Natural Fragrance Ingredients Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
The natural fragrance ingredients market is expected to grow from US$ 2.5 billion in 2022 to US$ 4.5 billion by 2031; it is estimated to grow at a CAGR of 7.5% from 2022 to 2031.
Natural fragrances are complex compositions of natural fragrant raw materials, including essential oils, isolates, essential oils fractions, exudates such as resins, distillates, extracts, and volatile concentrates. Various spice-based, floral-based, and fruit-based natural fragrance ingredients are available in the market. The ingredients generally have applications in fine fragrances, skincare, haircare, and fabric care. Natural fragrance ingredients are aromatic compounds usually incorporated into various products to impart a pleasing odor, mask the ingrained smell of ingredients, and improve the experience of using the product.
MARKET DYNAMICS
The innovations in the manufacturing of natural fragrance ingredients by the leading players play a vital role in the natural fragrance ingredients market growth. Owing to the rising awareness regarding the benefits of natural fragrance ingredients, consumers are drastically inclining toward natural ingredients over synthetic ingredients. Also, the low toxicity of natural fragrance ingredients further encourages consumers to opt for natural fragrance ingredients. Moreover, rare fragrances, such as musk, and earthy fragrances have strong demand in the premium category of natural fragrance ingredients, which bolsters the growth of the market. However, the high cost of premium natural fragrance ingredients hampers the market growth.
MARKET SCOPE
The "Global Natural Fragrance Ingredients Market Forecast to 2031" report aims to provide an overview of the market with detailed market segmentation. It provides key statistics based on the performance of leading market players and offers major trends and opportunities in the market.
Strategic Insights
MARKET SEGMENTATION
The global natural fragrance ingredients market is bifurcated on the basis of type and application. Based on type, the market is segmented into spice based, flower based, fruit based, and others. Based on application, the market is segmented into fine fragrances, skincare, haircare, fabric care, and others.
The global natural fragrance ingredients market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The report covers an analysis and forecast of 18 countries across the world, along with trends and opportunities prevailing in these regions.
Europe dominated the natural fragrance ingredients market in 2021. The market in Europe is majorly attributed to the rising health awareness among consumers and the increasing importance of aroma in products. According to the Centre for the Promotion of Imports from developing countries (CBI) report published on February 10, 2021, the imports of high-value essential oils increased by 21.6% owing to the surged demand for high-value essential oils in Europe. Also, rising personal care and cosmetics expenditures, changing lifestyles, and an increasing per capita incomes are a few key factors supporting the growth of the natural fragrance ingredients market across the region.
Source: The Insight Partners Analysis
The report analyzes the factors, such as drivers, restraints, opportunities, and future trends, that impact the natural fragrance ingredients market. It also provides an exhaustive Porter's five forces analysis of the factors influencing the market in these regions.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic has had a profound impact on the natural ingredients market. The natural fragrance ingredients are highly used in the cosmetics & personal care industry. During the pandemic, industries were forced to stop production for months, and offices were advised to shift to a work-from-home scenario. Work was affected, production was halted, orders were delayed, and the import/export supply chain was interrupted due to the adverse effects of the pandemic. Moreover, the COVID-19 patient suffered from sensory disturbances. Hence, fragrance ingredient companies faced challenges due to the impact of the sense of smell and taste. Hence, the companies were unable to come up with the new solutions. Also, disruptions in supply chain coupled with the closing of national and international boundaries for import & export majorly affected the natural fragrance ingredients market.
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The global natural fragrance ingredients market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The report covers an analysis and forecast of 18 countries across the world, along with trends and opportunities prevailing in these regions.
Europe dominated the natural fragrance ingredients market in 2021. The market in Europe is majorly attributed to the rising health awareness among consumers and the increasing importance of aroma in products. According to the Centre for the Promotion of Imports from developing countries (CBI) report published on February 10, 2021, the imports of high-value essential oils increased by 21.6% owing to the surged demand for high-value essential oils in Europe. Also, rising personal care and cosmetics expenditures, changing lifestyles, and an increasing per capita incomes are a few key factors supporting the growth of the natural fragrance ingredients market across the region.
