The botanical extracts market is expected to register a CAGR of 7% during 2023–2031. Rising health consciousness driving demand for healthier food options is likely to remain a key trend in the market.
Botanical Extracts Market Analysis
- The botanical extracts market is set for explosive growth and innovation over the next five years as consumers continue to demand more natural, plant-derived products across the board – from food and beverages to cosmetics and pharmaceuticals – in an age of growing health and green consciousness.
- Interest in traditional medicine and 'natural remedies,' a growing trend among consumers seeking holistic approaches to health and wellness, could fuel research into botanical extracts that are already used in traditional medicine systems such as Ayurveda and Traditional Chinese Medicine. Ultimately, demand for new botanical extracts with evidence for use could lead to the discovery of unexpected benefits for humans, pets, and livestock.
- New technologies in botanical extraction will be the main driver for the future of botanical extracts, as a greater sophistication of the technologies – such as supercritical fluid extraction, ultrasound-assisted extraction, microwave-assisted extraction, and many others – will expand the scope of the plant extracts industry, improving the quality and purity of plant extracts available with greater bioavailability and the isolation of new primordial bioactive compounds, while expanding the range of plants that can be imprinted and extracted for their beneficial properties.
- Thanks to the clean label trend, the food and beverage industry has been and will continue to be a major growth driver in the botanical extracts market. Now that green genes and clean eating are increasingly mainstream, it's obvious that more and more manufacturers are relying on botanical extracts as substitute natural ingredients for flavors or colors or – as functional ingredients. As a result, more and more products will carry botanical extracts as their 'natural' substitution for the future.
Botanical Extracts Market Overview
- Botanical extracts are concentrated natural products of plant chemical elements separated from various parts of the plants – such as leaves, flowers, stems, roots, and seeds. Traditionally used in Eastern culture, natural extracts also made their way into modern lifestyles because of their various applications through claimed health benefits.
- Botanical-based dietary supplements and functional foods form another rapidly growing sector driven by botanical extracts. The rising need is driven by the rising demand for natural and plant-based ingredients based on their claimed therapeutic properties, often related to antioxidative, anti-inflammatory, and antimicrobial activities. Plant extracts are generally preferred for the formulation of pharmaceutical, nutraceutical, and cosmetic products targeted mostly at healthy consumers.
- Natural ingredients in the form of botanical extracts are gaining importance as natural flavorings, colorings, and preservatives in food production, and, as such, they are aligned with the clean-label trend we see. As a result, they help producers to enhance the natural odor and color of their products, and at the same time they give consumers exactly what they are asking for natural ingredients in their food.
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Botanical Extracts Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Botanical Extracts Market: Strategic Insights
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Botanical Extracts Market Drivers and Opportunities
Increase in Consumer Preference for Natural and Organic Products Drives Botanical Extracts Market
- The popularity of natural ingredients is translating into a growing demand for botanical extracts as consumers are informed about the ingredients that go into the foods that they consume.
- Growing consumer interest in ‘clean label’ and organic products causes the global use of botanical extracts to grow.
- Thus, consumers understand such extracts, in tune with the trend for natural and organic products, as wholesome and secure alternatives to synthetic ingredients.
Growing Demand for Ethical and Sustainable Products
- The increased demand for high-grade botanical extracts is due to the desire for a more sustainable, environmentally friendly method of sourcing and production.
- At the same time, consumers are increasingly gravitating towards products that see them attach their values – particularly their desire for ethically and environmentally beneficial organic products – to their purchase decisions. This is particularly true for the natural beauty market, where consumers are increasingly expecting to receive both high-quality products and simultaneously make the world a better place by supporting more ethical, nature-friendly practices in their choice of industry.
- Efforts aimed at promoting the reliability of herbal ingredients and contributing to sustainable and transparent supply chains are bringing to bear all the lessons that the industry can share from its history of sustainable and ethical sourcing of botanicals.
- These initiatives aim to foster a renewed interest in supporting more sustainable supply chains, offer resources for small botanical companies to do so, and create the basis for a more informed consumer movement to support high-quality botanicals with ethical sourcing practices. Collective initiatives and partnerships are increasingly pushing the field toward more sustainable sourcing approaches.
Botanical Extracts Market Report Segmentation Analysis
Key segments that contributed to the derivation of the botanical extracts market analysis are source, form, and application.
- Based on source, the market is segmented into herbs and spices, flowers, fruits, tea leaves, and others.
- In terms of form, the market is divided into powder and liquid.
