Shellac Market Dynamics - 2021 to 2031
The Shellac Market is expected to register a CAGR of 2% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
Shellac Market covers analysis by Function (Glazing Agent, Coating Agent, Surface finishing Agent); Type (Waxed Shellac, Dewaxed Shellac, Bleached shellac); End-User Industry (Fruit Coating, Cosmetics, Pharmaceuticals, Paints and Varnishes, Textile, Industrial, Other), and Geography (North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America). Shellac is a sticky secretion from East Asian lac insects. It is a type of natural plastic and can be easily shaped underweight and heat techniques. It is yellow or brownish-orange in color and has properties of being translucent and shiny. Shellac is heated, refined and then applied on fruits, vegetables, candy, and pills.
Purpose of the ReportThe report Shellac Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Shellac Market Segmentation
Function- Glazing Agent
- Coating Agent
- Surface finishing Agent
- Waxed Shellac
- Dewaxed Shellac
- Bleached shellac
- Fruit Coating
- Cosmetics
- Pharmaceuticals
- Paints and Varnishes
- Textile
- Industrial
- Other
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Shellac Market Growth Drivers- Increasing Demand in the Cosmetics and Personal Care Sectors: Shellac is a naturally occurring gloss, binder, and stabilizer used in cosmetic items. Shellac application in nail enamel, lip conditioners, and personal care products has increased tremendously due to the changing demand of users for natural and organic products for beauty.
- Expansions of the Food and Beverage Sector: The shellac is a food glazing agent which gives the glossiness to shiny candies, chocolates, fruits, along with pills. The increasing demand for aesthetic and high-quality food products has also increased demand for shellac due to its non-toxic natural coating as well as high growth numbers for the food and beverage market.
- Expansion in Pharmaceutical Applications: Shellac also plays an important role in drugs and the pharmaceutical industry because the coating of tablets and capsules protects active ingredients and affords stability to these products. The increasing demands for healthcare systems worldwide and an increased need for controlled-release drugs have led to further implications of shellac in pharmaceutical formulations, hence driving its mass adoption from industry and market demand.
- Greater Adoption into Sustainable Packaging: Shellac, a biodegradable coating, is expected for its stereotypical applications with the industries requesting towards sustainable value-added packaging. It is from the biological origin and thus very suitable for the making of eco-friendly packaging materials for food, spirits, and cosmetic products as per the global sustainability movements thereby increasing the demand of shellac in packaging solutions.
- Improved Production Methods of Shellac: Improvement in future market growth will come from better production methods which will be applied to shellac. Technology such as modified extraction techniques will render cheaper and greener shellac so that it produces additional markets and applications in green-friendly areas such as cosmetics, food, and pharmaceuticals.
- Rise of Natural and Organic Cosmetics: Demand for shellac in the cosmetics industry is anticipated to grow owing to an increased affinity of customers towards organic and natural beauty products. Shellac is a perfectly natural and eco-friendly material that quickly adopts organic formulations and finds tremendous use in nail care products as a viable alternative to synthetic chemicals with regard to their use.
- Broadenings of Eco-friendly Food Coatings: An increasing demand for food products by a consumer group who wants food healthy, pure justifies a use of shellac increasingly in organic and clean-label food coatings. It is absolutely within the politics of health, as shellac is among the white natural edible coatings for improved appearance and preservation of fruits, vegetables, and candies.
- Expanding market in luxury cosmetics: There is growing demand for high-end, natural cosmetics. That is an opportunity for shellac. Shellac can also be found in a lot of high-end brands that focus on organic and non-toxic, because shellac is majorly incorporated into their formulations such as nail products and lip care, being one of the most significant growth potentials in the luxury beauty industry.
