Vitamins Market Size, and Scope Report 2021-2031
The vitamins market is expected to register a CAGR of 7% during 2023–2031. The rising adoption of personalized nutrition and rising interest in plant-based vitamins options are likely to remain a key trend in the market.
Vitamins Market Analysis
- In order to meet growing consumer demand for solutions that are both healthier and more nutritionally advantageous, vitamin fortification is becoming increasingly popular with food and beverage manufacturers.
- New and better vitamin formulations are created through continued research and development activities.
- These formulations consist of forms and combinations that are more bioavailable for the purpose of treating some health problems.
- High-impact advancements in vitamin formulation could unlock significant growth potential in the market.
Vitamins Market Overview
- Vitamins are organic molecules that are essential to an organism in small quantities for proper metabolic function.
- The growing number of health-conscious consumers who seek to incorporate vitamins into their daily diet is a major driver for the worldwide vitamin supplements market.
- The growing awareness of the link between diet and overall health has led to this trend.
- Health-conscious consumers seek to maintain optimal health and well-being, resulting in rising demand for vitamin supplements.
- As a result, the market is witnessing a surge in consumer interest, driving the growth of the vitamin supplements industry worldwide.
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Vitamins Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Vitamins Market: Strategic Insights
Shejal
Have a question?
Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Vitamins Market Drivers and Opportunities
Growing health consciousness among population is expected to drive the growth of the vitamins market
- Increasing health awareness across all age groups is significantly propelling the vitamins market forward. This trend is characterized by a growing interest in preventive healthcare, wellness, and nutrition.
- Consumers are becoming more educated about the role of vitamins in maintaining overall health, boosting immunity, and potentially preventing chronic diseases.
- Social media and digital platforms have played a crucial role in disseminating health information, making consumers more proactive about their nutritional intake.
- There's a noticeable shift towards self-care and holistic wellness, with vitamins seen as an accessible and relatively affordable way to supplement one's diet and lifestyle.
- This health-conscious mindset is not limited to any particular demographic; it spans across generations, from health-savvy millennials to baby boomers focused on aging well.
Rise of e-commerce and direct-to-consumer models
- The shift towards e-commerce and D2C models in the vitamins market is fundamentally changing how these products are sold and marketed.
- This trend allows vitamin brands to bypass traditional retail channels and connect directly with consumers.
- Online platforms enable more detailed product information, educational content, and personalized recommendations, addressing consumers' growing desire for transparency and tailored health solutions.
- Subscription-based models are gaining popularity, offering convenience and encouraging regular vitamin intake.
- E-commerce also facilitates data collection on consumer preferences and behaviors, enabling brands to refine their marketing strategies and product offerings.
Vitamins Market Report Segmentation Analysis
Key segments that contributed to the derivation of the vitamins market analysis are type, application and source.
- Based on type, the vitamins market is segmented into vitamin B, vitamin E, vitamin D, vitamin C, vitamin A, and vitamin K.
- Based on application, the vitamins market is segmented into healthcare products, food and beverages, feed, and personal care products.
- Based on source, the vitamins market is divided into synthetic, and natural.
Vitamins Market Share Analysis by Geography
- Vitamins Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering vitamins market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers Porter’s Five Forces analysis, which involves the study of major factors that influence the vitamins market in these regions.
Vitamins Market Report Scope
Vitamins Market News and Recent Developments
The vitamins 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 vitamins market are listed below:
- Abbott, Real Madrid and the Real Madrid Foundation announced today the extension of their partnership through Real Madrid's 2031-27 season. Abbott will remain Global Health Sciences and Nutrition Partner of Real Madrid Football Club and Global Partner of the Real Madrid Foundation. (Source: Newsletter, Abbott, Mar 2024)
- Glanbia plc, the global nutrition Group ("Glanbia", or the "plc") has been informed by Glanbia Cooperative Society Ltd (the "Co-op") that its members have approved the proposed acquisition of the plc’s 40% interest in Glanbia Ireland DAC (“Glanbia Ireland”) by the Co-op (the “Proposed Transaction”) and other related proposals, at a special general meeting (“SGM”) held today. (Source: Newsletter, Glanbia plc, Dec 2021)
Vitamins Market Report Coverage and Deliverables
The “Vitamins Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Vitamins market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Vitamins market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Vitamins market analysis covering key market trends, global and regional 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 vitamins market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The global vitamins market is expected to grow at a CAGR of 7% during the forecast period 2023 - 2031.
Growing health consciousness among population is expected to drive the growth of the vitamins market.
The rising adoption of personalized nutrition and rising interest in plant-based vitamins options to play a significant role in the global vitamins market in the coming years.
