Frankincense Essential Oil Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
Frankincense commonly known as olibanum is a type of oleogum resin which is obtained from Boswellia Sacara tree. This tree is a native of Pakistan and India. The frankincense essential oil have spicy and woody aroma and is mainly used for connectedness of spirit. This oil is very suitable for the maintenance of radiant skin. This oil is greatly used in the pharmaceutical industry.
MARKET DYNAMICS
The ability of frankincense essential oil to reduce joint paints, control blood pressure and promotion of healthy cell generation drives the market for frankincense essential oil. Besides this, the wide scale application of frankincense essential oil in the pharmaceutical industry also drives the market growth. However, extra cost associated with the export of frankincense essential oil restricts the fruitful development of the frankincense essential oil market. Rise in the preference of consumers for natural products from the food and cosmetics industry is expected to boost the market for frankincense essential oil in the near future.
MARKET SCOPE
The "Global Frankincense Essential Oil Market Analysis to 2031" is a specialized and in-depth study of the Food and Beverages industry with a special focus on the global market trend analysis. The report aims to provide an overview of the frankincense essential oil market with detailed market segmentation by type, application, distribution channel and geography. The global frankincense essential oil market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading frankincense essential oil market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global frankincense essential oil market is segmented on the basis of nature, end user and distribution channel. On the basis of nature, the frankincense essential oil market is segmented into organic and conventional. The frankincense essential oil market as per end user is broken into cosmetics & personal care, pharmaceuticals industry, food industry, household and others. Finally, as per distribution channel the market is bifurcated into direct and indirect.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global frankincense essential oil market based on various segments. It also provides market size and forecast estimates from the year 2021to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The frankincense essential oil market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the frankincense essential oil market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the frankincense essential oil market in these regions.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global frankincense essential oil market based on various segments. It also provides market size and forecast estimates from the year 2021to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The frankincense essential oil market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the frankincense essential oil market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the frankincense essential oil market in these regions.
MARKET PLAYERS
The reports cover key developments in the frankincense essential oil market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from frankincense essential oil market are anticipated to lucrative growth opportunities in the future with the rising demand for frankincense essential oil market in the global market. Below mentioned is the list of few companies engaged in the frankincense essential oil market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the frankincense essential oil. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- AOS Products Private Limited
- Aromaaz International
- Edens Garden Inc.
- Katyani Exports
- Lala Jagdish Prasad & Company
- Nature's Sunshine Products Inc.
- Now Foods
- Plant Therapy Inc.
- Syscom Consumer Products Pvt. Ltd.
- Young Living Essential Oils LC
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
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.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Frankincense Essential Oil Market - By Nature
1.3.2 Frankincense Essential Oil Market - By End User
1.3.3 Frankincense Essential Oil Market - By Distribution Channel
1.3.4 Frankincense Essential Oil Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. FRANKINCENSE ESSENTIAL OIL 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. FRANKINCENSE ESSENTIAL OIL 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. FRANKINCENSE ESSENTIAL OIL MARKET - GLOBAL MARKET ANALYSIS
6.1. FRANKINCENSE ESSENTIAL OIL - GLOBAL MARKET OVERVIEW
6.2. FRANKINCENSE ESSENTIAL OIL - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. FRANKINCENSE ESSENTIAL OIL MARKET - REVENUE AND FORECASTS TO 2028 - NATURE
7.1. OVERVIEW
7.2. NATURE MARKET FORECASTS AND ANALYSIS
7.3. ORGANIC
7.3.1. Overview
7.3.2. Organic Market Forecast and Analysis
7.4. CONVENTIONAL
7.4.1. Overview
7.4.2. Conventional Market Forecast and Analysis
8. FRANKINCENSE ESSENTIAL OIL MARKET - REVENUE AND FORECASTS TO 2028 - END USER
8.1. OVERVIEW
8.2. END USER MARKET FORECASTS AND ANALYSIS
8.3. COSMETICS AND PERSONAL CARE
8.3.1. Overview
