Carotenoids Market SWOT Analysis by 2031
The carotenoids market is expected to register a CAGR of 6% during 2023–2031. The rising demand for natural carotenoids is likely to remain a key trend in the market.
Carotenoids Market Analysis
- Due to health benefits, the demand for carotenoids is increasing globally. They play an important role in the treatment of conditions such as cancer, eye disorders, and diabetes.
- The growing importance of carotenoids in preventive healthcare and their beneficial properties, such as antioxidants and others, have contributed to their increasing demand.
- The food, beverage, and cosmetics industries and consumers highly prefer natural and clean-label products. With this, the demand for carotenoids is increasing.
Carotenoids Market Overview
- Carotenoids are beneficial antioxidants that protect people from disease and enhance their immune systems.
- Carotenoids have also been associated with lowering cancer risk, specifically lung cancer.
- There are many types of carotenoids, and they fall into two main classes that differ in molecular structure and in the colors they create. Some of the common carotenoids include alpha-carotene, beta-carotene, beta-cryptoxanthin, lutein, lycopene, and zeaxanthin.
- Further, carotenoids are used in food and beverages, pharmaceuticals and nutraceuticals, personal care and cosmetics, and many other applications. They are used by the food and beverages industry as colorants in various food and drinks.
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Carotenoids 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.
Carotenoids Market: Strategic Insights
Shejal
Have a question?
Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Carotenoids Market Drivers and Opportunities
Increasing Demand for Carotenoids from Animal Feed Industry
- The increasing use of carotenoids in animal feed in order to improve animal health has contributed to the market's expansion.
- Carotenoids are used in animal feed due to their health-promoting properties, including their role as antioxidants to mitigate heat stress and promote animal health.
- The carotenoids are also used in animal feed for pigmentation and overall product quality in the poultry and livestock industries.
Growth of Personal Care and Cosmetics Industry
- Carotenoids stimulate fibroblasts to synthesize collagen and elastin, smoothing deep wrinkles. They also help to increase skin density, elasticity, and firmness.
- Carotenoids repair and regenerate collagen and elastin fibers damaged by UV radiation, thus restoring and improving skin thickness
.
- The increasing use of carotenoids and the growth of the cosmetics industry are fuelling the market growth.
- The rising population, increasing disposable income of people, and the growth of e-commerce platforms, etc. factors are fueling the growth of the cosmetics industry. This is positively impacting the carotenoids market growth.
Carotenoids Market Report Segmentation Analysis
Key segments that contributed to the derivation of the carotenoids market analysis are deployment type and enterprise size.
- Based on type, the carotenoids market is segmented into astaxanthin, beta-carotene, lutein, lycopene, and others.
- Based on the source, the carotenoids market is segmented into natural and synthetic.
- Based on formulation, the carotenoids market is segmented into powder, beadlet, and others.
- Based on application, the carotenoids market is segmented into food and beverages, pharmaceuticals and nutraceuticals, personal care and cosmetics, and others.
Carotenoids Market Share Analysis by Geography
- Carotenoids 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 carotenoids market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers Porter’s Five Forces analysis, which involves the study of major factors that influence the carotenoids market in these regions.
Carotenoids Market Report Scope
Carotenoids Market News and Recent Developments
The carotenoids market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the carotenoids market are listed below:
- Stauber, a nutraceutical, cosmetic, functional food and beverage, and pet nutrition ingredient supplier, recently announced that it has partnered with Industrial Orgánica to launch the website memoreyez.com, a hub of research and information related to carotenoids and their observed benefits to human health. (Nutraceuticals World/ Company Website/ News/ March 2021)
- Indian company Divi's Nutraceuticals has launched CaroNat, a naturally sourced food ingredient intended for the dark yellow to orange coloration of a variety of foods and beverages, including the dairy industry. (William Reed Ltd/ Company Website/ News/ September 2021)
Carotenoids Market Report Coverage and Deliverables
The “Carotenoids Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Carotenoids market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Carotenoids market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed Porter’s Five Forces and SWOT analysis
- Carotenoids 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 carotenoids 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 carotenoids market is expected to grow at a CAGR of 6% during the forecast period 2023 - 2031.
The increasing demand for carotenoids from the animal feed industry is driving the carotenoids market growth.
The rising demand for natural carotenoids is likely to remain a key trend in the market.
The leading players operating in the carotenoids market are Allied Biotech Corporation, Chr Hansen Holding A/S, FMC Corporation, Döhler Group, Cyanotech Corporation, Divis Laboratories Ltd, Koninklijke DSM N V, DDW The Colour House, BASF SE, and Kemin Industries Inc.
