UK Biostimulant Market Report 2031 by Segments, Dynamics, Recent Developments, and Strategic Insights

UK Biostimulant Market Size and Forecast (2021 - 2031), Country Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type (Humic Substances, Amino Acids, Microbial Stimulants, Seaweed Extracts, Fulvic Acid, and Others), Mode of Application (Foliar Spray, Seed Treatment, and Soil Application), Form (Dry and Liquid), and Crop Type (Cereals and Grains, Oilseeds and Pulses, Fruits and Vegetables, Turf and Landscapes, and Others)

  • Report Code : TIPRE00039316
  • Category : Chemicals and Materials
  • Status : Published
  • No. of Pages : 92
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UK Biostimulant Market Growth Drivers and Trends by 2031

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The UK biostimulant market size is projected to reach US$ 193.27 million by 2031 from US$ 115.78 million in 2023. The market is expected to register a CAGR of 6.6% during 2023–2031. The increasing use of biostimulants as an alternative to conventional fertilizers is likely to remain a key UK biostimulant market trend.

UK Biostimulant Market Analysis

In the UK, biostimulants are used for soil conditioning in fertilizers as biostimulants enhance soil fertility and water-holding capacity. Biostimulants are sold in the country by online and offline distribution. The growth of online retail channels has made biostimulants readily available for cereals, grains, gardening, and landscaping applications. This is one of the most significant factors responsible for the country's biostimulant market growth. Farmers in the UK increasingly recognize the benefits of integrating biostimulants into their agricultural practices to improve soil health, increase crop yields, and mitigate climate change impacts. Government policies promoting sustainable agriculture, such as the Environmental Land Management Scheme, provide financial incentives for farmers to adopt biostimulants as soil amendments. The UK's commitment to achieving net-zero emissions by 2050 has spurred investments in biostimulant production facilities and research into innovative biostimulant applications, further driving market expansion. Collaborations between academia, industry, and government agencies also foster innovation and knowledge exchange, positioning the UK as a hub for biostimulants research and development. The key market drivers include cost-effectiveness and easy availability. Further, biostimulants help maintain the soil's pH and acidity levels. The national government also encourages the application of biostimulants by spreading awareness and benefits among consumers. All these factors are likely to support the growth of the biostimulant market in the UK.

UK Biostimulant Market Overview

Consumers across the UK are increasingly interested in organic products, such as organic fruits, vegetables, and other organic food products. The demand for organic food is primarily due to the increase in the health-conscious population and a surge in awareness about the health risks of chemical fertilizers and plant growth promoters. Biostimulants have zero side effects on plants and human health. The changing preference of people for healthier food products is increasing the demand for organic products. This is encouraging farmers across the country to produce crops using organic methods. Additionally, the use of organic and bio-based compounds in agriculture and forestry offers a significant opportunity for farmers to improve root and shoot growth, growth potential, and stress resistance.

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UK Biostimulant Market: Strategic Insights

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UK Biostimulant Market Drivers and Opportunities

Increasing Focus on Product Innovation

In the last few decades, product innovations have been proposed to enhance the sustainability of agricultural production systems by significantly reducing synthetic agrochemicals, such as pesticides and fertilizers. Eco-friendly products such as natural plant biostimulants (PBs) have the capability to enhance flowering, plant growth, fruit set, crop productivity, and nutrient use efficiency; they can also improve tolerance against a wide range of abiotic stressors. Due to product development in the biostimulants and plant-growth promotor categories, sustainable farming has become a convenient option in the UK. The use of biostimulants as a stimulator for plant growth is gaining momentum in agriculture. Apart from vegetables, fruit crops, and other high-value crops such as ornamental and plantation crops, biostimulants now play a crucial role in the intake of nutrients by traditional food crops such as corn, wheat, and nasturtium by acting as an additional fertilizer in conjunction with fertilizers. Thus, key players such as UPL and Bionema Group Ltd are developing many innovative products.

Growth in Organic Farming Practices

Organic fertilizers improve soil quality by providing necessary macro and micronutrients. Bio-organic matters, biostimulants, or biofertilizers improve nutrient intake, promote growth, and increase plant tolerance to environmental stresses. Organic fertilizers contain many minerals, animal sources, sewage sludge, and plants. Biostimulants are associated with organic farming, which is witnessing healthy progress in conventional agriculture. These are increasingly being observed as a response to the consumer demand for easy agricultural practices. In response to the rising need to meet food adequacy and the growing importance of certain farming practices, the organic food industry is experiencing tremendous growth in the UK.