- On the basis of application, the market is segmented into food and beverages, pharmaceutical and nutraceuticals, personal care and cosmetics, and others.
Botanical Extracts Market Share Analysis by Geography
- Botanical Extracts Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering botanical extracts market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers Porter's analysis, which involves the study of major factors that influence the botanical extracts market in these regions.
Botanical Extracts Market Report Scope
Botanical Extracts Market News and Recent Development
The botanical extracts market is evaluated by gathering the qualitative and quantitative data post primary and secondary research, which include important corporate publication, association data, and database. The few developments in the botanical extracts market are listed below:
- Evonik is strengthening its offering of botanical extracts and natural actives by bringing its expertise together under a newly established business segment. The Botanicals & Natural Actives segment draws on expertise built up through legacy products together with a series of recent acquisitions. Evonik can now better meet the growing demand for botanical extracts and claim-substantiated natural actives, which are supported by its recently established Skin Institute. (Evonik Industries AG, Press Release, April 2024)
- The Cosmetic Ingredients division at Symrise introduces Flowerconcentrole®. The collection of high-quality, easy-to-formulate olfactive flower extracts works well with all product and skin types. Thanks to Symrise's Actimood® technology, the products in this range can bring mood-enhancing properties to formulations. This helps brands deliver neurocosmetic benefits to consumers in turn. (Kerry Group, News, April 2024)
Botanical Extracts Market Report Coverage and Deliverables
The " Botanical Extracts Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Botanical extracts market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Botanical extracts market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Botanical extracts market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the botanical extracts market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The global botanical extracts market is expected to grow at a CAGR of 7% during the forecast period 2023 - 2031.
The increasing popularity of natural ingredients is one of the major factors driving the botanical extracts market.
Rising health consciousness among consumers is anticipated to play a significant role in the global botanical extracts market in the coming years.
The leading players operating in the botanical extracts market are Evonik Industries AG; Blue Sky Botanics; Synergy Flavors; PT. Indesso Aroma; Select Botanical, SL; K Patel Phyto Extractions Pvt. Ltd.; Bio-Botanica; Botanic Healthcare; Kerry Group; Frutarom; Archer Daniels Midland; International Flavors and Fragrances Inc; Ransom Naturals Limited; Kalsec Inc; and Martin Bauer Group.
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.
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 Botanical Extracts Market - By Source
1.3.2 Botanical Extracts Market - By Form
1.3.3 Botanical Extracts Market - By Application
1.3.4 Botanical Extracts Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. BOTANICAL EXTRACTS 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. BOTANICAL EXTRACTS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. BOTANICAL EXTRACTS MARKET - GLOBAL MARKET ANALYSIS
6.1. BOTANICAL EXTRACTS - GLOBAL MARKET OVERVIEW
6.2. BOTANICAL EXTRACTS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. BOTANICAL EXTRACTS MARKET - REVENUE AND FORECASTS TO 2028 - SOURCE
7.1. OVERVIEW
7.2. SOURCE MARKET FORECASTS AND ANALYSIS
7.3. SPICES
7.3.1. Overview
7.3.2. Spices Market Forecast and Analysis
7.4. HERBS
7.4.1. Overview
7.4.2. Herbs Market Forecast and Analysis
7.5. FLOWERS
7.5.1. Overview
7.5.2. Flowers Market Forecast and Analysis
7.6. TEA LEAVES
7.6.1. Overview
7.6.2. Tea Leaves Market Forecast and Analysis
8. BOTANICAL EXTRACTS MARKET - REVENUE AND FORECASTS TO 2028 - FORM
8.1. OVERVIEW
8.2. FORM MARKET FORECASTS AND ANALYSIS
8.3. POWDER
8.3.1. Overview
8.3.2. Powder Market Forecast and Analysis
8.4. LIQUID
8.4.1. Overview
8.4.2. Liquid Market Forecast and Analysis
9. BOTANICAL EXTRACTS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. FOOD
