India Skincare and Makeup Products Market Growth, Share 2030
The India skincare and makeup products market size is expected to reach US$ 12.29 billion by 2030 from US$ 7.51 billion in 2022; the market is estimated to register a CAGR of 6.3% from 2022 to 2030.
Market Insights and Analyst View:
Skincare and makeup products play a significant role in enhancing one's appearance and maintaining healthy skin. Skincare products refer to a range of items designed to nourish, protect, and improve the condition of the skin. Cleansers, moisturizers, serums, and masks are a few examples of skincare products which have a significant India skincare and makeup products market share. The products contain ingredients that target specific concerns, including dryness, acne, or aging, promoting a radiant and youthful complexion. On the other hand, makeup products encompass a variety of cosmetics such as foundation, lipstick, eyeshadow, and mascara. These products are used to enhance facial features and create different looks. While skincare products focus on long-term skin health, makeup provides the tools to express individual style and boost confidence in the short term. Both skincare and makeup products are important as they allow individuals to care for their skin, address specific concerns, and create a personalized aesthetic, ultimately contributing to overall well-being and self-expression.
Growth Drivers and Challenges:
In recent times, awareness regarding skin health and appearance has increased significantly among consumers across India. Consumers seek skincare and makeup products that make their skin appear healthy, youthful, and radiant, as they are conscious about their appearance in social settings.
Moreover, rising disposable income of consumers increases their purchasing power. According to World Bank data, consumer expenditure in India increased from US$ 1.9 trillion in 2018 to US$ 2.4 trillion in 2022. According to the survey data published in the Journal of Emerging Technologies and Innovative Research (JETIR), in 2023, an average of 45% of consumers spent less than ₹500 on cosmetics every month, with 38% spending around ₹500–1,000 per month, 11% spending ₹1,000–2,000, and 5% spending over ₹2,000 on cosmetics every month. It was also seen that, on average, 65% of consumers purchase 1 to 3 cosmetic products every month. The data was collected online via a Google form based on the questionnaire developed by the researchers.
Availability of various regional and international brands in the market gives consumers access to a variety of products as per their skin type. Moreover, the demand for luxury cosmetics is increasing among millennials and Gen Z consumers, owing to their preference for grooming up regularly to look fashionable and presentable. Additionally, men are increasingly using cosmetics products, gradually breaking down gender stereotypes. All these factors significantly influence consumers to spend more on skincare and makeup products. Thus, the rising spending on skincare and makeup products by consumers in India drives the market growth.
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India Skincare and Makeup Products Market: Strategic Insights
Market Size Value in US$ 7.51 billion in 2022 Market Size Value by US$ 12.29 billion by 2030 Growth rate CAGR of 6.3% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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India Skincare and Makeup Products Market: Strategic Insights
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Market Size Value in | US$ 7.51 billion in 2022 |
Market Size Value by | US$ 12.29 billion by 2030 |
Growth rate | CAGR of 6.3% from 2022 to 2030 |
Forecast Period | 2022-2030 |
Base Year | 2022 |
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Report Segmentation and Scope:
The “India Skincare and Makeup Products Market Analysis and Forecast to 2030” is a specialized and in-depth study with a significant focus on market trends and growth opportunities. The report aims to provide a market overview with detailed market segmentation on the basis of product type, category, end user, and distribution channel. The market has witnessed high growth in the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the use of skincare and makeup products in India. In addition, the India skincare and makeup products market report provides a qualitative assessment of various factors affecting the market performance in the country. The report also includes a comprehensive analysis of the leading players in the market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, India skincare and makeup products market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.
The India skincare and makeup products market forecast is estimated on the basis of various secondary and primary research findings such as key company publications, association data, and databases. Further, the ecosystem analysis and Porter's five forces analysis provide a 360-degree view of the market, which helps understand the entire supply chain and various factors affecting the market performance.
