Sports Drink Market Key Findings by 2031
The sports drink market is expected to register a CAGR of 5% during 2023–2031. The surge in demand for natural and organic sports drinks made from clean ingredients is likely to remain a key trend in the market.
Sports Drink Market Analysis:
- The growing health awareness amongst the youth, attributed to fitness activities like sports and yoga, propelling the market growth.
- The presence of muscle-building and stamina-boosting ingredients that make drinks more functional is anticipated to drive market growth in coming years.
- Surge in demand for no-sugar drinks due to replacement of high fructose corn syrup with sucrose and fructose resulting in slow release of energy, leading to lucrative market growth.
- Additionally, among young adults, organic protein sources are gaining popularity, which is projected to drive the market growth of sports drinks.
- A move in manufacturing practices to include pea protein, soy protein, and rice protein, among other sources, as their key ingredients is attracting growth opportunities sports drink market.
Sports Drink Market Overview
- Sports drink is a beverage that has been consumed by athletes and people who are involved in sports activities before and after their competition or training.
- Sports drinks provide electrolytes that are needed by the body during intense exercise competitions or training sessions.
- These electrolytes are sodium (Na), magnesium (Mg), potassium (K), calcium (Ca), glucose and water in the body.
- Sports drinks also contain carbohydrates from high fructose corn syrup, glucose, and sucrose, or all of these nutrients can be sugar-free.
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Sports Drink Market: Strategic Insights
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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.
Sports Drink Market: Strategic Insights
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Sports Drink Market Drivers and Opportunities
Growing Physical and Fitness-Related Activities
- Physical fitness and wellness activities are the significant factors behind the upsurge in demand for sports drinks.
- Consumers from all demographic segments are spending more time to remain fit by engaging in activities such as competitive sports, fitness classes, and workouts. Alongside this increasing interest in staying physically active, the sports drinks market is also encouraging people to take advantage of any physical activity to stay fit and healthy.
- Moreover, fitness enthusiasts and amateur athletes are regularly consuming sports drinks to replenish electrolytes, maintain hydration, and boost energy during workouts or competitions.
- The growing awareness about the role of hydration and nutrition in sustaining physical activity and overall well-being is a major reason behind the rising interest in consuming sports drinks.
- Therefore, the sports drinks market is thriving, with companies such as PepsiCo, Coca-Cola, Red Bull, and Gatorade exploring new formulations, expanding their product portfolios, and seeking a wider consumer base beyond professional sportspersons.
Growing Demand for Natural, Functional Sports Drinks with Targeted Health Benefits
- The growing wellness trend is leading to increased consumer demand for natural or functional, sports drinks with targeted health benefits.
- Sports drink manufacturers have an opportunity to innovate their brands to capture more of the market.
- Consumers are becoming more and more focused on sports drinks with effective lists of ingredients and nutritional value that may help with their functional and performance needs.
- Due to the increased consumer interest in natural products, brands that can effectively create and market clean-label, proven-to-work formulations for very specific athletes and general health issues will likely hold up the best in the sports drink market.
- Functional sports drinks could use combinations of natural sweeteners with plant-based ingredients and herbs to differentiate the product and appeal to the consumer who wants a more holistic approach to health and fitness
Sports Drink MarketSegmentation
The scope of the global sports drink market is segmented based on type, flavor, and distribution channel.
- Based on type, the sports drink market is segmented into hypotonic, hypertonic, and isotonic.
- based on flavor, the market is categorized into orange, lemon, grape, mixed berries, mixed fruits, fruit punch, and others.
- Based on distribution channel, the market is segmented into supermarkets and hypermarkets, convenience stores, online, and others.
Sports Drink Market Share Analysis by Geography
- Sports Drink 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 sports drink 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 sports drink market in these regions.
