Europe Dietary Supplements Market Share, Analysis by 2031
The Europe dietary supplements market size is projected to reach US$ 31.09 billion by 2031 from US$ 19.84 billion in 2023. The market is anticipated to record a CAGR of 5.8% during 2023–2031. The increasing popularity of beauty supplements is likely to remain among the key trends in the market.
Europe Dietary Supplements Market Analysis
The Europe dietary supplement market is witnessing a significant surge in demand, highlighting an attractive landscape for newcomers in the sector. This burgeoning interest among consumers in health and wellness products is creating ample opportunities for new brands and products to emerge into the market. With the growing awareness of health benefits associated with dietary supplements, more people are incorporating them into their daily routines, fueling the expansion of the market.
In recent years, people have become more conscious of their health and fitness due to the growing prevalence of various diseases, including cancer and cardiovascular disorders, and several medical conditions, such as diabetes, high blood pressure, obesity, and high cholesterol. This has boosted the demand for dietary supplements across Europe. Proteins play a crucial role in building bones, muscles, cartilage, skin, and blood. They help repair and build tissues as well as make enzymes and hormones. Amino acids are considered the building blocks of proteins. They are classified into essential or nonessential amino acids, which are required and produced by the body, respectively. Further, the growing health and diet awareness among consumers is increasing the demand for protein supplements, such as whey powders, and amino acid products, including citrulline, creatine, proline, and tyrosine, among consumers.
Europe Dietary Supplements Market Overview
The growing demand for dietary supplement products has encouraged key players to take various strategic initiatives to remain unique among all competitors. Several manufacturers are launching innovative dietary supplement products. For instance, Optimum Nutrition introduced Clear Protein—an innovative brand that uses cutting-edge technology to create a clear protein shake. Also, In 2024, AstroZhi introduced groundbreaking dietary supplements in the Irish, UK, and European markets. These supplements help manage the symptoms of COVID-19 infection.
Various dietary supplement manufacturers are engaged in collaborations to expand their customer base across Europe. For instance, in May 2024, dsm-firmenich and Indena collaborated to introduce dietary supplement solutions combining biotics and botanicals at Vitafoods Europe 2024, focusing on gut health, brain health, and healthy aging—which aims to drive the future of nutraceuticals.
Several manufacturers are focusing on mergers and acquisitions to significantly enhance their capabilities in producing food ingredients and dietary supplements, marking a significant step in the company's growth trajectory. For instance, in May 2024, Aliga Microalgae, a Danish food-tech company, acquired chlorella algae facilities in Holland, marking a move toward the commercialization of its chlorella algae products. The acquisition aims to increase the production capacity of food ingredients and dietary supplements.
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Europe Dietary Supplements Market: Strategic Insights
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Europe Dietary Supplements Market Drivers and Opportunities
Rising Popularity of Dietary Supplements Favor Market Growth
Social media also plays a significant role in fitness motivation, thereby encouraging self-improvement. Social media platforms, such as Instagram, Twitter, and Pinterest, have boosted the popularity of the health & fitness industry, with many celebrities and influencers introducing users to new fitness regimes and dietary supplements. This highlights the benefits dietary supplements offer to consumer’s physical and mental health, in turn, aiding the dietary supplement demand. Moreover, increased interest in bodybuilding and athletics is boosting the intake of dietary supplements in Europe. Athletes are becoming more inclined toward dietary supplements for assistance in improving endurance and performance while also maintaining health. Thus, the rising popularity of dietary supplements drives the Europe dietary supplements market
Increasing Preference for Dietary Supplements with Organic and Vegan Claims to Create Significant Opportunities
The increasing number of organic and vegan consumers in Europe boosts the demand for dietary supplement products with organic and herbal ingredients. According to Berlin-based Veganz's survey they ranked five European countries by the number of vegans, with the UK leading with 3.2%. Italy followed with 2.3%, followed by Germany and Austria with 2.2%. Furthermore, Spain followed with 2.1%, and France had 2.0%. The vegan population in these countries is over five million. Organic dietary supplements contain vitamins, minerals, herbs, amino acids, or enzymes, all sourced from natural, organic environments to support overall health and wellness. These supplements enhance nutrient intake, improve health outcomes, and are environmentally friendly as they are free of harmful pesticides and chemicals. They are safe for long-term consumption and do not contain synthetic additives. Consumers are increasingly seeking clean, green, and natural products. As a result, many brands are adding several plant-based options to their product lineup.
