The North America plant protein market accounted for US$ 6,258.8 Mn in 2018 and is predicted to grow at a CAGR of 6.2% during the forecast period 2019 – 2027, to account for US$ 10,431.3 Mn by 2027.
Plant protein is a natural protein derived from plant sources such as soy, wheat, pea, and others. Plant protein provides building blocks for healthy muscles and tissues in the human body and is also beneficial for weight loss. Plant-based proteins tend to be lower in calories and fat as compared to animal proteins but higher in fiber and essential nutrients.
In 2018, US dominates the North America plant protein market, followed by Canada. US is among the developed and the most industrialized countries across the North America. The US is a major economy in the region that captures maximum of the plant protein industry market share. The application of plant proteins across dietary supplements is growing at a faster rate, and a similar trend is followed by the food industry. The demand for plant proteins in US is driven by a growing demand for alternative protein types that are more sustainable, clean and creates less environmental impact during production. Additionally, plant proteins contain low cholesterol and saturated fat, and it contains a high nutritional value, which appeals to health-conscious consumers in developed countries. Moreover, rising awareness about the vegan protein, especially among the adult age group, is rising not only in the US and Canada but also in Mexico. These factors further propel the demand for plant protein in the North America region. The food and beverage manufacturers in the region are experimenting to use healthy ingredients across various segments such as bakery, meat alternative, dairy alternative, processed food, confectionery, drinks, juices, etc. in order to enhance the taste, flavor, appearance and nutritional value which would also aid the growth of plant protein market.
North America Plant Protein Market
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Market Insights
Rising consumer awareness about protein-rich food
Proteins are building blocks to maintain the structure and functions of the human body. Proteins are made up of amino acids that are attached by peptide bonds in long chains. There are 20 different kinds of amino acids linked together that determines the role of protein in the human body. Proteins play a key role in transporting molecules throughout the body by helping in cell repair and protecting the body from viruses and bacteria. It also promotes proper growth and development in children, teenagers, and pregnant women. People consuming more protein tend to maintain bone mass better and have a much lower risk of osteoporosis and fractures. High protein intake has resulted in boosting metabolism that results in the burning of a high amount of calories. This further helps in proper weight management and weight loss. These benefits of protein are attracting consumers towards protein-rich food and beverages available in the market. This further creates a huge demand for plant proteins across North America.
Source Insights
Based on source, the North America plant protein market is bifurcated as soy, wheat, pea, and others. The soy segment led the North America plant protein market by source. Soy protein isolate is a highly refined form of soy protein, with a protein content of minimum 90%. It is made from defatted soy flour from which most of the non-protein components, including fats and carbohydrates, are removed. Soy protein powder is made from defatted soybean flakes washed in either alcohol or water to remove the sugars and dietary fibers. They are then dehydrated and ground into powder. Soy protein powder is used to make infant soy formulae, as well as a variety of meat and dairy alternatives. Soy protein concentrates typically contain 70% soy protein and is basically defatted soy flour without the water-soluble carbohydrates. This form of protein is made by removing part of the carbohydrates from dehulled and defatted soybeans. Soy flour is made by grinding soybeans into a fine powder.
Type Insights
The North America plat protein market is bifurcated based on type into isolates, concentrates, and protein flour. The concentrates segment held a significantly large share of the North America plant protein market in 2018. Plant protein concentrates are produced by extracting protein from various sources such as soy, wheat, pea, quinoa, oats, beans, and nuts. Using heat and acid or enzymes. These typically supply 60–80% protein, with the remaining 20–40% composed of fat and carbs. The concentrated plant protein is the least processed type of protein powder. Plant protein in the concentrated form helps the muscles to recover quickly from heavy exercise as it is absorbed quickly by the body. Therefore, easy availability of plant protein concentrates coupled with lower prices compared to plant protein isolates are the key factors boosting the market.
Application Insights
The North America plant protein market is bifurcated based on application into protein beverages, dairy alternatives, meat alternatives and meat extenders, protein bars, bakery, and others. The meat alternatives and meat extenders segment accounted for a major share in the North America plant protein market. Beans and legumes are affordable sources of plant protein that serve as a meat substitute. Soy is also among the major source for producing meat alternatives. Pea protein isolates are mainly used by meat-alternative manufacturers such as Daiya, Gardein, Ben & Jerry's, Beyond Meat, Just Mayo, and Ripple Foods, among others. Therefore, surge in demand and production for meat alternatives results in higher demand for plant proteins. The demand for meat alternatives is increasing due to growing health concerns among consumers and growing preference for vegan food. Further, rising obesity levels due to the consumption of meat and meat products have led to an increasing consumer preference for meat substitutes.
