Plant-Based Ice Cream Market Key Findings by 2031
The plant-based ice cream market is expected to register a CAGR of 7% during 2023–2031. The increasing veganism trend across the globe is likely to remain a key trend in the market.
Plant-Based Ice Cream Market Analysis:
- One major factor is the ever-growing number of lactose-intolerant people, who are sparking demand for a dairy-free alternative.
- Besides, health and wellness consciousness is increasing in consumers, which in turn promotes the growth of vegan and plant-based products. Market players manufacture and market new flavors and varieties of vegan ice cream that make the market grow.
- Product launch and development strategies by key market players in the plant-based ice cream markets create lucrative growth opportunities.
Plant-Based Ice Cream Market Overview
- The market growth for plant-based ice cream is owing to various factors, such as rising lactose intolerance prevalence, increasing health consciousness among consumers, and increasing vegan population. The health benefits associated with the consumption of fortified and nutritious food products, as well as the development of novel flavors and alternative varieties for the ice cream segment are catalyzing the growth of the ice cream market.
- North America led the plant-based ice cream market in 2023 due to growing health consciousness and rising preference for vegan and plant-based products.
- The Asia Pacific plant-based ice cream market is expected to register the highest market growth globally with a rising trend towards a healthy lifestyle.
- Some of the key players in the global market are Unilever Plc, Nestle SA, Wells Enterprises, Inc., Happy Cow Limited, and Eden Creamery LLC, among others.
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Plant-Based Ice Cream 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.
Plant-Based Ice Cream Market: Strategic Insights
Shejal
Have a question?
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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Plant-Based Ice Cream Market Drivers and Opportunities
Increasing Demand for Frozen Desserts
- The increasing disposable income and the introduction of various products in the dessert category to cater to the choices of a vast group of consumers are driving the ice cream market. The surge in the consumption of high-quality frozen desserts is one of the biggest trends in the food industry.
- The development and popularity of these frozen desserts are ascribed to many social changes, such as the growing number of smaller households and the rising millennial population worldwide. These factors are significantly increasing consumers’ demand for frozen desserts, such as ice cream.
- The increasing number of product launches in the frozen dessert segment, such as custard, yogurt, gelato, granita, ice cream, and sherbet, are driving the ice cream market.
Increasing Trend of Consuming Dairy-Free and Vegan Ice Cream
- Veganism has gained significant momentum in recent years. Consumers are highly inclined toward plant-based products as they perceive them to be healthier than conventional products. Further, increasing awareness regarding animal protection and environmental sustainability is adding to the popularity of these food products.
- The global proliferation of veganism among people is highly influencing innovations in the ice cream market. According to data published by Veganuary, a nonprofit organization that encourages people to become vegan for the whole month of January, ~5.8 million people signed up for the “Veganuary Campaign” in 2021
- Registrations for the Veganuary Campaign have increased dramatically over the past few years. Thus, due to the flourishing trend of veganism, the manufacturers of frozen desserts such as ice cream are launching plant-based products.
Plant-Based Ice Cream Market Segmentation
The scope of the global plant-based ice cream market has been segmented based on ingredient type, and application.
- Based on source, the plant-based ice cream market is divided into almond milk, coconut milk, soy milk, and others.
- In terms of category, the market is bifurcated into organic and conventional.
- Based on distribution channel, the market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others.
Plant-Based Ice Cream Market Share Analysis by Geography
- Plant-Based Ice Cream 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 plant-based ice cream 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 plant-based ice cream market in these regions.
Plant-Based Ice Cream Market Report Scope
Plant-Based Ice Cream Market News and Recent Developments:
The plant-based ice cream 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:
- Ben & Jerry’s is launching a new oat base for its non-dairy ice creams. The new non-dairy ice cream base will be rolled out across tubs and scoop shops during spring 2024. (Feb 2024, Company Press Release).
Plant-Based Ice Cream Market Report Coverage and Deliverables
The “Plant-Based Ice Cream Market Size and Forecast (2021 – 2031)” provides a detailed analysis of the market covering below areas:
- Plant-based ice cream market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Plant-based ice cream market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Plant-based ice cream market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the plant-based ice cream 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 plant-based ice cream market is estimated to grow at a CAGR of 7% during the forecast period 2024-2031.
Increasing consumption of dietary supplements to fulfill the nutritional requirement is the major factor driving the plant-based ice cream market growth.