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Segmental Analysis:
The India skincare and makeup products market is segmented on the basis of product type, category, end user, and distribution channel. Based on product type, the market is segmented into skincare and makeup. The skincare segment held a larger share in 2022. Products used for cleaning, massaging, moisturizing, and other functions for body skin, particularly the face, hands, and feet, are considered under skincare. Cleansers, sunscreen, toners, creams and lotions, facial masks, serums, talc, shower gel, and soap are among the products considered under the skincare category. Skincare products are intended to protect the body from environmental toxins and enhance the quality of the skin. Common skin problems are eczema, acne, rosacea, and sunburn. The rising awareness about skincare routines and the increasing prevalence of skin diseases in the country boost the demand for skincare products.
Based on category, the India skincare and makeup products market is segmented into natural and conventional. The conventional segment dominated the India skincare and makeup products market share in 2022. Conventional products may contain chemicals such as paraben, synthetic colors, synthetic fragrances, or petroleum-based ingredients. Due to easy availability of raw materials and reduced cost of production, manufacturers are largely involved in producing and distributing conventional skincare and makeup products. Also, major market players are involved in research and development activities to create product differentiation and provide added functionality to conventional products. With the rising popularity of natural and organic skincare and makeup products, manufacturers are inclining toward product innovation with natural ingredients, which might drive the market growth for the conventional segment in the coming years.
Based on end user, the India skincare and makeup products market is segmented into men, women, unisex, and kids. The women segment dominated the market in 2022. In India, women spend more on skincare and makeup products than men. Young and working women are increasingly searching for skincare and beauty solutions. According to the data from the Periodic Labour Force Survey (PLFS July 2021–June 2022), 29.4% of women were part of India's labor force in 2021–2022. Thus, the high working women population in the country boosts the demand for cosmetics. Promoting beauty contests such as Miss India, Miss Diva, and Miss Supranational attracts more women toward beauty and skincare products across India. Thus, the demand for skincare and makeup products is high among women in India, which is expected to drive the India skincare and makeup products market growth for the segment in the coming years.
India Skincare and Makeup Products Market – by Distribution Channel, 2022 and 2030
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Regional Analysis:
The India skincare and makeup products market was valued at more than US$ 7 billion in 2022. In India, the beauty & cosmetics industry is among the fastest-growing sectors owing to the acceptance of Western culture in the country. In urban areas, there is an increase in customers' preference toward various skincare and makeup products due to the expanding disposable income, debut of innovative products, and intense advertising activities by manufacturers in the country. People face significant skin rashes and sensitivity in many regions due to environmental conditions such as dry air, cold, pollution, humidity, and UV rays. Therefore, they prefer skincare products with hydrating properties such as vitamin C serums, hyaluronic acid creams, moisturizers, and skin toners, which drive the India skincare and makeup products market growth. Increasing advertisements and promotional activities focused on targeting specific age groups, such as aging women and young population, boost the demand for age-group-associated skincare products. Moreover, the increasing working women population propels the demand for makeup products as they want to look young and radiant in social gatherings. The rising adoption of skincare and makeup products among male population in India is expected to drive the market growth during the forecast period. Consumers are discovering products and brands via advertisements and promotional campaigns on various social media platforms, including Instagram and Facebook. Before purchasing, they consider product reviews, other consumers' recommendations, celebrity endorsements, expert blog posts, and social media comments. Further, with growing consumer interest in cosmetics, manufacturers and third-party e-retailers are taking initiatives in launching or offering clean beauty products in their product portfolio. In June 2023, the e-commerce platform Purplle launched the UK's clean beauty brand Dr. PAWPAW in the Indian market, offering multi-tasking lip and skin care products. Investments by international beauty brands and the emergence of start-ups in the cosmetics sector are expected to boost the growth of the India skincare and makeup products market during the forecast period.
