Specialty Food Ingredients Market Updates by 2031
The specialty food ingredients market is expected to grow from US$ 141 billion in 2021 to US$ 206 billion by 2031; it is estimated to grow at a CAGR of 5.6% during 2022–2031.
The food processing industry has been flourishing rapidly with the rising demand for high-quality, nutritional food products due to the hectic lifestyles of consumers. Furthermore, an increase in demand for fortified food products is encouraging food manufacturers to incorporate specialty food ingredients in food processing to enhance the nutritional value of final products.
MARKET DYNAMICS
Specialty food ingredients are usually incorporated into food products to offer additional nutrition levels and provide the desired texture and color. They are also used as preservatives and emulsifying agents. They range from micro-ingredients such as minerals, vitamins, and enzymes to macro-ingredients such as specific fats, proteins, fibers, and carbohydrates. These ingredients make the food pleasant to eat, sustainable, safe, affordable, and healthy. The increasing demand for processed and convenience foods is driving the demand for specialty food ingredients.
MARKET SCOPE
The "Global Specialty Food Ingredients Market Analysis to 2031" is a specialized and in-depth study with a special focus on market trend analysis. The report aims to provide an overview of the specialty food ingredients market with detailed market segmentation. It provides key market statistics based on the performances of leading market players, and highlights key trends and opportunities in the market.
Strategic Insights
MARKET SEGMENTATION
The specialty food ingredients market is segmented on the basis of type and application. In terms of type, the market is segmented into functional food ingredients, specialty starch, sweeteners, flavors, preservatives, emulsifiers, enzymes, and others. Based on application, the specialty food ingredients market is segmented into bakery and confectioneries, beverages, dairy and frozen foods, breakfast cereals, meat and meat products, and others.
The report provides a detailed overview of the industry, including both qualitative and quantitative information. It provides an overview and forecast of the global specialty food ingredients market based on various segments. It also provides market size and forecast estimates from 2021 to 2031 with respect to five major regions, namely, North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America. The market in each region is further segmented into respective countries and segments. The report covers an analysis and forecast of 18 countries, along with current trends and opportunities prevailing in the region.
North America dominated the specialty food ingredients market in 2021. The rapid surge in the prevalence of obesity and diabetes is encouraging people to consume foods with high nutritional value, which is fueling the specialty food ingredients market. Additionally, consumers are highly inclined toward convenience food products loaded with nutrients amid their busy lifestyles; thus, manufacturers catering to the market in this region are incorporating specialty food ingredients in their food products. Furthermore, increasing awareness regarding the health benefits of specialty food ingredients, changing dietary habits, and rising per capita incomes are a few of the factors supporting the growth of the specialty food ingredients market across North America.
Source: The Insight Partners Analysis
The report analyzes factors affecting the specialty food ingredients market from the demand and supply sides. Further, it evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends, influencing the market progress. The report also provides an exhaustive Porter's Five Forces analysis of the market.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic has had a mixed impact on the overall specialty food ingredients market. The imposition of lockdowns led to temporary discontinuation in manufacturing activities, resulting in a decrease in the supply of products, which substantially limited the market. In addition, the disruption in raw material transportation due to travel restrictions adversely impacted the global market. However, with the increased concerns about health and fitness among consumers resulted in a dramatic surge in the demand for products with high nutritional value. This factor has been creating a huge demand for specialty food ingredients.
In 2021, the specialty food ingredients market witnessed growth as governments of various countries announced relaxations in several restrictions, including lockdowns. Manufacturers resumed their operations at full capacity, which helped them bridge the demand and supply gap. Many manufacturers expanded their production capacities to meet the rising consumer demand for food products with high nutritional values, which favored the specialty food ingredients market.
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The report provides a detailed overview of the industry, including both qualitative and quantitative information. It provides an overview and forecast of the global specialty food ingredients market based on various segments. It also provides market size and forecast estimates from 2021 to 2031 with respect to five major regions, namely, North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America. The market in each region is further segmented into respective countries and segments. The report covers an analysis and forecast of 18 countries, along with current trends and opportunities prevailing in the region.
