Food Colors Market Report, Analysis, and Opportunities by 2031
The food colors market is expected to register a CAGR of 5% during 2023–2031. The rising demand for clean label and natural colors and growing popularity of organic colors are likely to remain a key trend in the market.
Food Colors Market Analysis
- The global food colors market is growing at a significant rate, the factors responsible for the same are increased demand for processed and convenience foods, consumer inclination for enhanced taste, texture and appearance, major driving factors for the same include rapid urbanisation, dietary changes and rising disposable income.
- The market is segmented by type, form and application.
- The application areas of food colors embrace a wide range of food products spanning bakery, confectionery, snacks, meat products among others.
- Major players in this sector are focusing on innovative product development, specifically clean label and organic colors keeping the steadfast increase in consumer demands for and long-shelf-life foods indirectly gaining ground for food colors market.
Food Colors Market Overview
- Food colors are additives used to enhance or modify the appearance of food and beverages.
- They can be broadly categorized into natural and synthetic colors. Natural food colors are derived from plant, animal, or mineral sources, such as beetroot, turmeric, carmine, and spirulina.
- These are increasingly popular due to consumer demand for clean-label products.
- Synthetic food colors, also known as artificial colors, are chemically produced and include compounds like Red 40, Yellow 5, and Blue 1. These often provide more vibrant and stable coloration but face scrutiny due to health concerns.
- Food colors come in various forms including liquids, powders, gels, and pastes.
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Food Colors Market: Strategic Insights
Shejal
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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.
Food Colors 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.
Speak to Analyst
Food Colors Market Drivers and Opportunities
Increasing consumer demand for visually appealing food products is expected to drive the growth of the food colors market
- The escalating consumer preference for visually appealing food products has emerged as a pivotal force propelling the expansion of the food colors market.
- This trend is multifaceted, influenced by various societal and technological factors.
- The ubiquity of social media platforms, particularly Instagram and Pinterest, has elevated food aesthetics to unprecedented levels, transforming meals into visual experiences that are shared globally.
- This digital showcase of food has heightened consumer expectations, compelling food manufacturers to prioritize the visual appeal of their products.
Increasing demand for natural and organic food colors
- The burgeoning demand for natural and organic food colors represents a pivotal opportunity in the food colors market, driven by a confluence of consumer preferences, regulatory pressures, and industry trends.
- This shift is rooted in growing health consciousness among consumers, who are increasingly wary of synthetic additives and seek products with clean, recognizable ingredients.
- The clean label movement has gained substantial momentum, compelling food manufacturers to reformulate their products using natural colorants derived from fruits, vegetables, and other plant-based sources.
- Regulatory bodies worldwide are tightening restrictions on artificial food additives, further catalyzing the transition towards natural alternatives.
Food Colors Market Report Segmentation Analysis
Key segments that contributed to the derivation of the food colors market analysis are type, form, and application.
- Based on type, the food colors market is divided into natural and artificial.
- Based on form, the food colors market is divided into liquid and powder.
- Based on application, the food colors market is segmented into bakery and confectionery, dairy and frozen desserts, beverages, RTC and RTE products, sauces dressings and condiments, meat poultry and seafood, and others.
Food Colors Market Share Analysis by Geography
- Food Colors 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 food colors 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 food colors market in these regions.
Food Colors Market Report Scope
Food Colors Market News and Recent Developments
The food colors 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 food colors market are listed below:
- Phytolon and Ginkgo Bioworks Successfully Achieve First Milestone to Produce Vibrant Natural Food Colors via Two Producing Strains. (Source: Newsletter, Ginkgo Bioworks, Jan 2024)
- Oterra’s New Red and Pink natural color blends the smart ‘plant for plant’ option. (Source: Newsletter, Oterra’s, Jun 2023)
Food Colors Market Report Coverage and Deliverables
The “Food Colors Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Food colors market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Food colors market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Food colors 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 food colors 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 food colors market is expected to grow at a CAGR of 5% during the forecast period 2023 - 2031.
Increasing consumer demand for visually appealing food products expected to drive the growth of the food colors market.
Rising demand for clean label and organic colors and growing popularity of functional colors to play a significant role in the global food colors market in the coming years.
The leading players operating in the food colors market are Archer Daniels Midland Company; Aromata Group Srl; Döhler Gmbh; Givaudan; International Flavors And Fragrances Inc; Kalsec Inc; Koninklijke Dsm Nv; Mane Kancor; Oterra A/S; and Sensient Colors Llc.
