Saudi Arabia Gluten-Free Products Market Size, Share by 2031
The Saudi Arabia gluten-free products market size is projected to reach US$ 155.30 million by 2031 from US$ 89.71 million in 2023. The market is expected to register a CAGR of 7.1% during 2023–2031. Clean-label and fortified gluten-free products are gaining significant traction in Saudi Arabia.
Saudi Arabia Gluten-Free Products Market Analysis
Conventionally, gluten intolerance, celiac disease, and other related diseases were undiagnosed and not widely recognized. However, in the past few years, increased medical knowledge and health campaigns have aided in the identification of gluten-related disorders. This has led to a shift in consumer behavior, with more people opting to eliminate or reduce gluten from their diets without formal diagnosis. As per the study published in the National Library of Medicine in 2019, celiac disease is common in Saudi Arabia, with prevalences in normal populations of biopsy-proven celiac disease of 10.6% and seroprevalence of 15.6%. Further, the Saudi Arabian government's Vision 2030 initiative has been a key driver in modernizing and expanding the country's retail infrastructure. This initiative aims to diversify the economy and promote the growth of the private sector, including the retail industry. As a result, Saudi Arabia has rapidly developed modern retail spaces such as hypermarkets, supermarkets, shopping malls, and convenience stores, which have significantly improved the availability of gluten-free food products. Large retail chains such as Carrefour, Lulu, Panda, and Danube have expanded their footprint across Saudi cities, and these outlets are increasingly stocking gluten-free products to cater to the growing demand. The expansion of e-commerce has fostered the influence of social media and digital marketing, as gluten-free brands use these platforms to reach potential customers and promote their products.
Saudi Arabia Gluten-Free Products Market Overview
The agriculture and food processing sector in Saudi Arabia benefits from growing population and income growth, lifestyle changes, government support, and favorable trade agreements. According to the Government of Saudi Arabia, investments in the sector are expected to reach US$ 70 billion by the end of 2030, up from US$ 44 billion in 2016. The demand for gluten-free products is expected to increase due to a growing awareness among Saudi consumers about health and wellness. The affluent and cosmopolitan population of Saudi Arabia has contributed to the rise in the demand for gluten-free products. With a high standard of living and increasing disposable incomes, consumers are more interested in premium and healthier food options. The rising preference for healthier foods is a crucial factor in increasing the consumption of gluten-free products. Further, the growing awareness regarding gluten-related illnesses such as celiac disease, non-celiac gluten sensitivity, wheat allergy, gluten ataxia, and dermatitis herpetiformis has resulted in a shift toward gluten-free products.
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Saudi Arabia Gluten-Free Products Market: Strategic Insights
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Saudi Arabia Gluten-Free Products Market: Strategic Insights
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Saudi Arabia Gluten-Free Products Market Drivers and Opportunities
Rising Awareness of Gluten Intolerance and Celiac Disease
The rising awareness of gluten intolerance and celiac disease is spiking the demand for gluten-free products, prompting market players to widen their business reach across the country through strategic initiatives. In 2018, the Celiac Association was established by Prince Faisal bin Bandar as a non-profit civil society licensed by the Ministry of Human Resources and Social Development and supervised by the Ministry of Health to serve gluten-free foods across the country. In 2018, the Health Ministry launched a program to financially support the free provision of gluten-free foods to patients with celiac disease in its 33 hospitals and healthcare facilities in Riyadh, Madinah, Makkah, Jeddah, Taif, Al-Ahsa, Asir, Jazan, Qassim, Hail, Najran, and Baha. Food replacements provided by the ministry's hospitals include gluten-free breads, flour, cereals, biscuits, pasta, soups, and jellies.