Sports Drink Market Report Scope
Sports Drink Market News and Recent Developments:
The sports drink 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:
- Monster Energy announced that it's formed a strategic partnership with the world’s No. 1 producer of two-wheeled vehicles, India-based Hero MotoCorp, and its dynamic off-road competition motorcycle team, Hero MotoSports Team Rally. (Source: Monster Energy, Company website, Nov 2023)
- Boost Drinks expanded its Sugar-Free Energy range with Tropical Blitz and Apple & Raspberry, aiming to complement its Original Sugar-Free Energy SKU. The additions are part of Boost's efforts to capitalize on the 23% year-on-year growth in the sugar-free energy drinks category. (Source: Boost, Newsletter, May 2024)
Sports Drink Market Report Coverage and Deliverables
The “Sports Drink Market Size and Forecast (2021 – 2031)” provides a detailed analysis of the market covering below areas:
- Sports drink market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Sports drink market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Sports drink market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the sports drink 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
Some of the customization options available based on request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
Growing physical and fitness-related activities is one of the major factors driving the sports drink market.
The global sports drink market is estimated to grow above 5% during the forecast period 2024-2031.
The surge in demand for natural and organic sports drinks made from clean ingredients is likely to remain a key trend in the market.
The report can be delivered in PDF/Word format, we can also share an Excel data sheet based on request.
The leading players operating in the sports drink market are Abbott Nutrition Co, BA Sports Nutrition LLC, Britvic Plc, Danone SA, Fraser and Neave, Lucozade Ribenna Suntory, Otsuka Pharmaceutical Co Ltd, PepsiCo Inc, Steric Trading Ptv Ltd, and The Coca-Cola Co.
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 Sports Drink Market - By Type
1.3.2 Sports Drink Market - By Flavor
1.3.3 Sports Drink Market - By Distribution Channel
1.3.4 Sports Drink Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SPORTS DRINK 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. SPORTS DRINK 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. SPORTS DRINK MARKET - GLOBAL MARKET ANALYSIS
6.1. SPORTS DRINK - GLOBAL MARKET OVERVIEW
6.2. SPORTS DRINK - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. SPORTS DRINK MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. HYPOTONIC
7.3.1. Overview
7.3.2. Hypotonic Market Forecast and Analysis
7.4. HYPERTONIC
7.4.1. Overview
7.4.2. Hypertonic Market Forecast and Analysis
7.5. ISOTONIC
7.5.1. Overview
7.5.2. Isotonic Market Forecast and Analysis
8. SPORTS DRINK MARKET - REVENUE AND FORECASTS TO 2028 - FLAVOR
8.1. OVERVIEW
8.2. FLAVOR MARKET FORECASTS AND ANALYSIS
8.3. ORANGE
8.3.1. Overview
8.3.2. Orange Market Forecast and Analysis
8.4. LEMON
8.4.1. Overview
8.4.2. Lemon Market Forecast and Analysis
8.5. GRAPE
8.5.1. Overview
8.5.2. Grape Market Forecast and Analysis
8.6. MIXED BERRIES
8.6.1. Overview
8.6.2. Mixed Berries Market Forecast and Analysis
8.7. MIXED FRUITS
8.7.1. Overview
8.7.2. Mixed Fruits Market Forecast and Analysis
8.8. FRUIT PUNCH
8.8.1. Overview
8.8.2. Fruit Punch Market Forecast and Analysis
8.9. OTHERS
8.9.1. Overview
8.9.2. Others Market Forecast and Analysis
9. SPORTS DRINK 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. CONVENIENCE STORES
9.4.1. Overview
9.4.2. Convenience Stores Market Forecast and Analysis
9.5. ONLINE
9.5.1. Overview
9.5.2. Online Market Forecast and Analysis
9.6. OTHERS
9.6.1. Overview
9.6.2. Others Market Forecast and Analysis
10. SPORTS DRINK MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Sports Drink Market Overview
10.1.2 North America Sports Drink Market Forecasts and Analysis