The rising preference for vegan and plant-based food & beverages is likely to remain the key trend in the market.
Unilever Plc, Nestle SA, Wells Enterprises, Inc., Happy Cow Limited, Eden Creamery LLC, Alden's Organic, NADAMOO!, Tofutti Brands, Inc, and General Mills are among the leading players operating in the plant-based ice cream 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 Plant Based Ice Cream Market - By Product Type
1.3.2 Plant Based Ice Cream Market - By Source
1.3.3 Plant Based Ice Cream Market - By Distribution Channel
1.3.4 Plant Based Ice Cream Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. PLANT BASED ICE CREAM 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. PLANT BASED ICE CREAM 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. PLANT BASED ICE CREAM MARKET - GLOBAL MARKET ANALYSIS
6.1. PLANT BASED ICE CREAM - GLOBAL MARKET OVERVIEW
6.2. PLANT BASED ICE CREAM - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. PLANT BASED ICE CREAM MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT TYPE
7.1. OVERVIEW
7.2. PRODUCT TYPE MARKET FORECASTS AND ANALYSIS
7.3. BARS
7.3.1. Overview
7.3.2. Bars Market Forecast and Analysis
7.4. CONES
7.4.1. Overview
7.4.2. Cones Market Forecast and Analysis
7.5. TUBS AND CUPS
7.5.1. Overview
7.5.2. Tubs and Cups Market Forecast and Analysis
7.6. OTHERS
7.6.1. Overview
7.6.2. Others Market Forecast and Analysis
8. PLANT BASED ICE CREAM MARKET - REVENUE AND FORECASTS TO 2028 - SOURCE
8.1. OVERVIEW
8.2. SOURCE MARKET FORECASTS AND ANALYSIS
8.3. SOY MILK
8.3.1. Overview
8.3.2. Soy Milk Market Forecast and Analysis
8.4. COCONUT MILK
8.4.1. Overview
8.4.2. Coconut Milk Market Forecast and Analysis
8.5. ALMOND MILK
8.5.1. Overview
8.5.2. Almond Milk Market Forecast and Analysis
8.6. CASHEW MILK
8.6.1. Overview
8.6.2. Cashew Milk Market Forecast and Analysis
8.7. OTHERS
8.7.1. Overview
8.7.2. Others Market Forecast and Analysis
9. PLANT BASED ICE CREAM 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. OTHERS
9.6.1. Overview
9.6.2. Others Market Forecast and Analysis
10. PLANT BASED ICE CREAM MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Plant Based Ice Cream Market Overview
10.1.2 North America Plant Based Ice Cream Market Forecasts and Analysis
10.1.3 North America Plant Based Ice Cream Market Forecasts and Analysis - By Product Type
10.1.4 North America Plant Based Ice Cream Market Forecasts and Analysis - By Source
10.1.5 North America Plant Based Ice Cream Market Forecasts and Analysis - By Distribution Channel
10.1.6 North America Plant Based Ice Cream Market Forecasts and Analysis - By Countries
10.1.6.1 United States Plant Based Ice Cream Market
10.1.6.1.1 United States Plant Based Ice Cream Market by Product Type
10.1.6.1.2 United States Plant Based Ice Cream Market by Source
10.1.6.1.3 United States Plant Based Ice Cream Market by Distribution Channel
10.1.6.2 Canada Plant Based Ice Cream Market
10.1.6.2.1 Canada Plant Based Ice Cream Market by Product Type
10.1.6.2.2 Canada Plant Based Ice Cream Market by Source
10.1.6.2.3 Canada Plant Based Ice Cream Market by Distribution Channel
10.1.6.3 Mexico Plant Based Ice Cream Market
10.1.6.3.1 Mexico Plant Based Ice Cream Market by Product Type
10.1.6.3.2 Mexico Plant Based Ice Cream Market by Source
10.1.6.3.3 Mexico Plant Based Ice Cream Market by Distribution Channel
10.2. EUROPE
10.2.1 Europe Plant Based Ice Cream Market Overview
10.2.2 Europe Plant Based Ice Cream Market Forecasts and Analysis
10.2.3 Europe Plant Based Ice Cream Market Forecasts and Analysis - By Product Type
10.2.4 Europe Plant Based Ice Cream Market Forecasts and Analysis - By Source
10.2.5 Europe Plant Based Ice Cream Market Forecasts and Analysis - By Distribution Channel
10.2.6 Europe Plant Based Ice Cream Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Plant Based Ice Cream Market
