Craft Beer Market Key Findings by 2031
The craft beer market is expected to register a CAGR of 7% during 2023–2031. Rising number of craft beer brands focusing on core styles and quality along with increasing popularity of gluten-free craft beers are likely to remain key market trend.
Craft Beer Market Analysis:
- The elevated interest of consumers in fuller flavored and diverse beers is driving the craft beer market. Consumers are also seeking new and different beer styles. This evolution has made consumers to turn away from mass produced lagers and pilsners. Most craft breweries are focusing on making premium high-quality beer from the traditional brewing methods using local and diverse ingredients.
- The emphasis on producing high quality beers in small batches while incorporating extensive creativity has drawn beer lovers onto craft beer products due to its craftsmanship and novelty tastes. These factors are driving the craft beer market growth.
Craft Beer Market Overview
- Craft beers are now becoming increasingly popular among beer consumers not just because of its taste, but for the health benefits that comes with it. Consumers with health-oriented lifestyles have contributed to the increase in demand for several low alcohol and low-calorie craft beers.
- Social and cultural factors have also contributed to the craft beer trend. As mentioned, craft breweries have transformed into a hub for socializing among friends. The craft beer pub/bar culture has grown especially among millennials. Craft beer has also diversified not just from the perspective of flavors but also beer styles and by using local and regional ingredients. These factors are expected to open potential growth opportunities in the coming years.
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Craft Beer 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.
Craft Beer Market: Strategic Insights
Shejal
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Craft Beer Market Drivers and Opportunities
Increasing Demand for Artisanal and Premium Craft Beers
- Consumers are nowadays looking for more upscale and sophisticated taste. Mass-market beer is no longer favored by the majority of customers. Beer being an alcoholic beverage, artisanal and premium craft beers offer the market unique tastes and aromas. They are produced using handling techniques with high level of sophistication and quality and carefully selected ingredients to produce good quality brews.
- Consumers are ready to pay additional price for premium craft beers to enhance their drinking experience. Thus, increasing demand for artisanal and premium craft beers is significantly driving the market growth.
Opportunities
Rising Interest in Local, Small-Batch Beers
- Growth opportunities for the craft beer market can be seen because of the increasing desire for local and small batch craft beers. Consumers are looking for unique and authentic beer experiences, and through local breweries consumers get what they are looking for.
- Craft beers allow you to support your local brand and economy. The fact that these beers are local keeps them distinctive and supports a local business.
- Small batch craft beers are basically beers that are made in limited quantities, thus offering a unique and exclusive experience because of its limited availability.
- Thus, rising consumer interest in small-batch and local beers is projected to offer immense growth opportunities in the coming years.
Craft Beer Market Segmentation
The scope of the global craft beer market has been segmented on the based-on type, category, and distribution channel.
- Based on type, the craft beer market is divided into ale, lager, stout, and others.
- On the basis of category, the market is divided into gluten-free and conventional.
- Based on distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others.
Craft Beer Market Share Analysis by Geography
- Craft Beer 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 craft beer 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 craft beer market in these regions.
Craft Beer Market Report Scope
Craft Beer Market News and Recent Developments:
The craft beer market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- Kikkoman India Pvt. Ltd. (KID), Kikkoman's sales and marketing company in India, launched the group’s first ever dark craft beer crafted exclusively for the Indian market in February 2024. This new product, named “Kikkoman Dark Craft Beer”, imparts both rich color and deliciousness to dishes, and targets Asian restaurants, primarily Indian Chinese cuisine. (Source – Kikkoman Corporation, Newsletters, March 2024)
- The Georgia Department of Economic Development announced that Lee Kum Kee Sauce Group, a global name in Asian sauces and condiments, will invest up to $288 million in a new manufacturing facility in LaGrange, creating up to 267 jobs in Troup County over the next several years. The facility will produce Asian sauces and condiments to support the company’s future growth in the Americas. (Source - Georgia Department of Economic Development, Press Release, June 2024)
Craft Beer Market Report Coverage and Deliverables
The “Craft Beer Market Size and Forecast (2021 – 2031)” provides a detailed analysis of the market covering below areas:
- Craft Beer market size and forecast at global, regional and country levels for all the key market segments covered under the scope.
