Asia Pacific Seaweed Derivatives Market to Grow at a CAGR of 6.6% to reach US$ 2,209.61 Mn from 2020 to 2027

Asia Pacific Seaweed Derivatives Market Forecast to 2027 - Covid-19 Impact and Regional Analysis by Source (Red Seaweed, Brown Seaweed, and Green Seaweed); Form (Liquid, Powder, and Flakes); End Use (Food and Beverages, Agricultural Products, Animal Feed Additives, Pharmaceuticals, and Others); and Country

  • Report Code : TIPRE00011570
  • Category : Food and Beverages
  • Status : Published
  • No. of Pages : 126
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The Asia Pacific seaweed derivatives market was valued at US$ 1,239.19 Mn in 2018 and is projected to reach US$ 2,209.61 Mn by 2027; it is expected to grow at a CAGR of 6.6% from 2019 to 2027.

Seaweeds are red, brown, and green marine microalgae; their extracts are used in the horticultural crops owing to their plant growth promoting effects. The major derivatives of seaweeds include alginates, carrageenans, and agars, while their chemical derivatives include fatty acids and vitamins, mineral nutrients, phytoharmones, and complex polysaccharides, among others. Alginates are largely extracted from brown seaweeds, while carrageenans and agars are largely extracted from red seaweeds. Alginates, carrageenans, and agars are increasingly being used in food and beverages, animal feed, and agriculture industries, among others.

China contributed to the largest share in the Asia Pacific seaweed derivatives market in 2018. The growing food &beverages industry in the country provides growth impetus to the seaweed derivatives market. The bioactive substances extracted from seaweeds,such as alginates, iodine, fucoidan, fucoxanthin, phlorotannin, and water-soluble dietary fibers, are being used as functional food ingredients. For instance, these products are used for thickening, emulsifying, water locking, gel, absorption, suspension, toughness, sustained-release functions to improve elasticity, and water retention and product structure for good taste. Popular functional ingredients are majorly used in flour products, baked products, dairy products, juice, jelly food products, meat products (sausage and ham), yogurt, beer and soy sauce, etc.

The recent COVID-19 outbreak first began in Wuhan (China) in December 2019, and since then, it has spread across the globe at a fast pace. The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.

 In Asia Pacific, food & beverages is one of the major industries facing serious consequences of this outbreak in terms of supply chain disruptions, technology events cancellations, and office shutdowns. China is the hub of manufacturing and the largest raw material supplier for various industries worldwide, and disturbed operations in the country are affecting several businesses from all other countries dependent on its manufacturing sector. The overall market breakdown due to COVID-19 is also affecting the growth of the seaweed derivatives market in the region due to factory shutdowns, supply chain discontinuation, and global economic downturn.

Asia Pacific Seaweed Derivatives Market

Asia Pacific Seaweed Derivatives Market
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Market Insights

Emerging Applications of Seaweed Derivatives in Therapeutics Favors the Seaweed Derivatives Market Growth in Asia Pacific

The biotechnology industry worldwide shows high interest in seaweeds mainly due to its use in the extraction of a diverse range of substances exhibiting biological activities. Alginate is an adaptable and versatile biomaterial that can be used in numerous biomedical applications, such as drug delivery, tissue engineering, and wound healing. Alginate scaffolds are widely used as cell carriers in tissue engineering due to their hydrophilic properties, excellent tissue compatibility, and porous three-dimensional (3D) structure. Alginate hydrogels are used in drug delivery systems to enhance regeneration in different tissues and organs. In dentistry, the seaweed polysaccharide and derivatives are used in simple as well as complex applications. Simple applications such as dental impressions are used in the customized production of any dental device that has to fit over or replace any of the teeth, such as braces, mouth guards, bridges, crowns, and veneers. An accurate impression of teeth helps the dentists reproduce another material that can be used as a model for making the prosthetics and tools.

Source Insights

Based on source, the seaweed derivatives market is segmented into red seaweed, brown seaweed, and green seaweed. In 2018, the red seaweed segment accounted for the largest share of the Asia Pacific seaweed derivatives market. Red seaweedscontain the highest protein levels of all, which are responsible for its red color. Despite being found in the shallow waters, red seaweeds are capable of withstanding deep water conductions such as survival in low light and high-pressure conditions. These factors boost the growth of red seaweed derivatives market.

Asia Pacific Seaweed Derivatives Market, by Source – 2018 and 2027

Asia Pacific Seaweed Derivatives Market
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Form Insights

Based on form, the seaweed derivatives market is segmented into liquid, powder, and flakes. In 2018, the liquid segment accounted for the largest share of the Asia Pacific seaweed derivatives market; however, the powder segment is expected to register the fastest CAGR during the forecast period. Liquid derivatives from brown seaweed are marketed for horticultural and agricultural applications. The liquid seaweed derivatives are used at high dilution rates, which results in minimal quantities of material being applied in the given area.

