Turmeric Powder Market Key Findings by 2031
The Turmeric Powder Market is expected to register a CAGR of 5.5% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by category (organic and conventional). The report further presents analysis based on distribution channel (supermarkets and hypermarkets, convenience stores, online retail, and others). The global analysis is further broken-down at regional level and major countries. In terms of geography, the market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America). The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Turmeric Powder 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.
Turmeric Powder Market Segmentation
Category- Organic and Conventional
- Supermarkets and Hypermarkets
- Convenience Stores
- Online Retail
- Others
- Geography
Strategic Insights
Turmeric Powder Market Growth Drivers- Rising Disposable Income: The rising disposable income and increasing health consciousness across the globe contributing to the turmeric powder market growth. The antioxidant and anti-inflammatory properties of turmeric powder boost its demand among consumers for culinary purposes. It is widely used in Asian cuisine, which is leading to the consistent demand.
- Wider Applications: Wide applications of turmeric include home remedies, cooking, and homemade face packs. Moreover, increase in popularity of ethnic food fuels demand of turmeric powder. Additionally, DIY home remedies for skin care further boost the demand for turmeric powder. These factors expected to drive the market growth in the forecast period.
- Expansion and New Products Launches: Turmeric powder manufacturers are taking several strategic initiatives such as new product launches, production capacity scaleup, mergers and acquisitions, partnerships, and collaborations to improve their market position and meet growing demands from customers worldwide. Such strategic initiatives aid market growth globally.
- Rising Consumer Demand for Clean-Label Products: Consumers across the globe are highly concerned about the ingredients used for consumption. They pay attention to product labels and ingredients used in processed products. Consumers' interest in identifying the ingredients on the product packaging has also triggered their inclinations toward clean-label products.
- Rise of Clean-Label Products: An understandable and clear label with thorough ingredient information attracts consumers. Using clean-label ingredients also assists manufacturers in their marketing and branding strategies. Thus, the rising demand for clean-label products is expected to introduce new trends into the turmeric powder market during the forecast period.
- The Rising Demand for Ethically Sourced Ingredients: Organic ingredients such as turmeric powder is gaining significant popularity owing to their perceived health benefits. They are manufactured using ingredients harvested without pesticides, chemical fertilizers, and genetically modified organisms (GMOs), increasing their appeal among consumers, who are ready to pay higher prices. Moreover, consumers increasingly prefer products free of synthetic colors, flavors, and other food additives. Further, they focus on holistic and conscious consumption and prefer products made with ethically sourced ingredients.
- The Transformation of Shopping through E-Commerce: The emergence of e-commerce has transformed how people shop and purchase food products. The growing penetration of the internet and smartphones, quick access to emerging technologies, rising purchasing power, and convenience provided by online retail shopping platforms are among the key factors bolstering e-commerce.
- The Surge in Online Food Sales During the Pandemic: People are increasingly preferring online retail channels for buying turmeric powder. The online sales of food and beverages grew significantly during the COVID-19 outbreak due to the shutdown of brick-and-mortar stores and the imposition of several social restrictions by governments of various countries across the globe. According to the US Department of Commerce Retail Indicator Division, e-commerce sales in the US reached US$ 870 billion in 2021, up by 14.2% from 2020. Furthermore, online grocery sales grew by 170% in 2021 than 2020, accounting for 9.6% of total grocery sales in the US.
- The Shift of Turmeric Powder Sales to Online Platforms: With the rising penetration of e-commerce across multiple geographies, the manufacturers turmeric powder are also enhancing their online presence by selling products through Amazon, Tesco, Walmart, and other well-known e-commerce platforms. The growing adoption of e-commerce platforms is eliminating the dependency on offline retail stores. Thus, the increasing prevalence of online channels are contributing to the growth of the turmeric powder market.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Turmeric Powder 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 Turmeric Powder 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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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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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
Based on geography, Asia Pacific held the largest share of the turmeric powder market.
