Fortified Food Market Opportunities 2031
The fortified food market is expected to register a CAGR of 6% during 2023–2031. The rising awareness about the health benefits of fortified foods are likely to remain a key trend in the market.
Fortified Food Market Analysis
- The growing health concern amongst the people alongside rising disposable income and growing self-health awareness is driving up demand for fortified foods and beverages.
- This has prompted producers to employ such products with additional nutritious benefits more often to create nutrient-dense food that caters to the rising consumer need of health management.
- Fortified foods are also utilized by the animal feed sector to provide complete and well-rounded food products for livestock and pets. Thus, the demand for fortified foods is also being driven by the animal husbandry industry's global development.
- Technological developments have made it more convenient formulate and produce these food products, leading to the creation of novel and dynamic goods that meet the evolving dietary requirements of both people and animals.
Fortified Food Market Overview
- The growth anticipated in Asia Pacific region is attributed to the growing compound animal feed sector, growing economy, rising health awareness in developing nations and increased demand for fortified food items amongst consumers in emerging and developing nations like India, China.
- However, in North America the increasing use of fortified by its aging population, is expected to fuel demand for nutritious dense fortified food in the daily administration of dietary supplements to maintain optimal level of health.
- Overall, with the rise of disposable incomes amongst consumers and growing health awareness owing to prevalent chronic diseases like diabetes, cholesterol consumers are more than willing to spend on commodities like fortified foods thereby propelling the growth of the global market to a great extent.
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Fortified Food 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.
Fortified Food Market: Strategic Insights
Shejal
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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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Fortified Food Market Drivers and Opportunities
The Customizable Nature of The Product
- The most advantageous element in this specific fortified food market is its customizable character, which enables it to meet the demands of certain consumers giving them a more personalized experience.
- Fortified foods products are customizable according to consumer’s convenience, being offered in various forms such as dairy products, savoury and sweet snacks, frozen foods amongst others catering the dynamic need of the consumers.
- Thus, the players have a great opportunity of integrating innovation and technologies aimed at product innovation, providing a more personalized experience thereby capturing the major market share and catapulting the market to the next level.
Growing Importance of Healthy Diet
- The more people realize how necessary a healthy diet is to preserve their health in long term, the market for fortified foods keeps on expanding.
- The growing demand for fortified foods enhanced with vital vitamins and minerals alongside regular diet is a result of this greater understanding.
- Additionally, as livestock producers want to increase the productivity and health of their animals, such fortified foods are becoming more and more popular in the animal feed industry.
- Technological innovation has made it simpler to formulate the production of novel and inventive products that may satisfy the evolving nutritional requirements of consumers.
Fortified Food Market Report Segmentation Analysis
Key segments that contributed to the derivation of the fortified food market analysis are deployment type and enterprise size.
- Based on raw material, the fortified food market is divided into flour, rice, wheat, corn, milk, oil, and others.
- On the basis of nutrients, the market is divided into vitamins, minerals, and other nutrients.
- Based on application, the market is divided into processed food and beverages and unprocessed food and beverages
Fortified Food Market Share Analysis by Geography
- Fortified Food 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 fortified food market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers PEST analysis, which involves the study of major factors that influence the fortified food market in these regions.
Fortified Food Market Report Scope
Fortified Food Market News and Recent Developments
The fortified food 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 fortified food market are listed below:
- The U.S. Agency for International Development (USAID) administrator, Samantha Power, announced the launch of the USAID Advancing Food Fortification Opportunities to Reinforce Diets (USAID AFFORD) project. The US$75 million global program, part of the US government’s Feed the Future initiative, will take a holistic approach to promoting large-scale food fortification that puts businesses at the core of the solution while strategically engaging with the public, private, and civil society sectors. (Source: Press Release, October 2022)
- Governments across the UK decided to introduce new laws making it compulsory for the food industry to add a vitamin called folic acid, also known as B9, to non-wholemeal wheat flour. (Source: Press Release, February 2022)
Fortified Food Market Report Coverage and Deliverables
The “Fortified Food Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Fortified food market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Fortified food market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Fortified food 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 fortified food 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 fortified food market is expected to grow at a CAGR of 6% during the forecast period 2023 - 2031.