10.2.6.1.1 Germany Plant Based Ice Cream Market by Product Type
10.2.6.1.2 Germany Plant Based Ice Cream Market by Source
10.2.6.1.3 Germany Plant Based Ice Cream Market by Distribution Channel
10.2.6.2 France Plant Based Ice Cream Market
10.2.6.2.1 France Plant Based Ice Cream Market by Product Type
10.2.6.2.2 France Plant Based Ice Cream Market by Source
10.2.6.2.3 France Plant Based Ice Cream Market by Distribution Channel
10.2.6.3 Italy Plant Based Ice Cream Market
10.2.6.3.1 Italy Plant Based Ice Cream Market by Product Type
10.2.6.3.2 Italy Plant Based Ice Cream Market by Source
10.2.6.3.3 Italy Plant Based Ice Cream Market by Distribution Channel
10.2.6.4 United Kingdom Plant Based Ice Cream Market
10.2.6.4.1 United Kingdom Plant Based Ice Cream Market by Product Type
10.2.6.4.2 United Kingdom Plant Based Ice Cream Market by Source
10.2.6.4.3 United Kingdom Plant Based Ice Cream Market by Distribution Channel
10.2.6.5 Russia Plant Based Ice Cream Market
10.2.6.5.1 Russia Plant Based Ice Cream Market by Product Type
10.2.6.5.2 Russia Plant Based Ice Cream Market by Source
10.2.6.5.3 Russia Plant Based Ice Cream Market by Distribution Channel
10.2.6.6 Rest of Europe Plant Based Ice Cream Market
10.2.6.6.1 Rest of Europe Plant Based Ice Cream Market by Product Type
10.2.6.6.2 Rest of Europe Plant Based Ice Cream Market by Source
10.2.6.6.3 Rest of Europe Plant Based Ice Cream Market by Distribution Channel
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Plant Based Ice Cream Market Overview
10.3.2 Asia-Pacific Plant Based Ice Cream Market Forecasts and Analysis
10.3.3 Asia-Pacific Plant Based Ice Cream Market Forecasts and Analysis - By Product Type
10.3.4 Asia-Pacific Plant Based Ice Cream Market Forecasts and Analysis - By Source
10.3.5 Asia-Pacific Plant Based Ice Cream Market Forecasts and Analysis - By Distribution Channel
10.3.6 Asia-Pacific Plant Based Ice Cream Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Plant Based Ice Cream Market
10.3.6.1.1 Australia Plant Based Ice Cream Market by Product Type
10.3.6.1.2 Australia Plant Based Ice Cream Market by Source
10.3.6.1.3 Australia Plant Based Ice Cream Market by Distribution Channel
10.3.6.2 China Plant Based Ice Cream Market
10.3.6.2.1 China Plant Based Ice Cream Market by Product Type
10.3.6.2.2 China Plant Based Ice Cream Market by Source
10.3.6.2.3 China Plant Based Ice Cream Market by Distribution Channel
10.3.6.3 India Plant Based Ice Cream Market
10.3.6.3.1 India Plant Based Ice Cream Market by Product Type
10.3.6.3.2 India Plant Based Ice Cream Market by Source
10.3.6.3.3 India Plant Based Ice Cream Market by Distribution Channel
10.3.6.4 Japan Plant Based Ice Cream Market
10.3.6.4.1 Japan Plant Based Ice Cream Market by Product Type
10.3.6.4.2 Japan Plant Based Ice Cream Market by Source
10.3.6.4.3 Japan Plant Based Ice Cream Market by Distribution Channel
10.3.6.5 South Korea Plant Based Ice Cream Market
10.3.6.5.1 South Korea Plant Based Ice Cream Market by Product Type
10.3.6.5.2 South Korea Plant Based Ice Cream Market by Source
10.3.6.5.3 South Korea Plant Based Ice Cream Market by Distribution Channel
10.3.6.6 Rest of Asia-Pacific Plant Based Ice Cream Market
10.3.6.6.1 Rest of Asia-Pacific Plant Based Ice Cream Market by Product Type
10.3.6.6.2 Rest of Asia-Pacific Plant Based Ice Cream Market by Source
10.3.6.6.3 Rest of Asia-Pacific Plant Based Ice Cream Market by Distribution Channel
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Plant Based Ice Cream Market Overview
10.4.2 Middle East and Africa Plant Based Ice Cream Market Forecasts and Analysis
10.4.3 Middle East and Africa Plant Based Ice Cream Market Forecasts and Analysis - By Product Type
10.4.4 Middle East and Africa Plant Based Ice Cream Market Forecasts and Analysis - By Source
