The North America bovine and goat colostrum market was valued at US$ 529.25 million in 2018 and is projected to reach US$ 761.76 million by 2027; it is expected to grow at a CAGR of 4.3% during the forecast period.
Colostrum is a whitish fluid that is released by mammals, which have recently given birth before breast milk development begins. It caters to the nutrition requirements of the newborn baby. It primarily consists of antibodies protecting newborn babies against disease. Colostrum milk contains essential bioactive compounds and is one of the natural sources of growth and healing. The medical importance of colostrum has been gaining high traction across the world for the treatment of various health diseases, such as chronic fatigue syndrome, cancer, and blood infections. Bovine colostrum is a rich source of vitamins, carbohydrates, minerals, fats, growth hormones, and digestive enzymes, which stimulates tissue growth and immune maturation functions and the digestive system. Bovine colostrum is an enriched nutraceutical that helps prevent infectious diseases in children and adults. The demand for the colostrum market can be seen in the estimated forecast owing to its plethora of health benefits. Also, the demand for organically produced colostrum from countries such as the U.S. and Canada is providing impetus to the growth in the North America colostrum market.
The U.S. contributed to the largest share in the North America bovine and goat colostrum market in 2018. The production and consumption of bovine and goat colostrum in the U.S. are increasing owing to the growing demand for naturally-derived products along with the rising disposable income of consumers. In the United States, the colostrum market is expected to have various growth opportunities due to the rising demand for colostrum among the people. The benefits of colostrum have raised its demand among people who are health conscious and people living with a weak immune system. Also, market growth is expected due to rising awareness about the benefits offered by colostrum and increasing regulations for the dairy industry for using colostrum as an ingredient. In addition, across the country, there are high standards for animal welfare that are also expected to support the growth of the colostrum market during the forecast period.
Covid-19 first began in Wuhan (China) during December 2019, and since then, it has spread across the globe at a fast pace. China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the U.S. are among the most affected countries in terms of confirmed cases and reported deaths as of June 2020. Covid-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global food and beverage industry is one of the major industries suffering serious disruptions such as supply chain breaks, disruptions in manufacturing due to lockdown and office shutdowns as a result of this outbreak. The lockdown of various plants and factories in leading regions, including North America, is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various goods. All these factors have greatly affected the global bovine and goat colostrum market.
North America Bovine and Goat Colostrum Market
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Market Insights
Role of colostrum in animal husbandry
Colostrum is the first milk that is obtained after the parturition, which provides a complete diet for the neonate. Colostrum contains a large amount of Gama globulins, antibodies that are produced by dairy animals against the antigens to encounter many disease-producing organisms. Also, colostrum has a higher amount of vitamin A and minerals that are vital to battle diseases. Ingestion of these elements through colostrum considerably increases survivability and provide an umbrella of passive immunity to calves. On the other side, goat’s colostrum show qualitatively similar nucleotide patterns that are similar to human and cow’s colostrum. The colostrum contains high concentrations of immunoglobulins (Ig) antibodies such as IgM, IgG, and IgA, which function to identify and destroy the disease-causing pathogens in livestock. IgG functions to identify and devour pathogens that are found within the bloodstream as well as other parts of the body.
Form Market Insights
The North America bovine and goat colostrum market is segmented based on form as liquid, powder, and tablets & capsules. The powder segment dominated the North American bovine and goat colostrum market, whereas the tablets and capsules segment is expected to grow at the fastest growth rate during the forecast period of 2019-2027. Growth of the powder segment is mainly attributed to surging demand from wide range end-users such as pharmaceutical, animal nutrition, dietary supplements, sports nutrition, functional food, cosmetics, and infant formula. Factors such as the rising popularity of these products for boosting muscle strength and strengthening immunity, especially among bodybuilders, are anticipated to grow the market for bovine and goat colostrum powder in the coming years.