UK Biostimulant Market Report Segmentation Analysis

Key segments that contributed to the derivation of the UK biostimulant market analysis are product type, mode of application, form, and crop type.

  • Based on product type, the market is segmented into humic substances, amino acids, microbial stimulants, seaweed extracts, fulvic acid, and others. The seaweed extracts segment held the largest share of the market in 2023.
  • In terms of mode of application, the market is segmented into foliar spray, seed treatment, and soil application. The foliar spray segment held the largest share of the market in 2023.
  • Based on form, the market is divided into dry and liquid. The liquid segment held a larger share of the market in 2023.
  • Based on crop type, the UK biostimulant market is segmented into cereals and grains, oilseeds and pulses, fruits and vegetables, turf and landscapes, and others. The cereals and grains segment held the largest share of the market in 2023.

UK Biostimulant Market Share Analysis by Geography

The geographic scope of the UK biostimulant market report focuses on the market scenario in terms of historical market revenues and forecasts.

Biostimulants are substances or microorganisms applied to plants, soils, and seeds for enhancing crop yield, quality traits, plant tolerance to a wide range of biotic and abiotic stresses, and nutrient use efficiency. The growing preference for organic food has stimulated its production in the UK. According to data published by the UK government, three major crop types are grown organically: cereals, other arable crops, and vegetables (including potatoes). In England, the area of organically grown cereal crops increased by 1.2% to 43,000 hectares in 2023. Other arable crops increased by 7.1% to 9,300 hectares. Thus, the strong emphasis of the government and other stakeholders on the organic and sustainable mode of farming has increased the acceptance of biostimulants, further driving the UK biostimulant market growth.

UK Biostimulant Market Report Scope

UK Biostimulant Market News and Recent Developments

The UK biostimulant market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the UK biostimulant market are listed below:

  • Nichino Europe Co., Ltd (Nichino) announced the acquisition of Interagro (UK) Limited (Interagro). Nichino purchased the entire share capital of Interagro (UK) Limited. The acquisition is intended to grow Nichino's and Interagro's portfolio of products for their customers now and in the future. (Source: Nihon Nohyaku Co., Ltd., Press Release, April 2023)

UK Biostimulant Market Report Coverage and Deliverables

The "UK Biostimulant Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:

  • UK biostimulant market size and forecast at country levels for all the key market segments covered under the scope
  • UK biostimulant market trends, as well as market dynamics such as drivers, restraints, and key opportunities
  • Detailed Porter's Five Forces and SWOT analysis
  • UK biostimulant market analysis covering key market trends, country framework, major players, regulations, and recent market developments
  • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the UK biostimulant market
  • Detailed company profiles
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


Which product type segment dominated the UK biostimulant market in 2023?

The seaweed extracts segment dominated the market in 2023.

What are the future trends of the UK biostimulant market?

The increasing usage of biostimulants as an alternative to chemical fertilizers acts as a future trend for the market.

What are the driving factors impacting the UK biostimulant market?

The rise in demand for organic food products and the growth of organic farming practices are among a few factors driving the market growth.

What is the expected CAGR of the UK biostimulant market?

The market is estimated to register a CAGR of 6.6% during 2023–2031.

Which are the leading players operating in the UK biostimulant market?

EcoStim, Bioelements Ltd, Bionema, Russell IPM, Sipcam UK, IntraCrop, Syngenta AG, UPL Ltd, BIOSTIMULANTS LTD, Nichino Europe Co. Limited, and Central Pharma are a few of the key players operating in the UK biostimulant market.