Expansion of Retail Infrastructure and E-Commerce Growing
The Saudi Arabian government's Vision 2030 initiative has been a key driver in modernizing and expanding the country's retail infrastructure. This initiative aims to diversify the economy and promote the growth of the private sector, including the retail industry. As a result, Saudi Arabia has rapidly developed modern retail spaces such as hypermarkets, supermarkets, shopping malls, and convenience stores, which have significantly improved the availability of gluten-free food products. Large retail chains such as Carrefour, Lulu, Panda, and Danube have expanded their footprint across Saudi cities, and these outlets are increasingly stocking gluten-free products to cater to the growing demand. The influence of social media and digital marketing has been fostered by the expansion of e-commerce, as gluten-free brands use these platforms to reach potential customers and promote their products.
Saudi Arabia Gluten-Free Products Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Saudi Arabia gluten-free products market analysis are type and distribution channel.
- The Saudi Arabia gluten-free products market, based on type, is segmented into bakery products (cakes and muffins, biscuits and cookies, pizza, bread and rolls, and others), confectionery bars, pasta and noodles, breakfast cereals, snacks, RTE and RTC meals, flour and others. The bakery products segment held the largest market share in 2023.
- By distribution channel, the market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment dominated the Saudi Arabia gluten-free products market in 2023.
Saudi Arabia Gluten-Free Products Market Report Scope
Saudi Arabia Gluten-Free Products Market News and Recent Developments
The Saudi Arabia gluten-free products market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Saudi Arabia gluten-free products market are listed below:
- Mondelēz announced the launch of gluten-free chocolate chip cookies under the brand name Chip Ahoy. The launch was announced to expand its product portfolio and cater to the growing market demand. (Source: Mondelēz International Inc., Company News, May 2024)
- Dr. Schär SPA introduced its newest addition, a gluten-free marble cake. This launch marks yet another victory in the company's journey to offer delicious and inclusive alternatives for individuals with special dietary needs without compromise. This classic treat combines a light and airy texture with decadent cocoa swirls, making it the perfect indulgence for any occasion. The Marble Cake is shelf-stable and ready to eat and share, adding an extra layer of convenience to its delightful appeal. (Source: Dr. Schär SPA, Company News, Mar 2024)
Saudi Arabia Gluten-Free Products Market Report Coverage and Deliverables
The "Saudi Arabia Gluten-Free Products Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Saudi Arabia gluten-free products market size and forecast for all the key market segments covered under the scope
- Saudi Arabia gluten-free products market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed Porter's Five Forces and SWOT analysis
- Saudi Arabia gluten-free products market analysis covering key market trends, country 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 Saudi Arabia gluten-free products 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
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to country scope.
Frequently Asked Questions
American Garden, Nestle SA, General Mills Inc., Dr. Schar AG, Hunter Foods LLC, Blue Diamond Growers, Mondelez International Inc., Mister Free'd, YummyEarth Inc., and Galletas Gullon SA are among the leading market players.
The rising consumer preference for clean-label and fortified gluten-free products is expected to emerge as a future trend in the market.
The growing demand for gluten-free bakery products in Saudi Arabia fuels the market growth.
The market is expected to register a CAGR of 7.1% during 2023–2031.
In terms of type, the bakery products segment held the largest share of the Saudi Arabia gluten-free products market in 2023.