9.3.1. Overview
9.3.2. Food Market Forecast and Analysis
9.4. BEVERAGES
9.4.1. Overview
9.4.2. Beverages Market Forecast and Analysis
10. BOTANICAL EXTRACTS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Botanical Extracts Market Overview
10.1.2 North America Botanical Extracts Market Forecasts and Analysis
10.1.3 North America Botanical Extracts Market Forecasts and Analysis - By Source
10.1.4 North America Botanical Extracts Market Forecasts and Analysis - By Form
10.1.5 North America Botanical Extracts Market Forecasts and Analysis - By Application
10.1.6 North America Botanical Extracts Market Forecasts and Analysis - By Countries
10.1.6.1 United States Botanical Extracts Market
10.1.6.1.1 United States Botanical Extracts Market by Source
10.1.6.1.2 United States Botanical Extracts Market by Form
10.1.6.1.3 United States Botanical Extracts Market by Application
10.1.6.2 Canada Botanical Extracts Market
10.1.6.2.1 Canada Botanical Extracts Market by Source
10.1.6.2.2 Canada Botanical Extracts Market by Form
10.1.6.2.3 Canada Botanical Extracts Market by Application
10.1.6.3 Mexico Botanical Extracts Market
10.1.6.3.1 Mexico Botanical Extracts Market by Source
10.1.6.3.2 Mexico Botanical Extracts Market by Form
10.1.6.3.3 Mexico Botanical Extracts Market by Application
10.2. EUROPE
10.2.1 Europe Botanical Extracts Market Overview
10.2.2 Europe Botanical Extracts Market Forecasts and Analysis
10.2.3 Europe Botanical Extracts Market Forecasts and Analysis - By Source
10.2.4 Europe Botanical Extracts Market Forecasts and Analysis - By Form
10.2.5 Europe Botanical Extracts Market Forecasts and Analysis - By Application
10.2.6 Europe Botanical Extracts Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Botanical Extracts Market
10.2.6.1.1 Germany Botanical Extracts Market by Source
10.2.6.1.2 Germany Botanical Extracts Market by Form
10.2.6.1.3 Germany Botanical Extracts Market by Application
10.2.6.2 France Botanical Extracts Market
10.2.6.2.1 France Botanical Extracts Market by Source
10.2.6.2.2 France Botanical Extracts Market by Form
10.2.6.2.3 France Botanical Extracts Market by Application
10.2.6.3 Italy Botanical Extracts Market
10.2.6.3.1 Italy Botanical Extracts Market by Source
10.2.6.3.2 Italy Botanical Extracts Market by Form
10.2.6.3.3 Italy Botanical Extracts Market by Application
10.2.6.4 United Kingdom Botanical Extracts Market
10.2.6.4.1 United Kingdom Botanical Extracts Market by Source
10.2.6.4.2 United Kingdom Botanical Extracts Market by Form
10.2.6.4.3 United Kingdom Botanical Extracts Market by Application
10.2.6.5 Russia Botanical Extracts Market
10.2.6.5.1 Russia Botanical Extracts Market by Source
10.2.6.5.2 Russia Botanical Extracts Market by Form
10.2.6.5.3 Russia Botanical Extracts Market by Application
10.2.6.6 Rest of Europe Botanical Extracts Market
10.2.6.6.1 Rest of Europe Botanical Extracts Market by Source
10.2.6.6.2 Rest of Europe Botanical Extracts Market by Form
10.2.6.6.3 Rest of Europe Botanical Extracts Market by Application
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Botanical Extracts Market Overview
10.3.2 Asia-Pacific Botanical Extracts Market Forecasts and Analysis
10.3.3 Asia-Pacific Botanical Extracts Market Forecasts and Analysis - By Source
10.3.4 Asia-Pacific Botanical Extracts Market Forecasts and Analysis - By Form
10.3.5 Asia-Pacific Botanical Extracts Market Forecasts and Analysis - By Application
10.3.6 Asia-Pacific Botanical Extracts Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Botanical Extracts Market
10.3.6.1.1 Australia Botanical Extracts Market by Source
10.3.6.1.2 Australia Botanical Extracts Market by Form
10.3.6.1.3 Australia Botanical Extracts Market by Application
10.3.6.2 China Botanical Extracts Market
10.3.6.2.1 China Botanical Extracts Market by Source
10.3.6.2.2 China Botanical Extracts Market by Form
10.3.6.2.3 China Botanical Extracts Market by Application
10.3.6.3 India Botanical Extracts Market
10.3.6.3.1 India Botanical Extracts Market by Source
10.3.6.3.2 India Botanical Extracts Market by Form
10.3.6.3.3 India Botanical Extracts Market by Application
10.3.6.4 Japan Botanical Extracts Market
10.3.6.4.1 Japan Botanical Extracts Market by Source
10.3.6.4.2 Japan Botanical Extracts Market by Form
10.3.6.4.3 Japan Botanical Extracts Market by Application
10.3.6.5 South Korea Botanical Extracts Market