The customizable nature of the product is one of the major factors driving the fortified food market.
The rising awareness about the health benefits of fortified foods is anticipated to play a significant role in the global fortified food market in the coming years.
The leading players operating in the fortified food market are Nestlé S.A., Kellogg Company, General Mills, Inc., The Archer Daniels Midland Company, Cargill, Incorporated, BASF SE, DSM Nutritional Products, Glanbia PLC, Bhler Group, and FMC Corporation.
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 Fortified Food Market - By Raw Material
1.3.2 Fortified Food Market - By Nutrients
1.3.3 Fortified Food Market - By Application
1.3.4 Fortified Food Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. FORTIFIED FOOD 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. FORTIFIED FOOD 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. FORTIFIED FOOD MARKET - GLOBAL MARKET ANALYSIS
6.1. FORTIFIED FOOD - GLOBAL MARKET OVERVIEW
6.2. FORTIFIED FOOD - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. FORTIFIED FOOD MARKET - REVENUE AND FORECASTS TO 2028 - RAW MATERIAL
7.1. OVERVIEW
7.2. RAW MATERIAL MARKET FORECASTS AND ANALYSIS
7.3. FLOUR
7.3.1. Overview
7.3.2. Flour Market Forecast and Analysis
7.4. RICE
7.4.1. Overview
7.4.2. Rice Market Forecast and Analysis
7.5. WHEAT
7.5.1. Overview
7.5.2. Wheat Market Forecast and Analysis
7.6. CORN
7.6.1. Overview
7.6.2. Corn Market Forecast and Analysis
7.7. MILK
7.7.1. Overview
7.7.2. Milk Market Forecast and Analysis
7.8. OIL
7.8.1. Overview
7.8.2. Oil Market Forecast and Analysis
7.9. OTHERS
7.9.1. Overview
7.9.2. Others Market Forecast and Analysis
8. FORTIFIED FOOD MARKET - REVENUE AND FORECASTS TO 2028 - NUTRIENTS
8.1. OVERVIEW
8.2. NUTRIENTS MARKET FORECASTS AND ANALYSIS
8.3. VITAMINS
8.3.1. Overview
8.3.2. Vitamins Market Forecast and Analysis
8.4. MINERALS
8.4.1. Overview
8.4.2. Minerals Market Forecast and Analysis
8.5. OTHER NUTRIENTS
8.5.1. Overview
8.5.2. Other Nutrients Market Forecast and Analysis
9. FORTIFIED FOOD MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. PROCESSED FOOD AND BEVERAGES
9.3.1. Overview
9.3.2. Processed Food and Beverages Market Forecast and Analysis
9.4. UNPROCESSED FOOD AND BEVERAGES
9.4.1. Overview
9.4.2. Unprocessed Food and Beverages Market Forecast and Analysis
10. FORTIFIED FOOD MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Fortified Food Market Overview
10.1.2 North America Fortified Food Market Forecasts and Analysis
10.1.3 North America Fortified Food Market Forecasts and Analysis - By Raw Material
10.1.4 North America Fortified Food Market Forecasts and Analysis - By Nutrients
10.1.5 North America Fortified Food Market Forecasts and Analysis - By Application
10.1.6 North America Fortified Food Market Forecasts and Analysis - By Countries
10.1.6.1 United States Fortified Food Market
10.1.6.1.1 United States Fortified Food Market by Raw Material
10.1.6.1.2 United States Fortified Food Market by Nutrients
10.1.6.1.3 United States Fortified Food Market by Application
10.1.6.2 Canada Fortified Food Market
10.1.6.2.1 Canada Fortified Food Market by Raw Material
10.1.6.2.2 Canada Fortified Food Market by Nutrients
10.1.6.2.3 Canada Fortified Food Market by Application
10.1.6.3 Mexico Fortified Food Market
10.1.6.3.1 Mexico Fortified Food Market by Raw Material
10.1.6.3.2 Mexico Fortified Food Market by Nutrients
10.1.6.3.3 Mexico Fortified Food Market by Application
10.2. EUROPE
10.2.1 Europe Fortified Food Market Overview