10.1.3 North America Sports Drink Market Forecasts and Analysis - By Type
10.1.4 North America Sports Drink Market Forecasts and Analysis - By Flavor
10.1.5 North America Sports Drink Market Forecasts and Analysis - By Distribution Channel
10.1.6 North America Sports Drink Market Forecasts and Analysis - By Countries
10.1.6.1 United States Sports Drink Market
10.1.6.1.1 United States Sports Drink Market by Type
10.1.6.1.2 United States Sports Drink Market by Flavor
10.1.6.1.3 United States Sports Drink Market by Distribution Channel
10.1.6.2 Canada Sports Drink Market
10.1.6.2.1 Canada Sports Drink Market by Type
10.1.6.2.2 Canada Sports Drink Market by Flavor
10.1.6.2.3 Canada Sports Drink Market by Distribution Channel
10.1.6.3 Mexico Sports Drink Market
10.1.6.3.1 Mexico Sports Drink Market by Type
10.1.6.3.2 Mexico Sports Drink Market by Flavor
10.1.6.3.3 Mexico Sports Drink Market by Distribution Channel
10.2. EUROPE
10.2.1 Europe Sports Drink Market Overview
10.2.2 Europe Sports Drink Market Forecasts and Analysis
10.2.3 Europe Sports Drink Market Forecasts and Analysis - By Type
10.2.4 Europe Sports Drink Market Forecasts and Analysis - By Flavor
10.2.5 Europe Sports Drink Market Forecasts and Analysis - By Distribution Channel
10.2.6 Europe Sports Drink Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Sports Drink Market
10.2.6.1.1 Germany Sports Drink Market by Type
10.2.6.1.2 Germany Sports Drink Market by Flavor
10.2.6.1.3 Germany Sports Drink Market by Distribution Channel
10.2.6.2 France Sports Drink Market
10.2.6.2.1 France Sports Drink Market by Type
10.2.6.2.2 France Sports Drink Market by Flavor
10.2.6.2.3 France Sports Drink Market by Distribution Channel
10.2.6.3 Italy Sports Drink Market
10.2.6.3.1 Italy Sports Drink Market by Type
10.2.6.3.2 Italy Sports Drink Market by Flavor
10.2.6.3.3 Italy Sports Drink Market by Distribution Channel
10.2.6.4 United Kingdom Sports Drink Market
10.2.6.4.1 United Kingdom Sports Drink Market by Type
10.2.6.4.2 United Kingdom Sports Drink Market by Flavor
10.2.6.4.3 United Kingdom Sports Drink Market by Distribution Channel
10.2.6.5 Russia Sports Drink Market
10.2.6.5.1 Russia Sports Drink Market by Type
10.2.6.5.2 Russia Sports Drink Market by Flavor
10.2.6.5.3 Russia Sports Drink Market by Distribution Channel
10.2.6.6 Rest of Europe Sports Drink Market
10.2.6.6.1 Rest of Europe Sports Drink Market by Type
10.2.6.6.2 Rest of Europe Sports Drink Market by Flavor
10.2.6.6.3 Rest of Europe Sports Drink Market by Distribution Channel
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Sports Drink Market Overview
10.3.2 Asia-Pacific Sports Drink Market Forecasts and Analysis
10.3.3 Asia-Pacific Sports Drink Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Sports Drink Market Forecasts and Analysis - By Flavor
10.3.5 Asia-Pacific Sports Drink Market Forecasts and Analysis - By Distribution Channel
10.3.6 Asia-Pacific Sports Drink Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Sports Drink Market
10.3.6.1.1 Australia Sports Drink Market by Type
10.3.6.1.2 Australia Sports Drink Market by Flavor
10.3.6.1.3 Australia Sports Drink Market by Distribution Channel
10.3.6.2 China Sports Drink Market
10.3.6.2.1 China Sports Drink Market by Type
10.3.6.2.2 China Sports Drink Market by Flavor
10.3.6.2.3 China Sports Drink Market by Distribution Channel
10.3.6.3 India Sports Drink Market
10.3.6.3.1 India Sports Drink Market by Type
10.3.6.3.2 India Sports Drink Market by Flavor
10.3.6.3.3 India Sports Drink Market by Distribution Channel
10.3.6.4 Japan Sports Drink Market
10.3.6.4.1 Japan Sports Drink Market by Type
10.3.6.4.2 Japan Sports Drink Market by Flavor
10.3.6.4.3 Japan Sports Drink Market by Distribution Channel
10.3.6.5 South Korea Sports Drink Market
10.3.6.5.1 South Korea Sports Drink Market by Type
10.3.6.5.2 South Korea Sports Drink Market by Flavor
10.3.6.5.3 South Korea Sports Drink Market by Distribution Channel