Competitive Landscape and Key Companies:
Lotus Herbals Pvt Ltd, The Procter & Gamble Co, Shiseido Co Ltd, Himalaya Wellness Co, L'oreal Sa, Unilever Plc, VLCC Personal Care Pvt Ltd, Avon Beauty Products India Pvt Ltd, Johnson & Johnson, and Beiersdorf Ag are among the key players profiled in the India skincare and makeup products market report. The market players focus on providing high-quality products to fulfill customer demand.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
![Segment Covered](https://www.theinsightpartners.com/assets/rdimages/segment_covered.png)
Segment Covered
Product Type, Category, End User, and Distribution Channel
![Regional Scope](https://www.theinsightpartners.com/assets/rdimages/regional_scope.png)
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
![Country Scope](https://www.theinsightpartners.com/assets/rdimages/country_scope.png)
Country Scope
This text is related
to country scope.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Market Insights
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. India Skincare and Makeup Products Market Landscape
4.1 Overview
4.2 Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Ecosystem Analysis
4.3.1 Raw Material Suppliers:
4.3.2 Manufacturers:
4.3.3 Distributors/Suppliers:
4.3.4 Distribution Channel:
4.4 List of Vendors
5. India Skincare and Makeup Products Market – Key Market Dynamics
5.1 India Skincare and Makeup Products Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Increased Expenditure on Skincare and Makeup Products in India
5.2.2 Social Media Influence and Celebrity Endorsement
5.3 Market Restraints
5.3.1 Increasing Cases of Counterfeit Products
5.4 Market Opportunities
5.4.1 Flourishment of E-Commerce and Direct-to-Consumer Channel
5.5 Future Trends
5.5.1 Rising Preference for Natural Skincare and Makeup Products
5.6 US and MEA Skincare and Makeup Products Market Trends
5.6.1 US:
5.6.2 MEA:
5.7 Impact Analysis of Drivers and Restraints
6. India Skincare and Makeup Products Market Analysis
6.1 India Skincare and Makeup Products Market Revenue (US$ Million), 2020–2030
6.2 India Skincare and Makeup Products Market Forecast Analysis
7. India Skincare and Makeup Products Market Analysis – by Product Type
7.1 Skincare
7.1.1 Overview
7.1.2 Skincare: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
7.1.3 Cleansers
7.1.3.1 Overview
7.1.3.2 Cleansers: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
7.1.4 Toners
7.1.4.1 Overview
7.1.4.2 Toners: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
7.1.5 Creams and Lotions
7.1.5.1 Overview
7.1.5.2 Creams and Lotions: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
7.1.6 Facial Masks
7.1.6.1 Overview
7.1.6.2 Facial Masks: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
7.1.7 Serums
7.1.7.1 Overview
7.1.7.2 Serums: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
7.1.8 Sunscreen
7.1.8.1 Overview
7.1.8.2 Sunscreen: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
7.1.9 Talc
7.1.9.1 Overview
7.1.9.2 Talc: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
7.1.10 Shower Gel and Soap
7.1.10.1 Overview
7.1.10.2 Shower Gel and Soap: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
7.1.11 Others
7.1.11.1 Overview
7.1.11.2 Others: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
7.2 Makeup
7.2.1 Overview
7.2.2 Makeup: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
7.2.3 Foundation
7.2.3.1 Overview
7.2.3.2 Foundation: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
7.2.4 Eyeliner and Mascara
7.2.4.1 Overview
7.2.4.2 Eyeliner and Mascara: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
7.2.5 Contour and Highlighter
7.2.5.1 Overview
7.2.5.2 Contour and Highlighter: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
7.2.6 Lipstick
7.2.6.1 Overview
7.2.6.2 Lipstick: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
7.2.7 Others
7.2.7.1 Overview
7.2.7.2 Others: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
8. India Skincare and Makeup Products Market Analysis – by Category
8.1 Natural
8.1.1 Overview
8.1.2 Natural: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
8.2 Conventional
8.2.1 Overview
8.2.2 Conventional: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
9. India Skincare and Makeup Products Market Analysis – by End User
9.1 Men
9.1.1 Overview
9.1.2 Men: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
9.2 Women
9.2.1 Overview
9.2.2 Women: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
9.3 Unisex
9.3.1 Overview
9.3.2 Unisex: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
9.4 Kids
9.4.1 Overview
9.4.2 Kids: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
10. India Skincare and Makeup Products Market Analysis – by Distribution Channel
10.1 Supermarkets and Hypermarkets
10.1.1 Overview
10.1.2 Supermarkets and Hypermarkets: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
10.2 Specialty Stores
10.2.1 Overview
