Non-animal Type Hard Capsules Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
The non-animal type hard gelatin capsule which are also known as vegan capsules or the plant based capsule. The non-animal type capsules are mainly of three types they are HPMC capsules, cellulose derived caspule and pullan capsules which is obtained from tapioca roots. The non-animal type hard capsules are best for vegetarian people who cannot administer capusule made from animal origin i.e gelatin capsule. The increasing concerns about ethical and religeous issues along with growing demand for natural capsules are propeling the market growth forward.
MARKET SCOPE
The "Global Non-animal Type Hard Capsules Market Analysis to 2031" is a specialized and in-depth study of the healthcare industry with a special focus on the global market trend analysis. The report aims to provide an overview of the non-animal type hard capsules market with detailed market segmentation by type and application. The report provides key statistics on the market status of the leading non-animal type hard capsules market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on type the market is segmented as, hydroxypropyl methylcellulose capsules, cellulose derivatives capsules and HPMCP capsules.
- Based on application the market is segmented as, pharmaceutical, nutraceutical, cosmetics and others.
MARKET DYNAMICS
Drivers:
- Increasing demand for non-animal type hard capsules and plant based capsules for vegeterian population.
- Growing ethical conerns and religeous concerns about consumption of animal derived gelatin capsules is fueling the market growth.
- Growing alliances between raw material suppliers and pharmaceutical companies is expected to spur the market growth.
Restraints:
- Whereas, drug stability concerns, bioavailability concerns and high cost of the raw material are expected to hamper market growth during the forecast period.
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 market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The non-animal type hard capsules 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 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 non-animal type hard capsules market in these regions.
IMPACT OF COVID-19 ON NON-ANIMAL TYPE HARD CAPSULES MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. According to the current market situation, the report further assesses the present and future effects of the COVID-19 pandemic on the overall market, giving more reliable and authentic projections In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
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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 market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The non-animal type hard capsules 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 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 non-animal type hard capsules market in these regions.
IMPACT OF COVID-19 ON NON-ANIMAL TYPE HARD CAPSULES MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. According to the current market situation, the report further assesses the present and future effects of the COVID-19 pandemic on the overall market, giving more reliable and authentic projections In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the non-animal type hard capsules 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 marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from non-animal type hard capsules market are anticipated to lucrative growth opportunities in the future with the rising demand for non-animal type hard capsules in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the non-animal type hard capsules market. 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.
- Lonza
- ACG
- Shanxi JC Biological Technology Co., Ltd.
- CapsCanada
- QUALICAPS
- Roxlor
- Sunil Healthcare Limited
- SNAIL PHARMA INDUSTRY
- HealthCaps India Ltd
- Bright Pharma Caps Inc
- Farmacapsulas S.A
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 Non-animal Type Hard Capsules Market - By Type
1.3.2 Non-animal Type Hard Capsules Market - By Application
1.3.3 Non-animal Type Hard Capsules Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. NON-ANIMAL TYPE HARD CAPSULES 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. NON-ANIMAL TYPE HARD CAPSULES 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. NON-ANIMAL TYPE HARD CAPSULES MARKET - GLOBAL MARKET ANALYSIS