10.4.5 Middle East and Africa Plant Based Ice Cream Market Forecasts and Analysis - By Distribution Channel
10.4.6 Middle East and Africa Plant Based Ice Cream Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Plant Based Ice Cream Market
10.4.6.1.1 South Africa Plant Based Ice Cream Market by Product Type
10.4.6.1.2 South Africa Plant Based Ice Cream Market by Source
10.4.6.1.3 South Africa Plant Based Ice Cream Market by Distribution Channel
10.4.6.2 Saudi Arabia Plant Based Ice Cream Market
10.4.6.2.1 Saudi Arabia Plant Based Ice Cream Market by Product Type
10.4.6.2.2 Saudi Arabia Plant Based Ice Cream Market by Source
10.4.6.2.3 Saudi Arabia Plant Based Ice Cream Market by Distribution Channel
10.4.6.3 U.A.E Plant Based Ice Cream Market
10.4.6.3.1 U.A.E Plant Based Ice Cream Market by Product Type
10.4.6.3.2 U.A.E Plant Based Ice Cream Market by Source
10.4.6.3.3 U.A.E Plant Based Ice Cream Market by Distribution Channel
10.4.6.4 Rest of Middle East and Africa Plant Based Ice Cream Market
10.4.6.4.1 Rest of Middle East and Africa Plant Based Ice Cream Market by Product Type
10.4.6.4.2 Rest of Middle East and Africa Plant Based Ice Cream Market by Source
10.4.6.4.3 Rest of Middle East and Africa Plant Based Ice Cream Market by Distribution Channel
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Plant Based Ice Cream Market Overview
10.5.2 South and Central America Plant Based Ice Cream Market Forecasts and Analysis
10.5.3 South and Central America Plant Based Ice Cream Market Forecasts and Analysis - By Product Type
10.5.4 South and Central America Plant Based Ice Cream Market Forecasts and Analysis - By Source
10.5.5 South and Central America Plant Based Ice Cream Market Forecasts and Analysis - By Distribution Channel
10.5.6 South and Central America Plant Based Ice Cream Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Plant Based Ice Cream Market
10.5.6.1.1 Brazil Plant Based Ice Cream Market by Product Type
10.5.6.1.2 Brazil Plant Based Ice Cream Market by Source
10.5.6.1.3 Brazil Plant Based Ice Cream Market by Distribution Channel
10.5.6.2 Argentina Plant Based Ice Cream Market
10.5.6.2.1 Argentina Plant Based Ice Cream Market by Product Type
10.5.6.2.2 Argentina Plant Based Ice Cream Market by Source
10.5.6.2.3 Argentina Plant Based Ice Cream Market by Distribution Channel
10.5.6.3 Rest of South and Central America Plant Based Ice Cream Market
10.5.6.3.1 Rest of South and Central America Plant Based Ice Cream Market by Product Type
10.5.6.3.2 Rest of South and Central America Plant Based Ice Cream Market by Source
10.5.6.3.3 Rest of South and Central America Plant Based Ice Cream 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. PLANT BASED ICE CREAM MARKET, KEY COMPANY PROFILES
12.1. ARCTIC ZERO, 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. BEN AND JERRY'S HOMEMADE, INC.
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. BLISS UNLIMITED, LLC,
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. HAPPY COW LTD.
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. JOLLYUM CO.
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. KLEIN'S ICE CREAM INC.
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. LUV ICE CREAM 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. OATLY AB
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 BOOJA-BOOJA CO.
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. TOFUTTI BRANDS INC.
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. ARCTIC ZERO, Inc
2. BEN and JERRY'S HOMEMADE, INC.
3. Bliss Unlimited, LLC,
4. Happy cow ltd.
5. Jollyum Co.
6. Klein's Ice Cream Inc.
7. LUV Ice Cream LLC
8. Oatly AB
9. The Booja-Booja Co.
10. Tofutti Brands Inc.
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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