The Turmeric Powder Market is estimated to witness a CAGR of 5.5% from 2023 to 2031
The rising awareness about health benefits of turmeric powder among customers and strategic development initiatives by key market players is driving the turmeric powder market growth.
McCormick and Company, Inc.; Badia Spices, Inc; MOTHER NATURE ORGANICS; Sunfood; Frontier Co-op.; ORGANIC WAY LLC; JIVAORGANIC FOODS; Zint LLC; Soeos; Food to Live are among the leading players operating in the turmeric powder market.
The rising consumers’ inclination towards clean-label and organic ingredients is likely to remain the key trends in the market.
The report can be delivered in PDF/Word format, we can also share excel data sheet based on request.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Turmeric Powder Market - By Product Type
1.3.2 Turmeric Powder Market - By Category
1.3.3 Turmeric Powder Market - By Distribution Channel
1.3.4 Turmeric Powder Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. TURMERIC POWDER 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. TURMERIC POWDER 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. TURMERIC POWDER MARKET - GLOBAL MARKET ANALYSIS
6.1. TURMERIC POWDER - GLOBAL MARKET OVERVIEW
6.2. TURMERIC POWDER - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. TURMERIC POWDER MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT TYPE
7.1. OVERVIEW
7.2. PRODUCT TYPE MARKET FORECASTS AND ANALYSIS
7.3. MADRAS TURMERIC POWDER
7.3.1. Overview
7.3.2. Madras Turmeric Powder Market Forecast and Analysis
7.4. ALLEPPEY TURMERIC POWDER
7.4.1. Overview
7.4.2. Alleppey Turmeric Powder Market Forecast and Analysis
8. TURMERIC POWDER MARKET - REVENUE AND FORECASTS TO 2028 - CATEGORY
8.1. OVERVIEW
8.2. CATEGORY MARKET FORECASTS AND ANALYSIS
8.3. ORGANIC
8.3.1. Overview
8.3.2. Organic Market Forecast and Analysis
8.4. CONVENTIONAL
8.4.1. Overview
8.4.2. Conventional Market Forecast and Analysis
8.5.
8.5.1. Overview
8.5.2. Market Forecast and Analysis
9. TURMERIC POWDER 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 RETAIL
9.5.1. Overview
9.5.2. Online Retail Market Forecast and Analysis
9.6. OTHERS
9.6.1. Overview
9.6.2. Others Market Forecast and Analysis
10. TURMERIC POWDER MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Turmeric Powder Market Overview
10.1.2 North America Turmeric Powder Market Forecasts and Analysis
10.1.3 North America Turmeric Powder Market Forecasts and Analysis - By Product Type
10.1.4 North America Turmeric Powder Market Forecasts and Analysis - By Category
10.1.5 North America Turmeric Powder Market Forecasts and Analysis - By Distribution Channel
10.1.6 North America Turmeric Powder Market Forecasts and Analysis - By Countries
10.1.6.1 Canada Turmeric Powder Market
10.1.6.1.1 Canada Turmeric Powder Market by Product Type
10.1.6.1.2 Canada Turmeric Powder Market by Category
10.1.6.1.3 Canada Turmeric Powder Market by Distribution Channel
10.1.6.2 Mexico Turmeric Powder Market
10.1.6.2.1 Mexico Turmeric Powder Market by Product Type
10.1.6.2.2 Mexico Turmeric Powder Market by Category
10.1.6.2.3 Mexico Turmeric Powder Market by Distribution Channel
10.1.6.3 US Turmeric Powder Market
10.1.6.3.1 US Turmeric Powder Market by Product Type
10.1.6.3.2 US Turmeric Powder Market by Category
10.1.6.3.3 US Turmeric Powder Market by Distribution Channel
10.2. EUROPE
10.2.1 Europe Turmeric Powder Market Overview
10.2.2 Europe Turmeric Powder Market Forecasts and Analysis
10.2.3 Europe Turmeric Powder Market Forecasts and Analysis - By Product Type
10.2.4 Europe Turmeric Powder Market Forecasts and Analysis - By Category
