during the forecast period.
MARKET PLAYERS
The reports cover key developments in the biopesticides market. Various companies are focusing on organic growth strategies, such as product launches, product approvals, patents, and events. Also, acquisitions and partnership & collaborations are among the inorganic growth strategic activities witnessed in the market. These activities have paved way for the expansion of business and customer base of market players. The players operating in the biopesticides market are anticipated to experience lucrative growth opportunities in the future owing to the rising demand for biopesticides.
The report also includes the profiles of key biopesticides market companies, along with their SWOT analysis and market strategies. In addition, it focuses on leading industry players’ company profiles, components and services offered, financial information of last three years, and key development in the past five years. Below mentioned is the list of a few companies engaged in the biopesticides market.
- BASF SE
- Syngenta
- Marrone Bio Innovations, Inc.
- Bayer AG
- Novozymes A/S
- Certis USA L.L.C.
- Andermatt Group AG.
- Nufarm
- MaxEEma Biotech Private Limited
- Greenwell Biotech
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Source, Mode of Application, Crop Type, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
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 Biopesticides Market - By Source
1.3.2 Biopesticides Market - By Product
1.3.3 Biopesticides Market - By Application
1.3.4 Biopesticides Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. BIOPESTICIDES 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. BIOPESTICIDES 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. BIOPESTICIDES MARKET - GLOBAL MARKET ANALYSIS
6.1. BIOPESTICIDES - GLOBAL MARKET OVERVIEW
6.2. BIOPESTICIDES - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. BIOPESTICIDES MARKET - REVENUE AND FORECASTS TO 2028 - SOURCE
7.1. OVERVIEW
7.2. SOURCE MARKET FORECASTS AND ANALYSIS
7.3. MICROBIAL PESTICIDES
7.3.1. Overview
7.3.2. Microbial Pesticides Market Forecast and Analysis
7.4. BIOCHEMICAL PESTICIDES
7.4.1. Overview
7.4.2. Biochemical Pesticides Market Forecast and Analysis
7.5. PLANT-INCORPORATED PROTECTANTS
7.5.1. Overview
7.5.2. Plant-incorporated Protectants Market Forecast and Analysis
8. BIOPESTICIDES MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
8.1. OVERVIEW
8.2. PRODUCT MARKET FORECASTS AND ANALYSIS
8.3. BIOINSECTICIDES
8.3.1. Overview
8.3.2. Bioinsecticides Market Forecast and Analysis
8.4. BIOFUNGICIDES
8.4.1. Overview
8.4.2. Biofungicides Market Forecast and Analysis
8.5. BIONEMATICIDES
8.5.1. Overview
8.5.2. Bionematicides Market Forecast and Analysis
8.6. BIOHERBICIDES
8.6.1. Overview
8.6.2. Bioherbicides Market Forecast and Analysis
9. BIOPESTICIDES MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. CEREALS AND GRAINS
9.3.1. Overview
9.3.2. Cereals and Grains Market Forecast and Analysis
9.4. OILSEEDS AND PULSES
9.4.1. Overview
9.4.2. Oilseeds and Pulses Market Forecast and Analysis
9.5. FRUITS AND VEGETABLES
9.5.1. Overview
9.5.2. Fruits and Vegetables Market Forecast and Analysis
10. BIOPESTICIDES MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Biopesticides Market Overview
10.1.2 North America Biopesticides Market Forecasts and Analysis
10.1.3 North America Biopesticides Market Forecasts and Analysis - By Source
10.1.4 North America Biopesticides Market Forecasts and Analysis - By Product
10.1.5 North America Biopesticides Market Forecasts and Analysis - By Application
10.1.6 North America Biopesticides Market Forecasts and Analysis - By Countries
10.1.6.1 United States Biopesticides Market