The report can be delivered in PDF/PPT format; we can also share an 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 Carotenoids Market - By Product
1.3.2 Carotenoids Market - By Source
1.3.3 Carotenoids Market - By Application
1.3.4 Carotenoids Market - By Region
1.3.4.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. CAROTENOIDS 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. CAROTENOIDS 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. CAROTENOIDS MARKET - GLOBAL MARKET ANALYSIS
6.1. CAROTENOIDS - GLOBAL MARKET OVERVIEW
6.2. CAROTENOIDS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. CAROTENOIDS MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. ASTAXANTHIN
7.3.1. Overview
7.3.2. Astaxanthin Market Forecast and Analysis
7.4. CAPSANTHIN
7.4.1. Overview
7.4.2. Capsanthin Market Forecast and Analysis
7.5. LUTEIN
7.5.1. Overview
7.5.2. Lutein Market Forecast and Analysis
7.6. BETA-CAROTENE
7.6.1. Overview
7.6.2. Beta-carotene Market Forecast and Analysis
7.7. LYCOPENE
7.7.1. Overview
7.7.2. Lycopene Market Forecast and Analysis
7.8. OTHERS
7.8.1. Overview
7.8.2. Others Market Forecast and Analysis
8. CAROTENOIDS MARKET - REVENUE AND FORECASTS TO 2028 - SOURCE
8.1. OVERVIEW
8.2. SOURCE MARKET FORECASTS AND ANALYSIS
8.3. NATURAL
8.3.1. Overview
8.3.2. Natural Market Forecast and Analysis
8.4. SYNTHETIC
8.4.1. Overview
8.4.2. Synthetic Market Forecast and Analysis
9. CAROTENOIDS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. ANIMAL FEED
9.3.1. Overview
9.3.2. Animal feed Market Forecast and Analysis
9.4. HUMAN FOOD
9.4.1. Overview
9.4.2. Human Food Market Forecast and Analysis
9.5. DIETARY SUPPLEMENT
9.5.1. Overview
9.5.2. Dietary Supplement Market Forecast and Analysis
9.6. OTHERS
9.6.1. Overview
9.6.2. Others Market Forecast and Analysis
10. CAROTENOIDS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Carotenoids Market Overview
10.1.2 North America Carotenoids Market Forecasts and Analysis
10.1.3 North America Carotenoids Market Forecasts and Analysis - By Product
10.1.4 North America Carotenoids Market Forecasts and Analysis - By Source
10.1.5 North America Carotenoids Market Forecasts and Analysis - By Application
10.1.6 North America Carotenoids Market Forecasts and Analysis - By Countries
10.1.6.1 United States Carotenoids Market
10.1.6.1.1 United States Carotenoids Market by Product
10.1.6.1.2 United States Carotenoids Market by Source
10.1.6.1.3 United States Carotenoids Market by Application
10.1.6.2 Canada Carotenoids Market
10.1.6.2.1 Canada Carotenoids Market by Product
10.1.6.2.2 Canada Carotenoids Market by Source
10.1.6.2.3 Canada Carotenoids Market by Application
10.1.6.3 Mexico Carotenoids Market
10.1.6.3.1 Mexico Carotenoids Market by Product
10.1.6.3.2 Mexico Carotenoids Market by Source
10.1.6.3.3 Mexico Carotenoids Market by Application
10.2. EUROPE
10.2.1 Europe Carotenoids Market Overview
10.2.2 Europe Carotenoids Market Forecasts and Analysis
10.2.3 Europe Carotenoids Market Forecasts and Analysis - By Product
10.2.4 Europe Carotenoids Market Forecasts and Analysis - By Source
10.2.5 Europe Carotenoids Market Forecasts and Analysis - By Application
10.2.6 Europe Carotenoids Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Carotenoids Market
10.2.6.1.1 Germany Carotenoids Market by Product
10.2.6.1.2 Germany Carotenoids Market by Source
10.2.6.1.3 Germany Carotenoids Market by Application
10.2.6.2 France Carotenoids Market
10.2.6.2.1 France Carotenoids Market by Product
10.2.6.2.2 France Carotenoids Market by Source
10.2.6.2.3 France Carotenoids Market by Application
10.2.6.3 Italy Carotenoids Market
10.2.6.3.1 Italy Carotenoids Market by Product
10.2.6.3.2 Italy Carotenoids Market by Source
10.2.6.3.3 Italy Carotenoids Market by Application
10.2.6.4 United Kingdom Carotenoids Market
10.2.6.4.1 United Kingdom Carotenoids Market by Product
10.2.6.4.2 United Kingdom Carotenoids Market by Source
10.2.6.4.3 United Kingdom Carotenoids Market by Application
10.2.6.5 Russia Carotenoids Market
10.2.6.5.1 Russia Carotenoids Market by Product
10.2.6.5.2 Russia Carotenoids Market by Source
10.2.6.5.3 Russia Carotenoids Market by Application
10.2.6.6 Rest of Europe Carotenoids Market
10.2.6.6.1 Rest of Europe Carotenoids Market by Product
10.2.6.6.2 Rest of Europe Carotenoids Market by Source
10.2.6.6.3 Rest of Europe Carotenoids Market by Application
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Carotenoids Market Overview
10.3.2 Asia-Pacific Carotenoids Market Forecasts and Analysis
10.3.3 Asia-Pacific Carotenoids Market Forecasts and Analysis - By Product
10.3.4 Asia-Pacific Carotenoids Market Forecasts and Analysis - By Source
10.3.5 Asia-Pacific Carotenoids Market Forecasts and Analysis - By Application
10.3.6 Asia-Pacific Carotenoids Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Carotenoids Market