Europe Dietary Supplements Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Europe dietary supplements market analysis are type, form, and distribution channel.
- Based on type, the Europe dietary supplements market is segmented into vitamins, minerals, proteins and amino acids, probiotics, blends, and others. The vitamins segment held the largest market share in 2023.
- By form, the market is categorized into tablets, capsules and softgels, powders, and others. The capsules and softgels segment held the largest share of the market in 2023.
In terms of distribution channel, the Europe dietary supplements market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. In 2023, the specialty stores segment dominated the market.
Europe Dietary Supplements Market Share Analysis by Country
The country scope of the Europe dietary supplements market report is mainly divided into Germany, France, Italy, the UK, Spain, and the Rest of Europe.
In 2023, Italy held the largest share of the Europe dietary supplements market and is projected to continue its dominance during the forecast period. The dietary supplement market in Italy is experiencing a remarkable surge, primarily driven by the modern lifestyle's role in the rising incidence of health issues such as diabetes, obesity, and high blood pressure. Recently, consumers have recognized the need for preventative health measures and have started to settle toward lifestyle choices that reduce the harmful impacts of such conditions. Thus, there is a shift in consumer behavior, which resulted in a considerable increase in the dietary supplement market in Italy. The market growth in the country is a reflection of a broader trend toward preventative healthcare and wellness, with dietary supplements playing a pivotal role in supporting this transition. The surge in consumption of food nutrition products prompted consumers to prioritize their health and strengthen their immune systems. For instance, according to a survey conducted by FederSalus, from 2014 to 2020, the value of sales of food supplements in Italy grew from USD 2571.21 million to USD 4131.60 million.
Europe Dietary Supplements Market Report Scope
Europe Dietary Supplements Market News and Recent Developments
The Europe dietary supplements 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 Europe dietary supplements market are listed below:
- Bayer Consumer Health has introduced new formats for its Berocca brand of vitamin and mineral supplements in the UK. Previously only available in effervescent form, UK consumers can now enjoy Berocca Immuno Gummies and Berocca Multi-Action Gummies exclusively via Amazon's UK website. (Source: Bayer AG, Press Release, December 2023)
- dsm-firmenich, innovators in nutrition, health, and beauty, and Indena, the leading developer of high-quality and scientifically sound active botanical ingredients for the pharmaceutical and health food market, will introduce dietary supplement solutions combining biotics with botanicals in enjoyable delivery formats, offering enhanced flavor and taste experience, at Vitafoods Europe 2024. (Source: Koninklijke DSM N.V., Press Release, May 2024)
Europe Dietary Supplements Market Report Coverage and Deliverables
The “Europe Dietary Supplements Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Europe dietary supplements market size and forecast for all the key market segments covered under the scope
- Europe dietary supplements market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed Porter’s Five Forces and SWOT analysis
- Europe dietary supplements market analysis covering key market trends, country 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 Europe dietary supplements 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
Rising popularity of dietary supplements and strategic initiatives by key market players drive the market.
Rising popularity of beauty supplements and nutricosmetics is the key trend in the market.
Glanbia Plc, Herbalife Nutrition Ltd, Amway Corp, Bayer AG, Arkopharma SAS, Pfizer Inc, Otsuka Holdings Co Ltd, GSK Plc, NOW Health Group Inc, and Nestle Health Science SA are among the leading market players.
