Pet Food Market Opportunities 2031
The pet food market is expected to register a CAGR of 5% during 2023–2031. Increasing demand for training pet treats is likely to remain one of the key market trends.
Pet Food Market Analysis:
- The rising population of pet owners represents the major demand for the market for pet food. Pet is treated as a family member and the demand for quality pet food is increasing significantly.
- Pet owners recognize their pets as indispensable family members. Concern for their pets’ health and well-being is increasing. As a result, there is a rising demand for premium and specialized pet food products providing higher nutritional value, natural ingredients, and dedicated dietary formula.
- Convenience is one of the most important factors behind the pet food market growth. Ready-to-eat or prepared wet food and prepared pet meals save owners’ time and effort. Furthermore, companies in this market are targeting their products to address pets’ specific dietary needs and owners’ requirements.
Pet Food Market Overview
- North America is one of the key markets for pet food owing to the rising adoption of pets, awareness of specialized food items for pet animals that help fulfill their daily nutritional requirements, and the willingness of consumers to pay additional prices for premium products.
- According to the American Pet Products Association, 87 million households in the US owned pets.
- With increasing pet ownership in the US, the demand for pet food is increasing.
- Wet food is experiencing immense demand among pet owners as these foods are easy to feed and individually portioned based on the nutritional requirements of pets. Wet food is more palatable than dry food making them popular among pets.
- All these factors are driving the pet food market growth.
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Pet Food Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Pet Food Market: Strategic Insights
Shejal
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Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Pet Food Market Drivers and Opportunities
Increasing Adoption of Companion Animals
- Having a pet, like a dog or a cat, makes people less lonely and can help reduce tiredness from stress. Keeping a pet can certainly improve well-being. Research has proven that stroking or talking to an animal can reduce blood pressure; while lowered anxiety is the main reason why people adopt puppies and kittens. Adopting a pet teaches the children and adults about responsibility and empathy for the pets. Moreover, getting a pet will certainly encourage the pet owners to exercise by walking with them or playing with them; thus, helping to stay in shape.
- Therefore, people are increasingly adopting pets and companion animals.
- The rising adoption of companion animals is driving the demand for pet food, propelling the market growth.
Opportunities
Surging Pet Food Sales Through Online Retail
- E-commerce has also dramatically changed the market for pet food. With websites making the shopping experience convenient, pet owners can easily buy their pet food and have it delivered to the comfort of their homes.
- Direct-to-consumer models have also helped to shorten the manufacturing and distribution chain.
Pet Food Market Segmentation
The scope of the global pet food market has been segmented based on type, pet type, and distribution channel.
- Based on type, the pet food market is divided into dry food, wet food, and pet treats.
- based on pet type, the market is divided into dogs, cats, and others.
- Based on distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others
Pet Food Market Share Analysis by Geography
- Pet Food 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 pet food market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers Porter’s Five Forces analysis, which involves the study of major factors that influence the pet food market in these regions.
Pet Food Market Report Scope
Pet Food Market News and Recent Developments:
The pet food market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- General Mills today announced it has completed the acquisition of Edgard & Cooper, one of Europe’s leading independent premium pet food brands. With this transaction, the company further advances its Accelerate strategy, including the prioritization of its core markets, global platforms, and local gem brands to drive sustainable, profitable growth and top-tier shareholder returns over the long term. (Source – General Mills, Press Release, April 2024)
- Nulo Pet Foods has announced the launch of a new line of ultra-premium pet foods called "Chill," utilizing a groundbreaking cold-pressed technology to create a nutrient-rich product for dogs and cats. Developed by renowned pet nutrition scientist Dr. Greg Aldrich and his team, this innovative process preserves the integrity of nutrients by employing a unique raw ingredient chilling system. (Source – Nulo Pet Foods, Newsletter, March 2024)
Pet Food Market Report Coverage and Deliverables
The “Pet Food Market Size and Forecast (2021 – 2031)” provides a detailed analysis of the market covering below areas:
- Pet Food market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Pet Food market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Pet Food 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 in the pet food 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
The global pet food market is estimated to grow above 5% during the forecast period 2024-2031.
