Natural Menthol Market Report, Analysis, Opportunities by 2031
The Natural Menthol Market is expected to register a CAGR of 6% from 2024 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Source (Corn Mint, Peppermint, and Others). The report presents analysis based Applications (Mouth Fresheners, Confectionaries, Lozenge, Tobacco, Toothpastes and Mouth Washes, Lips Balms, and Others). Based on End-Use the report is segmented into (Food and Beverages, Personal Care, and Others). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Natural Menthol Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Natural Menthol Market Segmentation
Source- Corn Mint
- Peppermint
- Food and Beverages
- Personal Care
Strategic Insights
Natural Menthol Market Growth Drivers- Natural Menthol Boosting Oral Care Product Demand: Oral care products form one of the most significant growth drivers for the market natural menthol. Natural menthol, which is known for its refreshing taste and cooling properties, is widely used as an ingredient in toothpaste, mouthwash, and chewing gum. In this world where customers are increasingly concerned about their oral hygiene, the use of natural menthol increases the appeal of products.
- Increasing Consumer Awareness Driving Oral Care Demand: As public awareness regarding dental care increased over the past years, surely the demand for oral care products has steadily increased. Natural menthol, apart from contributing a refreshing flavor, also provides some degree of antimicrobial activity that helps ensure aid in fighting against bad breath as it serves to foster the oral health in general. This trend is further propelling the natural menthol market, as manufacturers respond to consumer preferences.
- Shift Towards Natural Ingredients in Oral Care Products: This, in turn, is impacting the oral care industry due to the increasing demand for natural and organic products. Consumers today are rapidly choosing products with a natural ingredient composition, which they deem safer and more potent. Brands are taking up this reality as an opportunity to include natural menthol in their products. Subsequently, the demand for natural menthol is increasing and growing steadily in the market.
- Natural Menthol Driving Growth in Pharmaceutical Applications: Pharmaceutical applications are coming in as the primary future trend drivers growing the market for natural menthol. As a widely recognized therapeutic agent, natural menthol is valued for its analgesic and anti-inflammatory nature, prompting many to use it in various medicinal formulations. Use of natural menthol in over-the-counter products is increasing steadily.
- Increasing Use of Menthol for Pain Relief and Anti-inflammatory Benefits: The cooling effect that natural menthol provides topical formulations aids in the relief of soreness and pain with respect to such conditions as muscle aches and joint pains. Pharmaceutical firms have been embracing natural menthol as part of their products in efforts to capitalize on the fast-emerging demand for natural and efficient painkillers, thus propelling growth in the market.
- Consumer Shift Towards Plant-Based Alternatives Boosting Menthol Demand: Also, it is on account of increased interest in alternative medicine and holistic approaches that gives a boom to the appeal of natural menthol. As consumers look for ways of getting hold of their health and wellness needs, pharmaceutical companies innovate and come up with formulations having menthol. This is within an area that stands as part of a greater shift toward safer, plant-based alternatives.
- Rise of Natural Ingredients Driving Natural Menthol Growth: The emergence of growth opportunities of natural menthol has significant contributions from natural ingredients. There is a trend of increasing health and wellness consciousness in the consumers. And such a customer loves to take products from a natural source. Natural Menthol, which is obtained from peppermint and other types of mint plant, fits this trend and brings in the health-conscious customer base.
However, the beauty and personal care industry also changes its course toward a natural formulation. Brands introduce natural menthol in the form of skin or hair care products to capitalize on the cooling or soothing property of the ingredient. This is trending toward clean beauty to enhance the efficacy of the product and appeal to consumers about better, safer, and more environmentally friendly alternatives.
- Natural Menthol’s Role in Beauty, Personal Care, and Food Industries: Along with this, natural menthol is widely being used in food and beverages as a flavoring agent. Also, with the clean label demand, the manufacturers are opting for natural flavors compared to synthetic ones. Natural menthol offers cooling sensation in candies, beverages, and chewing gum. This wider application is helping to propel the growth of the market.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Natural Menthol Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Natural Menthol Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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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
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to country scope.