Based on distribution channel, the supermarkets and hypermarkets segment dominated the market in 2023.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
3.3 Limitations and Assumptions
4. Saudi Arabia Gluten-Free Products Market Landscape
4.1 Overview
4.2 Porter’s Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers
4.2.3 Bargaining Power of Suppliers
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Ecosystem Analysis
4.3.1 Raw Material Suppliers
4.3.2 Gluten-Free Product Manufacturers
4.3.3 Distributors/Suppliers
4.3.4 Distribution Channel
4.4 List of Vendors in the Value Chain
5. Saudi Arabia Gluten-Free Products Market – Key Market Dynamics
5.1 Saudi Arabia Gluten-Free Products Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Growing Demand for Gluten-Free Bakery Products
5.2.2 Rising Awareness of Gluten Intolerance and Celiac Disease
5.3 Market Restraints
5.3.1 Availability of Alternatives
5.4 Market Opportunities
5.4.1 Expansion of Retail Infrastructure and E-Commerce
5.5 Future Trends
5.5.1 Rising Consumer Preference for Clean Label and Fortified Gluten-Free Products
5.6 Impact of Drivers and Restraints:
6. Saudi Arabia Gluten-Free Products Market Analysis
6.1 Saudi Arabia Gluten-Free Products Market Volume (Tons), 2021–2031
6.2 Saudi Arabia Gluten-Free Products Market Volume Forecast and Analysis (Tons)
6.3 Saudi Arabia Gluten-Free Products Market Revenue (US$ Million), 2023–2031
6.4 Saudi Arabia Gluten-Free Products Market Forecast and Analysis
7. Saudi Arabia Gluten-Free Products Market Volume and Revenue Analysis – by Type
7.1 Bakery Products
7.1.1 Overview
7.1.2 Bakery Products: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031 (Tons)
7.1.3 Bakery Products: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to 2031 (US$ Million)
7.1.4 Cakes and Muffins
7.1.4.1 Overview
7.1.4.2 Cakes and Muffins: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031 (Tons)
7.1.4.3 Cakes and Muffins: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to 2031 (US$ Million)
7.1.5 Biscuits and Cookies
7.1.5.1 Overview
7.1.5.2 Biscuits and Cookies: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031 (Tons)
7.1.5.3 Biscuits and Cookies: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to 2031 (US$ Million)
7.1.6 Pizza
7.1.6.1 Overview
7.1.6.2 Pizza: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031 (Tons)
7.1.6.3 Pizza: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to 2031 (US$ Million)
7.1.7 Bread and Rolls
7.1.7.1 Overview
7.1.7.2 Bread and Rolls: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031 (Tons)
7.1.7.3 Bread and Rolls: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to 2031 (US$ Million)
7.1.8 Others
7.1.8.1 Overview
7.1.8.2 Others: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031 (Tons)
7.1.8.3 Others: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Confectionery Bars
7.2.1 Overview
7.2.2 Confectionery Bars: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031 (Tons)
7.2.3 Confectionery Bars: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to 2031 (US$ Million)
7.3 Pasta and Noodles
7.3.1 Overview
7.3.2 Pasta and Noodles: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031 (Tons)
7.3.3 Pasta and Noodles: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to 2031 (US$ Million)
7.4 Breakfast Cereals
7.4.1 Overview
7.4.2 Breakfast Cereals: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031 (Tons)
7.4.3 Breakfast Cereals: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to 2031 (US$ Million)
7.5 Snacks
7.5.1 Overview
7.5.2 Snacks: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031 (Tons)
7.5.3 Snacks: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to 2031 (US$ Million)
7.6 RTE and RTC Meals
7.6.1 Overview
7.6.2 RTE and RTC Meals: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031 (Tons)
7.6.3 RTE and RTC Meals: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to 2031 (US$ Million)
7.7 Flour
7.7.1 Overview
7.7.2 Flour: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031 (Tons)
7.7.3 Flour: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to 2031 (US$ Million)
7.8 Others
7.8.1 Overview
7.8.2 Others: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031 (Tons)
7.8.3 Others: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to 2031 (US$ Million)
8. Saudi Arabia Gluten-Free Products Market Revenue Analysis – by Distribution Channel
8.1 Supermarkets and Hypermarkets
8.1.1 Overview
8.1.2 Supermarkets and Hypermarkets: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Convenience Stores
8.2.1 Overview
8.2.2 Convenience Stores: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Online Retail
8.3.1 Overview
8.3.2 Online Retail: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to 2031 (US$ Million)
8.4 Others
8.4.1 Overview
8.4.2 Others: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to 2031 (US$ Million)
9. Competitive Landscape
9.1 Heat Map Analysis by Key Market Players
9.2 Company Positioning & Concentration
10. Industry Landscape
10.1 Overview
10.2 Expansion
10.3 New Product Development
10.4 Partnerships
11. Company Profiles