10.2.2 Specialty Stores: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
10.3 Online Retail
10.3.1 Overview
10.3.2 Online Retail: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
10.4 Others
10.4.1 Overview
10.4.2 Others: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (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 Partnerships, Mergers, and Acquisitions
13. Company Profiles
13.1 Lotus Herbals Pvt Ltd
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 The Procter & Gamble Co
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 Shiseido Co Ltd
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 Himalaya Wellness Co
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 L'Oreal SA
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 Unilever Plc
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 VLCC Personal Care Pvt Ltd
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 Avon Beauty Products India Pvt 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 Johnson & Johnson
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 Beiersdorf AG
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
14. Appendix
14.1 About The Insight Partners
LIST OF TABLES
Table 1. India Skincare and Makeup Products Market Segmentation
Table 2. List of Vendors in Value Chain
Table 3. India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Table 4. India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million) – by Product Type
Table 5. India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million) – by Category
Table 6. India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million) – by End User
Table 7. India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million) – by Distribution Channel
Table 8. Heat Map Analysis by Key Players
LIST OF FIGURES
Figure 1. India Skincare and Makeup Products Market Segmentation, by Geography
Figure 2. Porter's Five Forces Analysis: India Skincare and Makeup Products Market
Figure 3. Ecosystem: India Skincare and Makeup Products Market
Figure 4. Amount Spent on Cosmetics Every Month
Figure 5. India Skincare and Makeup Products Market Impact Analysis of Drivers and Restraint
Figure 6. India Skincare and Makeup Products Market Revenue (US$ Million), 2022–2030
Figure 7. India Skincare and Makeup Products Market Share (%) – by Product Type (2022 and 2030)
Figure 8. Skincare: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 9. Cleansers: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 10. Toners: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 11. Creams and Lotions: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 12. Facial Masks: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 13. Serums: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 14. Sunscreen: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 15. Talc: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 16. Shower Gel and Soap: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 17. Others: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 18. Makeup: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 19. Foundation: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 20. Eyeliner and Mascara: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 21. Contour and Highlighter: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 22. Lipstick: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 23. Others: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 24. India Skincare and Makeup Products Market Share (%) – by Category (2022 and 2030)
Figure 25. Natural: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 26. Conventional: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 27. India Skincare and Makeup Products Market Share (%) – by End User (2022 and 2030)
Figure 28. Men: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 29. Women: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 30. Unisex: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 31. Kids: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 32. India Skincare and Makeup Products Market Share (%) – by Distribution Channel (2022 and 2030)
Figure 33. Supermarkets and Hypermarkets: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 34. Specialty Stores: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 35. Online Retail: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 36. Others: India Skincare and Makeup Products Market – Revenue and Forecast to 2030 (US$ Million)
Figure 37. Company Positioning & Concentration
The List of Companies - India Skincare and Makeup Products Market
- Lotus Herbals Pvt Ltd
- The Procter & Gamble Co
- Shiseido Co Ltd
- Himalaya Wellness Co
- L'oreal Sa
- Unilever Plc
- VLCC Personal Care Pvt Ltd
- Avon Beauty Products India Pvt Ltd
- Johnson & Johnson
- Beiersdorf Ag
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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