North America bovine and goat colostrum Market, by Form – 2018 and 2027
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Nature Market Insights
Based on nature, North America bovine and goat colostrum market is segmented into conventional and organic. The market was dominated by the conventional segment, whereas the organic segment is anticipated to grow with the highest CAGR. The demand for organic colostrum has surged over the past few years due to the rising demand for natural and chemical-free products from pharmaceuticals, dietary supplements, sports nutrition, and functional food producers. Moreover, increasing awareness among the consumers pertaining to the health and nutritional benefits offered by organic colostrum products had boosted the sales of organic colostrum products. The rising trend for natural and organic food among the consumers, along with higher purchasing power, are other factors leading to the rapid growth of the organic colostrum in the North American region.
End Use Market Insights
On the basis of end use, North America bovine and goat colostrum market is divided into pharmaceuticals, animal nutrition, dietary supplement, sports nutrition, functional food, cosmetics, and infant formula. The functional food segment dominated the bovine and goat colostrum market, whereas the dietary supplements segment is expected to grow at the fastest growth rate during the forecast period of 2019-2027. Bovine and goat colostrum supplements are increasingly used for the treatment of ailments and common diseases. Hence, companies operating in the bovine and goat colostrum market are increasing their production capacities to produce colostrum dietary supplements products. Major colostrum manufacturers in the market are focusing on research and development to introduce colostrum supplements in various end user industries such as pharmaceuticals, animal nutrition, dietary supplement, sports nutrition, functional food, cosmetics, and infant formula. Apart from dietary supplements, companies in the bovine and goat colostrum market are tapping opportunities in infant formula. Healthcare providers are suggesting bovine and goat colostrum supplementation in order to increase enteral protein intake among infants. Therefore, surging demand for bovine and goat colostrum for use in a wide range of end user industries is projected to bolster the market growth over the forecast period.
Distribution Channel Market Insights
Based on the distribution channel, the bovine and goat colostrum market is bifurcated into hypermarket/supermarket, medical stores/pharmacies, convenience stores, specialty stores, online, and direct/B2B. The direct/B2B segment dominated the North America bovine and goat colostrum market, whereas the medical stores/pharmacies segment is expected to grow at the fastest growth rate during the forecast period of 2019-2027. In direct/B2B distribution channels, the bovine and goat colostrum products are directly sold to various companies producing pharmaceutical and animal nutrition products, dietary supplements, sports nutrition, functional food, cosmetics, and infant formula. These industries use bovine and goat colostrum products as a key functional ingredient in their products. These industries buy bovine and goat and colostrum in a bulk quantity from the producers. B2B sales have the potential to make more money and profit as compared to B2C sales.
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North America Bovine and Goat Colostrum Market: Strategic Insights
Market Size Value in US$ 529.25 Million in 2018 Market Size Value by US$ 761.76 Million by 2027 Growth rate CAGR of 4.3% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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North America Bovine and Goat Colostrum Market: Strategic Insights
| Market Size Value in | US$ 529.25 Million in 2018 |
| Market Size Value by | US$ 761.76 Million by 2027 |
| Growth rate | CAGR of 4.3% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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A few of the key players in the North America bovine and goat colostrum market A few of the key players in the North America bovine and goat colostrum market are Alphatech, NOW Foods, Swanson, APS BioGroup, Colostrum BioTec GmbH, Manna Pro Products LLC, LAND O’LAKES, INC., Farm-O-San, La Belle,Inc., and Biotaris B.V. These players are focused on increasing their production capacities, and expanding their global reach and consumer base.
North America Bovine and Goat Colostrum Market – by Form
- Liquid
- Powder
- Tablets & Capsules
North America Bovine and Goat Colostrum Market – by Nature
- Conventional
- Organic
North America Bovine and Goat Colostrum Market – by End Use
- Pharmaceuticals
- Animal Nutrition
- Dietary Supplement
- Sports Nutrition
- Functional Food
- Cosmetics
- Infant Formula
North America Bovine and Goat Colostrum Market – by Distribution Channel
- Hypermarket/Supermarket
- Medical Stores/Pharmacies
- Direct/B2B
- Convenience Store
- Specialty Stores
- Online Distribution
Company Profiles
- Alphatech
- NOW Foods
- Swanson
- APS BioGroup
- Colostrum BioTec GmbH
- Manna Pro Products LLC
- LAND O’LAKES, INC.
