Lutein Market Strategies and Share 2031
The lutein market is expected to register a CAGR of 6% during 2023–2031. Increasing demand for natural growth promoters is likely to remain a key trend in the market.
Lutein Market Analysis
- The lutein market is poised for robust growth in the coming years as a number of factors will converge to underscore its growing role in the health and nutrition sector and other areas.
- Increasing worldwide health awareness of the benefits of lutein and an aging global population with growing concerns about eye health are key factors anticipated to boost growth in the market.
- Lutein, a carotenoid that has been well-established in eye-care products, is gaining attention for other health benefits related to skin health, cognitive function, and overall wellness. Growth of lutein demand is expected to be driven by this diversification of applications, which will lead to new business and market opportunities across different industry sectors.
- A link has been made between lutein consumption and the decline of age-related ocular diseases such as macular degeneration and cataracts.
- As our population ages and life expectancy increases, more products with an emphasis on preventive eye health will be needed.
Lutein Market Overview
- Lutein, one of a number of xanthophyll carotenoids found naturally in many fruits and vegetables, has received a lot of publicity as a dietary means of promoting eye health, especially protection from age-related macular degeneration and cataracts.
- In this way, lutein has been put front and center in the rapidly growing eye health supplement market aimed at a global aging population increasingly concerned about preserving the eye and its vision.
- Yet lutein's utility goes far beyond eye health supplements and is now being used in functional foods and beverages, animal feed, and cosmetics, reflecting the growing awareness of its benefits for health.
- The market is a combination of large multinational companies that sell to big food manufacturers and small, specialty ingredient suppliers competing for market share.
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Lutein Market: Strategic Insights
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Customize Research To Suit Your Requirement
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Lutein Market Drivers and Opportunities
Increasing Demand for Dietary Supplements Drives Lutein Market
- The lutein market is growing thanks to the burgeoning dietary supplements market, which in turn is part of the larger trend in preventative medicine and supplementation.
- As consumers have come to rely on dietary supplements to shore up nutritional gaps or assist in managing a host of health complaints, they have come to play an outsized role in their diets.
- Lutein, known for its role in eye health, and now research suggests skin health and cognitive function, is a shining star for this emerging food category.
- The lutein-supplement category grew at a breakneck pace on the strength of a perfect storm of confluences: an aging world, greater awareness of the role that diet and supplementation can play in keeping our eyes healthy, and the explosion of lifestyle eye diseases.
- In the dietary supplement market, the eye health segment has been a major growth driver of lutein demand.
- With the ever-increasing consumption of digital devices in all age groups and professions and the accompanying worries about digital eye strain, exposure to blue light, and long-term vision health, the demand for eye health supplements has been skyrocketing with lutein as a primary or ancillary ingredient.
- The scientific evidence for lutein's health benefits for the macula and, in turn, in lowering the risk of AMD has assured consumers of lutein supplements.
- Furthermore, the focus on prevention has extended the target population for these supplements beyond the elderly to include young adults and even children, a group with significantly expanded market potential.
Increase in Demand for Lutein as a Natural Colorant
- The growing importance of lutein as a natural pigment is considered as one of the major factors boosting the lutein market, offering many lucrative opportunities across various industries, particularly in the food and beverage and cosmetics industry. This is largely due to the shift in focus of the global market towards natural and clean-label products, as customers become increasingly aware of food and personal care product composition.
- Lutein from the marigold provides a food-grade alternative to synthetic colorants – in line with the appetite for natural, plant-based ingredients.
- This shift is not a flash-in-the-pan but a core change in consumer behavior based on health, sustainability, and environmental concerns and is likely to underpin the long-term growth of the lutein market in the colorant segment.
- There is a market for lutein in the food and drinks sector as a natural yellow-to-orange colorant, which is replacing artificial colors that have fallen out of favor with health-conscious consumers.
- Its food applications include use in baked goods, dairy products, confectionery, beverages, and processed foods. The capacity of lutein to add a desirable yellow color while offering potential health benefits, particularly for eye health, creates a unique value proposition for food manufacturers.