10.1.6.1.1 United States Biopesticides Market by Source
10.1.6.1.2 United States Biopesticides Market by Product
10.1.6.1.3 United States Biopesticides Market by Application
10.1.6.2 Canada Biopesticides Market
10.1.6.2.1 Canada Biopesticides Market by Source
10.1.6.2.2 Canada Biopesticides Market by Product
10.1.6.2.3 Canada Biopesticides Market by Application
10.1.6.3 Mexico Biopesticides Market
10.1.6.3.1 Mexico Biopesticides Market by Source
10.1.6.3.2 Mexico Biopesticides Market by Product
10.1.6.3.3 Mexico Biopesticides Market by Application
10.2. EUROPE
10.2.1 Europe Biopesticides Market Overview
10.2.2 Europe Biopesticides Market Forecasts and Analysis
10.2.3 Europe Biopesticides Market Forecasts and Analysis - By Source
10.2.4 Europe Biopesticides Market Forecasts and Analysis - By Product
10.2.5 Europe Biopesticides Market Forecasts and Analysis - By Application
10.2.6 Europe Biopesticides Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Biopesticides Market
10.2.6.1.1 Germany Biopesticides Market by Source
10.2.6.1.2 Germany Biopesticides Market by Product
10.2.6.1.3 Germany Biopesticides Market by Application
10.2.6.2 France Biopesticides Market
10.2.6.2.1 France Biopesticides Market by Source
10.2.6.2.2 France Biopesticides Market by Product
10.2.6.2.3 France Biopesticides Market by Application
10.2.6.3 Italy Biopesticides Market
10.2.6.3.1 Italy Biopesticides Market by Source
10.2.6.3.2 Italy Biopesticides Market by Product
10.2.6.3.3 Italy Biopesticides Market by Application
10.2.6.4 United Kingdom Biopesticides Market
10.2.6.4.1 United Kingdom Biopesticides Market by Source
10.2.6.4.2 United Kingdom Biopesticides Market by Product
10.2.6.4.3 United Kingdom Biopesticides Market by Application
10.2.6.5 Russia Biopesticides Market
10.2.6.5.1 Russia Biopesticides Market by Source
10.2.6.5.2 Russia Biopesticides Market by Product
10.2.6.5.3 Russia Biopesticides Market by Application
10.2.6.6 Rest of Europe Biopesticides Market
10.2.6.6.1 Rest of Europe Biopesticides Market by Source
10.2.6.6.2 Rest of Europe Biopesticides Market by Product
10.2.6.6.3 Rest of Europe Biopesticides Market by Application
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Biopesticides Market Overview
10.3.2 Asia-Pacific Biopesticides Market Forecasts and Analysis
10.3.3 Asia-Pacific Biopesticides Market Forecasts and Analysis - By Source
10.3.4 Asia-Pacific Biopesticides Market Forecasts and Analysis - By Product
10.3.5 Asia-Pacific Biopesticides Market Forecasts and Analysis - By Application
10.3.6 Asia-Pacific Biopesticides Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Biopesticides Market
10.3.6.1.1 Australia Biopesticides Market by Source
10.3.6.1.2 Australia Biopesticides Market by Product
10.3.6.1.3 Australia Biopesticides Market by Application
10.3.6.2 China Biopesticides Market
10.3.6.2.1 China Biopesticides Market by Source
10.3.6.2.2 China Biopesticides Market by Product
10.3.6.2.3 China Biopesticides Market by Application
10.3.6.3 India Biopesticides Market
10.3.6.3.1 India Biopesticides Market by Source
10.3.6.3.2 India Biopesticides Market by Product
10.3.6.3.3 India Biopesticides Market by Application
10.3.6.4 Japan Biopesticides Market
10.3.6.4.1 Japan Biopesticides Market by Source
10.3.6.4.2 Japan Biopesticides Market by Product
10.3.6.4.3 Japan Biopesticides Market by Application
10.3.6.5 South Korea Biopesticides Market
10.3.6.5.1 South Korea Biopesticides Market by Source
10.3.6.5.2 South Korea Biopesticides Market by Product
10.3.6.5.3 South Korea Biopesticides Market by Application
10.3.6.6 Rest of Asia-Pacific Biopesticides Market
10.3.6.6.1 Rest of Asia-Pacific Biopesticides Market by Source
10.3.6.6.2 Rest of Asia-Pacific Biopesticides Market by Product