- Farm-O-San
- La Belle,Inc.
- Biotaris B.V.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Form, Nature, End-Use, and Distribution Channel
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada
TABLE OF CONTENTS
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Bovine and Goat Colostrum Market – By Form
1.3.2 North America Bovine and Goat Colostrum Market – By Nature
1.3.3 North America Bovine and Goat Colostrum Market – By End Use
1.3.4 North America Bovine and Goat Colostrum Market – By Distribution Channel
1.3.5 North America Bovine and Goat Colostrum Market – By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Bovine and Goat Colostrum Market Landscape
4.1 Market Overview
4.1.1 North America PEST Analysis
5. North America Bovine and Goat Colostrum Market – Key Industry Dynamics
5.1 Drivers
5.1.1 Role of colostrum in animal husbandry
5.1.2 Increasing Demand for Colostrum Supplementation By Athletes
5.2 Restraints
5.2.1 Stringent Regulations on Bovine Colostrum for Infant Formula
5.3 Opportunities:
5.3.1 Growth in Functional Foods
5.4 Trends:
5.4.1 Rising Distribution Channels in Cosmetics
5.5 Impact Analysis
6. Bovine and Goat Colostrum – North America Market Analysis
6.1 North America Bovine and Goat Colostrum Market Overview
6.2 North America Bovine and Goat Colostrum Market Forecast and Analysis
7. Bovine and Goat Colostrum Market – By Form
7.1 Overview
7.2 Bovine and Goat Colostrum Market Breakdown, by Form, 2018 and 2027
7.3 Liquid
7.3.1 Overview
7.3.2 Bovine and Goat Colostrum Market for Liquid, Revenue and Forecasts to 2027 (US$ MILLION)
7.4 Powder
7.4.1 Bovine and Goat Colostrum Market for Powder, Revenue and Forecast to 2027 (US$ MILLION)
7.5 Tablets and Capsules
7.5.1 Overview
7.5.2 Bovine and Goat Colostrum Market for Tablets and Capsules, Revenue and Forecast to 2027 (US$ MILLION)
8. North America Bovine and Goat Colostrum Market Analysis – By Nature
8.1 Overview
8.2 North America Bovine and Goat Colostrum Market Breakdown, by Form, 2018 and 2027
8.3 Conventional
8.3.1 Overview
8.3.2 North America Conventional Bovine and Goat Colostrum Market, Revenue and Forecast to 2027 (US$ MILLION)
8.4 Organic
8.4.1 Overview
8.4.2 North America Organic Bovine and Goat Colostrum Market, Revenue and Forecast to 2027 (US$ MILLION)
9. Bovine and Goat Colostrum Market – by End Use
9.1 Overview
9.2 Bovine and Goat Colostrum Market Breakdown, by End Use, 2018 & 2027
9.3 Pharmaceuticals
9.3.1 Overview
9.3.2 Pharmaceutical Bovine and Goat Colostrum Market, Revenue and Forecast to 2027 (US$ MILLION)
9.4 Animal Nutrition
9.4.1 Animal Nutrition Bovine and Goat Colostrum Market, Revenue Forecast to 2027 (US$ MILLION)
9.5 Dietary Supplement
9.5.1 Overview
9.5.2 Dietary Supplement Bovine and Goat Colostrum Market, Revenue and Forecast to 2027 (US$ MILLION)
9.6 Sports Nutrition
9.6.1 Overview
9.6.2 Sports Nutrition Bovine and Goat Colostrum Market, Revenue and Forecast to 2027 (US$ MILLION)
9.7 Functional Food
9.7.1 Overview
9.7.2 Functional Food Bovine and Goat Colostrum Market, Revenue and Forecast to 2027 (US$ MILLION)
9.8 Cosmetics
9.8.1 Overview