6.1. NON-ANIMAL TYPE HARD CAPSULES - GLOBAL MARKET OVERVIEW
6.2. NON-ANIMAL TYPE HARD CAPSULES - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. NON-ANIMAL TYPE HARD CAPSULES MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. HYDROXYPROPYL METHYLCELLULOSE CAPSULES
7.3.1. Overview
7.3.2. Hydroxypropyl Methylcellulose Capsules Market Forecast and Analysis
7.4. CELLULOSE DERIVATIVES CAPSULE
7.4.1. Overview
7.4.2. Cellulose Derivatives Capsule Market Forecast and Analysis
7.5. HPMCP CAPSULE
7.5.1. Overview
7.5.2. HPMCP Capsule Market Forecast and Analysis
8. NON-ANIMAL TYPE HARD CAPSULES MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. PHARMACEUTICAL
8.3.1. Overview
8.3.2. Pharmaceutical Market Forecast and Analysis
8.4. NUTRACEUTICAL
8.4.1. Overview
8.4.2. Nutraceutical Market Forecast and Analysis
8.5. COSMETICS
8.5.1. Overview
8.5.2. Cosmetics Market Forecast and Analysis
8.6. OTHERS
8.6.1. Overview
8.6.2. Others Market Forecast and Analysis
9. NON-ANIMAL TYPE HARD CAPSULES MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Non-animal Type Hard Capsules Market Overview
9.1.2 North America Non-animal Type Hard Capsules Market Forecasts and Analysis
9.1.3 North America Non-animal Type Hard Capsules Market Forecasts and Analysis - By Type
9.1.4 North America Non-animal Type Hard Capsules Market Forecasts and Analysis - By Application
9.1.5 North America Non-animal Type Hard Capsules Market Forecasts and Analysis - By Countries
9.1.5.1 United States Non-animal Type Hard Capsules Market
9.1.5.1.1 United States Non-animal Type Hard Capsules Market by Type
9.1.5.1.2 United States Non-animal Type Hard Capsules Market by Application
9.1.5.2 Canada Non-animal Type Hard Capsules Market
9.1.5.2.1 Canada Non-animal Type Hard Capsules Market by Type
9.1.5.2.2 Canada Non-animal Type Hard Capsules Market by Application
9.1.5.3 Mexico Non-animal Type Hard Capsules Market
9.1.5.3.1 Mexico Non-animal Type Hard Capsules Market by Type
9.1.5.3.2 Mexico Non-animal Type Hard Capsules Market by Application
9.2. EUROPE
9.2.1 Europe Non-animal Type Hard Capsules Market Overview
9.2.2 Europe Non-animal Type Hard Capsules Market Forecasts and Analysis
9.2.3 Europe Non-animal Type Hard Capsules Market Forecasts and Analysis - By Type
9.2.4 Europe Non-animal Type Hard Capsules Market Forecasts and Analysis - By Application
9.2.5 Europe Non-animal Type Hard Capsules Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Non-animal Type Hard Capsules Market
9.2.5.1.1 Germany Non-animal Type Hard Capsules Market by Type
9.2.5.1.2 Germany Non-animal Type Hard Capsules Market by Application
9.2.5.2 France Non-animal Type Hard Capsules Market
9.2.5.2.1 France Non-animal Type Hard Capsules Market by Type
9.2.5.2.2 France Non-animal Type Hard Capsules Market by Application
9.2.5.3 Italy Non-animal Type Hard Capsules Market
9.2.5.3.1 Italy Non-animal Type Hard Capsules Market by Type
9.2.5.3.2 Italy Non-animal Type Hard Capsules Market by Application
9.2.5.4 Spain Non-animal Type Hard Capsules Market
9.2.5.4.1 Spain Non-animal Type Hard Capsules Market by Type
9.2.5.4.2 Spain Non-animal Type Hard Capsules Market by Application
9.2.5.5 United Kingdom Non-animal Type Hard Capsules Market
9.2.5.5.1 United Kingdom Non-animal Type Hard Capsules Market by Type
9.2.5.5.2 United Kingdom Non-animal Type Hard Capsules Market by Application
9.2.5.6 Rest of Europe Non-animal Type Hard Capsules Market
9.2.5.6.1 Rest of Europe Non-animal Type Hard Capsules Market by Type
9.2.5.6.2 Rest of Europe Non-animal Type Hard Capsules Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Non-animal Type Hard Capsules Market Overview
9.3.2 Asia-Pacific Non-animal Type Hard Capsules Market Forecasts and Analysis
9.3.3 Asia-Pacific Non-animal Type Hard Capsules Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Non-animal Type Hard Capsules Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Non-animal Type Hard Capsules Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Non-animal Type Hard Capsules Market
9.3.5.1.1 Australia Non-animal Type Hard Capsules Market by Type
9.3.5.1.2 Australia Non-animal Type Hard Capsules Market by Application
9.3.5.2 China Non-animal Type Hard Capsules Market
9.3.5.2.1 China Non-animal Type Hard Capsules Market by Type
9.3.5.2.2 China Non-animal Type Hard Capsules Market by Application
9.3.5.3 India Non-animal Type Hard Capsules Market