Rising adoption of companion animals is driving the pet food market growth.
Increasing demand for pet training treats is likely to remain the key trend in the market.
Nestle Purina Petcare, Hills Pet Nutrition Inc, Vital Essentials, Maev, Mars Incorporated, Stella and Chewy’s BIXBI Pet, Natural Balance Pet Foods Inc, Castor and Pollux Natural Petworks, and Instinct Pet Food are among the leading players operating in the pet food market.
The report can be delivered in PDF/Word format, we can also share an Excel data sheet based on request.
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 Pet Food Market - By Pet Type
1.3.2 Pet Food Market - By Product Type
1.3.3 Pet Food Market - By Distribution Channel
1.3.4 Pet Food Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. PET FOOD 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. PET FOOD 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. PET FOOD MARKET - GLOBAL MARKET ANALYSIS
6.1. PET FOOD - GLOBAL MARKET OVERVIEW
6.2. PET FOOD - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. PET FOOD MARKET - REVENUE AND FORECASTS TO 2028 - PET TYPE
7.1. OVERVIEW
7.2. PET TYPE MARKET FORECASTS AND ANALYSIS
7.3. DOGS
7.3.1. Overview
7.3.2. Dogs Market Forecast and Analysis
7.4. CATS
7.4.1. Overview
7.4.2. Cats Market Forecast and Analysis
7.5. FISH
7.5.1. Overview
7.5.2. Fish Market Forecast and Analysis
7.6. OTHERS
7.6.1. Overview
7.6.2. Others Market Forecast and Analysis
8. PET FOOD MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT TYPE
8.1. OVERVIEW
8.2. PRODUCT TYPE MARKET FORECASTS AND ANALYSIS
8.3. DRY PET FOOD
8.3.1. Overview
8.3.2. Dry Pet Food Market Forecast and Analysis
8.4. WET PET FOOD
8.4.1. Overview
8.4.2. Wet Pet Food Market Forecast and Analysis
8.5. TREATS AND SNACKS
8.5.1. Overview
8.5.2. Treats and Snacks Market Forecast and Analysis
8.6. OTHERS
8.6.1. Overview
8.6.2. Others Market Forecast and Analysis
9. PET FOOD MARKET - REVENUE AND FORECASTS TO 2028 - DISTRIBUTION CHANNEL
9.1. OVERVIEW
9.2. DISTRIBUTION CHANNEL MARKET FORECASTS AND ANALYSIS
9.3. SUPERMARKETS AND HYPERMARKETS
9.3.1. Overview
9.3.2. Supermarkets and Hypermarkets Market Forecast and Analysis
9.4. SPECIALTY STORES
9.4.1. Overview
9.4.2. Specialty Stores Market Forecast and Analysis
9.5. ONLINE RETAIL
9.5.1. Overview
9.5.2. Online Retail Market Forecast and Analysis
9.6. OTHER
9.6.1. Overview
9.6.2. Other Market Forecast and Analysis
10. PET FOOD MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Pet Food Market Overview
10.1.2 North America Pet Food Market Forecasts and Analysis
10.1.3 North America Pet Food Market Forecasts and Analysis - By Pet Type
10.1.4 North America Pet Food Market Forecasts and Analysis - By Product Type
10.1.5 North America Pet Food Market Forecasts and Analysis - By Distribution Channel
10.1.6 North America Pet Food Market Forecasts and Analysis - By Countries
10.1.6.1 Canada Pet Food Market
10.1.6.1.1 Canada Pet Food Market by Pet Type
10.1.6.1.2 Canada Pet Food Market by Product Type
10.1.6.1.3 Canada Pet Food Market by Distribution Channel
10.1.6.2 Mexico Pet Food Market
10.1.6.2.1 Mexico Pet Food Market by Pet Type
10.1.6.2.2 Mexico Pet Food Market by Product Type
10.1.6.2.3 Mexico Pet Food Market by Distribution Channel
10.1.6.3 US Pet Food Market
10.1.6.3.1 US Pet Food Market by Pet Type
10.1.6.3.2 US Pet Food Market by Product Type
10.1.6.3.3 US Pet Food Market by Distribution Channel
10.2. EUROPE
10.2.1 Europe Pet Food Market Overview