Frequently Asked Questions
Pharmaceutical Applications is expected to be the key market trends.
Based on geography, Asia Pacific held the largest share of the natural menthol market.
Agson Global, BASF, Takasago are some of the key players operating in the natural menthol market
Based on source, peppermint is expected to witness the fastest growth during the forecast period
The Natural Menthol Market is estimated to witness a CAGR of 6% from 2023 to 2031
Oral Care Products Demand is driving the market growth
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Natural Menthol Market - By Source
1.3.2 Natural Menthol Market - By End Use
1.3.3 Natural Menthol Market - By Applications
1.3.4 Natural Menthol Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. NATURAL MENTHOL MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. EXPERT OPINIONS
5. NATURAL MENTHOL 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 MENTHOL MARKET - GLOBAL MARKET ANALYSIS
6.1. NATURAL MENTHOL - GLOBAL MARKET OVERVIEW
6.2. NATURAL MENTHOL - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. NATURAL MENTHOL MARKET - REVENUE AND FORECASTS TO 2028 - SOURCE
7.1. OVERVIEW
7.2. SOURCE MARKET FORECASTS AND ANALYSIS
7.3. CORN MINT
7.3.1. Overview
7.3.2. Corn Mint Market Forecast and Analysis
7.4. PEPPERMINT
7.4.1. Overview
7.4.2. Peppermint Market Forecast and Analysis
7.5. OTHERS
7.5.1. Overview
7.5.2. Others Market Forecast and Analysis
8. NATURAL MENTHOL MARKET - REVENUE AND FORECASTS TO 2028 - END USE
8.1. OVERVIEW
8.2. END USE MARKET FORECASTS AND ANALYSIS
8.3. MOUTH FRESHENERS
8.3.1. Overview
8.3.2. Mouth Fresheners Market Forecast and Analysis
8.4. CONFECTIONARIES
8.4.1. Overview
8.4.2. Confectionaries Market Forecast and Analysis
8.5. LOZENGE
8.5.1. Overview
8.5.2. Lozenge Market Forecast and Analysis
8.6. TOBACCO
8.6.1. Overview
8.6.2. Tobacco Market Forecast and Analysis
8.7. TOOTHPASTES AND MOUTH WASHES
8.7.1. Overview
8.7.2. Toothpastes and Mouth Washes Market Forecast and Analysis
8.8. LIPS BALMS
8.8.1. Overview
8.8.2. Lips Balms Market Forecast and Analysis
8.9. OTHERS
8.9.1. Overview
8.9.2. Others Market Forecast and Analysis
9. NATURAL MENTHOL MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATIONS
9.1. OVERVIEW
9.2. APPLICATIONS MARKET FORECASTS AND ANALYSIS
9.3. FOOD AND BEVERAGES
9.3.1. Overview
9.3.2. Food and Beverages Market Forecast and Analysis
9.4. PERSONAL CARE
9.4.1. Overview
9.4.2. Personal Care Market Forecast and Analysis
9.5. OTHERS
9.5.1. Overview
9.5.2. Others Market Forecast and Analysis
10. NATURAL MENTHOL MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Natural Menthol Market Overview
10.1.2 North America Natural Menthol Market Forecasts and Analysis
10.1.3 North America Natural Menthol Market Forecasts and Analysis - By Source
10.1.4 North America Natural Menthol Market Forecasts and Analysis - By End Use
10.1.5 North America Natural Menthol Market Forecasts and Analysis - By Applications
10.1.6 North America Natural Menthol Market Forecasts and Analysis - By Countries
10.1.6.1 United States Natural Menthol Market
10.1.6.1.1 United States Natural Menthol Market by Source
10.1.6.1.2 United States Natural Menthol Market by End Use
10.1.6.1.3 United States Natural Menthol Market by Applications
10.1.6.2 Canada Natural Menthol Market
10.1.6.2.1 Canada Natural Menthol Market by Source
10.1.6.2.2 Canada Natural Menthol Market by End Use
10.1.6.2.3 Canada Natural Menthol Market by Applications
10.1.6.3 Mexico Natural Menthol Market
10.1.6.3.1 Mexico Natural Menthol Market by Source
10.1.6.3.2 Mexico Natural Menthol Market by End Use