- Thus, this dual functionality as a colorant and nutritional ingredient enables companies to respond to more than one consumer demand with a single additive, all the while making lutein a more attractive ingredient to add to product formulations.
- In addition, the good stability of lutein in different food matrices and processing conditions makes it suitable for different applications, which leads to the wide use of lutein in the food industry.
Lutein Market Report Segmentation Analysis
Key segments that contributed to the derivation of the lutein market analysis are form and application.
- On the basis of form, the market is bifurcated into powder, oil suspension, and others.
- Based on application, the market is segmented into food and beverages, dietary supplements, animal feed, and others.
Lutein Market Share Analysis by Geography
- Lutein 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 lutein market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers Porter's analysis, which involves the study of major factors that influence the lutein market in these regions.
Lutein Market Report Scope
Lutein Market News and Recent Development
The lutein market is evaluated by gathering the qualitative and quantitative data post primary and secondary research, which include important corporate publication, association data, and database. The few developments in the lutein market are listed below:
- Ashland (Wilmington, DE) launched its latest soy-free GPM nutrients and two new additions to its N-dur xr technology line during the SupplySide West 2021. Soy-free GPM nutrients are bound to a food source to increase their bioavailability. The gluten-free, non-GMO, Kosher-certified nutrients are part of a whole-food matrix, gentle on the stomach, and made with a patented process. To address eye strain from excessive screen time, Ashland launched soy-free GPM lutein for companies formulating eye health supplements. (Source: Ashland Global Holdings Inc, Press Release, November 2021)
Lutein Market Report Coverage and Deliverables
The " Lutein Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Lutein market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Lutein market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Lutein 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 lutein 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
Increasing demand for lutein as a natural colorant is anticipated to play a significant role in the global lutein market in the coming years.
The leading players operating in the lutein market are Kemin Industries, Inc., BASF SE, Chr. Hansen Holding A/S., Givaudan, Allied Biotech Corporation, ExcelVite, Lycored, Synthite Industries Ltd., OmniActive Health Technologies, Kalsec Inc., Piveg, Inc., Zhejiang Medicine Co., Ltd., Fenchem Biotek Ltd., Divis Laboratories Limited, and IOSA (Industria Orgánica S.A. de C.V.)
The increasing demand for dietary supplements is one of the major factors driving the lutein market.
The global lutein market is expected to grow at a CAGR of 6% during the forecast period 2023 - 2031.
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 Lutein Market - By Form
1.3.2 Lutein Market - By Source
1.3.3 Lutein Market - By Application
1.3.4 Lutein Market - By Production Process
1.3.5 Lutein Market - By Region
1.3.5.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. LUTEIN 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. LUTEIN 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. LUTEIN MARKET - GLOBAL MARKET ANALYSIS
6.1. LUTEIN - GLOBAL MARKET OVERVIEW
6.2. LUTEIN - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. LUTEIN MARKET - REVENUE AND FORECASTS TO 2028 - FORM