9.8.2 Cosmetics Bovine and Goat Colostrum Market, Revenue and Forecast to 2027 (US$ MILLION)
9.9 Infant Formula
9.9.1 Overview
9.9.2 Infant Formula Bovine and Goat Colostrum Market, Revenue and Forecast to 2027 (US$ MILLION)
10. North America Bovine and Goat Colostrum Market Analysis – by Distribution Channel
10.1 Overview
10.2 North America Bovine and Goat Colostrum Market Breakdown, by Distribution Channel, 2018 & 2027
10.3 Hypermarket/Supermarket
10.3.1 Overview
10.3.2 North America Hypermarket/Supermarket Bovine and Goat Colostrum Market, Revenue and Forecasts to 2027 (US$ MILLION)
10.4 Medical Stores/Pharmacies
10.4.1 North America Medical Stores/Pharmacies Bovine and Goat Colostrum Market, Revenue Forecast to 2027 (US$ MILLION)
10.5 Direct/B2B
10.5.1 Overview
10.5.2 North America Direct/B2B Bovine and Goat Colostrum Market, Revenue and Forecast to 2027 (US$ MILLION)
10.6 Convenience Store
10.6.1 Overview
10.6.2 North America Convenience Store Bovine and Goat Colostrum Market, Revenue and Forecast to 2027 (US$ MILLION)
10.7 Specialty Stores
10.7.1 Overview
10.7.2 North America Specialty Stores Bovine and Goat Colostrum Market, Revenue and Forecast to 2027 (US$ MILLION)
10.8 Online
10.8.1 Overview
10.8.2 North America Online Bovine and Goat Colostrum Market, Revenue and Forecast to 2027 (US$ MILLION)
11. Bovine and Goat Colostrum Market – Country Analysis
11.1 Overview
11.1.1 North America Bovine and Goat Colostrum Market Breakdown, by Key Countries
11.1.1.1 US Bovine and Goat Colostrum Market Revenue and Forecast to 2027 (US$ MILLION)
11.1.1.1.1 US: Bovine and Goat Colostrum Market, by Nature
11.1.1.1.2 US: Bovine and Goat Colostrum Market, by End Use
11.1.1.1.3 US: Bovine and Goat Colostrum Market, by Distribution Channel
11.1.1.2 Canada Bovine and Goat Colostrum Market Revenue and Forecast to 2027 (US$ MILLION)
11.1.1.2.1 Canada: Bovine and Goat Colostrum Market, by Form
11.1.1.2.2 Canada: Bovine and Goat Colostrum Market, by Nature
11.1.1.2.3 Canada: Bovine and Goat Colostrum Market, by End Use
11.1.1.2.4 Canada: Bovine and Goat Colostrum Market, by Distribution Channel
11.1.1.3 Mexico Bovine and Goat Colostrum Market Revenue and Forecast to 2027 (US$ MILLION)
11.1.1.3.1 Mexico: Bovine and Goat Colostrum Market, by Form0
11.1.1.3.2 Mexico: Bovine and Goat Colostrum Market, by Nature1
11.1.1.3.3 Mexico: Bovine and Goat Colostrum Market, by End Use2
11.1.1.3.4 Mexico: Bovine and Goat Colostrum Market, by Distribution Channel3
12. Impact of COVID-19 Pandemic on North America Bovine and Goat Colostrum Market4
12.1 North America: Impact Assessment of COVID-19 Pandemic4
13. Company Profiles5
13.1 Alphatech SAS5
13.1.1 Key Facts5
13.1.2 Business Description5
13.1.3 Products and Services5
13.1.4 Financial Overview6
13.1.5 SWOT Analysis7
13.2 Now Health Group, Inc.0
13.2.1 Key Facts0
13.2.2 Business Description0
13.2.3 Products and Services0
13.2.4 Financial Overview1
13.2.5 SWOT Analysis2
13.3 Swanson5
13.3.1 Key Facts5
13.3.2 Business Description5
13.3.3 Products and Services5
13.3.4 Financial Overview6
13.3.5 SWOT Analysis7
13.4 APS Biogroup0
13.4.1 Key Facts0
13.4.2 Business Description0
13.4.3 Products and Services0