North America Plant Protein Market by Type
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North America Plant Protein Market: Strategic Insights
Market Size Value in US$ 6,258.8 Million in 2018 Market Size Value by US$ 10,431.3 Million by 2027 Growth rate CAGR of 6.2% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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North America Plant Protein Market: Strategic Insights
| Market Size Value in | US$ 6,258.8 Million in 2018 |
| Market Size Value by | US$ 10,431.3 Million by 2027 |
| Growth rate | CAGR of 6.2% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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New product development, market initiatives and merger and acquisition were observed as the most adopted strategies in North America plant protein market. Few of the recent developments in the North America plant protein market are listed below:
2020:
Archer Daniels Midland (ADM) acquired natural plant-based extracts and ingredients manufacturer Yerbalatina Phytoactives to strengthen its position in the health and wellness market.
2019:
Marfrig Global Foods entered into an agreement with Archer Daniels Midland Company (ADM) for the manufacture and sale of vegetable protein-based products in Brazil.
2017:
US-based plant protein ingredients producer Axiom Foods launched its pea protein meat analogue at IFT in Las Vegas.NORTH AMERICA PLANT PROTEIN MARKET SEGMENTATION
North America Plant Protein Market - By Source
- Soy
- Wheat
- Pea
- Others
North America Plant Protein Market - By Type
- Isolates
- Concentrates
- Protein Flour
North America Plant Protein Market - By Application
- Protein Beverages
- Dairy Alternatives
- Meat Alternatives and Meat Extenders
- Protein Bars
- Bakery
- Others
North America Plant Protein Market - By Country
- US
- Canada
- Mexico
Company Profiles
- E. I. Du Pont De Nemours and Company
- Archer Daniels Midland Company
- Kerry Group
- Koninklijke DSM N.V.
- Axiom Foods, Inc
- Cargill, Incorporated
- Roquette Frères
- Ingredion Incorporated
- Glanbia plc
- Burcon NutraScience Corporation
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Source, Type, Application, and Countries
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Plant Protein Market – By Source
1.3.2 North America Plant Protein Market – By Type
1.3.3 North America Plant Protein Market – By Application
1.3.4 North America Plant Protein Market – By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Plant Protein Market Landscape
4.1 Market Overview
4.1.1 North America PEST Analysis
5. Plant protein Market – Key Industry Dynamics
5.1 Market Drivers
5.1.1 Health Benefits Associated with Plant Protein Consumption
5.1.2 Rising Consumer Awareness About Protein-Rich Food
5.2 Key Market Restraints
5.2.1 Volatility in the Prices of Plant Protein Sources
5.3 Key Market Opportunities
5.3.1 Emerging Use of Plant Protein in Sports Nutrition and Cosmetic Application
5.4 Future Trends
5.4.1 Rising Inclination Toward Vegan Diet and Plant-Based Protein
6. Plant Protein – North America Market Analysis
6.1 North America Plant Protein Market Overview
6.2 North America Plant Protein Market Forecast and Analysis
7. North America Plant Protein Market Analysis – By Source
7.1 Overview
7.2 North America Plant Protein Market Breakdown, By Source, 2018 & 2027
7.3 Soy
7.3.1 Overview
7.3.2 North America Soy Protein Market, in terms of Volume and Value, Forecasts To 2027 (Kiloton and US$ Mn)
7.4 Wheat
7.4.1 North America Wheat Protein Market, in Terms of Volume and Value, Forecast to 2027 (Kiloton and US$ Mn)
7.5 Pea
7.5.1 Overview
7.5.2 Pea Protein Market, in Terms of Volume and Value, Forecast to 2027 (Kiloton and US$ Mn)
7.6 Other Sources
7.6.1 Overview
7.6.2 Others Source Protein Market, in Terms of Volume, Forecast to 2027 (Kiloton and US$ Mn)
8. North America Plant Protein Market Analysis – By Type
8.1 Overview
8.2 North America Plant Protein Market Breakdown, By Type, 2018 & 2027
8.3 Isolates
8.3.1 Overview
8.3.2 North America Plant Protein Isolates Market, In Terms of Volume and Value, Forecasts To 2027 (kiloton and US$ Mn)
8.4 Concentrates
8.4.1 Overview
8.4.2 North America Plant Protein Concentrates Market, in Terms of Volume and Value, Forecasts To 2027 (kiloton and US$ Mn)
8.5 Protein Flour
8.5.1 Overview
8.5.2 North America Protein Flour Type Market, In Terms of Volume and Value, Forecast to 2027 (Kiloton and US$ Mn)