The market is expected to register a CAGR of 5.8% during 2023–2031.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Market Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. Europe Dietary Supplements Market Landscape
4.1 Market Overview
4.2 Porter’s Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Ecosystem Analysis
4.3.1 Raw Material Suppliers
4.3.2 Manufacturers
4.3.3 Distributors/Retailers
5. Europe Dietary Supplements Market – Key Market Dynamics
5.1 Europe Dietary Supplements Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Rising Popularity of Dietary Supplements
5.2.2 Rising Number of Strategic Initiatives by Key Players to Expand Product Portfolio
5.3 Market Restraints
5.3.1 High Regulatory Stringency Associated with Supplements
5.4 Market Opportunities
5.4.1 Increasing Preference for Dietary Supplements with Organic and Vegan Claims
5.5 Future Trends
5.5.1 Growing Popularity of Beauty Supplements
5.6 Impact of Drivers and Restraints:
6. Europe Dietary Supplements Market Analysis
6.1 Europe Dietary Supplements Market Revenue (US$ Million), 2021–2031
6.2 Europe Dietary Supplements Market Forecast and Analysis
7. Europe Dietary Supplements Market Analysis – by Type
7.1 Vitamins
7.1.1 Overview
7.1.2 Vitamins: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Minerals
7.2.1 Overview
7.2.2 Minerals: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
7.3 Proteins and Amino Acids
7.3.1 Overview
7.3.2 Proteins and Amino Acids: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
7.4 Probiotics
7.4.1 Overview
7.4.2 Probiotics: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
7.5 Blends
7.5.1 Overview
7.5.2 Blends: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
7.6 Others
7.6.1 Overview
7.6.2 Others: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
8. Europe Dietary Supplements Market Analysis – by Form
8.1 Tablets
8.1.1 Overview
8.1.2 Tablets: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Capsules and Softgels
8.2.1 Overview
8.2.2 Capsules and Softgels: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Powders
8.3.1 Overview
8.3.2 Powders: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
8.4 Others
8.4.1 Overview
8.4.2 Others: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
9. Europe Dietary Supplements Market Analysis – by Distribution Channel
9.1 Supermarkets and Hypermarkets
9.1.1 Overview
9.1.2 Supermarkets and Hypermarkets: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Specialty Stores
9.2.1 Overview
9.2.2 Specialty Stores: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Online Retail
9.3.1 Overview
9.3.2 Online Retail: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
9.4 Others
9.4.1 Overview
9.4.2 Others: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
10. Europe Dietary Supplements Market – Country Analysis
10.1 Europe
10.1.1 Europe Dietary Supplements Market Overview
10.1.2 Europe Dietary Supplements Market Revenue and Forecast and Analysis – by Country
10.1.2.1 Europe Dietary Supplements Market Revenue and Forecast and Analysis – by Country
10.1.2.2 Germany: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.2.1 Germany: Europe Dietary Supplements Market Breakdown by Type
10.1.2.2.2 Germany: Europe Dietary Supplements Market Breakdown by Form
10.1.2.2.3 Germany: Europe Dietary Supplements Market Breakdown by Distribution Channel
10.1.2.3 France: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.3.1 France: Europe Dietary Supplements Market Breakdown by Type
10.1.2.3.2 France: Europe Dietary Supplements Market Breakdown by Form
10.1.2.3.3 France: Europe Dietary Supplements Market Breakdown by Distribution Channel
10.1.2.4 Italy: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.4.1 Italy: Europe Dietary Supplements Market Breakdown by Type
10.1.2.4.2 Italy: Europe Dietary Supplements Market Breakdown by Form
10.1.2.4.3 Italy: Europe Dietary Supplements Market Breakdown by Distribution Channel
10.1.2.5 United Kingdom: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.5.1 United Kingdom: Europe Dietary Supplements Market Breakdown by Type
10.1.2.5.2 United Kingdom: Europe Dietary Supplements Market Breakdown by Form
10.1.2.5.3 United Kingdom: Europe Dietary Supplements Market Breakdown by Distribution Channel
10.1.2.6 Spain: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.6.1 Spain: Europe Dietary Supplements Market Breakdown by Type
10.1.2.6.2 Spain: Europe Dietary Supplements Market Breakdown by Form
10.1.2.6.3 Spain: Europe Dietary Supplements Market Breakdown by Distribution Channel
10.1.2.7 Rest of Europe: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.7.1 Rest of Europe: Europe Dietary Supplements Market Breakdown by Type
10.1.2.7.2 Rest of Europe: Europe Dietary Supplements Market Breakdown by Form
10.1.2.7.3 Rest of Europe: Europe Dietary Supplements Market Breakdown by Distribution Channel
11. Competitive Landscape
11.1 Heat Map Analysis
11.2 Company Positioning and Concentration
12. Industry Landscape
12.1 Overview
12.2 Mergers And Acquisitions
12.3 Agreements, Collaborations, And Joint Ventures
12.4 Product Launch
12.5 Expansions And Other Strategic Developments
13. Company Profiles
13.1 Glanbia Plc
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Herbalife Nutrition Ltd
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Amway Corp
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Bayer AG