13.4.4 Financial Overview1
13.4.5 SWOT Analysis2
13.5 Colostrum BioTec GmbH5
13.5.1 Key Facts5
13.5.2 Business Description5
13.5.3 Products and Services5
13.5.4 Financial Overview6
13.5.5 SWOT Analysis7
13.6 Manna Pro Products LLC.0
13.6.1 Key Facts0
13.6.2 Business Description0
13.6.3 Products and Services0
13.6.4 Financial Overview1
13.6.5 SWOT Analysis2
13.7 LAND O'LAKES ANIMAL MILK PRODUCTS CO.5
13.7.1 Key Facts5
13.7.2 Business Description5
13.7.3 Products and Services5
13.7.4 Financial Overview6
13.7.5 SWOT Analysis7
13.8 FARM-O-SAN0
13.8.1 Key Facts0
13.8.2 Business Description0
13.8.3 Products and Services0
13.8.4 Financial Overview1
13.8.5 SWOT Analysis2
13.9 LA BELLE COLOSTRUM5
13.9.1 Key Facts5
13.9.2 Business Description5
13.9.3 Products and Services5
13.9.4 Financial Overview7
13.9.5 SWOT Analysis7
13.10 Biotaris B. V.9
13.10.1 Key Facts9
13.10.2 Business Description9
13.10.3 Products and Services9
13.10.4 Financial Overview1
13.10.5 SWOT Analysis1
14. Appendix5
14.1 About the Insight Partners5
14.2 Glossary5
LIST OF TABLES
Table 1. North America Bovine and Goat Colostrum Market Revenue and Forecasts to 2027 (US$ Million)
Table 2. U.S.: Bovine and Goat Colostrum Market, by Form, 2017–2027 (USD Million)
Table 1. US Bovine and Goat Colostrum Market, by Nature– Revenue and Forecast to 2027 (USD Million)
Table 2. US Bovine and Goat Colostrum Market, by End Use – Revenue and Forecast to 2027 (USD Million)
Table 3. US Bovine and Goat Colostrum Market, by Distribution Channel– Revenue and Forecast to 2027 (USD Million)
Table 4. Canada Bovine and Goat Colostrum Market, by Form– Revenue and Forecast to 2027 (USD Million)
Table 5. Canada Bovine and Goat Colostrum Market, by Nature – Revenue and Forecast to 2027 (USD Million)
Table 6. Canada Bovine and Goat Colostrum Market, by End Use – Revenue and Forecast to 2027 (USD Million)
Table 7. Canada Bovine and Goat Colostrum Market, by Distribution Channel – Revenue and Forecast to 2027 (USD Million)
Table 8. Mexico Bovine and Goat Colostrum Market, by Form– Revenue and Forecast to 2027 (USD Million)0
Table 9. Mexico Bovine and Goat Colostrum Market, by Nature – Revenue and Forecast to 2027 (USD Million)1
Table 10. Mexico Bovine and Goat Colostrum Market, by End Use – Revenue and Forecast to 2027 (USD Million)2
Table 11. Mexico Bovine and Goat Colostrum Market, by Distribution Channel– Revenue and Forecast to 2027 (USD Million)3
Table 12. Glossary of Terms, North America Bovine and Goat Colostrums Market5
LIST OF FIGURES
Figure 1. North America Bovine and Goat Colostrum Market Segmentations
Figure 2. North America Bovine and Goat Colostrum Market Segmentation – By Country
Figure 3. North America Bovine and Goat Colostrum Market Overview
Figure 4. Tablets and Capsules Held Largest Share in The North America Bovine and Goat Colostrum Market By Technology
Figure 5. U.S. Dominated The North America Bovine and Goat Colostrum Market In 2018
Figure 6. North America Bovine and Goat Colostrum Market, Industry Landscape
Figure 7. North America – Pest Analysis
Figure 8. Impact Analysis of Drivers and Restraints