10.3.6.6 Rest of Asia-Pacific Sports Drink Market
10.3.6.6.1 Rest of Asia-Pacific Sports Drink Market by Type
10.3.6.6.2 Rest of Asia-Pacific Sports Drink Market by Flavor
10.3.6.6.3 Rest of Asia-Pacific Sports Drink Market by Distribution Channel
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Sports Drink Market Overview
10.4.2 Middle East and Africa Sports Drink Market Forecasts and Analysis
10.4.3 Middle East and Africa Sports Drink Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Sports Drink Market Forecasts and Analysis - By Flavor
10.4.5 Middle East and Africa Sports Drink Market Forecasts and Analysis - By Distribution Channel
10.4.6 Middle East and Africa Sports Drink Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Sports Drink Market
10.4.6.1.1 South Africa Sports Drink Market by Type
10.4.6.1.2 South Africa Sports Drink Market by Flavor
10.4.6.1.3 South Africa Sports Drink Market by Distribution Channel
10.4.6.2 Saudi Arabia Sports Drink Market
10.4.6.2.1 Saudi Arabia Sports Drink Market by Type
10.4.6.2.2 Saudi Arabia Sports Drink Market by Flavor
10.4.6.2.3 Saudi Arabia Sports Drink Market by Distribution Channel
10.4.6.3 U.A.E Sports Drink Market
10.4.6.3.1 U.A.E Sports Drink Market by Type
10.4.6.3.2 U.A.E Sports Drink Market by Flavor
10.4.6.3.3 U.A.E Sports Drink Market by Distribution Channel
10.4.6.4 Rest of Middle East and Africa Sports Drink Market
10.4.6.4.1 Rest of Middle East and Africa Sports Drink Market by Type
10.4.6.4.2 Rest of Middle East and Africa Sports Drink Market by Flavor
10.4.6.4.3 Rest of Middle East and Africa Sports Drink Market by Distribution Channel
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Sports Drink Market Overview
10.5.2 South and Central America Sports Drink Market Forecasts and Analysis
10.5.3 South and Central America Sports Drink Market Forecasts and Analysis - By Type
10.5.4 South and Central America Sports Drink Market Forecasts and Analysis - By Flavor
10.5.5 South and Central America Sports Drink Market Forecasts and Analysis - By Distribution Channel
10.5.6 South and Central America Sports Drink Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Sports Drink Market
10.5.6.1.1 Brazil Sports Drink Market by Type
10.5.6.1.2 Brazil Sports Drink Market by Flavor
10.5.6.1.3 Brazil Sports Drink Market by Distribution Channel
10.5.6.2 Argentina Sports Drink Market
10.5.6.2.1 Argentina Sports Drink Market by Type
10.5.6.2.2 Argentina Sports Drink Market by Flavor
10.5.6.2.3 Argentina Sports Drink Market by Distribution Channel
10.5.6.3 Rest of South and Central America Sports Drink Market
10.5.6.3.1 Rest of South and Central America Sports Drink Market by Type
10.5.6.3.2 Rest of South and Central America Sports Drink Market by Flavor
10.5.6.3.3 Rest of South and Central America Sports Drink 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. SPORTS DRINK MARKET, KEY COMPANY PROFILES
12.1. ABBOTT NUTRITION CO
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. BA SPORTS NUTRITION LLC
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. BRITVIC PLC
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. DANONE S.A
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. FRASER AND NEAVE
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. LUCOZADE RIBENNA SUNTORY
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. OTSUKA PHARMACEUTICAL CO. 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. PEPSICO INC.
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. STERIC TRADING PTV. LTD.
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. THE COCA-COLA COMPANY
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. Abbott Nutrition Co
2. BA Sports Nutrition LLC
3. Britvic PLC
4. Danone S.A
5 .Fraser and Neave
6. Lucozade Ribenna Suntory
7. Otsuka Pharmaceutical Co. Ltd.
8. PepsiCo Inc.
9. Steric Trading Ptv. Ltd.
10. The Coca-Cola Company
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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