10.3.6.6.3 Rest of Asia-Pacific Biopesticides Market by Application
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Biopesticides Market Overview
10.4.2 Middle East and Africa Biopesticides Market Forecasts and Analysis
10.4.3 Middle East and Africa Biopesticides Market Forecasts and Analysis - By Source
10.4.4 Middle East and Africa Biopesticides Market Forecasts and Analysis - By Product
10.4.5 Middle East and Africa Biopesticides Market Forecasts and Analysis - By Application
10.4.6 Middle East and Africa Biopesticides Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Biopesticides Market
10.4.6.1.1 South Africa Biopesticides Market by Source
10.4.6.1.2 South Africa Biopesticides Market by Product
10.4.6.1.3 South Africa Biopesticides Market by Application
10.4.6.2 Saudi Arabia Biopesticides Market
10.4.6.2.1 Saudi Arabia Biopesticides Market by Source
10.4.6.2.2 Saudi Arabia Biopesticides Market by Product
10.4.6.2.3 Saudi Arabia Biopesticides Market by Application
10.4.6.3 U.A.E Biopesticides Market
10.4.6.3.1 U.A.E Biopesticides Market by Source
10.4.6.3.2 U.A.E Biopesticides Market by Product
10.4.6.3.3 U.A.E Biopesticides Market by Application
10.4.6.4 Rest of Middle East and Africa Biopesticides Market
10.4.6.4.1 Rest of Middle East and Africa Biopesticides Market by Source
10.4.6.4.2 Rest of Middle East and Africa Biopesticides Market by Product
10.4.6.4.3 Rest of Middle East and Africa Biopesticides Market by Application
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Biopesticides Market Overview
10.5.2 South and Central America Biopesticides Market Forecasts and Analysis
10.5.3 South and Central America Biopesticides Market Forecasts and Analysis - By Source
10.5.4 South and Central America Biopesticides Market Forecasts and Analysis - By Product
10.5.5 South and Central America Biopesticides Market Forecasts and Analysis - By Application
10.5.6 South and Central America Biopesticides Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Biopesticides Market
10.5.6.1.1 Brazil Biopesticides Market by Source
10.5.6.1.2 Brazil Biopesticides Market by Product
10.5.6.1.3 Brazil Biopesticides Market by Application
10.5.6.2 Argentina Biopesticides Market
10.5.6.2.1 Argentina Biopesticides Market by Source
10.5.6.2.2 Argentina Biopesticides Market by Product
10.5.6.2.3 Argentina Biopesticides Market by Application
10.5.6.3 Rest of South and Central America Biopesticides Market
10.5.6.3.1 Rest of South and Central America Biopesticides Market by Source
10.5.6.3.2 Rest of South and Central America Biopesticides Market by Product
10.5.6.3.3 Rest of South and Central America Biopesticides 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. BIOPESTICIDES MARKET, KEY COMPANY PROFILES
12.1. BASF SE
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. BAYER AG
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. SYNGENTA AG
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. CERTIS USA L.L.C.
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. FMC CORPORATION
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. ISAGRO GROUP
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. KOPPERT BIOLOGICAL SYSTEMS
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. BIOBEST GROUP NV
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. MARRONE BIO INNOVATIONS
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. NOVOZYMES A/S
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
The List of Companies
1. BASF SE
2. Bayer AG
3. Syngenta AG
4. Certis USA L.L.C.
5. FMC Corporation
6. Isagro Group
7. Koppert Biological Systems
8. BIOBEST GROUP NV
9. Marrone Bio Innovations
10. Novozymes A/S
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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