10.3.6.5.1 South Korea Botanical Extracts Market by Source
10.3.6.5.2 South Korea Botanical Extracts Market by Form
10.3.6.5.3 South Korea Botanical Extracts Market by Application
10.3.6.6 Rest of Asia-Pacific Botanical Extracts Market
10.3.6.6.1 Rest of Asia-Pacific Botanical Extracts Market by Source
10.3.6.6.2 Rest of Asia-Pacific Botanical Extracts Market by Form
10.3.6.6.3 Rest of Asia-Pacific Botanical Extracts Market by Application
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Botanical Extracts Market Overview
10.4.2 Middle East and Africa Botanical Extracts Market Forecasts and Analysis
10.4.3 Middle East and Africa Botanical Extracts Market Forecasts and Analysis - By Source
10.4.4 Middle East and Africa Botanical Extracts Market Forecasts and Analysis - By Form
10.4.5 Middle East and Africa Botanical Extracts Market Forecasts and Analysis - By Application
10.4.6 Middle East and Africa Botanical Extracts Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Botanical Extracts Market
10.4.6.1.1 South Africa Botanical Extracts Market by Source
10.4.6.1.2 South Africa Botanical Extracts Market by Form
10.4.6.1.3 South Africa Botanical Extracts Market by Application
10.4.6.2 Saudi Arabia Botanical Extracts Market
10.4.6.2.1 Saudi Arabia Botanical Extracts Market by Source
10.4.6.2.2 Saudi Arabia Botanical Extracts Market by Form
10.4.6.2.3 Saudi Arabia Botanical Extracts Market by Application
10.4.6.3 U.A.E Botanical Extracts Market
10.4.6.3.1 U.A.E Botanical Extracts Market by Source
10.4.6.3.2 U.A.E Botanical Extracts Market by Form
10.4.6.3.3 U.A.E Botanical Extracts Market by Application
10.4.6.4 Rest of Middle East and Africa Botanical Extracts Market
10.4.6.4.1 Rest of Middle East and Africa Botanical Extracts Market by Source
10.4.6.4.2 Rest of Middle East and Africa Botanical Extracts Market by Form
10.4.6.4.3 Rest of Middle East and Africa Botanical Extracts Market by Application
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Botanical Extracts Market Overview
10.5.2 South and Central America Botanical Extracts Market Forecasts and Analysis
10.5.3 South and Central America Botanical Extracts Market Forecasts and Analysis - By Source
10.5.4 South and Central America Botanical Extracts Market Forecasts and Analysis - By Form
10.5.5 South and Central America Botanical Extracts Market Forecasts and Analysis - By Application
10.5.6 South and Central America Botanical Extracts Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Botanical Extracts Market
10.5.6.1.1 Brazil Botanical Extracts Market by Source
10.5.6.1.2 Brazil Botanical Extracts Market by Form
10.5.6.1.3 Brazil Botanical Extracts Market by Application
10.5.6.2 Argentina Botanical Extracts Market
10.5.6.2.1 Argentina Botanical Extracts Market by Source
10.5.6.2.2 Argentina Botanical Extracts Market by Form
10.5.6.2.3 Argentina Botanical Extracts Market by Application
10.5.6.3 Rest of South and Central America Botanical Extracts Market
10.5.6.3.1 Rest of South and Central America Botanical Extracts Market by Source
10.5.6.3.2 Rest of South and Central America Botanical Extracts Market by Form
10.5.6.3.3 Rest of South and Central America Botanical Extracts 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. BOTANICAL EXTRACTS MARKET, KEY COMPANY PROFILES
12.1. BLUE SKY BOTANICS LTD
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. DöHLER
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. FRUTAROM INDUSTRIES LTD.
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. KALSEC INC.
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. P.T. HALDIN PACIFIC SEMESTA
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. PRINOVA GROUP LLC.
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. PT. INDESSO AROMA.
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. RANSOM NATURALS LTD
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. SYNERGY FLAVORS INC
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. SYNTHITE INDUSTRIES PRIVATE 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
The List of Companies
1.Blue Sky Botanics Ltd
2.Dohler
3.Frutarom Industries Ltd.
4.Kalsec Inc.
5.P.T. Haldin Pacific Semesta
6.Prinova Group LLC.
7.PT. INDESSO AROMA.
8.Ransom Naturals Ltd
9.Synergy Flavors Inc
10.Synthite Industries Private 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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