10.2.2 Europe Fortified Food Market Forecasts and Analysis
10.2.3 Europe Fortified Food Market Forecasts and Analysis - By Raw Material
10.2.4 Europe Fortified Food Market Forecasts and Analysis - By Nutrients
10.2.5 Europe Fortified Food Market Forecasts and Analysis - By Application
10.2.6 Europe Fortified Food Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Fortified Food Market
10.2.6.1.1 Germany Fortified Food Market by Raw Material
10.2.6.1.2 Germany Fortified Food Market by Nutrients
10.2.6.1.3 Germany Fortified Food Market by Application
10.2.6.2 France Fortified Food Market
10.2.6.2.1 France Fortified Food Market by Raw Material
10.2.6.2.2 France Fortified Food Market by Nutrients
10.2.6.2.3 France Fortified Food Market by Application
10.2.6.3 Italy Fortified Food Market
10.2.6.3.1 Italy Fortified Food Market by Raw Material
10.2.6.3.2 Italy Fortified Food Market by Nutrients
10.2.6.3.3 Italy Fortified Food Market by Application
10.2.6.4 United Kingdom Fortified Food Market
10.2.6.4.1 United Kingdom Fortified Food Market by Raw Material
10.2.6.4.2 United Kingdom Fortified Food Market by Nutrients
10.2.6.4.3 United Kingdom Fortified Food Market by Application
10.2.6.5 Russia Fortified Food Market
10.2.6.5.1 Russia Fortified Food Market by Raw Material
10.2.6.5.2 Russia Fortified Food Market by Nutrients
10.2.6.5.3 Russia Fortified Food Market by Application
10.2.6.6 Rest of Europe Fortified Food Market
10.2.6.6.1 Rest of Europe Fortified Food Market by Raw Material
10.2.6.6.2 Rest of Europe Fortified Food Market by Nutrients
10.2.6.6.3 Rest of Europe Fortified Food Market by Application
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Fortified Food Market Overview
10.3.2 Asia-Pacific Fortified Food Market Forecasts and Analysis
10.3.3 Asia-Pacific Fortified Food Market Forecasts and Analysis - By Raw Material
10.3.4 Asia-Pacific Fortified Food Market Forecasts and Analysis - By Nutrients
10.3.5 Asia-Pacific Fortified Food Market Forecasts and Analysis - By Application
10.3.6 Asia-Pacific Fortified Food Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Fortified Food Market
10.3.6.1.1 Australia Fortified Food Market by Raw Material
10.3.6.1.2 Australia Fortified Food Market by Nutrients
10.3.6.1.3 Australia Fortified Food Market by Application
10.3.6.2 China Fortified Food Market
10.3.6.2.1 China Fortified Food Market by Raw Material
10.3.6.2.2 China Fortified Food Market by Nutrients
10.3.6.2.3 China Fortified Food Market by Application
10.3.6.3 India Fortified Food Market
10.3.6.3.1 India Fortified Food Market by Raw Material
10.3.6.3.2 India Fortified Food Market by Nutrients
10.3.6.3.3 India Fortified Food Market by Application
10.3.6.4 Japan Fortified Food Market
10.3.6.4.1 Japan Fortified Food Market by Raw Material
10.3.6.4.2 Japan Fortified Food Market by Nutrients
10.3.6.4.3 Japan Fortified Food Market by Application
10.3.6.5 South Korea Fortified Food Market
10.3.6.5.1 South Korea Fortified Food Market by Raw Material
10.3.6.5.2 South Korea Fortified Food Market by Nutrients
10.3.6.5.3 South Korea Fortified Food Market by Application
10.3.6.6 Rest of Asia-Pacific Fortified Food Market
10.3.6.6.1 Rest of Asia-Pacific Fortified Food Market by Raw Material
10.3.6.6.2 Rest of Asia-Pacific Fortified Food Market by Nutrients
10.3.6.6.3 Rest of Asia-Pacific Fortified Food Market by Application
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Fortified Food Market Overview
10.4.2 Middle East and Africa Fortified Food Market Forecasts and Analysis
10.4.3 Middle East and Africa Fortified Food Market Forecasts and Analysis - By Raw Material