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 Food Colors Market - By Type
1.3.2 Food Colors Market - By Application
1.3.3 Food Colors Market - By Form
1.3.4 Food Colors Market - By Region
1.3.4.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. FOOD COLORS 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. FOOD COLORS 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. FOOD COLORS MARKET - GLOBAL MARKET ANALYSIS
6.1. FOOD COLORS - GLOBAL MARKET OVERVIEW
6.2. FOOD COLORS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. FOOD COLORS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. NATURAL COLOR
7.3.1. Overview
7.3.2. Natural Color Market Forecast and Analysis
7.4. ARTIFICIAL COLOR
7.4.1. Overview
7.4.2. Artificial Color Market Forecast and Analysis
8. FOOD COLORS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. MEAT PRODUCTS
8.3.1. Overview
8.3.2. Meat Products Market Forecast and Analysis
8.4. BEVERAGES
8.4.1. Overview
8.4.2. Beverages Market Forecast and Analysis
8.5. DAIRY
8.5.1. Overview
8.5.2. Dairy Market Forecast and Analysis
8.6. BAKERY AND CONFECTIONERY
8.6.1. Overview
8.6.2. Bakery and Confectionery Market Forecast and Analysis
8.7. PROCESSED FOOD AND VEGETABLES
8.7.1. Overview
8.7.2. Processed Food and Vegetables Market Forecast and Analysis
8.8. OILS AND FATS
8.8.1. Overview
8.8.2. Oils and Fats Market Forecast and Analysis
8.9. OTHERS
8.9.1. Overview
8.9.2. Others Market Forecast and Analysis
9. FOOD COLORS MARKET - REVENUE AND FORECASTS TO 2028 - FORM
9.1. OVERVIEW
9.2. FORM MARKET FORECASTS AND ANALYSIS
9.3. LIQUID
9.3.1. Overview
9.3.2. Liquid Market Forecast and Analysis
9.4. POWDER
9.4.1. Overview
9.4.2. Powder Market Forecast and Analysis
9.5. GEL
9.5.1. Overview
9.5.2. Gel Market Forecast and Analysis
9.6. PASTE
9.6.1. Overview
9.6.2. Paste Market Forecast and Analysis
10. FOOD COLORS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Food Colors Market Overview
10.1.2 North America Food Colors Market Forecasts and Analysis
10.1.3 North America Food Colors Market Forecasts and Analysis - By Type
10.1.4 North America Food Colors Market Forecasts and Analysis - By Application
10.1.5 North America Food Colors Market Forecasts and Analysis - By Form
10.1.6 North America Food Colors Market Forecasts and Analysis - By Countries
10.1.6.1 United States Food Colors Market
10.1.6.1.1 United States Food Colors Market by Type
10.1.6.1.2 United States Food Colors Market by Application
10.1.6.1.3 United States Food Colors Market by Form
10.1.6.2 Canada Food Colors Market
10.1.6.2.1 Canada Food Colors Market by Type
10.1.6.2.2 Canada Food Colors Market by Application
10.1.6.2.3 Canada Food Colors Market by Form
10.1.6.3 Mexico Food Colors Market
10.1.6.3.1 Mexico Food Colors Market by Type
10.1.6.3.2 Mexico Food Colors Market by Application
10.1.6.3.3 Mexico Food Colors Market by Form
10.2. EUROPE
10.2.1 Europe Food Colors Market Overview
10.2.2 Europe Food Colors Market Forecasts and Analysis
10.2.3 Europe Food Colors Market Forecasts and Analysis - By Type
10.2.4 Europe Food Colors Market Forecasts and Analysis - By Application
10.2.5 Europe Food Colors Market Forecasts and Analysis - By Form
10.2.6 Europe Food Colors Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Food Colors Market
10.2.6.1.1 Germany Food Colors Market by Type
10.2.6.1.2 Germany Food Colors Market by Application
10.2.6.1.3 Germany Food Colors Market by Form
10.2.6.2 France Food Colors Market
10.2.6.2.1 France Food Colors Market by Type
10.2.6.2.2 France Food Colors Market by Application
10.2.6.2.3 France Food Colors Market by Form
10.2.6.3 Italy Food Colors Market
10.2.6.3.1 Italy Food Colors Market by Type
10.2.6.3.2 Italy Food Colors Market by Application
10.2.6.3.3 Italy Food Colors Market by Form
10.2.6.4 United Kingdom Food Colors Market
10.2.6.4.1 United Kingdom Food Colors Market by Type
10.2.6.4.2 United Kingdom Food Colors Market by Application
10.2.6.4.3 United Kingdom Food Colors Market by Form
10.2.6.5 Russia Food Colors Market
10.2.6.5.1 Russia Food Colors Market by Type
10.2.6.5.2 Russia Food Colors Market by Application
10.2.6.5.3 Russia Food Colors Market by Form
10.2.6.6 Rest of Europe Food Colors Market
10.2.6.6.1 Rest of Europe Food Colors Market by Type
10.2.6.6.2 Rest of Europe Food Colors Market by Application
10.2.6.6.3 Rest of Europe Food Colors Market by Form
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Food Colors Market Overview
10.3.2 Asia-Pacific Food Colors Market Forecasts and Analysis
10.3.3 Asia-Pacific Food Colors Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Food Colors Market Forecasts and Analysis - By Application
10.3.5 Asia-Pacific Food Colors Market Forecasts and Analysis - By Form