The leading players operating in the vitamins market are Glanbia; ADM; BASF; DSM; Farbest Brands; Adisseo; Pharmavit; Millmax; Newgen Pharma; Rabar.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
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 Vitamins Market - By Type
1.3.2 Vitamins Market - By Application
1.3.3 Vitamins Market - By Source
1.3.4 Vitamins Market - By Region
1.3.4.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. VITAMINS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. VITAMINS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. VITAMINS MARKET - GLOBAL MARKET ANALYSIS
6.1. VITAMINS - GLOBAL MARKET OVERVIEW
6.2. VITAMINS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. VITAMINS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. VITAMIN B
7.3.1. Overview
7.3.2. Vitamin B Market Forecast and Analysis
7.4. VITAMIN E
7.4.1. Overview
7.4.2. Vitamin E Market Forecast and Analysis
7.5. VITAMIN D
7.5.1. Overview
7.5.2. Vitamin D Market Forecast and Analysis
7.6. VITAMIN C
7.6.1. Overview
7.6.2. Vitamin C Market Forecast and Analysis
7.7. VITAMIN A
7.7.1. Overview
7.7.2. Vitamin A Market Forecast and Analysis
7.8. VITAMIN K
7.8.1. Overview
7.8.2. Vitamin K Market Forecast and Analysis
8. VITAMINS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. HEALTHCARE PRODUCTS
8.3.1. Overview
8.3.2. Healthcare products Market Forecast and Analysis
8.4. FOOD AND BEVERAGES
8.4.1. Overview
8.4.2. Food and Beverages Market Forecast and Analysis
8.5. FEED
8.5.1. Overview
8.5.2. Feed Market Forecast and Analysis
8.6. PERSONAL CARE PRODUCTS
8.6.1. Overview
8.6.2. Personal care products Market Forecast and Analysis
9. VITAMINS MARKET - REVENUE AND FORECASTS TO 2028 - SOURCE
9.1. OVERVIEW
9.2. SOURCE MARKET FORECASTS AND ANALYSIS
9.3. SYNTHETIC
9.3.1. Overview
9.3.2. Synthetic Market Forecast and Analysis
9.4. NATURAL
9.4.1. Overview
9.4.2. Natural Market Forecast and Analysis
10. VITAMINS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Vitamins Market Overview
10.1.2 North America Vitamins Market Forecasts and Analysis
10.1.3 North America Vitamins Market Forecasts and Analysis - By Type
10.1.4 North America Vitamins Market Forecasts and Analysis - By Application
10.1.5 North America Vitamins Market Forecasts and Analysis - By Source
10.1.6 North America Vitamins Market Forecasts and Analysis - By Countries
10.1.6.1 United States Vitamins Market
10.1.6.1.1 United States Vitamins Market by Type
10.1.6.1.2 United States Vitamins Market by Application
10.1.6.1.3 United States Vitamins Market by Source
10.1.6.2 Canada Vitamins Market
10.1.6.2.1 Canada Vitamins Market by Type
10.1.6.2.2 Canada Vitamins Market by Application
10.1.6.2.3 Canada Vitamins Market by Source
10.1.6.3 Mexico Vitamins Market
10.1.6.3.1 Mexico Vitamins Market by Type
10.1.6.3.2 Mexico Vitamins Market by Application
10.1.6.3.3 Mexico Vitamins Market by Source
10.2. EUROPE
10.2.1 Europe Vitamins Market Overview
10.2.2 Europe Vitamins Market Forecasts and Analysis
10.2.3 Europe Vitamins Market Forecasts and Analysis - By Type
10.2.4 Europe Vitamins Market Forecasts and Analysis - By Application
10.2.5 Europe Vitamins Market Forecasts and Analysis - By Source
10.2.6 Europe Vitamins Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Vitamins Market
10.2.6.1.1 Germany Vitamins Market by Type
10.2.6.1.2 Germany Vitamins Market by Application
10.2.6.1.3 Germany Vitamins Market by Source
10.2.6.2 France Vitamins Market
10.2.6.2.1 France Vitamins Market by Type
10.2.6.2.2 France Vitamins Market by Application
10.2.6.2.3 France Vitamins Market by Source
10.2.6.3 Italy Vitamins Market
10.2.6.3.1 Italy Vitamins Market by Type
10.2.6.3.2 Italy Vitamins Market by Application
10.2.6.3.3 Italy Vitamins Market by Source
10.2.6.4 United Kingdom Vitamins Market
10.2.6.4.1 United Kingdom Vitamins Market by Type
10.2.6.4.2 United Kingdom Vitamins Market by Application
10.2.6.4.3 United Kingdom Vitamins Market by Source
10.2.6.5 Russia Vitamins Market
10.2.6.5.1 Russia Vitamins Market by Type
10.2.6.5.2 Russia Vitamins Market by Application
10.2.6.5.3 Russia Vitamins Market by Source
10.2.6.6 Rest of Europe Vitamins Market
10.2.6.6.1 Rest of Europe Vitamins Market by Type
10.2.6.6.2 Rest of Europe Vitamins Market by Application
10.2.6.6.3 Rest of Europe Vitamins Market by Source
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Vitamins Market Overview
10.3.2 Asia-Pacific Vitamins Market Forecasts and Analysis
10.3.3 Asia-Pacific Vitamins Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Vitamins Market Forecasts and Analysis - By Application
10.3.5 Asia-Pacific Vitamins Market Forecasts and Analysis - By Source