10.3.6.1.1 Australia Carotenoids Market by Product
10.3.6.1.2 Australia Carotenoids Market by Source
10.3.6.1.3 Australia Carotenoids Market by Application
10.3.6.2 China Carotenoids Market
10.3.6.2.1 China Carotenoids Market by Product
10.3.6.2.2 China Carotenoids Market by Source
10.3.6.2.3 China Carotenoids Market by Application
10.3.6.3 India Carotenoids Market
10.3.6.3.1 India Carotenoids Market by Product
10.3.6.3.2 India Carotenoids Market by Source
10.3.6.3.3 India Carotenoids Market by Application
10.3.6.4 Japan Carotenoids Market
10.3.6.4.1 Japan Carotenoids Market by Product
10.3.6.4.2 Japan Carotenoids Market by Source
10.3.6.4.3 Japan Carotenoids Market by Application
10.3.6.5 South Korea Carotenoids Market
10.3.6.5.1 South Korea Carotenoids Market by Product
10.3.6.5.2 South Korea Carotenoids Market by Source
10.3.6.5.3 South Korea Carotenoids Market by Application
10.3.6.6 Rest of Asia-Pacific Carotenoids Market
10.3.6.6.1 Rest of Asia-Pacific Carotenoids Market by Product
10.3.6.6.2 Rest of Asia-Pacific Carotenoids Market by Source
10.3.6.6.3 Rest of Asia-Pacific Carotenoids Market by Application
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Carotenoids Market Overview
10.4.2 Middle East and Africa Carotenoids Market Forecasts and Analysis
10.4.3 Middle East and Africa Carotenoids Market Forecasts and Analysis - By Product
10.4.4 Middle East and Africa Carotenoids Market Forecasts and Analysis - By Source
10.4.5 Middle East and Africa Carotenoids Market Forecasts and Analysis - By Application
10.4.6 Middle East and Africa Carotenoids Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Carotenoids Market
10.4.6.1.1 South Africa Carotenoids Market by Product
10.4.6.1.2 South Africa Carotenoids Market by Source
10.4.6.1.3 South Africa Carotenoids Market by Application
10.4.6.2 Saudi Arabia Carotenoids Market
10.4.6.2.1 Saudi Arabia Carotenoids Market by Product
10.4.6.2.2 Saudi Arabia Carotenoids Market by Source
10.4.6.2.3 Saudi Arabia Carotenoids Market by Application
10.4.6.3 U.A.E Carotenoids Market
10.4.6.3.1 U.A.E Carotenoids Market by Product
10.4.6.3.2 U.A.E Carotenoids Market by Source
10.4.6.3.3 U.A.E Carotenoids Market by Application
10.4.6.4 Rest of Middle East and Africa Carotenoids Market
10.4.6.4.1 Rest of Middle East and Africa Carotenoids Market by Product
10.4.6.4.2 Rest of Middle East and Africa Carotenoids Market by Source
10.4.6.4.3 Rest of Middle East and Africa Carotenoids Market by Application
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Carotenoids Market Overview
10.5.2 South and Central America Carotenoids Market Forecasts and Analysis
10.5.3 South and Central America Carotenoids Market Forecasts and Analysis - By Product
10.5.4 South and Central America Carotenoids Market Forecasts and Analysis - By Source
10.5.5 South and Central America Carotenoids Market Forecasts and Analysis - By Application
10.5.6 South and Central America Carotenoids Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Carotenoids Market
10.5.6.1.1 Brazil Carotenoids Market by Product
10.5.6.1.2 Brazil Carotenoids Market by Source
10.5.6.1.3 Brazil Carotenoids Market by Application
10.5.6.2 Argentina Carotenoids Market
10.5.6.2.1 Argentina Carotenoids Market by Product
10.5.6.2.2 Argentina Carotenoids Market by Source
10.5.6.2.3 Argentina Carotenoids Market by Application
10.5.6.3 Rest of South and Central America Carotenoids Market
10.5.6.3.1 Rest of South and Central America Carotenoids Market by Product
10.5.6.3.2 Rest of South and Central America Carotenoids Market by Source
10.5.6.3.3 Rest of South and Central America Carotenoids 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. CAROTENOIDS MARKET, KEY COMPANY PROFILES
12.1. ALLIED BIOTECH CORPORATION
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. BASF SE
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. CHR. HANSEN HOLDING A/S
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. CYANOTECH CORPORATION
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. DDW THE COLOUR HOUSE
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. DIVI'S LABORATORIES LIMITED
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. DöHLER
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. EXCELVITE INC.
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. KEMIN INDUSTRIES, 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. KONINKLIJKE DSM N.V.
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. Allied Biotech Corporation
2. BASF SE
3. Chr. Hansen Holding A/S
4. Cyanotech Corporation
5. DDW The Colour House
6. Divi's Laboratories Limited
7. Dohler
8. ExcelVite Inc.
9. Kemin Industries, Inc.,
10. Koninklijke DSM N.V.
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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