- Craft Beer market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Craft Beer 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 craft beer 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
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to country scope.
Frequently Asked Questions
The report can be delivered in PDF/Word format, we can also share excel data sheet based on request.
Sierra Nevada Brewing Co, DG Yuengling and Son Inc, Anchor Brewing, Artisanal Brewing Ventures, Bells’ Brewery Inc, Stone Brewing Co, Constellation Brands Inc, Canarchy, BrewDog Plc, and Boston Beer Corporation are among the leading players operating in the craft beer market.
Increasing demand for artisanal and premium craft beers is driving the craft beer market growth.
Rising demand for gluten-free craft beers is likely to remain the key trends in the market.
The global craft beer market is estimated to grow above 7% during the forecast period 2023-2031.
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 Craft Beer Market - By Type
1.3.2 Craft Beer Market - By Distribution Channel
1.3.3 Craft Beer Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. CRAFT BEER MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. EXPERT OPINIONS
5. CRAFT BEER 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. CRAFT BEER MARKET - GLOBAL MARKET ANALYSIS
6.1. CRAFT BEER - GLOBAL MARKET OVERVIEW
6.2. CRAFT BEER - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. CRAFT BEER MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. ALE
7.3.1. Overview
7.3.2. Ale Market Forecast and Analysis
7.4. LAGER
7.4.1. Overview
7.4.2. Lager Market Forecast and Analysis
7.5. STOUT
7.5.1. Overview
7.5.2. Stout Market Forecast and Analysis
7.6. CIDER
7.6.1. Overview
7.6.2. Cider Market Forecast and Analysis
7.7. PORTER
7.7.1. Overview
7.7.2. Porter Market Forecast and Analysis
7.8. OTHERS
7.8.1. Overview
7.8.2. Others Market Forecast and Analysis
8. CRAFT BEER 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. CRAFT BEER MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Craft Beer Market Overview
9.1.2 North America Craft Beer Market Forecasts and Analysis
9.1.3 North America Craft Beer Market Forecasts and Analysis - By Type
9.1.4 North America Craft Beer Market Forecasts and Analysis - By Distribution Channel
9.1.5 North America Craft Beer Market Forecasts and Analysis - By Countries
9.1.5.1 United States Craft Beer Market
9.1.5.1.1 United States Craft Beer Market by Type
9.1.5.1.2 United States Craft Beer Market by Distribution Channel
9.1.5.2 Canada Craft Beer Market
9.1.5.2.1 Canada Craft Beer Market by Type
9.1.5.2.2 Canada Craft Beer Market by Distribution Channel
9.1.5.3 Mexico Craft Beer Market
9.1.5.3.1 Mexico Craft Beer Market by Type
9.1.5.3.2 Mexico Craft Beer Market by Distribution Channel
9.2. EUROPE
9.2.1 Europe Craft Beer Market Overview
9.2.2 Europe Craft Beer Market Forecasts and Analysis
9.2.3 Europe Craft Beer Market Forecasts and Analysis - By Type
9.2.4 Europe Craft Beer Market Forecasts and Analysis - By Distribution Channel
9.2.5 Europe Craft Beer Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Craft Beer Market
9.2.5.1.1 Germany Craft Beer Market by Type
9.2.5.1.2 Germany Craft Beer Market by Distribution Channel
9.2.5.2 France Craft Beer Market
9.2.5.2.1 France Craft Beer Market by Type
9.2.5.2.2 France Craft Beer Market by Distribution Channel
9.2.5.3 Italy Craft Beer Market
9.2.5.3.1 Italy Craft Beer Market by Type
9.2.5.3.2 Italy Craft Beer Market by Distribution Channel
9.2.5.4 United Kingdom Craft Beer Market
9.2.5.4.1 United Kingdom Craft Beer Market by Type
9.2.5.4.2 United Kingdom Craft Beer Market by Distribution Channel
9.2.5.5 Russia Craft Beer Market
9.2.5.5.1 Russia Craft Beer Market by Type
9.2.5.5.2 Russia Craft Beer Market by Distribution Channel