North America dominated the specialty food ingredients market in 2021. The rapid surge in the prevalence of obesity and diabetes is encouraging people to consume foods with high nutritional value, which is fueling the specialty food ingredients market. Additionally, consumers are highly inclined toward convenience food products loaded with nutrients amid their busy lifestyles; thus, manufacturers catering to the market in this region are incorporating specialty food ingredients in their food products. Furthermore, increasing awareness regarding the health benefits of specialty food ingredients, changing dietary habits, and rising per capita incomes are a few of the factors supporting the growth of the specialty food ingredients market across North America.
Source: The Insight Partners Analysis
The report analyzes factors affecting the specialty food ingredients market from the demand and supply sides. Further, it evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends, influencing the market progress. The report also provides an exhaustive Porter's Five Forces analysis of the market.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic has had a mixed impact on the overall specialty food ingredients market. The imposition of lockdowns led to temporary discontinuation in manufacturing activities, resulting in a decrease in the supply of products, which substantially limited the market. In addition, the disruption in raw material transportation due to travel restrictions adversely impacted the global market. However, with the increased concerns about health and fitness among consumers resulted in a dramatic surge in the demand for products with high nutritional value. This factor has been creating a huge demand for specialty food ingredients.
In 2021, the specialty food ingredients market witnessed growth as governments of various countries announced relaxations in several restrictions, including lockdowns. Manufacturers resumed their operations at full capacity, which helped them bridge the demand and supply gap. Many manufacturers expanded their production capacities to meet the rising consumer demand for food products with high nutritional values, which favored the specialty food ingredients market.
MARKET PLAYERS
The reports highlight key organic and inorganic growth strategies in the specialty food ingredients market. Organic growth strategies adopted by market players include product launches, product approvals, and patents and events. Further, the inorganic growth strategies witnessed in the market include acquisitions, partnerships, and collaborations. These activities have paved the way for the expansion of businesses and customer bases of market players.
The report on the specialty food ingredients market presents the profiles of key companies in this market, focusing on their SWOT analysis and market strategies. The company profile section focuses on leading industry players with information such as components and services offered, financial information for the last 3 years, and key development in the past 5 years. The list of a few companies engaged in the specialty food ingredients market is given below:
- Naturex
- Givaudan
- KF Specialty Ingredients
- Ingredion
- Associated British Foods Plc
- Kerry Group
- Agropur Cooperative
- Ashland Inc
- Archer Daniels Midland Company
- Cargill Inc
The dedicated research and analysis team at The Insight Partner consists of experienced professionals with advanced statistical expertise. The team also offers various customization options in the existing study.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Application, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
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 Specialty Food Ingredients - By Ingredient
1.3.2 Specialty Food Ingredients - By Application
1.3.3 Specialty Food Ingredients - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SPECIALTY FOOD INGREDIENTS 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. SPECIALTY FOOD INGREDIENTS - 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. SPECIALTY FOOD INGREDIENTS - GLOBAL MARKET ANALYSIS
6.1. SPECIALTY FOOD INGREDIENTS - GLOBAL MARKET OVERVIEW
6.2. SPECIALTY FOOD INGREDIENTS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. SPECIALTY FOOD INGREDIENTS - REVENUE AND FORECASTS TO 2028 - INGREDIENT