10.2.2 Europe Pet Food Market Forecasts and Analysis
10.2.3 Europe Pet Food Market Forecasts and Analysis - By Pet Type
10.2.4 Europe Pet Food Market Forecasts and Analysis - By Product Type
10.2.5 Europe Pet Food Market Forecasts and Analysis - By Distribution Channel
10.2.6 Europe Pet Food Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Pet Food Market
10.2.6.1.1 Germany Pet Food Market by Pet Type
10.2.6.1.2 Germany Pet Food Market by Product Type
10.2.6.1.3 Germany Pet Food Market by Distribution Channel
10.2.6.2 France Pet Food Market
10.2.6.2.1 France Pet Food Market by Pet Type
10.2.6.2.2 France Pet Food Market by Product Type
10.2.6.2.3 France Pet Food Market by Distribution Channel
10.2.6.3 Italy Pet Food Market
10.2.6.3.1 Italy Pet Food Market by Pet Type
10.2.6.3.2 Italy Pet Food Market by Product Type
10.2.6.3.3 Italy Pet Food Market by Distribution Channel
10.2.6.4 United Kingdom Pet Food Market
10.2.6.4.1 United Kingdom Pet Food Market by Pet Type
10.2.6.4.2 United Kingdom Pet Food Market by Product Type
10.2.6.4.3 United Kingdom Pet Food Market by Distribution Channel
10.2.6.5 Russia Pet Food Market
10.2.6.5.1 Russia Pet Food Market by Pet Type
10.2.6.5.2 Russia Pet Food Market by Product Type
10.2.6.5.3 Russia Pet Food Market by Distribution Channel
10.2.6.6 Rest of Europe Pet Food Market
10.2.6.6.1 Rest of Europe Pet Food Market by Pet Type
10.2.6.6.2 Rest of Europe Pet Food Market by Product Type
10.2.6.6.3 Rest of Europe Pet Food Market by Distribution Channel
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Pet Food Market Overview
10.3.2 Asia-Pacific Pet Food Market Forecasts and Analysis
10.3.3 Asia-Pacific Pet Food Market Forecasts and Analysis - By Pet Type
10.3.4 Asia-Pacific Pet Food Market Forecasts and Analysis - By Product Type
10.3.5 Asia-Pacific Pet Food Market Forecasts and Analysis - By Distribution Channel
10.3.6 Asia-Pacific Pet Food Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Pet Food Market
10.3.6.1.1 Australia Pet Food Market by Pet Type
10.3.6.1.2 Australia Pet Food Market by Product Type
10.3.6.1.3 Australia Pet Food Market by Distribution Channel
10.3.6.2 China Pet Food Market
10.3.6.2.1 China Pet Food Market by Pet Type
10.3.6.2.2 China Pet Food Market by Product Type
10.3.6.2.3 China Pet Food Market by Distribution Channel
10.3.6.3 India Pet Food Market
10.3.6.3.1 India Pet Food Market by Pet Type
10.3.6.3.2 India Pet Food Market by Product Type
10.3.6.3.3 India Pet Food Market by Distribution Channel
10.3.6.4 Japan Pet Food Market
10.3.6.4.1 Japan Pet Food Market by Pet Type
10.3.6.4.2 Japan Pet Food Market by Product Type
10.3.6.4.3 Japan Pet Food Market by Distribution Channel
10.3.6.5 South Korea Pet Food Market
10.3.6.5.1 South Korea Pet Food Market by Pet Type
10.3.6.5.2 South Korea Pet Food Market by Product Type
10.3.6.5.3 South Korea Pet Food Market by Distribution Channel
10.3.6.6 Rest of Asia-Pacific Pet Food Market
10.3.6.6.1 Rest of Asia-Pacific Pet Food Market by Pet Type
10.3.6.6.2 Rest of Asia-Pacific Pet Food Market by Product Type
10.3.6.6.3 Rest of Asia-Pacific Pet Food Market by Distribution Channel
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Pet Food Market Overview
10.4.2 Middle East and Africa Pet Food Market Forecasts and Analysis
10.4.3 Middle East and Africa Pet Food Market Forecasts and Analysis - By Pet Type
10.4.4 Middle East and Africa Pet Food Market Forecasts and Analysis - By Product Type