9. North America Plant Protein Market Analysis – By Application
9.1 Overview
9.2 North America Plant Protein Market Breakdown, By Application, 2018 & 2027
9.3 Protein Beverages
9.3.1 Overview
9.3.2 North America Plant Protein Market for Protein Beverages, in Terms of Volume and Value, Forecast To 2027 (kiloton and US$ Mn)
9.4 Dairy Alternatives
9.4.1 Overview
9.4.2 North America Plant Protein Market for Dairy Alternatives, In Terms of Volume and Value, Forecasts To 2027 (kiloton and US$ Mn)
9.5 Meat Alternatives and Meat Extenders
9.5.1 Overview
9.5.2 North America Plant Protein Market for Meat Alternatives and Meat Extenders, in Terms of Volume and Value, Forecasts To 2027 (kiloton and US$ Mn)
9.6 Protein Bars
9.6.1 Overview
9.6.2 North America Plant Protein Market for Protein Bars, in Terms of Volume and Value, Forecast To 2027 (kiloton and US$ Mn)
9.7 Bakery
9.7.1 Overview
9.7.2 Bakery Application Market, Volume and Revenue Forecasts To 2027 (kiloton and US$ Mn)
9.8 Other Applications
9.8.1 Overview
9.8.2 North America Plant Protein Market for Other Applications, in Terms of Volume and Value, Forecasts To 2027 (kiloton and US$ Mn)
10. Plant Protein Market – Country Analysis
10.1 Overview
10.1.1 North America Plant Protein Market Breakdown, by Country
10.1.1.1 US Plant Protein Market, in Terms of Volume and Value, Forecasts To 2027 (kiloton and US$ Mn)
10.1.1.1.1 US Plant Protein Market Breakdown, by Source
10.1.1.1.2 US Plant Protein Market Breakdown, by Type
10.1.1.1.3 US Plant Protein Market Breakdown, by Application
10.1.1.2 Canada Plant Protein Market, in Terms of Volume and Value, Forecasts to 2027 (kiloton and US$ MN)
10.1.1.2.1 Canada Plant Protein Market Breakdown, by Source
10.1.1.2.2 Canada Plant Protein Market Breakdown, by Type
10.1.1.2.3 Canada Plant Protein Market Breakdown, by Application
10.1.1.3 Mexico Plant Protein Market, in Terms of Volume and Value, Forecast to 2027 (kiloton and US$ MN)
10.1.1.3.1 Mexico Plant Protein Market Breakdown, by Source
10.1.1.3.2 Mexico Plant Protein Market Breakdown, by Type
10.1.1.3.3 Mexico Plant Protein Market Breakdown, by Application
11. Industry Landscape
11.1 Overview
11.2 Product news
11.3 Merger And Acquisition
12. Company Profiles
12.1 E. I. Du Pont De Nemours and Company
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 Archer Daniels Midland Company
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 Kerry Group
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 Koninklijke DSM N.V.
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 Axiom Foods, 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 Cargill, Incorporated
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 Roquette Frères
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 Ingredion Incorporated
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 Glanbia plc
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 Burcon NutraScience Corporation
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
LIST OF TABLES
Table 1. North America Plant Protein Market Revenue and Forecasts to 2027 (Kiloton)
Table 2. North America Plant Protein Market Revenue and Forecasts to 2027 (US$ Mn)
Table 3. North America Plant Protein Market, in Terms of Volume, Forecast to 2027 – By Source (Kiloton)
Table 4. North America Plant Protein Market, Revenue and Forecast to 2027 – By Source (US$ Mn)
Table 5. North America Plant Protein Market Revenue and Forecasts to 2027 – By Type (Kiloton)
Table 6. North America Plant Protein Market Revenue and Forecasts to 2027 – By Type (US$ Mn)
Table 7. North America Plant Protein Market Revenue and Forecasts to 2027 – By Application (kiloton)
Table 8. North America Plant Protein Market Revenue and Forecasts to 2027 – By Application (US$ Mn)
Table 9. US Plant Protein Market, in Terms of Volume, Forecast to 2027 – By Source (Kiloton)
Table 10. US Plant Protein Market, Revenue and Forecast to 2027 – By Source (US$ Mn)
Table 11. US Plant Protein Market, in Terms of Volume, Forecast to 2027 – By Type (Kiloton)
Table 12. US Plant Protein Market, Revenue and Forecast to 2027 – By Type (US$ Mn)
Table 13. US Plant Protein Market, in Terms of Volume, Forecast to 2027 – By Application (Kiloton)
Table 14. US Plant Protein Market, Revenue and Forecast to 2027 – By Application (US$ Mn)
Table 15. Canada Plant Protein Market, in Terms Volume, Forecast to 2027 – By Source (Kiloton)
Table 16. Canada Plant Protein Market, Revenue and Forecast to 2027 – By Source (US$ Mn)