1. Introduction

1.1 The Insight Partners Research Report Guidance

1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights

2.2 Market Attractiveness

3. Research Methodology

3.1 Secondary Research

3.2 Primary Research

3.2.1 Hypothesis formulation:

3.2.2 Macro-economic factor analysis:

3.2.3 Developing base number:

3.2.4 Data Triangulation:

3.2.5 Country level data:

3.3 Limitations and Assumptions

4. UK Biostimulant Market Landscape

4.1 Overview

4.2 Porter's Five Forces Analysis

4.2.1 Bargaining Power of Buyers

4.2.2 Bargaining Power of Suppliers

4.2.3 Threat of New Entrants

4.2.4 Threat of Substitutes

4.2.5 Intensity of Competitive Rivalry

4.3 Ecosystem Analysis

4.3.1 Raw Material Suppliers:

4.3.2 Manufacturers:

4.3.3 Distributors/Suppliers:

4.3.4 End-use Applications:

5. UK Biostimulant Market – Key Market Dynamics

5.1 UK Biostimulant Market – Key Market Dynamics

5.2 Market Drivers

5.2.1 Rise in Demand for Organic Food in UK

5.2.2 Growth of Organic Farming Practices

5.3 Market Restraints

5.3.1 Lack of Legal Compliance for Biostimulants

5.4 Market Opportunities

5.4.1 Product Innovations

5.5 Future Trends

5.5.1 Increasing Use of Biostimulants as an Alternative to Conventional Fertilizers

5.6 Impact of Drivers and Restraints:

6. UK Biostimulant Market Analysis

6.1 UK Biostimulant Market Volume (Tons), 2021–2031

6.2 UK Biostimulant Market Volume Forecast and Analysis (Tons)

6.3 UK Biostimulant Market Revenue (US$ Million), 2021–2031

6.4 UK Biostimulant Market Forecast and Analysis (US$ Million)

7. UK Biostimulant Market Volume and Revenue Analysis – by Product Type

7.1 Humic Substances

7.1.1 Overview

7.1.2 Humic Substances: UK Biostimulant Market – Volume and Forecast to 2031 (Tons)

7.1.3 Humic Substances: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

7.2 Amino Acids

7.2.1 Overview

7.2.2 Amino Acids: UK Biostimulant Market – Volume and Forecast to 2031 (Tons)

7.2.3 Amino Acids: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

7.3 Microbial Stimulants

7.3.1 Overview

7.3.2 Microbial Stimulants: UK Biostimulant Market – Volume and Forecast to 2031 (Tons)

7.3.3 Microbial Stimulants: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

7.4 Seaweed Extracts

7.4.1 Overview

7.4.2 Seaweed Extracts: UK Biostimulant Market – Volume and Forecast to 2031 (Tons)

7.4.3 Seaweed Extracts: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

7.5 Fulvic Acid

7.5.1 Overview

7.5.2 Fulvic Acid: UK Biostimulant Market – Volume and Forecast to 2031 (Tons)

7.5.3 Fulvic Acid: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

7.6 Others

7.6.1 Overview

7.6.2 Others: UK Biostimulant Market – Volume and Forecast to 2031 (Tons)

7.6.3 Others: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

8. UK Biostimulant Market Revenue Analysis – by Mode Of Application

8.1 Foliar Spray

8.1.1 Overview

8.1.2 Foliar Spray: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

8.2 Seed Treatment

8.2.1 Overview

8.2.2 Seed Treatment: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

8.3 Soil Application

8.3.1 Overview

8.3.2 Soil Application: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

9. UK Biostimulant Market Revenue Analysis – by Form

9.1 Dry

9.1.1 Overview

9.1.2 Dry: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

9.2 Liquid

9.2.1 Overview

9.2.2 Liquid: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

10. UK Biostimulant Market Revenue Analysis – by Crop Type

10.1 Cereals and Grains

10.1.1 Overview

10.1.2 Cereals and Grains: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

10.2 Oilseeds and Pulses

10.2.1 Overview

10.2.2 Oilseeds and Pulses: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

10.3 Fruits and Vegetables

10.3.1 Overview

10.3.2 Fruits and Vegetables: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

10.4 Turf and Landscapes

10.4.1 Overview

10.4.2 Turf and Landscapes: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

10.5 Others

10.5.1 Overview

10.5.2 Others: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

11. Competitive Landscape

11.1 Heat Map Analysis by Key Players

11.2 Company Positioning & Concentration

12. Industry Landscape

12.1 Overview

12.2 New Product Development

12.3 Merger and Acquisition

12.4 Partnerships

12.5 Other Business Strategies

13. Company Profiles

13.1 EcoStim

13.1.1 Key Facts

13.1.2 Business Description

13.1.3 Products and Services

13.1.4 Financial Overview

13.1.5 SWOT Analysis

13.1.6 Key Developments

13.2 Bioelements Ltd

13.2.1 Key Facts

13.2.2 Business Description

13.2.3 Products and Services

13.2.4 Financial Overview

13.2.5 SWOT Analysis

13.2.6 Key Developments

13.3 Bionema

13.3.1 Key Facts

13.3.2 Business Description

13.3.3 Products and Services

13.3.4 Financial Overview

13.3.5 SWOT Analysis

13.3.6 Key Developments

13.4 Russell IPM

13.4.1 Key Facts

13.4.2 Business Description

13.4.3 Products and Services

13.4.4 Financial Overview

13.4.5 SWOT Analysis

13.4.6 Key Developments

13.5 Sipcam UK