- Eco-friendly Building Material Uses: Shellac can now be passed off as a green alternative to wood finishing now that the construction industry is being green. Apart from which the natural nontoxic shellac properties make it applicable in green building materials, especially for interior designs in residential and commercial housing, the product creates a unique market for environmentally friendly construction materials.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Shellac Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Shellac Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The Shellac Market is estimated to witness a CAGR of 2% from 2023 to 2031
Growing demand from pharmaceutical industry is a key driver in the market
D. Manoharlal (Shellac) Pvt. Ltd., Gifu Shellac Mfg Co., Ltd., Jagdamba Lac Factory, Mahabir Shellac, Shri Gopal Shellac Industries, Stroever GmbH and Co. KG, Tajna Shellac Pvt. Ltd., THE JAPAN SHELLAC INDUSTRIES, LTD., Tolaram Overseas Corporation, and Vishnu Shellac Factory are some of the key players in the market.
The glazing agent function segment accounted for the largest market share in 2023
The North America market is expected to account for the highest CAGR during the forecast period, owing to the growing pharmaceutical industry in the region.
Growth in food coatings is an emerging trend in the market.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Shellac Market - By Function
1.3.2 Shellac Market - By Type
1.3.3 Shellac Market - By End-User Industry
1.3.4 Shellac Market - By Region
1.3.4.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. SHELLAC MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. SHELLAC 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, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. SHELLAC MARKET - GLOBAL MARKET ANALYSIS
6.1. SHELLAC - GLOBAL MARKET OVERVIEW
6.2. SHELLAC - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. SHELLAC MARKET - REVENUE AND FORECASTS TO 2028 - FUNCTION
7.1. OVERVIEW
7.2. FUNCTION MARKET FORECASTS AND ANALYSIS
7.3. GLAZING AGENT
7.3.1. Overview
7.3.2. Glazing Agent Market Forecast and Analysis
7.4. COATING AGENT
7.4.1. Overview
7.4.2. Coating Agent Market Forecast and Analysis
7.5. SURFACE FINISHING AGENT
7.5.1. Overview
7.5.2. Surface finishing Agent Market Forecast and Analysis
8. SHELLAC MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
8.1. OVERVIEW
8.2. TYPE MARKET FORECASTS AND ANALYSIS
8.3. WAXED SHELLAC
8.3.1. Overview
8.3.2. Waxed Shellac Market Forecast and Analysis
8.4. DEWAXED SHELLAC
8.4.1. Overview
8.4.2. Dewaxed Shellac Market Forecast and Analysis
8.5. BLEACHED SHELLAC
8.5.1. Overview
8.5.2. Bleached shellac Market Forecast and Analysis
9. SHELLAC MARKET - REVENUE AND FORECASTS TO 2028 - END-USER INDUSTRY
9.1. OVERVIEW
9.2. END-USER INDUSTRY MARKET FORECASTS AND ANALYSIS
9.3. FRUIT COATING
9.3.1. Overview
9.3.2. Fruit Coating Market Forecast and Analysis
9.4. COSMETICS
9.4.1. Overview
9.4.2. Cosmetics Market Forecast and Analysis
9.5. PHARMACEUTICALS
9.5.1. Overview
9.5.2. Pharmaceuticals Market Forecast and Analysis
9.6. PAINTS & VARNISHES
9.6.1. Overview
9.6.2. Paints & Varnishes Market Forecast and Analysis
9.7. TEXTILE
9.7.1. Overview
9.7.2. Textile Market Forecast and Analysis
9.8. INDUSTRIAL
9.8.1. Overview
9.8.2. Industrial Market Forecast and Analysis
9.9. Others
9.9.1. Overview
9.9.2. Others Market Forecast and Analysis
10. SHELLAC MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Shellac Market Overview
10.1.2 North America Shellac Market Forecasts and Analysis
10.1.3 North America Shellac Market Forecasts and Analysis - By Function
10.1.4 North America Shellac Market Forecasts and Analysis - By Type