Source: The Insight Partners Analysis
The report analyzes the factors, such as drivers, restraints, opportunities, and future trends, that impact the natural fragrance ingredients market. It also provides an exhaustive Porter's five forces analysis of the factors influencing the market in these regions.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic has had a profound impact on the natural ingredients market. The natural fragrance ingredients are highly used in the cosmetics & personal care industry. During the pandemic, industries were forced to stop production for months, and offices were advised to shift to a work-from-home scenario. Work was affected, production was halted, orders were delayed, and the import/export supply chain was interrupted due to the adverse effects of the pandemic. Moreover, the COVID-19 patient suffered from sensory disturbances. Hence, fragrance ingredient companies faced challenges due to the impact of the sense of smell and taste. Hence, the companies were unable to come up with the new solutions. Also, disruptions in supply chain coupled with the closing of national and international boundaries for import & export majorly affected the natural fragrance ingredients market.
MARKET PLAYERS
Various companies in the natural fragrance ingredients market are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Acquisitions, partnerships, and collaborations are a few inorganic growth strategic activities witnessed in the market. These activities have paved the way for business expansion and the customer base of market players. Market players are anticipated to experience lucrative growth opportunities in the coming years due to the rising demand for natural fragrance ingredients.
The report includes key company profiles operating in the natural fragrance ingredients market, along with their SWOT analysis and market strategies. It also focuses on leading industry players’ information, such as company profiles, components and services offered, financial information of the last three years, and key development in the past five years.
Key Companies Operating in the Natural Fragrance Ingredients Market
- Givaudan SA
- International Flavors and Fragrances (IFF)
- Takasago International
- Huabao Group
- Firmenich SA
- Symrise AG
- Robertet SA
- Mane SA
- Agilex Fragrances
- Carmi Flavor & Fragrance Co. Inc.
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Application, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
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 Natural Fragrance Ingredients Market - By Product
1.3.2 Natural Fragrance Ingredients Market - By Application
1.3.3 Natural Fragrance Ingredients Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. NATURAL FRAGRANCE INGREDIENTS 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. NATURAL FRAGRANCE INGREDIENTS 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. NATURAL FRAGRANCE INGREDIENTS MARKET - GLOBAL MARKET ANALYSIS
6.1. NATURAL FRAGRANCE INGREDIENTS - GLOBAL MARKET OVERVIEW
6.2. NATURAL FRAGRANCE INGREDIENTS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. NATURAL FRAGRANCE INGREDIENTS MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. WOOD BASED
7.3.1. Overview
7.3.2. Wood Based Market Forecast and Analysis
7.4. SPICE BASED
7.4.1. Overview
7.4.2. Spice Based Market Forecast and Analysis
7.5. FLOWER BASED
7.5.1. Overview
7.5.2. Flower Based Market Forecast and Analysis
7.6. MUSK BASED
7.6.1. Overview
7.6.2. Musk Based Market Forecast and Analysis
7.7. FRUIT BASED
7.7.1. Overview
7.7.2. Fruit Based Market Forecast and Analysis
8. NATURAL FRAGRANCE INGREDIENTS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. HOUSEHOLD CARE
8.3.1. Overview
8.3.2. Household Care Market Forecast and Analysis
8.4. CAR FRESHENERS
8.4.1. Overview
8.4.2. Car Fresheners Market Forecast and Analysis
8.5. FABRIC FRESHENERS
8.5.1. Overview
8.5.2. Fabric Fresheners Market Forecast and Analysis
8.6. COSMETICS
8.6.1. Overview
8.6.2. Cosmetics Market Forecast and Analysis