9.2.5.6 Rest of Europe Craft Beer Market
9.2.5.6.1 Rest of Europe Craft Beer Market by Type
9.2.5.6.2 Rest of Europe Craft Beer Market by Distribution Channel
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Craft Beer Market Overview
9.3.2 Asia-Pacific Craft Beer Market Forecasts and Analysis
9.3.3 Asia-Pacific Craft Beer Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Craft Beer Market Forecasts and Analysis - By Distribution Channel
9.3.5 Asia-Pacific Craft Beer Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Craft Beer Market
9.3.5.1.1 Australia Craft Beer Market by Type
9.3.5.1.2 Australia Craft Beer Market by Distribution Channel
9.3.5.2 China Craft Beer Market
9.3.5.2.1 China Craft Beer Market by Type
9.3.5.2.2 China Craft Beer Market by Distribution Channel
9.3.5.3 India Craft Beer Market
9.3.5.3.1 India Craft Beer Market by Type
9.3.5.3.2 India Craft Beer Market by Distribution Channel
9.3.5.4 Japan Craft Beer Market
9.3.5.4.1 Japan Craft Beer Market by Type
9.3.5.4.2 Japan Craft Beer Market by Distribution Channel
9.3.5.5 South Korea Craft Beer Market
9.3.5.5.1 South Korea Craft Beer Market by Type
9.3.5.5.2 South Korea Craft Beer Market by Distribution Channel
9.3.5.6 Rest of Asia-Pacific Craft Beer Market
9.3.5.6.1 Rest of Asia-Pacific Craft Beer Market by Type
9.3.5.6.2 Rest of Asia-Pacific Craft Beer Market by Distribution Channel
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Craft Beer Market Overview
9.4.2 Middle East and Africa Craft Beer Market Forecasts and Analysis
9.4.3 Middle East and Africa Craft Beer Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Craft Beer Market Forecasts and Analysis - By Distribution Channel
9.4.5 Middle East and Africa Craft Beer Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Craft Beer Market
9.4.5.1.1 South Africa Craft Beer Market by Type
9.4.5.1.2 South Africa Craft Beer Market by Distribution Channel
9.4.5.2 Saudi Arabia Craft Beer Market
9.4.5.2.1 Saudi Arabia Craft Beer Market by Type
9.4.5.2.2 Saudi Arabia Craft Beer Market by Distribution Channel
9.4.5.3 U.A.E Craft Beer Market
9.4.5.3.1 U.A.E Craft Beer Market by Type
9.4.5.3.2 U.A.E Craft Beer Market by Distribution Channel
9.4.5.4 Rest of Middle East and Africa Craft Beer Market
9.4.5.4.1 Rest of Middle East and Africa Craft Beer Market by Type
9.4.5.4.2 Rest of Middle East and Africa Craft Beer Market by Distribution Channel
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Craft Beer Market Overview
9.5.2 South and Central America Craft Beer Market Forecasts and Analysis
9.5.3 South and Central America Craft Beer Market Forecasts and Analysis - By Type
9.5.4 South and Central America Craft Beer Market Forecasts and Analysis - By Distribution Channel
9.5.5 South and Central America Craft Beer Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Craft Beer Market
9.5.5.1.1 Brazil Craft Beer Market by Type
9.5.5.1.2 Brazil Craft Beer Market by Distribution Channel
9.5.5.2 Argentina Craft Beer Market
9.5.5.2.1 Argentina Craft Beer Market by Type
9.5.5.2.2 Argentina Craft Beer Market by Distribution Channel
9.5.5.3 Rest of South and Central America Craft Beer Market
9.5.5.3.1 Rest of South and Central America Craft Beer Market by Type
9.5.5.3.2 Rest of South and Central America Craft Beer 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. CRAFT BEER MARKET, KEY COMPANY PROFILES
11.1. MOLSON COORS BREWING
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. ANHEUSER-BUSCH INBEV
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. CONSTELLATION BRANDS
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. D.G. YUENGLING AND SON 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. HEINEKEN NV
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. NEW BELGIUM BREWING COMPANY INC.