10.3.6 Asia-Pacific Vitamins Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Vitamins Market
10.3.6.1.1 Australia Vitamins Market by Type
10.3.6.1.2 Australia Vitamins Market by Application
10.3.6.1.3 Australia Vitamins Market by Source
10.3.6.2 China Vitamins Market
10.3.6.2.1 China Vitamins Market by Type
10.3.6.2.2 China Vitamins Market by Application
10.3.6.2.3 China Vitamins Market by Source
10.3.6.3 India Vitamins Market
10.3.6.3.1 India Vitamins Market by Type
10.3.6.3.2 India Vitamins Market by Application
10.3.6.3.3 India Vitamins Market by Source
10.3.6.4 Japan Vitamins Market
10.3.6.4.1 Japan Vitamins Market by Type
10.3.6.4.2 Japan Vitamins Market by Application
10.3.6.4.3 Japan Vitamins Market by Source
10.3.6.5 South Korea Vitamins Market
10.3.6.5.1 South Korea Vitamins Market by Type
10.3.6.5.2 South Korea Vitamins Market by Application
10.3.6.5.3 South Korea Vitamins Market by Source
10.3.6.6 Rest of Asia-Pacific Vitamins Market
10.3.6.6.1 Rest of Asia-Pacific Vitamins Market by Type
10.3.6.6.2 Rest of Asia-Pacific Vitamins Market by Application
10.3.6.6.3 Rest of Asia-Pacific Vitamins Market by Source
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Vitamins Market Overview
10.4.2 Middle East and Africa Vitamins Market Forecasts and Analysis
10.4.3 Middle East and Africa Vitamins Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Vitamins Market Forecasts and Analysis - By Application
10.4.5 Middle East and Africa Vitamins Market Forecasts and Analysis - By Source
10.4.6 Middle East and Africa Vitamins Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Vitamins Market
10.4.6.1.1 South Africa Vitamins Market by Type
10.4.6.1.2 South Africa Vitamins Market by Application
10.4.6.1.3 South Africa Vitamins Market by Source
10.4.6.2 Saudi Arabia Vitamins Market
10.4.6.2.1 Saudi Arabia Vitamins Market by Type
10.4.6.2.2 Saudi Arabia Vitamins Market by Application
10.4.6.2.3 Saudi Arabia Vitamins Market by Source
10.4.6.3 U.A.E Vitamins Market
10.4.6.3.1 U.A.E Vitamins Market by Type
10.4.6.3.2 U.A.E Vitamins Market by Application
10.4.6.3.3 U.A.E Vitamins Market by Source
10.4.6.4 Rest of Middle East and Africa Vitamins Market
10.4.6.4.1 Rest of Middle East and Africa Vitamins Market by Type
10.4.6.4.2 Rest of Middle East and Africa Vitamins Market by Application
10.4.6.4.3 Rest of Middle East and Africa Vitamins Market by Source
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Vitamins Market Overview
10.5.2 South and Central America Vitamins Market Forecasts and Analysis
10.5.3 South and Central America Vitamins Market Forecasts and Analysis - By Type
10.5.4 South and Central America Vitamins Market Forecasts and Analysis - By Application
10.5.5 South and Central America Vitamins Market Forecasts and Analysis - By Source
10.5.6 South and Central America Vitamins Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Vitamins Market
10.5.6.1.1 Brazil Vitamins Market by Type
10.5.6.1.2 Brazil Vitamins Market by Application
10.5.6.1.3 Brazil Vitamins Market by Source
10.5.6.2 Argentina Vitamins Market
10.5.6.2.1 Argentina Vitamins Market by Type
10.5.6.2.2 Argentina Vitamins Market by Application
10.5.6.2.3 Argentina Vitamins Market by Source
10.5.6.3 Rest of South and Central America Vitamins Market
10.5.6.3.1 Rest of South and Central America Vitamins Market by Type
10.5.6.3.2 Rest of South and Central America Vitamins Market by Application
10.5.6.3.3 Rest of South and Central America Vitamins Market by Source
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. VITAMINS MARKET, KEY COMPANY PROFILES
12.1. KONINKLIJKE DSM N.V.,
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. GLANBIA PLC
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. THE ARCHER DANIELS MIDLAND COMPANY
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. BASF SE
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. LONZA GROUP
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. STERNVITAMIN GMBH AND CO. KG
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. FARBEST BRANDS.
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. WATSON FOODS CO., INC.
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. WRIGHT ENRICHMENT INC.
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. BTSA. BIOTECNOLOGIAS APLICADAS S.L.
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
The List of Companies
1. Koninklijke DSM N. V.,
2. Glanbia plc
3. The Archer Daniels Midland Company
4. BASF SE
5. Lonza Group
6. Sternvitamin GmbH and Co. Kg
7. Farbest Brands.
8. Watson Foods Co., Inc.
9. Wright Enrichment Inc.
10. BTSA. Biotecnologias Aplicadas S. l.
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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