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Arkopharma SAS
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Pfizer Inc
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Otsuka Holdings Co Ltd
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 GSK Plc
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 NOW Health Group Inc
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Nestle Health Science SA
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
List of Tables
Table 1. Europe Dietary Supplements Market Segmentation
Table 2. Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
Table 3. Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 4. Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million) – by Form
Table 5. Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million) – by Distribution Channel
Table 6. Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 7. Germany: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 8. Germany: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million) – by Form
Table 9. Germany: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million) – by Distribution Channel
Table 10. France: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 11. France: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million) – by Form
Table 12. France: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million) – by Distribution Channel
Table 13. Italy: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 14. Italy: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million) – by Form
Table 15. Italy: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million) – by Distribution Channel
Table 16. United Kingdom: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 17. United Kingdom: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million) – by Form
Table 18. United Kingdom: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million) – by Distribution Channel
Table 19. Spain: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 20. Spain: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million) – by Form
Table 21. Spain: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million) – by Distribution Channel
Table 22. Rest of Europe: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 23. Rest of Europe: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million) – by Form
Table 24. Rest of Europe: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million) – by Distribution Channel
Table 25. Heat Map Analysis
List of Figures
Figure 1. Europe Dietary Supplements Market Segmentation, by Country
Figure 2. Porter’s Five Forces Analysis
Figure 3. Ecosystem: Dietary Supplements Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Europe Dietary Supplements Market Revenue (US$ Million), 2021–2031
Figure 6. Europe Dietary Supplements Market Share (%) – by Type, 2023 and 2031
Figure 7. Vitamins: Europe Dietary Supplements Market– Revenue and Forecast to 2031 (US$ Million)
Figure 8. Minerals: Europe Dietary Supplements Market– Revenue and Forecast to 2031 (US$ Million)
Figure 9. Proteins and Amino Acids: Europe Dietary Supplements Market– Revenue and Forecast to 2031 (US$ Million)
Figure 10. Probiotics: Europe Dietary Supplements Market– Revenue and Forecast to 2031 (US$ Million)
Figure 11. Blends: Europe Dietary Supplements Market– Revenue and Forecast to 2031 (US$ Million)
Figure 12. Others: Europe Dietary Supplements Market– Revenue and Forecast to 2031 (US$ Million)
Figure 13. Europe Dietary Supplements Market Share (%) – by Form, 2023 and 2031
Figure 14. Tablets: Europe Dietary Supplements Market– Revenue and Forecast to 2031 (US$ Million)
Figure 15. Capsules and Softgels: Europe Dietary Supplements Market– Revenue and Forecast to 2031 (US$ Million)
Figure 16. Powders: Europe Dietary Supplements Market– Revenue and Forecast to 2031 (US$ Million)
Figure 17. Others: Europe Dietary Supplements Market– Revenue and Forecast to 2031 (US$ Million)
Figure 18. Europe Dietary Supplements Market Share (%) – by Distribution Channel, 2023 and 2031
Figure 19. Supermarkets and Hypermarkets: Europe Dietary Supplements Market– Revenue and Forecast to 2031 (US$ Million)
Figure 20. Specialty Stores: Europe Dietary Supplements Market– Revenue and Forecast to 2031 (US$ Million)
Figure 21. Online Retail: Europe Dietary Supplements Market– Revenue and Forecast to 2031 (US$ Million)
Figure 22. Others: Europe Dietary Supplements Market– Revenue and Forecast to 2031 (US$ Million)
Figure 23. Europe Dietary Supplements Market Breakdown by Key Countries, 2023 and 2031 (%)
Figure 24. Germany: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
Figure 25. France: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
Figure 26. Italy: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
Figure 27. United Kingdom: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
Figure 28. Spain: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
Figure 29. Rest of Europe: Europe Dietary Supplements Market – Revenue and Forecast to 2031 (US$ Million)
Figure 30. Company Positioning and Concentration
The List of Companies - Europe Dietary Supplements Market
- Glanbia Plc
- Herbalife Nutrition Ltd
- Amway Corp
- Bayer AG
- Arkopharma SAS
- Pfizer Inc
- Otsuka Holdings Co Ltd
- GSK Plc
- NOW Health Group Inc
- Nestle Health Science SA
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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