7.1. OVERVIEW
7.2. INGREDIENT MARKET FORECASTS AND ANALYSIS
7.3. FUNCTIONAL FOOD INGREDIENTS
7.3.1. Overview
7.3.2. functional food ingredients Market Forecast and Analysis
7.4. SUGAR SUBSTITUTES
7.4.1. Overview
7.4.2. sugar substitutes Market Forecast and Analysis
7.5. FLAVORS
7.5.1. Overview
7.5.2. flavors Market Forecast and Analysis
7.6. SPECIALTY STARCHES
7.6.1. Overview
7.6.2. specialty starches Market Forecast and Analysis
7.7. ACIDULANTS
7.7.1. Overview
7.7.2. acidulants Market Forecast and Analysis
7.8. PRESERVATIVES
7.8.1. Overview
7.8.2. preservatives Market Forecast and Analysis
7.9. EMUSIFIERS
7.9.1. Overview
7.9.2. emusifiers Market Forecast and Analysis
7.10. COLORS
7.10.1. Overview
7.10.2. colors Market Forecast and Analysis
7.11. ENZYMES
7.11.1. Overview
7.11.2. enzymes Market Forecast and Analysis
7.12. OTHERS
7.12.1. Overview
7.12.2. others Market Forecast and Analysis
8. SPECIALTY FOOD INGREDIENTS - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. BAKERY AND CONFECTIONERY
8.3.1. Overview
8.3.2. bakery and confectionery Market Forecast and Analysis
8.4. BEVERAGES
8.4.1. Overview
8.4.2. beverages Market Forecast and Analysis
8.5. FROZEN FOODS
8.5.1. Overview
8.5.2. frozen foods Market Forecast and Analysis
8.6. CONVENIENCE FOODS
8.6.1. Overview
8.6.2. convenience foods Market Forecast and Analysis
8.7. MEAT PRODUCTS
8.7.1. Overview
8.7.2. meat products Market Forecast and Analysis
8.8. DIETARY SUPPLEMENTS
8.8.1. Overview
8.8.2. dietary supplements Market Forecast and Analysis
8.9. OTHERS
8.9.1. Overview
8.9.2. others Market Forecast and Analysis
9. SPECIALTY FOOD INGREDIENTS REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Specialty Food Ingredients Overview
9.1.2 North America Specialty Food Ingredients Forecasts and Analysis
9.1.3 North America Specialty Food Ingredients Forecasts and Analysis - By Ingredient
9.1.4 North America Specialty Food Ingredients Forecasts and Analysis - By Application
9.1.5 North America Specialty Food Ingredients Forecasts and Analysis - By Countries
9.1.5.1 Canada Specialty Food Ingredients
9.1.5.1.1 Canada Specialty Food Ingredients by Ingredient
9.1.5.1.2 Canada Specialty Food Ingredients by Application
9.1.5.2 Mexico Specialty Food Ingredients
9.1.5.2.1 Mexico Specialty Food Ingredients by Ingredient
9.1.5.2.2 Mexico Specialty Food Ingredients by Application
9.2. EUROPE
9.2.1 Europe Specialty Food Ingredients Overview
9.2.2 Europe Specialty Food Ingredients Forecasts and Analysis
9.2.3 Europe Specialty Food Ingredients Forecasts and Analysis - By Ingredient
9.2.4 Europe Specialty Food Ingredients Forecasts and Analysis - By Application
9.2.5 Europe Specialty Food Ingredients Forecasts and Analysis - By Countries
9.2.5.1 Germany Specialty Food Ingredients
9.2.5.1.1 Germany Specialty Food Ingredients by Ingredient
9.2.5.1.2 Germany Specialty Food Ingredients by Application
9.2.5.2 France Specialty Food Ingredients
9.2.5.2.1 France Specialty Food Ingredients by Ingredient
9.2.5.2.2 France Specialty Food Ingredients by Application
9.2.5.3 Italy Specialty Food Ingredients
9.2.5.3.1 Italy Specialty Food Ingredients by Ingredient
9.2.5.3.2 Italy Specialty Food Ingredients by Application
9.2.5.4 United Kingdom Specialty Food Ingredients
9.2.5.4.1 United Kingdom Specialty Food Ingredients by Ingredient
9.2.5.4.2 United Kingdom Specialty Food Ingredients by Application
9.2.5.5 Russia Specialty Food Ingredients
9.2.5.5.1 Russia Specialty Food Ingredients by Ingredient
9.2.5.5.2 Russia Specialty Food Ingredients by Application
9.2.5.6 Rest of Europe Specialty Food Ingredients
9.2.5.6.1 Rest of Europe Specialty Food Ingredients by Ingredient
9.2.5.6.2 Rest of Europe Specialty Food Ingredients by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Specialty Food Ingredients Overview
9.3.2 Asia-Pacific Specialty Food Ingredients Forecasts and Analysis
9.3.3 Asia-Pacific Specialty Food Ingredients Forecasts and Analysis - By Ingredient
9.3.4 Asia-Pacific Specialty Food Ingredients Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Specialty Food Ingredients Forecasts and Analysis - By Countries
9.3.5.1 Australia Specialty Food Ingredients
9.3.5.1.1 Australia Specialty Food Ingredients by Ingredient