Figure 9. North America Bovine and Goat Colostrum Market Forecast And Analysis, (US$ Million)
Figure 10. Bovine and Goat Colostrum Market Breakdown, by Form, 2018 and 2027 (%)
Figure 11. Bovine and Goat Colostrum Market for Liquid, s, 2017–2027 (US$ MILLION)
Figure 12. Bovine and Goat Colostrum Market for Powder, Revenue and Forecast to 2027 (US$ MILLION)
Figure 13. Bovine and Goat Colostrum Market for Tablets and Capsules, Revenue and Forecast to 2027 (US$ MILLION)
Figure 14. North America Bovine and Goat Colostrum Market Breakdown by Form, 2018 and 2027 (%)
Figure 15. North America Conventional Bovine and Goat Colostrum Market, Revenue and Forecast, 2017-2027 (US$ MILLION)
Figure 16. North America Organic Bovine and Goat Colostrum Market, Revenue and Forecasts to 2027 (US$ MILLION)
Figure 17. Bovine and Goat Colostrum Market Breakdown, by End Use, 2018 & 2027 (%)
Figure 18. Pharmaceutical Bovine and Goat Colostrum Market, Revenue and Forecast, 2017–2027 (US$ MILLION)
Figure 19. Animal Nutrition Bovine and Goat Colostrum Market, Revenue Forecast to 2027 (US$ MILLION)
Figure 20. Dietary Supplement Bovine and Goat Colostrum Market, Revenue and Forecast to 2027 (US$ MILLION)
Figure 21. Sports Nutrition Bovine and Goat Colostrum Market, Revenue and Forecast to 2027 (US$ MILLION)
Figure 22. Functional Food Bovine and Goat Colostrum Market, Revenue and Forecast to 2027 (US$ MILLION)
Figure 23. Cosmetics Bovine and Goat Colostrum Market, Revenue and Forecast to 2027 (US$ MILLION)
Figure 24. Other Bovine and Goat Colostrum Market, Revenue and Forecast to 2027 (US$ MILLION)
Figure 25. North America Bovine and Goat Colostrum Market Breakdown by Distribution Channel, 2018 & 2027 (%)
Figure 26. North America Hypermarket/Supermarket Bovine and Goat Colostrum Market, Revenue and Forecast, 2017-2027 (US$ MILLION)
Figure 27. North America Medical Stores/Pharmacies Bovine and Goat Colostrum Market, Revenue Forecast to 2027 (US$ MILLION)
Figure 28. North America Direct/B2B Bovine and Goat Colostrum Market, Revenue and Forecasts to 2027 (US$ MILLION)
Figure 29. North America Convenience Store Bovine and Goat Colostrum Market, Revenue and Forecasts to 2027 (US$ MILLION)
Figure 30. North America Specialty Stores Bovine and Goat Colostrum Market, Revenue and Forecasts to 2027 (US$ MILLION)
Figure 31. North America Online Bovine and Goat Colostrum Market, Revenue and Forecasts to 2027 (US$ MILLION)
Figure 32. North America Bovine and Goat Colostrum Market Breakdown by Key Countries, 2018 & 2027(%)
Figure 33. US Bovine and Goat Colostrum Market Forecasts To 2027 (US$ Million)
Figure 34. Canada Bovine and Goat Colostrum Market Forecasts To 2027 (US$ Million)
Figure 35. Mexico Bovine and Goat Colostrum Market Forecasts To 2027 (US$ Million)0
Figure 1. Impact of COVID-19 Pandemic in North American Country Markets5
The List of Companies - North America Bovine and Goat Colostrum Market
- Alphatech
- NOW Foods
- Swanson
- APS BioGroup
- Colostrum BioTec GmbH
- Manna Pro Products LLC
- LAND O’LAKES, INC.
- Farm-O-San
- La Belle,Inc.
- Biotaris B.V.
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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