10.1.6.3.3 Mexico Natural Menthol Market by Applications
10.2. EUROPE
10.2.1 Europe Natural Menthol Market Overview
10.2.2 Europe Natural Menthol Market Forecasts and Analysis
10.2.3 Europe Natural Menthol Market Forecasts and Analysis - By Source
10.2.4 Europe Natural Menthol Market Forecasts and Analysis - By End Use
10.2.5 Europe Natural Menthol Market Forecasts and Analysis - By Applications
10.2.6 Europe Natural Menthol Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Natural Menthol Market
10.2.6.1.1 Germany Natural Menthol Market by Source
10.2.6.1.2 Germany Natural Menthol Market by End Use
10.2.6.1.3 Germany Natural Menthol Market by Applications
10.2.6.2 France Natural Menthol Market
10.2.6.2.1 France Natural Menthol Market by Source
10.2.6.2.2 France Natural Menthol Market by End Use
10.2.6.2.3 France Natural Menthol Market by Applications
10.2.6.3 Italy Natural Menthol Market
10.2.6.3.1 Italy Natural Menthol Market by Source
10.2.6.3.2 Italy Natural Menthol Market by End Use
10.2.6.3.3 Italy Natural Menthol Market by Applications
10.2.6.4 United Kingdom Natural Menthol Market
10.2.6.4.1 United Kingdom Natural Menthol Market by Source
10.2.6.4.2 United Kingdom Natural Menthol Market by End Use
10.2.6.4.3 United Kingdom Natural Menthol Market by Applications
10.2.6.5 Russia Natural Menthol Market
10.2.6.5.1 Russia Natural Menthol Market by Source
10.2.6.5.2 Russia Natural Menthol Market by End Use
10.2.6.5.3 Russia Natural Menthol Market by Applications
10.2.6.6 Rest of Europe Natural Menthol Market
10.2.6.6.1 Rest of Europe Natural Menthol Market by Source
10.2.6.6.2 Rest of Europe Natural Menthol Market by End Use
10.2.6.6.3 Rest of Europe Natural Menthol Market by Applications
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Natural Menthol Market Overview
10.3.2 Asia-Pacific Natural Menthol Market Forecasts and Analysis
10.3.3 Asia-Pacific Natural Menthol Market Forecasts and Analysis - By Source
10.3.4 Asia-Pacific Natural Menthol Market Forecasts and Analysis - By End Use
10.3.5 Asia-Pacific Natural Menthol Market Forecasts and Analysis - By Applications
10.3.6 Asia-Pacific Natural Menthol Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Natural Menthol Market
10.3.6.1.1 Australia Natural Menthol Market by Source
10.3.6.1.2 Australia Natural Menthol Market by End Use
10.3.6.1.3 Australia Natural Menthol Market by Applications
10.3.6.2 China Natural Menthol Market
10.3.6.2.1 China Natural Menthol Market by Source
10.3.6.2.2 China Natural Menthol Market by End Use
10.3.6.2.3 China Natural Menthol Market by Applications
10.3.6.3 India Natural Menthol Market
10.3.6.3.1 India Natural Menthol Market by Source
10.3.6.3.2 India Natural Menthol Market by End Use
10.3.6.3.3 India Natural Menthol Market by Applications
10.3.6.4 Japan Natural Menthol Market
10.3.6.4.1 Japan Natural Menthol Market by Source
10.3.6.4.2 Japan Natural Menthol Market by End Use
10.3.6.4.3 Japan Natural Menthol Market by Applications
10.3.6.5 South Korea Natural Menthol Market
10.3.6.5.1 South Korea Natural Menthol Market by Source
10.3.6.5.2 South Korea Natural Menthol Market by End Use
10.3.6.5.3 South Korea Natural Menthol Market by Applications
10.3.6.6 Rest of Asia-Pacific Natural Menthol Market
10.3.6.6.1 Rest of Asia-Pacific Natural Menthol Market by Source
10.3.6.6.2 Rest of Asia-Pacific Natural Menthol Market by End Use
10.3.6.6.3 Rest of Asia-Pacific Natural Menthol Market by Applications
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Natural Menthol Market Overview
10.4.2 Middle East and Africa Natural Menthol Market Forecasts and Analysis