9.3.5.3.1 India Non-animal Type Hard Capsules Market by Type
9.3.5.3.2 India Non-animal Type Hard Capsules Market by Application
9.3.5.4 Japan Non-animal Type Hard Capsules Market
9.3.5.4.1 Japan Non-animal Type Hard Capsules Market by Type
9.3.5.4.2 Japan Non-animal Type Hard Capsules Market by Application
9.3.5.5 South Korea Non-animal Type Hard Capsules Market
9.3.5.5.1 South Korea Non-animal Type Hard Capsules Market by Type
9.3.5.5.2 South Korea Non-animal Type Hard Capsules Market by Application
9.3.5.6 Rest of Asia-Pacific Non-animal Type Hard Capsules Market
9.3.5.6.1 Rest of Asia-Pacific Non-animal Type Hard Capsules Market by Type
9.3.5.6.2 Rest of Asia-Pacific Non-animal Type Hard Capsules Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Non-animal Type Hard Capsules Market Overview
9.4.2 Middle East and Africa Non-animal Type Hard Capsules Market Forecasts and Analysis
9.4.3 Middle East and Africa Non-animal Type Hard Capsules Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Non-animal Type Hard Capsules Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Non-animal Type Hard Capsules Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Non-animal Type Hard Capsules Market
9.4.5.1.1 South Africa Non-animal Type Hard Capsules Market by Type
9.4.5.1.2 South Africa Non-animal Type Hard Capsules Market by Application
9.4.5.2 Saudi Arabia Non-animal Type Hard Capsules Market
9.4.5.2.1 Saudi Arabia Non-animal Type Hard Capsules Market by Type
9.4.5.2.2 Saudi Arabia Non-animal Type Hard Capsules Market by Application
9.4.5.3 U.A.E Non-animal Type Hard Capsules Market
9.4.5.3.1 U.A.E Non-animal Type Hard Capsules Market by Type
9.4.5.3.2 U.A.E Non-animal Type Hard Capsules Market by Application
9.4.5.4 Rest of Middle East and Africa Non-animal Type Hard Capsules Market
9.4.5.4.1 Rest of Middle East and Africa Non-animal Type Hard Capsules Market by Type
9.4.5.4.2 Rest of Middle East and Africa Non-animal Type Hard Capsules Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Non-animal Type Hard Capsules Market Overview
9.5.2 South and Central America Non-animal Type Hard Capsules Market Forecasts and Analysis
9.5.3 South and Central America Non-animal Type Hard Capsules Market Forecasts and Analysis - By Type
9.5.4 South and Central America Non-animal Type Hard Capsules Market Forecasts and Analysis - By Application
9.5.5 South and Central America Non-animal Type Hard Capsules Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Non-animal Type Hard Capsules Market
9.5.5.1.1 Brazil Non-animal Type Hard Capsules Market by Type
9.5.5.1.2 Brazil Non-animal Type Hard Capsules Market by Application
9.5.5.2 Argentina Non-animal Type Hard Capsules Market
9.5.5.2.1 Argentina Non-animal Type Hard Capsules Market by Type
9.5.5.2.2 Argentina Non-animal Type Hard Capsules Market by Application
9.5.5.3 Rest of South and Central America Non-animal Type Hard Capsules Market
9.5.5.3.1 Rest of South and Central America Non-animal Type Hard Capsules Market by Type
9.5.5.3.2 Rest of South and Central America Non-animal Type Hard Capsules 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. NON-ANIMAL TYPE HARD CAPSULES MARKET, KEY COMPANY PROFILES
11.1. LONZA
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. ACG
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. SHANXI JC BIOLOGICAL TECHNOLOGY CO., LTD.
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. CAPSCANADA
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. QUALICAPS
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. ROXLOR
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. SUNIL HEALTHCARE LIMITED
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. SNAIL PHARMA INDUSTRY
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. HEALTHCAPS INDIA LTD
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. BRIGHT PHARMA CAPS INC
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
11.11. FARMACAPSULAS S.A
11.11.1. Key Facts
11.11.2. Business Description
11.11.3. Products and Services
11.11.4. Financial Overview
11.11.5. SWOT Analysis
11.11.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1.Lonza
2.ACG
3.Shanxi JC Biological Technology Co., Ltd.
4.CapsCanada
5.QUALICAPS
6.Roxlor
7.Sunil Healthcare Limited
8.SNAIL PHARMA INDUSTRY
9.HealthCaps India Ltd
10.Bright Pharma Caps Inc
11.Farmacapsulas S.A
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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