7.1. OVERVIEW
7.2. FORM MARKET FORECASTS AND ANALYSIS
7.3. POWDER AND CRYSTALLINE
7.3.1. Overview
7.3.2. Powder and Crystalline Market Forecast and Analysis
7.4. OIL SUSPENSION
7.4.1. Overview
7.4.2. Oil Suspension Market Forecast and Analysis
7.5. BEADLET
7.5.1. Overview
7.5.2. Beadlet Market Forecast and Analysis
7.6. EMULSION
7.6.1. Overview
7.6.2. Emulsion Market Forecast and Analysis
8. LUTEIN MARKET - REVENUE AND FORECASTS TO 2028 - SOURCE
8.1. OVERVIEW
8.2. SOURCE MARKET FORECASTS AND ANALYSIS
8.3. NATURAL
8.3.1. Overview
8.3.2. Natural Market Forecast and Analysis
8.4. SYNTHETIC
8.4.1. Overview
8.4.2. Synthetic Market Forecast and Analysis
9. LUTEIN MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. FOOD
9.3.1. Overview
9.3.2. Food Market Forecast and Analysis
9.4. BEVERAGES
9.4.1. Overview
9.4.2. Beverages Market Forecast and Analysis
9.5. DIETARY SUPPLEMENTS
9.5.1. Overview
9.5.2. Dietary Supplements Market Forecast and Analysis
9.6. ANIMAL FEED
9.6.1. Overview
9.6.2. Animal Feed Market Forecast and Analysis
9.7. OTHER APPLICATIONS
9.7.1. Overview
9.7.2. Other Applications Market Forecast and Analysis
10. LUTEIN MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCTION PROCESS
10.1. OVERVIEW
10.2. PRODUCTION PROCESS MARKET FORECASTS AND ANALYSIS
10.3. CHEMICAL SYNTHESIS
10.3.1. Overview
10.3.2. Chemical Synthesis Market Forecast and Analysis
10.4. EXTRACTION FROM BOTANICAL MATERIAL
10.4.1. Overview
10.4.2. Extraction From Botanical Material Market Forecast and Analysis
10.5. FERMENTATION
10.5.1. Overview
10.5.2. Fermentation Market Forecast and Analysis
10.6. ALGAE ROUTE
10.6.1. Overview
10.6.2. Algae Route Market Forecast and Analysis
11. LUTEIN MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
11.1. NORTH AMERICA
11.1.1 North America Lutein Market Overview
11.1.2 North America Lutein Market Forecasts and Analysis
11.1.3 North America Lutein Market Forecasts and Analysis - By Form
11.1.4 North America Lutein Market Forecasts and Analysis - By Source
11.1.5 North America Lutein Market Forecasts and Analysis - By Application
11.1.6 North America Lutein Market Forecasts and Analysis - By Production Process
11.1.7 North America Lutein Market Forecasts and Analysis - By Countries
11.1.7.1 United States Lutein Market
11.1.7.1.1 United States Lutein Market by Form
11.1.7.1.2 United States Lutein Market by Source
11.1.7.1.3 United States Lutein Market by Application
11.1.7.1.4 United States Lutein Market by Production Process
11.1.7.2 Canada Lutein Market
11.1.7.2.1 Canada Lutein Market by Form
11.1.7.2.2 Canada Lutein Market by Source
11.1.7.2.3 Canada Lutein Market by Application
11.1.7.2.4 Canada Lutein Market by Production Process
11.1.7.3 Mexico Lutein Market
11.1.7.3.1 Mexico Lutein Market by Form
11.1.7.3.2 Mexico Lutein Market by Source
11.1.7.3.3 Mexico Lutein Market by Application
11.1.7.3.4 Mexico Lutein Market by Production Process
11.2. EUROPE
11.2.1 Europe Lutein Market Overview
11.2.2 Europe Lutein Market Forecasts and Analysis
11.2.3 Europe Lutein Market Forecasts and Analysis - By Form
11.2.4 Europe Lutein Market Forecasts and Analysis - By Source
11.2.5 Europe Lutein Market Forecasts and Analysis - By Application
11.2.6 Europe Lutein Market Forecasts and Analysis - By Production Process
11.2.7 Europe Lutein Market Forecasts and Analysis - By Countries
11.2.7.1 Germany Lutein Market
11.2.7.1.1 Germany Lutein Market by Form
11.2.7.1.2 Germany Lutein Market by Source
11.2.7.1.3 Germany Lutein Market by Application
11.2.7.1.4 Germany Lutein Market by Production Process
11.2.7.2 France Lutein Market