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. OSKAR BLUES BREWERY LLC
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. STONE AND WOOD BREWING CO.
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 BOSTON BEER 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. THE GAMBRINUS COMPANY
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
11.11. ELYSIAN BREWING
11.11.1. Key Facts
11.11.2. Business Description
11.11.3. Products and Services
11.11.4. Financial Overview
11.11.5. SWOT Analysis
11.11.6. Key Developments
11.12. HERETIC BREWING AND DISTILLING
11.12.1. Key Facts
11.12.2. Business Description
11.12.3. Products and Services
11.12.4. Financial Overview
11.12.5. SWOT Analysis
11.12.6. Key Developments
11.13. GOOSE ISLAND BEER COMPANY
11.13.1. Key Facts
11.13.2. Business Description
11.13.3. Products and Services
11.13.4. Financial Overview
11.13.5. SWOT Analysis
11.13.6. Key Developments
11.14. STONE BREWING
11.14.1. Key Facts
11.14.2. Business Description
11.14.3. Products and Services
11.14.4. Financial Overview
11.14.5. SWOT Analysis
11.14.6. Key Developments
11.15. KONA BREWING CO.
11.15.1. Key Facts
11.15.2. Business Description
11.15.3. Products and Services
11.15.4. Financial Overview
11.15.5. SWOT Analysis
11.15.6. Key Developments
11.16. COOPER DIY, LLC
11.16.1. Key Facts
11.16.2. Business Description
11.16.3. Products and Services
11.16.4. Financial Overview
11.16.5. SWOT Analysis
11.16.6. Key Developments
11.17. SIERRA NEVADA BREWING CO.
11.17.1. Key Facts
11.17.2. Business Description
11.17.3. Products and Services
11.17.4. Financial Overview
11.17.5. SWOT Analysis
11.17.6. Key Developments
11.18. THE BROOKLYN BREWERY
11.18.1. Key Facts
11.18.2. Business Description
11.18.3. Products and Services
11.18.4. Financial Overview
11.18.5. SWOT Analysis
11.18.6. Key Developments
11.19. CARLSBERG BREWERIES AS
11.19.1. Key Facts
11.19.2. Business Description
11.19.3. Products and Services
11.19.4. Financial Overview
11.19.5. SWOT Analysis
11.19.6. Key Developments
11.20. KIRIN HOLDINGS COMPANY LTD.
11.20.1. Key Facts
11.20.2. Business Description
11.20.3. Products and Services
11.20.4. Financial Overview
11.20.5. SWOT Analysis
11.20.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. Molson Coors Brewing
2. Anheuser-Busch InBev
3. Constellation Brands
4. D.G. Yuengling and Son Inc.
5. Heineken NV
6. New Belgium Brewing Company Inc.
7. Oskar Blues Brewery LLC
8. Stone and Wood Brewing Co.
9. The Boston Beer Company
10. The Gambrinus Company
11. Elysian Brewing
12. Heretic Brewing and Distilling
13. Goose Island Beer Company
14. Stone Brewing
15. Kona Brewing Co.
16. Cooper DIY, LLC
17. Sierra Nevada Brewing Co.
18. The Brooklyn Brewery
19. Carlsberg Breweries AS
20.Kirin Holdings Company 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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