10.3.6 Asia-Pacific Food Colors Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Food Colors Market
10.3.6.1.1 Australia Food Colors Market by Type
10.3.6.1.2 Australia Food Colors Market by Application
10.3.6.1.3 Australia Food Colors Market by Form
10.3.6.2 China Food Colors Market
10.3.6.2.1 China Food Colors Market by Type
10.3.6.2.2 China Food Colors Market by Application
10.3.6.2.3 China Food Colors Market by Form
10.3.6.3 India Food Colors Market
10.3.6.3.1 India Food Colors Market by Type
10.3.6.3.2 India Food Colors Market by Application
10.3.6.3.3 India Food Colors Market by Form
10.3.6.4 Japan Food Colors Market
10.3.6.4.1 Japan Food Colors Market by Type
10.3.6.4.2 Japan Food Colors Market by Application
10.3.6.4.3 Japan Food Colors Market by Form
10.3.6.5 South Korea Food Colors Market
10.3.6.5.1 South Korea Food Colors Market by Type
10.3.6.5.2 South Korea Food Colors Market by Application
10.3.6.5.3 South Korea Food Colors Market by Form
10.3.6.6 Rest of Asia-Pacific Food Colors Market
10.3.6.6.1 Rest of Asia-Pacific Food Colors Market by Type
10.3.6.6.2 Rest of Asia-Pacific Food Colors Market by Application
10.3.6.6.3 Rest of Asia-Pacific Food Colors Market by Form
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Food Colors Market Overview
10.4.2 Middle East and Africa Food Colors Market Forecasts and Analysis
10.4.3 Middle East and Africa Food Colors Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Food Colors Market Forecasts and Analysis - By Application
10.4.5 Middle East and Africa Food Colors Market Forecasts and Analysis - By Form
10.4.6 Middle East and Africa Food Colors Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Food Colors Market
10.4.6.1.1 South Africa Food Colors Market by Type
10.4.6.1.2 South Africa Food Colors Market by Application
10.4.6.1.3 South Africa Food Colors Market by Form
10.4.6.2 Saudi Arabia Food Colors Market
10.4.6.2.1 Saudi Arabia Food Colors Market by Type
10.4.6.2.2 Saudi Arabia Food Colors Market by Application
10.4.6.2.3 Saudi Arabia Food Colors Market by Form
10.4.6.3 U.A.E Food Colors Market
10.4.6.3.1 U.A.E Food Colors Market by Type
10.4.6.3.2 U.A.E Food Colors Market by Application
10.4.6.3.3 U.A.E Food Colors Market by Form
10.4.6.4 Rest of Middle East and Africa Food Colors Market
10.4.6.4.1 Rest of Middle East and Africa Food Colors Market by Type
10.4.6.4.2 Rest of Middle East and Africa Food Colors Market by Application
10.4.6.4.3 Rest of Middle East and Africa Food Colors Market by Form
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Food Colors Market Overview
10.5.2 South and Central America Food Colors Market Forecasts and Analysis
10.5.3 South and Central America Food Colors Market Forecasts and Analysis - By Type
10.5.4 South and Central America Food Colors Market Forecasts and Analysis - By Application
10.5.5 South and Central America Food Colors Market Forecasts and Analysis - By Form
10.5.6 South and Central America Food Colors Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Food Colors Market
10.5.6.1.1 Brazil Food Colors Market by Type
10.5.6.1.2 Brazil Food Colors Market by Application
10.5.6.1.3 Brazil Food Colors Market by Form
10.5.6.2 Argentina Food Colors Market
10.5.6.2.1 Argentina Food Colors Market by Type
10.5.6.2.2 Argentina Food Colors Market by Application
10.5.6.2.3 Argentina Food Colors Market by Form
10.5.6.3 Rest of South and Central America Food Colors Market
10.5.6.3.1 Rest of South and Central America Food Colors Market by Type
10.5.6.3.2 Rest of South and Central America Food Colors Market by Application
10.5.6.3.3 Rest of South and Central America Food Colors Market by Form
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. FOOD COLORS MARKET, KEY COMPANY PROFILES
12.1. ADM WILD EUROPE GMBH AND CO. KG
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. CARGILL, INCORPORATED.
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. CHR. HANSEN HOLDING A/S
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. GNT GROUP B.V.
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. KONINKLIJKE DSM N.V.
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. NATUREX S.A.
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. SAN-EI GEN F.F.I.,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. SENSIENT COLORS LLC
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. ADM WILD Europe GmbH and Co. KG
2. BASF SE
3. Cargill, Incorporated.
4. Chr. Hansen Holding A/S
5. DDW The Colour House.
6. GNT Group B. V.
7. Koninklijke DSM N. V.
8. Naturex S. A.
9. San-Ei Gen F. F. I. ,Inc.
10. Sensient Colors LLC
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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