10.4.5 Middle East and Africa Pet Food Market Forecasts and Analysis - By Distribution Channel
10.4.6 Middle East and Africa Pet Food Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Pet Food Market
10.4.6.1.1 South Africa Pet Food Market by Pet Type
10.4.6.1.2 South Africa Pet Food Market by Product Type
10.4.6.1.3 South Africa Pet Food Market by Distribution Channel
10.4.6.2 Saudi Arabia Pet Food Market
10.4.6.2.1 Saudi Arabia Pet Food Market by Pet Type
10.4.6.2.2 Saudi Arabia Pet Food Market by Product Type
10.4.6.2.3 Saudi Arabia Pet Food Market by Distribution Channel
10.4.6.3 U.A.E Pet Food Market
10.4.6.3.1 U.A.E Pet Food Market by Pet Type
10.4.6.3.2 U.A.E Pet Food Market by Product Type
10.4.6.3.3 U.A.E Pet Food Market by Distribution Channel
10.4.6.4 Rest of Middle East and Africa Pet Food Market
10.4.6.4.1 Rest of Middle East and Africa Pet Food Market by Pet Type
10.4.6.4.2 Rest of Middle East and Africa Pet Food Market by Product Type
10.4.6.4.3 Rest of Middle East and Africa Pet Food Market by Distribution Channel
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Pet Food Market Overview
10.5.2 South and Central America Pet Food Market Forecasts and Analysis
10.5.3 South and Central America Pet Food Market Forecasts and Analysis - By Pet Type
10.5.4 South and Central America Pet Food Market Forecasts and Analysis - By Product Type
10.5.5 South and Central America Pet Food Market Forecasts and Analysis - By Distribution Channel
10.5.6 South and Central America Pet Food Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Pet Food Market
10.5.6.1.1 Brazil Pet Food Market by Pet Type
10.5.6.1.2 Brazil Pet Food Market by Product Type
10.5.6.1.3 Brazil Pet Food Market by Distribution Channel
10.5.6.2 Argentina Pet Food Market
10.5.6.2.1 Argentina Pet Food Market by Pet Type
10.5.6.2.2 Argentina Pet Food Market by Product Type
10.5.6.2.3 Argentina Pet Food Market by Distribution Channel
10.5.6.3 Rest of South and Central America Pet Food Market
10.5.6.3.1 Rest of South and Central America Pet Food Market by Pet Type
10.5.6.3.2 Rest of South and Central America Pet Food Market by Product Type
10.5.6.3.3 Rest of South and Central America Pet Food Market by Distribution Channel
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. PET FOOD MARKET, KEY COMPANY PROFILES
12.1. MARS INC.
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. NESTLé PURINA PETCARE COMPANY
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. THE J.M. SMUCKER COMPANY
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. DIAMOND PET FOODS
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. YAMAHISA PET CARE
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. GENERAL MILLS
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. WELLPET LLC
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. COLGATE-PALMOLIVE COMPANY
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. THE HARTZ MOUNTAIN CORPORATION
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. THE ARCHER-DANIELS-MIDLAND COMPANY (TOTAL ALIMENTOS SA)
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
The List of Companies
1. Mars Inc.
2. Nestlé Purina PetCare Company
3. The J.M. Smucker Company
4. Diamond Pet Foods
5. Yamahisa Pet Care
6. General Mills
7. WellPet LLC
8. Colgate-Palmolive Company
9. The Hartz Mountain Corporation
10. The Archer-Daniels-Midland Company (Total Alimentos 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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