8.3.2. Cosmetics and Personal care Market Forecast and Analysis
8.4. PHARMACEUTICALS INDUSTRY
8.4.1. Overview
8.4.2. Pharmaceuticals Industry Market Forecast and Analysis
8.5. FOOD INDUSTRY
8.5.1. Overview
8.5.2. Food Industry Market Forecast and Analysis
8.6. HOUSEHOLD
8.6.1. Overview
8.6.2. Household Market Forecast and Analysis
8.7. OTHERS
8.7.1. Overview
8.7.2. Others Market Forecast and Analysis
9. FRANKINCENSE ESSENTIAL OIL MARKET - REVENUE AND FORECASTS TO 2028 - DISTRIBUTION CHANNEL
9.1. OVERVIEW
9.2. DISTRIBUTION CHANNEL MARKET FORECASTS AND ANALYSIS
9.3. DIRECT
9.3.1. Overview
9.3.2. Direct Market Forecast and Analysis
9.4. INDIRECT
9.4.1. Overview
9.4.2. Indirect Market Forecast and Analysis
10. FRANKINCENSE ESSENTIAL OIL MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Frankincense Essential Oil Market Overview
10.1.2 North America Frankincense Essential Oil Market Forecasts and Analysis
10.1.3 North America Frankincense Essential Oil Market Forecasts and Analysis - By Nature
10.1.4 North America Frankincense Essential Oil Market Forecasts and Analysis - By End User
10.1.5 North America Frankincense Essential Oil Market Forecasts and Analysis - By Distribution Channel
10.1.6 North America Frankincense Essential Oil Market Forecasts and Analysis - By Countries
10.1.6.1 Canada Frankincense Essential Oil Market
10.1.6.1.1 Canada Frankincense Essential Oil Market by Nature
10.1.6.1.2 Canada Frankincense Essential Oil Market by End User
10.1.6.1.3 Canada Frankincense Essential Oil Market by Distribution Channel
10.1.6.2 Mexico Frankincense Essential Oil Market
10.1.6.2.1 Mexico Frankincense Essential Oil Market by Nature
10.1.6.2.2 Mexico Frankincense Essential Oil Market by End User
10.1.6.2.3 Mexico Frankincense Essential Oil Market by Distribution Channel
10.2. EUROPE
10.2.1 Europe Frankincense Essential Oil Market Overview
10.2.2 Europe Frankincense Essential Oil Market Forecasts and Analysis
10.2.3 Europe Frankincense Essential Oil Market Forecasts and Analysis - By Nature
10.2.4 Europe Frankincense Essential Oil Market Forecasts and Analysis - By End User
10.2.5 Europe Frankincense Essential Oil Market Forecasts and Analysis - By Distribution Channel
10.2.6 Europe Frankincense Essential Oil Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Frankincense Essential Oil Market
10.2.6.1.1 Germany Frankincense Essential Oil Market by Nature
10.2.6.1.2 Germany Frankincense Essential Oil Market by End User
10.2.6.1.3 Germany Frankincense Essential Oil Market by Distribution Channel
10.2.6.2 France Frankincense Essential Oil Market
10.2.6.2.1 France Frankincense Essential Oil Market by Nature
10.2.6.2.2 France Frankincense Essential Oil Market by End User
10.2.6.2.3 France Frankincense Essential Oil Market by Distribution Channel
10.2.6.3 Italy Frankincense Essential Oil Market
10.2.6.3.1 Italy Frankincense Essential Oil Market by Nature
10.2.6.3.2 Italy Frankincense Essential Oil Market by End User
10.2.6.3.3 Italy Frankincense Essential Oil Market by Distribution Channel
10.2.6.4 United Kingdom Frankincense Essential Oil Market
10.2.6.4.1 United Kingdom Frankincense Essential Oil Market by Nature
10.2.6.4.2 United Kingdom Frankincense Essential Oil Market by End User
10.2.6.4.3 United Kingdom Frankincense Essential Oil Market by Distribution Channel
10.2.6.5 Russia Frankincense Essential Oil Market
10.2.6.5.1 Russia Frankincense Essential Oil Market by Nature
10.2.6.5.2 Russia Frankincense Essential Oil Market by End User
10.2.6.5.3 Russia Frankincense Essential Oil Market by Distribution Channel
10.2.6.6 Rest of Europe Frankincense Essential Oil Market
10.2.6.6.1 Rest of Europe Frankincense Essential Oil Market by Nature
10.2.6.6.2 Rest of Europe Frankincense Essential Oil Market by End User
10.2.6.6.3 Rest of Europe Frankincense Essential Oil Market by Distribution Channel
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Frankincense Essential Oil Market Overview
10.3.2 Asia-Pacific Frankincense Essential Oil Market Forecasts and Analysis
10.3.3 Asia-Pacific Frankincense Essential Oil Market Forecasts and Analysis - By Nature
10.3.4 Asia-Pacific Frankincense Essential Oil Market Forecasts and Analysis - By End User
10.3.5 Asia-Pacific Frankincense Essential Oil Market Forecasts and Analysis - By Distribution Channel
10.3.6 Asia-Pacific Frankincense Essential Oil Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Frankincense Essential Oil Market
10.3.6.1.1 Australia Frankincense Essential Oil Market by Nature
10.3.6.1.2 Australia Frankincense Essential Oil Market by End User
10.3.6.1.3 Australia Frankincense Essential Oil Market by Distribution Channel
10.3.6.2 China Frankincense Essential Oil Market
10.3.6.2.1 China Frankincense Essential Oil Market by Nature
10.3.6.2.2 China Frankincense Essential Oil Market by End User
10.3.6.2.3 China Frankincense Essential Oil Market by Distribution Channel
10.3.6.3 India Frankincense Essential Oil Market
10.3.6.3.1 India Frankincense Essential Oil Market by Nature
10.3.6.3.2 India Frankincense Essential Oil Market by End User
10.3.6.3.3 India Frankincense Essential Oil Market by Distribution Channel
10.3.6.4 Japan Frankincense Essential Oil Market
10.3.6.4.1 Japan Frankincense Essential Oil Market by Nature