13.5.1 Key Facts

13.5.2 Business Description

13.5.3 Products and Services

13.5.4 Financial Overview

13.5.5 SWOT Analysis

13.5.6 Key Developments

13.6 IntraCrop

13.6.1 Key Facts

13.6.2 Business Description

13.6.3 Products and Services

13.6.4 Financial Overview

13.6.5 SWOT Analysis

13.6.6 Key Developments

13.7 Syngenta AG

13.7.1 Key Facts

13.7.2 Business Description

13.7.3 Products and Services

13.7.4 Financial Overview

13.7.5 SWOT Analysis

13.7.6 Key Developments

13.8 UPL Ltd

13.8.1 Key Facts

13.8.2 Business Description

13.8.3 Products and Services

13.8.4 Financial Overview

13.8.5 SWOT Analysis

13.8.6 Key Developments

13.9 BIOSTIMULANTS LTD

13.9.1 Key Facts

13.9.2 Business Description

13.9.3 Products and Services

13.9.4 Financial Overview

13.9.5 SWOT Analysis

13.9.6 Key Developments

13.10 Nichino Europe Co. Limited

13.10.1 Key Facts

13.10.2 Business Description

13.10.3 Products and Services

13.10.4 Financial Overview

13.10.5 SWOT Analysis

13.10.6 Key Developments

13.11 Central Pharma

13.11.1 Key Facts

13.11.2 Business Description

13.11.3 Products and Services

13.11.4 Financial Overview

13.11.5 SWOT Analysis

13.11.6 Key Developments

14. Appendix

14.1 About The Insight Partners

List of Tables

Table 1. UK Biostimulant Market Segmentation

Table 2. UK Biostimulant Market – Volume and Forecast to 2031 (Tons)

Table 3. UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

Table 4. UK Biostimulant Market – Volume and Forecast to 2031 (Tons) – by Product Type

Table 5. UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million) – by Product Type

Table 6. UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million) – by Mode Of Application

Table 7. UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million) – by Form

Table 8. UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million) – by Crop Type

List of Figures

Figure 1. UK Biostimulant Market Segmentation, by Geography

Figure 2. Porter's Five Forces Analysis

Figure 3. Impact Analysis of Drivers and Restraints

Figure 4. UK Biostimulant Market Volume (Tons), 2021–2031

Figure 5. UK Biostimulant Market Revenue (US$ Million), 2021–2031

Figure 6. UK Biostimulant Market Share (%) – Product Type, 2023 and 2031

Figure 7. Humic Substances: UK Biostimulant Market – Volume and Forecast to 2031 (Tons)

Figure 8. Humic Substances: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

Figure 9. Amino Acids: UK Biostimulant Market – Volume and Forecast to 2031 (Tons)

Figure 10. Amino Acids: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

Figure 11. Microbial Stimulants: UK Biostimulant Market – Volume and Forecast to 2031 (Tons)

Figure 12. Microbial Stimulants: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

Figure 13. Seaweed Extracts: UK Biostimulant Market – Volume and Forecast to 2031 (Tons)

Figure 14. Seaweed Extracts: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

Figure 15. Fulvic Acid: UK Biostimulant Market – Volume and Forecast to 2031 (Tons)

Figure 16. Fulvic Acid: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

Figure 17. Others: UK Biostimulant Market – Volume and Forecast to 2031 (Tons)

Figure 18. Others: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

Figure 19. UK Biostimulant Market Share (%) – Mode Of Application, 2023 and 2031

Figure 20. Foliar Spray: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

Figure 21. Seed Treatment: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

Figure 22. Soil Application: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

Figure 23. UK Biostimulant Market Share (%) – Form, 2023 and 2031

Figure 24. Dry: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

Figure 25. Liquid: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

Figure 26. UK Biostimulant Market Share (%) – Crop Type, 2023 and 2031

Figure 27. Cereals and Grains: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

Figure 28. Oilseeds and Pulses: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

Figure 29. Fruits and Vegetables: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

Figure 30. Turf and Landscapes: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

Figure 31. Others: UK Biostimulant Market – Revenue and Forecast to 2031 (US$ Million)

Figure 32. Heat Map Analysis by Key Players

Figure 33. Company Positioning & Concentration

The List of Companies - UK Biostimulant Market

  1. EcoStim
  2. Bioelements Ltd
  3. Bionema 
  4. Russell IPM
  5. Sipcam UK
  6. IntraCrop
  7. Syngenta AG 
  8. UPL Ltd
  9. BIOSTIMULANTS LTD 
  10. Nichino Europe Co. Limited 
  11. Central Pharma

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. 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.

  1. 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:

Research Methodology

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.

  1. 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.

  1. 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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