11.1 American Garden
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 Mondelez International Inc
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 Dr. Schär Spa
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 Nestle SA
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 Hunter Foods LLC
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 Blue Diamond Growers
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 Mister Free'd
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 YummyEarth Inc
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 Galletas Gullon SA
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 General Mills 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
12. Appendix
12.1 About The Insight Partners
List of Tables
Table 1. Saudi Arabia Gluten-Free Products Market Segmentation
Table 2. List of Vendors
Table 3. Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031 (Tons)
Table 4. Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to 2031 (US$ Million)
Table 5. Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031 (Tons) – by Type
Table 6. Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 7. Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to 2031 (US$ Million) – by Distribution Channel
List of Figures
Figure 1. Saudi Arabia Gluten-Free Products Market Segmentation, by Geography
Figure 2. Porter’s Five Forces Analysis
Figure 3. Ecosystem Analysis
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Saudi Arabia Gluten-Free Products Market Volume (Tons), 2021–2031
Figure 6. Saudi Arabia Gluten-Free Products Market Revenue (US$ Million), 2023–2031
Figure 7. Saudi Arabia Gluten-Free Products Market Share (%) – Type, 2023 and 2031
Figure 8. Bakery Products: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031(Tons)
Figure 9. Bakery Products: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to2031 (US$ Million)
Figure 10. Cakes and Muffins: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031(Tons)
Figure 11. Cakes and Muffins: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to2031 (US$ Million)
Figure 12. Biscuits and Cookies: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031(Tons)
Figure 13. Biscuits and Cookies: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to2031 (US$ Million)
Figure 14. Pizza: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031(Tons)
Figure 15. Pizza: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to2031 (US$ Million)
Figure 16. Bread and Rolls: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031(Tons)
Figure 17. Bread and Rolls: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to2031 (US$ Million)
Figure 18. Others: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031(Tons)
Figure 19. Others: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to2031 (US$ Million)
Figure 20. Confectionery Bars: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031(Tons)
Figure 21. Confectionery Bars: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to2031 (US$ Million)
Figure 22. Pasta and Noodles: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031(Tons)
Figure 23. Pasta and Noodles: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to2031 (US$ Million)
Figure 24. Breakfast Cereals: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031(Tons)
Figure 25. Breakfast Cereals: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to2031 (US$ Million)
Figure 26. Snacks: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031(Tons)
Figure 27. Snacks: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to2031 (US$ Million)
Figure 28. RTE and RTC Meals: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031(Tons)
Figure 29. RTE and RTC Meals: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to2031 (US$ Million)
Figure 30. Flour: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031(Tons)
Figure 31. Flour: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to2031 (US$ Million)
Figure 32. Others: Saudi Arabia Gluten-Free Products Market – Volume and Forecast to 2031(Tons)
Figure 33. Others: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to2031 (US$ Million)
Figure 34. Saudi Arabia Gluten-Free Products Market Share (%) – Distribution Channel, 2023 and 2031
Figure 35. Supermarkets and Hypermarkets: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to2031 (US$ Million)
Figure 36. Convenience Stores: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to2031 (US$ Million)
Figure 37. Online Retail: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to2031 (US$ Million)
Figure 38. Others: Saudi Arabia Gluten-Free Products Market – Revenue and Forecast to2031 (US$ Million)
Figure 39. Heat Map Analysis by Key Market Players
Figure 40. Company Positioning & Concentration
The List of Companies - Saudi Arabia Gluten Free-Products Market
- American Garden
- Nestle SA
- General Mills Inc
- Dr. Schar AG
- Hunter Foods LLC
- Blue Diamond Growers
- Mondelez International Inc
- Mister Free’d
- YummyEarth Inc
- Galletas Gullon 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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