10.2.5 Europe Turmeric Powder Market Forecasts and Analysis - By Distribution Channel
10.2.6 Europe Turmeric Powder Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Turmeric Powder Market
10.2.6.1.1 Germany Turmeric Powder Market by Product Type
10.2.6.1.2 Germany Turmeric Powder Market by Category
10.2.6.1.3 Germany Turmeric Powder Market by Distribution Channel
10.2.6.2 France Turmeric Powder Market
10.2.6.2.1 France Turmeric Powder Market by Product Type
10.2.6.2.2 France Turmeric Powder Market by Category
10.2.6.2.3 France Turmeric Powder Market by Distribution Channel
10.2.6.3 Italy Turmeric Powder Market
10.2.6.3.1 Italy Turmeric Powder Market by Product Type
10.2.6.3.2 Italy Turmeric Powder Market by Category
10.2.6.3.3 Italy Turmeric Powder Market by Distribution Channel
10.2.6.4 United Kingdom Turmeric Powder Market
10.2.6.4.1 United Kingdom Turmeric Powder Market by Product Type
10.2.6.4.2 United Kingdom Turmeric Powder Market by Category
10.2.6.4.3 United Kingdom Turmeric Powder Market by Distribution Channel
10.2.6.5 Russia Turmeric Powder Market
10.2.6.5.1 Russia Turmeric Powder Market by Product Type
10.2.6.5.2 Russia Turmeric Powder Market by Category
10.2.6.5.3 Russia Turmeric Powder Market by Distribution Channel
10.2.6.6 Rest of Europe Turmeric Powder Market
10.2.6.6.1 Rest of Europe Turmeric Powder Market by Product Type
10.2.6.6.2 Rest of Europe Turmeric Powder Market by Category
10.2.6.6.3 Rest of Europe Turmeric Powder Market by Distribution Channel
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Turmeric Powder Market Overview
10.3.2 Asia-Pacific Turmeric Powder Market Forecasts and Analysis
10.3.3 Asia-Pacific Turmeric Powder Market Forecasts and Analysis - By Product Type
10.3.4 Asia-Pacific Turmeric Powder Market Forecasts and Analysis - By Category
10.3.5 Asia-Pacific Turmeric Powder Market Forecasts and Analysis - By Distribution Channel
10.3.6 Asia-Pacific Turmeric Powder Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Turmeric Powder Market
10.3.6.1.1 Australia Turmeric Powder Market by Product Type
10.3.6.1.2 Australia Turmeric Powder Market by Category
10.3.6.1.3 Australia Turmeric Powder Market by Distribution Channel
10.3.6.2 China Turmeric Powder Market
10.3.6.2.1 China Turmeric Powder Market by Product Type
10.3.6.2.2 China Turmeric Powder Market by Category
10.3.6.2.3 China Turmeric Powder Market by Distribution Channel
10.3.6.3 India Turmeric Powder Market
10.3.6.3.1 India Turmeric Powder Market by Product Type
10.3.6.3.2 India Turmeric Powder Market by Category
10.3.6.3.3 India Turmeric Powder Market by Distribution Channel
10.3.6.4 Japan Turmeric Powder Market
10.3.6.4.1 Japan Turmeric Powder Market by Product Type
10.3.6.4.2 Japan Turmeric Powder Market by Category
10.3.6.4.3 Japan Turmeric Powder Market by Distribution Channel
10.3.6.5 South Korea Turmeric Powder Market
10.3.6.5.1 South Korea Turmeric Powder Market by Product Type
10.3.6.5.2 South Korea Turmeric Powder Market by Category
10.3.6.5.3 South Korea Turmeric Powder Market by Distribution Channel
10.3.6.6 Rest of Asia-Pacific Turmeric Powder Market
10.3.6.6.1 Rest of Asia-Pacific Turmeric Powder Market by Product Type
10.3.6.6.2 Rest of Asia-Pacific Turmeric Powder Market by Category
10.3.6.6.3 Rest of Asia-Pacific Turmeric Powder Market by Distribution Channel
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Turmeric Powder Market Overview
10.4.2 Middle East and Africa Turmeric Powder Market Forecasts and Analysis
10.4.3 Middle East and Africa Turmeric Powder Market Forecasts and Analysis - By Product Type
10.4.4 Middle East and Africa Turmeric Powder Market Forecasts and Analysis - By Category