10.3.6.4.2 Japan Frankincense Essential Oil Market by End User
10.3.6.4.3 Japan Frankincense Essential Oil Market by Distribution Channel
10.3.6.5 South Korea Frankincense Essential Oil Market
10.3.6.5.1 South Korea Frankincense Essential Oil Market by Nature
10.3.6.5.2 South Korea Frankincense Essential Oil Market by End User
10.3.6.5.3 South Korea Frankincense Essential Oil Market by Distribution Channel
10.3.6.6 Rest of Asia-Pacific Frankincense Essential Oil Market
10.3.6.6.1 Rest of Asia-Pacific Frankincense Essential Oil Market by Nature
10.3.6.6.2 Rest of Asia-Pacific Frankincense Essential Oil Market by End User
10.3.6.6.3 Rest of Asia-Pacific Frankincense Essential Oil Market by Distribution Channel
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Frankincense Essential Oil Market Overview
10.4.2 Middle East and Africa Frankincense Essential Oil Market Forecasts and Analysis
10.4.3 Middle East and Africa Frankincense Essential Oil Market Forecasts and Analysis - By Nature
10.4.4 Middle East and Africa Frankincense Essential Oil Market Forecasts and Analysis - By End User
10.4.5 Middle East and Africa Frankincense Essential Oil Market Forecasts and Analysis - By Distribution Channel
10.4.6 Middle East and Africa Frankincense Essential Oil Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Frankincense Essential Oil Market
10.4.6.1.1 South Africa Frankincense Essential Oil Market by Nature
10.4.6.1.2 South Africa Frankincense Essential Oil Market by End User
10.4.6.1.3 South Africa Frankincense Essential Oil Market by Distribution Channel
10.4.6.2 Saudi Arabia Frankincense Essential Oil Market
10.4.6.2.1 Saudi Arabia Frankincense Essential Oil Market by Nature
10.4.6.2.2 Saudi Arabia Frankincense Essential Oil Market by End User
10.4.6.2.3 Saudi Arabia Frankincense Essential Oil Market by Distribution Channel
10.4.6.3 U.A.E Frankincense Essential Oil Market
10.4.6.3.1 U.A.E Frankincense Essential Oil Market by Nature
10.4.6.3.2 U.A.E Frankincense Essential Oil Market by End User
10.4.6.3.3 U.A.E Frankincense Essential Oil Market by Distribution Channel
10.4.6.4 Rest of Middle East and Africa Frankincense Essential Oil Market
10.4.6.4.1 Rest of Middle East and Africa Frankincense Essential Oil Market by Nature
10.4.6.4.2 Rest of Middle East and Africa Frankincense Essential Oil Market by End User
10.4.6.4.3 Rest of Middle East and Africa Frankincense Essential Oil Market by Distribution Channel
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Frankincense Essential Oil Market Overview
10.5.2 South and Central America Frankincense Essential Oil Market Forecasts and Analysis
10.5.3 South and Central America Frankincense Essential Oil Market Forecasts and Analysis - By Nature
10.5.4 South and Central America Frankincense Essential Oil Market Forecasts and Analysis - By End User
10.5.5 South and Central America Frankincense Essential Oil Market Forecasts and Analysis - By Distribution Channel
10.5.6 South and Central America Frankincense Essential Oil Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Frankincense Essential Oil Market
10.5.6.1.1 Brazil Frankincense Essential Oil Market by Nature
10.5.6.1.2 Brazil Frankincense Essential Oil Market by End User
10.5.6.1.3 Brazil Frankincense Essential Oil Market by Distribution Channel
10.5.6.2 Argentina Frankincense Essential Oil Market
10.5.6.2.1 Argentina Frankincense Essential Oil Market by Nature
10.5.6.2.2 Argentina Frankincense Essential Oil Market by End User
10.5.6.2.3 Argentina Frankincense Essential Oil Market by Distribution Channel
10.5.6.3 Rest of South and Central America Frankincense Essential Oil Market
10.5.6.3.1 Rest of South and Central America Frankincense Essential Oil Market by Nature
10.5.6.3.2 Rest of South and Central America Frankincense Essential Oil Market by End User
10.5.6.3.3 Rest of South and Central America Frankincense Essential Oil Market by Distribution Channel
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. FRANKINCENSE ESSENTIAL OIL MARKET, KEY COMPANY PROFILES
12.1. AOS PRODUCTS PRIVATE LIMITED
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. AROMAAZ INTERNATIONAL
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. EDENS GARDEN INC.
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. KATYANI EXPORTS
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. LALA JAGDISH PRASAD AND COMPANY
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. NATURE'S SUNSHINE PRODUCTS 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. NOW FOODS
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. PLANT THERAPY INC.
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. SYSCOM CONSUMER PRODUCTS PVT. LTD.
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. YOUNG LIVING ESSENTIAL OILS LC
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
1. AOS Products Private Limited
2. Aromaaz International
3. Edens Garden Inc.
4. Katyani Exports
5. Lala Jagdish Prasad and Company
6. Nature's Sunshine Products Inc.
7. Now Foods
8. Plant Therapy Inc.
9. Syscom Consumer Products Pvt. Ltd.
10. Young Living Essential Oils LC
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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