10.1.5 North America Shellac Market Forecasts and Analysis - By End-User Industry
10.1.6 North America Shellac Market Forecasts and Analysis - By Countries
10.1.6.1 United States Shellac Market
10.1.6.1.1 United States Shellac Market by Function
10.1.6.1.2 United States Shellac Market by Type
10.1.6.1.3 United States Shellac Market by End-User Industry
10.1.6.2 Canada Shellac Market
10.1.6.2.1 Canada Shellac Market by Function
10.1.6.2.2 Canada Shellac Market by Type
10.1.6.2.3 Canada Shellac Market by End-User Industry
10.1.6.3 Mexico Shellac Market
10.1.6.3.1 Mexico Shellac Market by Function
10.1.6.3.2 Mexico Shellac Market by Type
10.1.6.3.3 Mexico Shellac Market by End-User Industry
10.2. EUROPE
10.2.1 Europe Shellac Market Overview
10.2.2 Europe Shellac Market Forecasts and Analysis
10.2.3 Europe Shellac Market Forecasts and Analysis - By Function
10.2.4 Europe Shellac Market Forecasts and Analysis - By Type
10.2.5 Europe Shellac Market Forecasts and Analysis - By End-User Industry
10.2.6 Europe Shellac Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Shellac Market
10.2.6.1.1 Germany Shellac Market by Function
10.2.6.1.2 Germany Shellac Market by Type
10.2.6.1.3 Germany Shellac Market by End-User Industry
10.2.6.2 France Shellac Market
10.2.6.2.1 France Shellac Market by Function
10.2.6.2.2 France Shellac Market by Type
10.2.6.2.3 France Shellac Market by End-User Industry
10.2.6.3 Italy Shellac Market
10.2.6.3.1 Italy Shellac Market by Function
10.2.6.3.2 Italy Shellac Market by Type
10.2.6.3.3 Italy Shellac Market by End-User Industry
10.2.6.4 United Kingdom Shellac Market
10.2.6.4.1 United Kingdom Shellac Market by Function
10.2.6.4.2 United Kingdom Shellac Market by Type
10.2.6.4.3 United Kingdom Shellac Market by End-User Industry
10.2.6.5 Russia Shellac Market
10.2.6.5.1 Russia Shellac Market by Function
10.2.6.5.2 Russia Shellac Market by Type
10.2.6.5.3 Russia Shellac Market by End-User Industry
10.2.6.6 Rest of Europe Shellac Market
10.2.6.6.1 Rest of Europe Shellac Market by Function
10.2.6.6.2 Rest of Europe Shellac Market by Type
10.2.6.6.3 Rest of Europe Shellac Market by End-User Industry
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Shellac Market Overview
10.3.2 Asia-Pacific Shellac Market Forecasts and Analysis
10.3.3 Asia-Pacific Shellac Market Forecasts and Analysis - By Function
10.3.4 Asia-Pacific Shellac Market Forecasts and Analysis - By Type
10.3.5 Asia-Pacific Shellac Market Forecasts and Analysis - By End-User Industry
10.3.6 Asia-Pacific Shellac Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Shellac Market
10.3.6.1.1 Australia Shellac Market by Function
10.3.6.1.2 Australia Shellac Market by Type
10.3.6.1.3 Australia Shellac Market by End-User Industry
10.3.6.2 China Shellac Market
10.3.6.2.1 China Shellac Market by Function
10.3.6.2.2 China Shellac Market by Type
10.3.6.2.3 China Shellac Market by End-User Industry
10.3.6.3 India Shellac Market
10.3.6.3.1 India Shellac Market by Function
10.3.6.3.2 India Shellac Market by Type
10.3.6.3.3 India Shellac Market by End-User Industry
10.3.6.4 Japan Shellac Market
10.3.6.4.1 Japan Shellac Market by Function
10.3.6.4.2 Japan Shellac Market by Type
10.3.6.4.3 Japan Shellac Market by End-User Industry
10.3.6.5 South Korea Shellac Market
10.3.6.5.1 South Korea Shellac Market by Function
10.3.6.5.2 South Korea Shellac Market by Type
10.3.6.5.3 South Korea Shellac Market by End-User Industry
10.3.6.6 Rest of Asia-Pacific Shellac Market
10.3.6.6.1 Rest of Asia-Pacific Shellac Market by Function
10.3.6.6.2 Rest of Asia-Pacific Shellac Market by Type
10.3.6.6.3 Rest of Asia-Pacific Shellac Market by End-User Industry