9.3.5.1.2 Australia Specialty Food Ingredients by Application
9.3.5.2 China Specialty Food Ingredients
9.3.5.2.1 China Specialty Food Ingredients by Ingredient
9.3.5.2.2 China Specialty Food Ingredients by Application
9.3.5.3 India Specialty Food Ingredients
9.3.5.3.1 India Specialty Food Ingredients by Ingredient
9.3.5.3.2 India Specialty Food Ingredients by Application
9.3.5.4 Japan Specialty Food Ingredients
9.3.5.4.1 Japan Specialty Food Ingredients by Ingredient
9.3.5.4.2 Japan Specialty Food Ingredients by Application
9.3.5.5 South Korea Specialty Food Ingredients
9.3.5.5.1 South Korea Specialty Food Ingredients by Ingredient
9.3.5.5.2 South Korea Specialty Food Ingredients by Application
9.3.5.6 Rest of Asia-Pacific Specialty Food Ingredients
9.3.5.6.1 Rest of Asia-Pacific Specialty Food Ingredients by Ingredient
9.3.5.6.2 Rest of Asia-Pacific Specialty Food Ingredients by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Specialty Food Ingredients Overview
9.4.2 Middle East and Africa Specialty Food Ingredients Forecasts and Analysis
9.4.3 Middle East and Africa Specialty Food Ingredients Forecasts and Analysis - By Ingredient
9.4.4 Middle East and Africa Specialty Food Ingredients Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Specialty Food Ingredients Forecasts and Analysis - By Countries
9.4.5.1 South Africa Specialty Food Ingredients
9.4.5.1.1 South Africa Specialty Food Ingredients by Ingredient
9.4.5.1.2 South Africa Specialty Food Ingredients by Application
9.4.5.2 Saudi Arabia Specialty Food Ingredients
9.4.5.2.1 Saudi Arabia Specialty Food Ingredients by Ingredient
9.4.5.2.2 Saudi Arabia Specialty Food Ingredients by Application
9.4.5.3 U.A.E Specialty Food Ingredients
9.4.5.3.1 U.A.E Specialty Food Ingredients by Ingredient
9.4.5.3.2 U.A.E Specialty Food Ingredients by Application
9.4.5.4 Rest of Middle East and Africa Specialty Food Ingredients
9.4.5.4.1 Rest of Middle East and Africa Specialty Food Ingredients by Ingredient
9.4.5.4.2 Rest of Middle East and Africa Specialty Food Ingredients by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Specialty Food Ingredients Overview
9.5.2 South and Central America Specialty Food Ingredients Forecasts and Analysis
9.5.3 South and Central America Specialty Food Ingredients Forecasts and Analysis - By Ingredient
9.5.4 South and Central America Specialty Food Ingredients Forecasts and Analysis - By Application
9.5.5 South and Central America Specialty Food Ingredients Forecasts and Analysis - By Countries
9.5.5.1 Brazil Specialty Food Ingredients
9.5.5.1.1 Brazil Specialty Food Ingredients by Ingredient
9.5.5.1.2 Brazil Specialty Food Ingredients by Application
9.5.5.2 Argentina Specialty Food Ingredients
9.5.5.2.1 Argentina Specialty Food Ingredients by Ingredient
9.5.5.2.2 Argentina Specialty Food Ingredients by Application
9.5.5.3 Rest of South and Central America Specialty Food Ingredients
9.5.5.3.1 Rest of South and Central America Specialty Food Ingredients by Ingredient
9.5.5.3.2 Rest of South and Central America Specialty Food Ingredients by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. SPECIALTY FOOD INGREDIENTS, KEY COMPANY PROFILES
11.1. ARCHER DANIELS MIDLAND COMPANY
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. CARGILL
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. E.I. DU PONT DE NEMOURS AND COMPANY
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. GIVAUDAN
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. INGREDION INCORPORATED
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. KERRY GROUP
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. ROYAL DSM N.V.
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. SENSIENT TECHNOLOGIES CORPORATION
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. TATE AND LYLE PLC
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. VIDHI SPECIALTY FOOD INGREDIENTS LIMITED.
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
12.2. GLOSSARY OF TERMS
The List of Companies
- Naturex
- Givaudan
- KF Specialty Ingredients
- Ingredion
- Associated British Foods Plc
- Kerry Group
- Agropur Cooperative
- Ashland Inc
- Archer Daniels Midland Company
- Cargill 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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