Table 17. Canada Plant Protein Market, in Terms of Volume, Forecast to 2027 – By Type (Kiloton)
Table 18. Canada Plant Protein Market, Revenue and Forecast to 2027 – By Type (US$ Mn)
Table 19. Canada Plant Protein Market, in Terms of Volume, Forecast to 2027 – By Application (Kiloton)
Table 20. Canada Plant Protein Market, Revenue and Forecast to 2027 – By Application (US$ Mn)
Table 21. Mexico Plant Protein Market, in Terms of Volume, Forecast to 2027 – By Source (Kiloton)
Table 22. Mexico Plant Protein Market, Revenue and Forecast to 2027 – By Source (US$ Mn)
Table 23. Mexico Plant Protein Market, in Terms of Volume, Forecast to 2027 – By Type (Kiloton)
Table 24. Mexico Plant Protein Market, Revenue and Forecast to 2027 – By Type (US$ Mn)
Table 25. Mexico Plant Protein Market, in Terms of Volume, Forecast to 2027 – By Application (Kiloton)
Table 26. Mexico Plant Protein Market, Revenue and Forecast to 2027 – By Application (US$ Mn)
Table 27. Glossary of Terms, North America Plant Protein Market
LIST OF FIGURES
Figure 1. North America Plant Protein Market Segmentations
Figure 2. North America Plant Protein Market Segmentation – By Country
Figure 3. North America Plant Protein Market Overview
Figure 4. The Soy Segment Held The Largest Share In The North America Plant Protein Market
Figure 5. US Dominated The North America Plant Protein Market In 2018
Figure 6. North America Plant Protein Market, Industry Landscape
Figure 7. North America - PEST Analysis
Figure 8. North America Plant Protein Market Impact Analysis of Driver and Restraints
Figure 9. North America Plant Protein Market, in Terms of Volume, Forecast to 2027 (Kiloton)
Figure 10. North America Plant Protein Market, Revenue and Forecast to 2027 (US$ Mn)
Figure 11. North America Plant Protein Market Breakdown by Source, by Value 2018 and 2027 (%)
Figure 12. North America Soy Protein Market, in Terms of Volume and Value, Forecast to 2027 (kiloton and US$ Mn)
Figure 13. North America Wheat Protein Market, in Terms of Volume and Value, Forecast to 2027 (Kiloton and US$ Mn)
Figure 14. Pea Protein Market, in Terms of Volume and Value, Forecast to 2027 (Kiloton and US$ Mn)
Figure 15. Others Source Protein Market, in Terms of Volume, Forecast to 2027 (Kiloton and US$ Mn)
Figure 16. North America Plant Protein Market Breakdown by Type, 2018 & 2027 (%)
Figure 17. North America Plant Protein Isolates Market, in Terms of Volume and Value, 2027 (kiloton and US$ Mn)
Figure 18. North America Plant Protein Concentrates Market, In Terms of Volume and Value, 2027 (kiloton and US$ Mn)
Figure 19. North America Protein Flour Type Market, in Terms of Volume and Value, 2027 (Kiloton and US$ Mn)
Figure 20. North America Plant protein Market Breakdown by Application, in Terms of Value 2018 & 2027 (%)
Figure 21. North America Plant protein Market for Protein Beverages, In Terms of Volume and Value, Forecasts To 2027 (kiloton and US$ Mn)
Figure 22. North America Plant Protein Market for Dairy Alternatives, in Terms of Volume and Value, Forecasts To 2027 (kiloton and US$ Mn)
Figure 23. North America Plant Protein Market for Meat Alternatives and Meat Extenders, in Terms of Volume and Value, Forecast To 2027 (kiloton and US$ Mn)
Figure 24. North America Plant protein Market for Protein Bars, In Terms of Volume and Value, Forecasts To 2027 (kiloton and US$ Mn)
Figure 25. Bakery Application Market, Volume and Revenue Forecasts To 2027 (kiloton and US$ Mn)
Figure 26. North America Plant Protein Market for Other Applications, in Terms of Volume and Value, Forecast To 2027 (kiloton and US$ Mn)
Figure 27. North America Plant Protein Market Breakdown by Country, by Value 2018 & 2027(%)
Figure 28. US Plant Protein Market, in Terms of Volume and Value, Forecasts To 2027 (kiloton and US$ Mn)
Figure 29. Canada Plant Protein Market, in Terms of Volume and Value, Forecasts to 2027 (kiloton and US$ MN)
Figure 30. Mexico Plant Protein Market, in Terms of Volume and Value, Forecasts to 2027 (kiloton and US$ MN)
The List of Companies - North America Plant Protein Market
- E. I. Du Pont De Nemours and Company
- Archer Daniels Midland Company
- Kerry Group
- Koninklijke DSM N.V.
- Axiom Foods, Inc
- Cargill, Incorporated
- Roquette Frères
- Ingredion Incorporated
- Glanbia plc
- Burcon NutraScience Corporation
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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