11.2.7.2.1 France Lutein Market by Form
11.2.7.2.2 France Lutein Market by Source
11.2.7.2.3 France Lutein Market by Application
11.2.7.2.4 France Lutein Market by Production Process
11.2.7.3 Italy Lutein Market
11.2.7.3.1 Italy Lutein Market by Form
11.2.7.3.2 Italy Lutein Market by Source
11.2.7.3.3 Italy Lutein Market by Application
11.2.7.3.4 Italy Lutein Market by Production Process
11.2.7.4 United Kingdom Lutein Market
11.2.7.4.1 United Kingdom Lutein Market by Form
11.2.7.4.2 United Kingdom Lutein Market by Source
11.2.7.4.3 United Kingdom Lutein Market by Application
11.2.7.4.4 United Kingdom Lutein Market by Production Process
11.2.7.5 Russia Lutein Market
11.2.7.5.1 Russia Lutein Market by Form
11.2.7.5.2 Russia Lutein Market by Source
11.2.7.5.3 Russia Lutein Market by Application
11.2.7.5.4 Russia Lutein Market by Production Process
11.2.7.6 Rest of Europe Lutein Market
11.2.7.6.1 Rest of Europe Lutein Market by Form
11.2.7.6.2 Rest of Europe Lutein Market by Source
11.2.7.6.3 Rest of Europe Lutein Market by Application
11.2.7.6.4 Rest of Europe Lutein Market by Production Process
11.3. ASIA-PACIFIC
11.3.1 Asia-Pacific Lutein Market Overview
11.3.2 Asia-Pacific Lutein Market Forecasts and Analysis
11.3.3 Asia-Pacific Lutein Market Forecasts and Analysis - By Form
11.3.4 Asia-Pacific Lutein Market Forecasts and Analysis - By Source
11.3.5 Asia-Pacific Lutein Market Forecasts and Analysis - By Application
11.3.6 Asia-Pacific Lutein Market Forecasts and Analysis - By Production Process
11.3.7 Asia-Pacific Lutein Market Forecasts and Analysis - By Countries
11.3.7.1 Australia Lutein Market
11.3.7.1.1 Australia Lutein Market by Form
11.3.7.1.2 Australia Lutein Market by Source
11.3.7.1.3 Australia Lutein Market by Application
11.3.7.1.4 Australia Lutein Market by Production Process
11.3.7.2 China Lutein Market
11.3.7.2.1 China Lutein Market by Form
11.3.7.2.2 China Lutein Market by Source
11.3.7.2.3 China Lutein Market by Application
11.3.7.2.4 China Lutein Market by Production Process
11.3.7.3 India Lutein Market
11.3.7.3.1 India Lutein Market by Form
11.3.7.3.2 India Lutein Market by Source
11.3.7.3.3 India Lutein Market by Application
11.3.7.3.4 India Lutein Market by Production Process
11.3.7.4 Japan Lutein Market
11.3.7.4.1 Japan Lutein Market by Form
11.3.7.4.2 Japan Lutein Market by Source
11.3.7.4.3 Japan Lutein Market by Application
11.3.7.4.4 Japan Lutein Market by Production Process
11.3.7.5 South Korea Lutein Market
11.3.7.5.1 South Korea Lutein Market by Form
11.3.7.5.2 South Korea Lutein Market by Source
11.3.7.5.3 South Korea Lutein Market by Application
11.3.7.5.4 South Korea Lutein Market by Production Process
11.3.7.6 Rest of Asia-Pacific Lutein Market
11.3.7.6.1 Rest of Asia-Pacific Lutein Market by Form
11.3.7.6.2 Rest of Asia-Pacific Lutein Market by Source
11.3.7.6.3 Rest of Asia-Pacific Lutein Market by Application
11.3.7.6.4 Rest of Asia-Pacific Lutein Market by Production Process
11.4. MIDDLE EAST AND AFRICA
11.4.1 Middle East and Africa Lutein Market Overview
11.4.2 Middle East and Africa Lutein Market Forecasts and Analysis
11.4.3 Middle East and Africa Lutein Market Forecasts and Analysis - By Form
11.4.4 Middle East and Africa Lutein Market Forecasts and Analysis - By Source
11.4.5 Middle East and Africa Lutein Market Forecasts and Analysis - By Application
11.4.6 Middle East and Africa Lutein Market Forecasts and Analysis - By Production Process
11.4.7 Middle East and Africa Lutein Market Forecasts and Analysis - By Countries
11.4.7.1 South Africa Lutein Market
11.4.7.1.1 South Africa Lutein Market by Form
11.4.7.1.2 South Africa Lutein Market by Source