8.7. CANDLES NATURAL PERFUMES AND COLOGNES
8.7.1. Overview
8.7.2. Candles Natural Perfumes and Colognes Market Forecast and Analysis
8.8. SOAPS AND DETERGENTS
8.8.1. Overview
8.8.2. Soaps and Detergents Market Forecast and Analysis
9. NATURAL FRAGRANCE INGREDIENTS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Natural Fragrance Ingredients Market Overview
9.1.2 North America Natural Fragrance Ingredients Market Forecasts and Analysis
9.1.3 North America Natural Fragrance Ingredients Market Forecasts and Analysis - By Product
9.1.4 North America Natural Fragrance Ingredients Market Forecasts and Analysis - By Application
9.1.5 North America Natural Fragrance Ingredients Market Forecasts and Analysis - By Countries
9.1.5.1 United States Natural Fragrance Ingredients Market
9.1.5.1.1 United States Natural Fragrance Ingredients Market by Product
9.1.5.1.2 United States Natural Fragrance Ingredients Market by Application
9.1.5.2 Canada Natural Fragrance Ingredients Market
9.1.5.2.1 Canada Natural Fragrance Ingredients Market by Product
9.1.5.2.2 Canada Natural Fragrance Ingredients Market by Application
9.1.5.3 Mexico Natural Fragrance Ingredients Market
9.1.5.3.1 Mexico Natural Fragrance Ingredients Market by Product
9.1.5.3.2 Mexico Natural Fragrance Ingredients Market by Application
9.2. EUROPE
9.2.1 Europe Natural Fragrance Ingredients Market Overview
9.2.2 Europe Natural Fragrance Ingredients Market Forecasts and Analysis
9.2.3 Europe Natural Fragrance Ingredients Market Forecasts and Analysis - By Product
9.2.4 Europe Natural Fragrance Ingredients Market Forecasts and Analysis - By Application
9.2.5 Europe Natural Fragrance Ingredients Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Natural Fragrance Ingredients Market
9.2.5.1.1 Germany Natural Fragrance Ingredients Market by Product
9.2.5.1.2 Germany Natural Fragrance Ingredients Market by Application
9.2.5.2 France Natural Fragrance Ingredients Market
9.2.5.2.1 France Natural Fragrance Ingredients Market by Product
9.2.5.2.2 France Natural Fragrance Ingredients Market by Application
9.2.5.3 Italy Natural Fragrance Ingredients Market
9.2.5.3.1 Italy Natural Fragrance Ingredients Market by Product
9.2.5.3.2 Italy Natural Fragrance Ingredients Market by Application
9.2.5.4 United Kingdom Natural Fragrance Ingredients Market
9.2.5.4.1 United Kingdom Natural Fragrance Ingredients Market by Product
9.2.5.4.2 United Kingdom Natural Fragrance Ingredients Market by Application
9.2.5.5 Russia Natural Fragrance Ingredients Market
9.2.5.5.1 Russia Natural Fragrance Ingredients Market by Product
9.2.5.5.2 Russia Natural Fragrance Ingredients Market by Application
9.2.5.6 Rest of Europe Natural Fragrance Ingredients Market
9.2.5.6.1 Rest of Europe Natural Fragrance Ingredients Market by Product
9.2.5.6.2 Rest of Europe Natural Fragrance Ingredients Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Natural Fragrance Ingredients Market Overview
9.3.2 Asia-Pacific Natural Fragrance Ingredients Market Forecasts and Analysis
9.3.3 Asia-Pacific Natural Fragrance Ingredients Market Forecasts and Analysis - By Product
9.3.4 Asia-Pacific Natural Fragrance Ingredients Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Natural Fragrance Ingredients Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Natural Fragrance Ingredients Market
9.3.5.1.1 Australia Natural Fragrance Ingredients Market by Product
9.3.5.1.2 Australia Natural Fragrance Ingredients Market by Application
9.3.5.2 China Natural Fragrance Ingredients Market
9.3.5.2.1 China Natural Fragrance Ingredients Market by Product
9.3.5.2.2 China Natural Fragrance Ingredients Market by Application
9.3.5.3 India Natural Fragrance Ingredients Market
9.3.5.3.1 India Natural Fragrance Ingredients Market by Product
9.3.5.3.2 India Natural Fragrance Ingredients Market by Application
9.3.5.4 Japan Natural Fragrance Ingredients Market
9.3.5.4.1 Japan Natural Fragrance Ingredients Market by Product
9.3.5.4.2 Japan Natural Fragrance Ingredients Market by Application