10.4.4 Middle East and Africa Fortified Food Market Forecasts and Analysis - By Nutrients
10.4.5 Middle East and Africa Fortified Food Market Forecasts and Analysis - By Application
10.4.6 Middle East and Africa Fortified Food Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Fortified Food Market
10.4.6.1.1 South Africa Fortified Food Market by Raw Material
10.4.6.1.2 South Africa Fortified Food Market by Nutrients
10.4.6.1.3 South Africa Fortified Food Market by Application
10.4.6.2 Saudi Arabia Fortified Food Market
10.4.6.2.1 Saudi Arabia Fortified Food Market by Raw Material
10.4.6.2.2 Saudi Arabia Fortified Food Market by Nutrients
10.4.6.2.3 Saudi Arabia Fortified Food Market by Application
10.4.6.3 U.A.E Fortified Food Market
10.4.6.3.1 U.A.E Fortified Food Market by Raw Material
10.4.6.3.2 U.A.E Fortified Food Market by Nutrients
10.4.6.3.3 U.A.E Fortified Food Market by Application
10.4.6.4 Rest of Middle East and Africa Fortified Food Market
10.4.6.4.1 Rest of Middle East and Africa Fortified Food Market by Raw Material
10.4.6.4.2 Rest of Middle East and Africa Fortified Food Market by Nutrients
10.4.6.4.3 Rest of Middle East and Africa Fortified Food Market by Application
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Fortified Food Market Overview
10.5.2 South and Central America Fortified Food Market Forecasts and Analysis
10.5.3 South and Central America Fortified Food Market Forecasts and Analysis - By Raw Material
10.5.4 South and Central America Fortified Food Market Forecasts and Analysis - By Nutrients
10.5.5 South and Central America Fortified Food Market Forecasts and Analysis - By Application
10.5.6 South and Central America Fortified Food Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Fortified Food Market
10.5.6.1.1 Brazil Fortified Food Market by Raw Material
10.5.6.1.2 Brazil Fortified Food Market by Nutrients
10.5.6.1.3 Brazil Fortified Food Market by Application
10.5.6.2 Argentina Fortified Food Market
10.5.6.2.1 Argentina Fortified Food Market by Raw Material
10.5.6.2.2 Argentina Fortified Food Market by Nutrients
10.5.6.2.3 Argentina Fortified Food Market by Application
10.5.6.3 Rest of South and Central America Fortified Food Market
10.5.6.3.1 Rest of South and Central America Fortified Food Market by Raw Material
10.5.6.3.2 Rest of South and Central America Fortified Food Market by Nutrients
10.5.6.3.3 Rest of South and Central America Fortified Food 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. FORTIFIED FOOD MARKET, KEY COMPANY PROFILES
12.1. BASF SE
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. BüHLER AG
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. BUNGE LIMITED
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. CARGILL INCORPORATED.
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. CORBION NV
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. GENERAL MILLS, INC.
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. NESTLé S.A.
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. NUTRITIONAL HOLDINGS (PTY) LIMITED
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. UNILEVER PLC
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. WRIGHT ENRICHMENT INC.
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. BASF SE
2. Bühler AG
3. Bunge Limited
4. Cargill Incorporated.
5. Corbion NV
6. General Mills, Inc.
7. Nestlé S.A.
8. Nutritional Holdings (Pty) Limited
9. Unilever PLC
10. Wright Enrichment Inc.
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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