11.4.7.1.3 South Africa Lutein Market by Application
11.4.7.1.4 South Africa Lutein Market by Production Process
11.4.7.2 Saudi Arabia Lutein Market
11.4.7.2.1 Saudi Arabia Lutein Market by Form
11.4.7.2.2 Saudi Arabia Lutein Market by Source
11.4.7.2.3 Saudi Arabia Lutein Market by Application
11.4.7.2.4 Saudi Arabia Lutein Market by Production Process
11.4.7.3 U.A.E Lutein Market
11.4.7.3.1 U.A.E Lutein Market by Form
11.4.7.3.2 U.A.E Lutein Market by Source
11.4.7.3.3 U.A.E Lutein Market by Application
11.4.7.3.4 U.A.E Lutein Market by Production Process
11.4.7.4 Rest of Middle East and Africa Lutein Market
11.4.7.4.1 Rest of Middle East and Africa Lutein Market by Form
11.4.7.4.2 Rest of Middle East and Africa Lutein Market by Source
11.4.7.4.3 Rest of Middle East and Africa Lutein Market by Application
11.4.7.4.4 Rest of Middle East and Africa Lutein Market by Production Process
11.5. SOUTH AND CENTRAL AMERICA
11.5.1 South and Central America Lutein Market Overview
11.5.2 South and Central America Lutein Market Forecasts and Analysis
11.5.3 South and Central America Lutein Market Forecasts and Analysis - By Form
11.5.4 South and Central America Lutein Market Forecasts and Analysis - By Source
11.5.5 South and Central America Lutein Market Forecasts and Analysis - By Application
11.5.6 South and Central America Lutein Market Forecasts and Analysis - By Production Process
11.5.7 South and Central America Lutein Market Forecasts and Analysis - By Countries
11.5.7.1 Brazil Lutein Market
11.5.7.1.1 Brazil Lutein Market by Form
11.5.7.1.2 Brazil Lutein Market by Source
11.5.7.1.3 Brazil Lutein Market by Application
11.5.7.1.4 Brazil Lutein Market by Production Process
11.5.7.2 Argentina Lutein Market
11.5.7.2.1 Argentina Lutein Market by Form
11.5.7.2.2 Argentina Lutein Market by Source
11.5.7.2.3 Argentina Lutein Market by Application
11.5.7.2.4 Argentina Lutein Market by Production Process
11.5.7.3 Rest of South and Central America Lutein Market
11.5.7.3.1 Rest of South and Central America Lutein Market by Form
11.5.7.3.2 Rest of South and Central America Lutein Market by Source
11.5.7.3.3 Rest of South and Central America Lutein Market by Application
11.5.7.3.4 Rest of South and Central America Lutein Market by Production Process
12. INDUSTRY LANDSCAPE
12.1. MERGERS AND ACQUISITIONS
12.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
12.3. NEW PRODUCT LAUNCHES
12.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
13. LUTEIN MARKET, KEY COMPANY PROFILES
13.1. ALLIED BIOTECH CORPORATION
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. BASF SE
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. CHR. HANSEN A/S
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. DDW THE COLOR HOUSE
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. DöHLER
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. EAST INDIA DISTILLERIES PARRY LIMITED
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. KEMIN INDUSTRIES
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. OMNIACTIVE HEALTH TECHNOLOGIES
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. PIVEG, 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. ZHEJIANG MEDICINE CO., LTD
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
14.2. GLOSSARY OF TERMS
The List of Companies
1.Allied Biotech Corporation
2.BASF SE
3.Chr. Hansen A/S
4.DDW The Color House
5.Dohler
6.East India Distilleries Parry Limited
7.Kemin Industries
8.OmniActive Health Technologies
9.Piveg, Inc.
10.Zhejiang Medicine Co., Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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