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Shellac Market Overview
10.4.2 Middle East and Africa Shellac Market Forecasts and Analysis
10.4.3 Middle East and Africa Shellac Market Forecasts and Analysis - By Function
10.4.4 Middle East and Africa Shellac Market Forecasts and Analysis - By Type
10.4.5 Middle East and Africa Shellac Market Forecasts and Analysis - By End-User Industry
10.4.6 Middle East and Africa Shellac Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Shellac Market
10.4.6.1.1 South Africa Shellac Market by Function
10.4.6.1.2 South Africa Shellac Market by Type
10.4.6.1.3 South Africa Shellac Market by End-User Industry
10.4.6.2 Saudi Arabia Shellac Market
10.4.6.2.1 Saudi Arabia Shellac Market by Function
10.4.6.2.2 Saudi Arabia Shellac Market by Type
10.4.6.2.3 Saudi Arabia Shellac Market by End-User Industry
10.4.6.3 U.A.E Shellac Market
10.4.6.3.1 U.A.E Shellac Market by Function
10.4.6.3.2 U.A.E Shellac Market by Type
10.4.6.3.3 U.A.E Shellac Market by End-User Industry
10.4.6.4 Rest of Middle East and Africa Shellac Market
10.4.6.4.1 Rest of Middle East and Africa Shellac Market by Function
10.4.6.4.2 Rest of Middle East and Africa Shellac Market by Type
10.4.6.4.3 Rest of Middle East and Africa Shellac Market by End-User Industry
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Shellac Market Overview
10.5.2 South and Central America Shellac Market Forecasts and Analysis
10.5.3 South and Central America Shellac Market Forecasts and Analysis - By Function
10.5.4 South and Central America Shellac Market Forecasts and Analysis - By Type
10.5.5 South and Central America Shellac Market Forecasts and Analysis - By End-User Industry
10.5.6 South and Central America Shellac Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Shellac Market
10.5.6.1.1 Brazil Shellac Market by Function
10.5.6.1.2 Brazil Shellac Market by Type
10.5.6.1.3 Brazil Shellac Market by End-User Industry
10.5.6.2 Argentina Shellac Market
10.5.6.2.1 Argentina Shellac Market by Function
10.5.6.2.2 Argentina Shellac Market by Type
10.5.6.2.3 Argentina Shellac Market by End-User Industry
10.5.6.3 Rest of South and Central America Shellac Market
10.5.6.3.1 Rest of South and Central America Shellac Market by Function
10.5.6.3.2 Rest of South and Central America Shellac Market by Type
10.5.6.3.3 Rest of South and Central America Shellac Market by End-User Industry
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. SHELLAC MARKET, KEY COMPANY PROFILES
12.1. D. MANOHARLAL (SHELLAC) PVT. LTD.
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. GIFU SHELLAC MFG CO., LTD.,
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. JAGDAMBA LAC FACTORY
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. MAHABIR SHELLAC
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. SHRI GOPAL SHELLAC INDUSTRIES
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. STROEVER GMBH & CO. KG
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. TAJNA SHELLAC PVT. LTD.
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. THE JAPAN SHELLAC INDUSTRIES, LTD.
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. TOLARAM OVERSEAS 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. VISHNU SHELLAC FACTORY
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
1. D. Manoharlal (Shellac) Pvt. Ltd.
2. Gifu Shellac Mfg Co., Ltd.,
3. Jagdamba Lac Factory
4. Mahabir Shellac
5. Shri Gopal Shellac Industries
6. Stroever GmbH & Co. KG
7. Tajna Shellac Pvt. Ltd.
8. THE JAPAN SHELLAC INDUSTRIES, LTD.
9. Tolaram Overseas Corporation
10. Vishnu Shellac Factory
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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