10.4.3 Middle East and Africa Natural Menthol Market Forecasts and Analysis - By Source
10.4.4 Middle East and Africa Natural Menthol Market Forecasts and Analysis - By End Use
10.4.5 Middle East and Africa Natural Menthol Market Forecasts and Analysis - By Applications
10.4.6 Middle East and Africa Natural Menthol Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Natural Menthol Market
10.4.6.1.1 South Africa Natural Menthol Market by Source
10.4.6.1.2 South Africa Natural Menthol Market by End Use
10.4.6.1.3 South Africa Natural Menthol Market by Applications
10.4.6.2 Saudi Arabia Natural Menthol Market
10.4.6.2.1 Saudi Arabia Natural Menthol Market by Source
10.4.6.2.2 Saudi Arabia Natural Menthol Market by End Use
10.4.6.2.3 Saudi Arabia Natural Menthol Market by Applications
10.4.6.3 U.A.E Natural Menthol Market
10.4.6.3.1 U.A.E Natural Menthol Market by Source
10.4.6.3.2 U.A.E Natural Menthol Market by End Use
10.4.6.3.3 U.A.E Natural Menthol Market by Applications
10.4.6.4 Rest of Middle East and Africa Natural Menthol Market
10.4.6.4.1 Rest of Middle East and Africa Natural Menthol Market by Source
10.4.6.4.2 Rest of Middle East and Africa Natural Menthol Market by End Use
10.4.6.4.3 Rest of Middle East and Africa Natural Menthol Market by Applications
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Natural Menthol Market Overview
10.5.2 South and Central America Natural Menthol Market Forecasts and Analysis
10.5.3 South and Central America Natural Menthol Market Forecasts and Analysis - By Source
10.5.4 South and Central America Natural Menthol Market Forecasts and Analysis - By End Use
10.5.5 South and Central America Natural Menthol Market Forecasts and Analysis - By Applications
10.5.6 South and Central America Natural Menthol Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Natural Menthol Market
10.5.6.1.1 Brazil Natural Menthol Market by Source
10.5.6.1.2 Brazil Natural Menthol Market by End Use
10.5.6.1.3 Brazil Natural Menthol Market by Applications
10.5.6.2 Argentina Natural Menthol Market
10.5.6.2.1 Argentina Natural Menthol Market by Source
10.5.6.2.2 Argentina Natural Menthol Market by End Use
10.5.6.2.3 Argentina Natural Menthol Market by Applications
10.5.6.3 Rest of South and Central America Natural Menthol Market
10.5.6.3.1 Rest of South and Central America Natural Menthol Market by Source
10.5.6.3.2 Rest of South and Central America Natural Menthol Market by End Use
10.5.6.3.3 Rest of South and Central America Natural Menthol Market by Applications
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. NATURAL MENTHOL MARKET, KEY COMPANY PROFILES
12.1. AGSON GLOBAL
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. BASF
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. TAKASAGO
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. SYMRISE
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. FENGLE PERFUME
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. NANTONG MENTHOL FACTORY
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. NECTAR LIFESCIENCES
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. ARORA AROMATICS
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. TIENYUAN CHEM
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. ALLIED CHEM
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. Agson Global
2. BASF
3. Takasago
4. Symrise
5. Fengle Perfume
6. Nantong Menthol Factory
7. Nectar Lifesciences
8. Arora Aromatics
9. Tienyuan Chem
10. Allied Chem
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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