10.4.5 Middle East and Africa Turmeric Powder Market Forecasts and Analysis - By Distribution Channel
10.4.6 Middle East and Africa Turmeric Powder Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Turmeric Powder Market
10.4.6.1.1 South Africa Turmeric Powder Market by Product Type
10.4.6.1.2 South Africa Turmeric Powder Market by Category
10.4.6.1.3 South Africa Turmeric Powder Market by Distribution Channel
10.4.6.2 Saudi Arabia Turmeric Powder Market
10.4.6.2.1 Saudi Arabia Turmeric Powder Market by Product Type
10.4.6.2.2 Saudi Arabia Turmeric Powder Market by Category
10.4.6.2.3 Saudi Arabia Turmeric Powder Market by Distribution Channel
10.4.6.3 U.A.E Turmeric Powder Market
10.4.6.3.1 U.A.E Turmeric Powder Market by Product Type
10.4.6.3.2 U.A.E Turmeric Powder Market by Category
10.4.6.3.3 U.A.E Turmeric Powder Market by Distribution Channel
10.4.6.4 Rest of Middle East and Africa Turmeric Powder Market
10.4.6.4.1 Rest of Middle East and Africa Turmeric Powder Market by Product Type
10.4.6.4.2 Rest of Middle East and Africa Turmeric Powder Market by Category
10.4.6.4.3 Rest of Middle East and Africa Turmeric Powder Market by Distribution Channel
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Turmeric Powder Market Overview
10.5.2 South and Central America Turmeric Powder Market Forecasts and Analysis
10.5.3 South and Central America Turmeric Powder Market Forecasts and Analysis - By Product Type
10.5.4 South and Central America Turmeric Powder Market Forecasts and Analysis - By Category
10.5.5 South and Central America Turmeric Powder Market Forecasts and Analysis - By Distribution Channel
10.5.6 South and Central America Turmeric Powder Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Turmeric Powder Market
10.5.6.1.1 Brazil Turmeric Powder Market by Product Type
10.5.6.1.2 Brazil Turmeric Powder Market by Category
10.5.6.1.3 Brazil Turmeric Powder Market by Distribution Channel
10.5.6.2 Argentina Turmeric Powder Market
10.5.6.2.1 Argentina Turmeric Powder Market by Product Type
10.5.6.2.2 Argentina Turmeric Powder Market by Category
10.5.6.2.3 Argentina Turmeric Powder Market by Distribution Channel
10.5.6.3 Rest of South and Central America Turmeric Powder Market
10.5.6.3.1 Rest of South and Central America Turmeric Powder Market by Product Type
10.5.6.3.2 Rest of South and Central America Turmeric Powder Market by Category
10.5.6.3.3 Rest of South and Central America Turmeric Powder 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. TURMERIC POWDER MARKET, KEY COMPANY PROFILES
12.1. DDW THE COLOUR HOUSE
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. ROHA
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. CHR. HANSEN HOLDING A/S
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. SABINSA CORPORATION
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. INTERNATIONAL FLAVORS AND FRAGRANCES INC.
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. EVEREST FOOD PRODUCTS PVT LTD
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. MANE KANCOR
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. ITC SPICES
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. ADM
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. MCCORMICK AND 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
1. DDW The Colour House
2. ROHA
3. Chr. Hansen Holding A/S
4. Sabinsa Corporation
5. International Flavors and Fragrances Inc.
6. Everest Food Products Pvt Ltd
7. Mane KANCOR
8. ITC Spices
9. ADM
10. McCormick and 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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