9.3.5.5 South Korea Natural Fragrance Ingredients Market
9.3.5.5.1 South Korea Natural Fragrance Ingredients Market by Product
9.3.5.5.2 South Korea Natural Fragrance Ingredients Market by Application
9.3.5.6 Rest of Asia-Pacific Natural Fragrance Ingredients Market
9.3.5.6.1 Rest of Asia-Pacific Natural Fragrance Ingredients Market by Product
9.3.5.6.2 Rest of Asia-Pacific Natural Fragrance Ingredients Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Natural Fragrance Ingredients Market Overview
9.4.2 Middle East and Africa Natural Fragrance Ingredients Market Forecasts and Analysis
9.4.3 Middle East and Africa Natural Fragrance Ingredients Market Forecasts and Analysis - By Product
9.4.4 Middle East and Africa Natural Fragrance Ingredients Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Natural Fragrance Ingredients Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Natural Fragrance Ingredients Market
9.4.5.1.1 South Africa Natural Fragrance Ingredients Market by Product
9.4.5.1.2 South Africa Natural Fragrance Ingredients Market by Application
9.4.5.2 Saudi Arabia Natural Fragrance Ingredients Market
9.4.5.2.1 Saudi Arabia Natural Fragrance Ingredients Market by Product
9.4.5.2.2 Saudi Arabia Natural Fragrance Ingredients Market by Application
9.4.5.3 U.A.E Natural Fragrance Ingredients Market
9.4.5.3.1 U.A.E Natural Fragrance Ingredients Market by Product
9.4.5.3.2 U.A.E Natural Fragrance Ingredients Market by Application
9.4.5.4 Rest of Middle East and Africa Natural Fragrance Ingredients Market
9.4.5.4.1 Rest of Middle East and Africa Natural Fragrance Ingredients Market by Product
9.4.5.4.2 Rest of Middle East and Africa Natural Fragrance Ingredients Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Natural Fragrance Ingredients Market Overview
9.5.2 South and Central America Natural Fragrance Ingredients Market Forecasts and Analysis
9.5.3 South and Central America Natural Fragrance Ingredients Market Forecasts and Analysis - By Product
9.5.4 South and Central America Natural Fragrance Ingredients Market Forecasts and Analysis - By Application
9.5.5 South and Central America Natural Fragrance Ingredients Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Natural Fragrance Ingredients Market
9.5.5.1.1 Brazil Natural Fragrance Ingredients Market by Product
9.5.5.1.2 Brazil Natural Fragrance Ingredients Market by Application
9.5.5.2 Argentina Natural Fragrance Ingredients Market
9.5.5.2.1 Argentina Natural Fragrance Ingredients Market by Product
9.5.5.2.2 Argentina Natural Fragrance Ingredients Market by Application
9.5.5.3 Rest of South and Central America Natural Fragrance Ingredients Market
9.5.5.3.1 Rest of South and Central America Natural Fragrance Ingredients Market by Product
9.5.5.3.2 Rest of South and Central America Natural Fragrance Ingredients Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. NATURAL FRAGRANCE INGREDIENTS MARKET, KEY COMPANY PROFILES
11.1. GIVAUDAN SA
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. INTERNATIONAL FLAVORS AND FRAGRANCES (IFF)
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. TAKASAGO INTERNATIONAL
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. SENSIENT FLAVORS AND FRAGRANCES.
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. HUABAO INTL.
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. FIRMENICH SA
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. SYMRISE AG.
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. FRUTAROM INDUSTRIES LTD.
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. ROBERTET SA.
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. MANE SA.
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. Givaudan SA
2. International Flavors and Fragrances (IFF)
3. Takasago International
4. Sensient Flavors and Fragrances.
5. Huabao Intl.
6. Firmenich SA
7. Symrise AG.
8. Frutarom Industries Ltd.
9. Robertet SA.
10. Mane SA.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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