End Use Insights

Based on end use, the seaweed derivatives market is segmented into food and beverages, agricultural products, animal feed additives, pharmaceuticals, and others. In 2018, the food and beverages segment accounted for the largest share of the Asia Pacificseaweed derivatives market; however, the animal feed additives segment is expected to register the highest CAGR during the forecast period. Seaweed derivatives such as alginates are widely used in bakery products, candies, dairy products, salad dressings, ice creams, and creams and jellies; they are also being used in sausages, and processed meats and fish. The derivatives are also used in clarifying beers and wines. Alginates are completely organic and are safe for food application. Additionally, when dissolved in water, alginates are capable of thickening a solution. Moreover, they can form gels when they are added to a calcium salt solution. Therefore, alginates are primarily used in salad dressings and mayonnaise.

Report Spotlights

  • Progressive industry trends in Asia Pacific seaweed derivatives market that help players develop effective long-term strategies
  • Business growth strategies adopted by players with the focus on both developed and developing markets
  • Quantitative analysis of Asia Pacific seaweed derivatives market from 2017 to 2027
  • Estimation of seaweed derivatives demand across various industries in Asia Pacific
  • Recent developments to understand the market competition and demand in Asia Pacific
  • Market trends and outlook, coupled with factors driving or restraining the growth of Asia Pacific seaweed derivatives market
  • Insights to help decision-making process by providing understanding of strategies that underpin commercial interest with regard to Asia Pacific seaweed derivatives market growth
  • Asia Pacific seaweed derivatives market size at various nodes of market
  • Size of seaweed derivatives market in various Asia Pacific countries, with promising growth opportunities in the corresponding countries

Asia Pacific Seaweed Derivatives Market – By Source

  • Red Seaweed
  • Brown Seaweed
  • Green Seaweed


Asia Pacific Seaweed Derivatives Market – By Form

  • Liquid
  • Powder
  • Flakes


Asia Pacific Seaweed Derivatives Market – By End Use

                                                                             

  • Food and Beverages
  • Agricultural Products
  • Animal Feed Additives
  • Pharmaceuticals
  • Others


Company Profiles

  • W Hydrocolloids, Inc.
  • KIMICA Corporation
  • DuPont de Nemours, Inc.
  • Gelymar S.A.
  • CP Kelco
  • ALGAIA
  • Compañía Española de Algas Marinas, S.A.
  • Cargill, Incorporated
  • Arthur Branwell & Co. 
Report Coverage
Report Coverage

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

Segment Covered
Segment Covered

Source, Form, End Use, and Country

Regional Scope
Regional Scope

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

Country Scope
Country Scope

Australia, China, Japan, South Korea

1. Introduction

1.1 Study Scope

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

1.3.1 Asia Pacific Seaweed Derivatives Market – By Source

1.3.2 Asia Pacific Seaweed Derivatives Market – By Form

1.3.3 Asia Pacific Seaweed Derivatives Market – By End-Use

1.3.4 Asia Pacific Seaweed Derivatives Market – By Country

2. Key Takeaways

3. Research Methodology

3.1 Coverage

3.2 Secondary Research

3.3 Primary Research

4. Seaweed Derivatives Market Landscape

4.1 Market Overview

4.2 PEST Analysis – Asia Pacific

5. Seaweed Derivatives Market – Key Industry Dynamics

5.1 Market Drivers

5.1.1 Rising Demand form Food and Beverage Industry

5.1.2 Health Benefits Offered By Seaweed and Seaweed Derivatives

5.2 Market Restraints

5.2.1 Lack of Consumer Awareness Related to Seaweed Derivatives

5.3 Market Opportunities

5.3.1 Surging Demand for Seaweed Derivatives in Cosmetic Industry

5.4 Future Trends

5.4.1 Emerging Applications of Seaweed derivative in Dentistry

5.5 Impact Analysis Of Drivers And Restraints

6. Seaweed Derivatives – Asia Pacific Market Analysis

6.1 Asia Pacific Seaweed Derivatives Market Overview

6.2 Asia Pacific Seaweed Derivatives Market Forecast and Analysis

7. Asia Pacific Seaweed Derivatives Market Analysis – By Source

7.1 Overview

7.2 Asia Pacific Seaweed Derivatives Market Breakdown, By Source, 2018 & 2027

7.3 Red Seaweed

7.3.1 Overview

7.3.2 Asia Pacific Red Seaweed Market Revenue Forecasts to 2027 (US$ Mn)

7.4 Brown Seaweed

7.4.1 Overview

7.4.2 Asia Pacific Brown Seaweed Market Revenue and Forecasts to 2027 (US$ Mn)

7.5 Green Seaweed

7.5.1 Overview

7.5.2 Asia Pacific Green Seaweed Market Revenue Forecasts to 2027 (US$ Mn)

8. Asia Pacific Seaweed Derivatives Market Analysis – By Form

8.1 Overview

8.2 Asia Pacific Seaweed Derivatives Market Breakdown, By Form, 2018 & 2027

8.3 Liquid

8.3.1 Overview

8.3.2 Asia Pacific Seaweed Derivatives: Liquid Market Revenue Forecasts to 2027 (US$ Mn)

8.4 Powder

8.4.1 Overview

8.4.2 Asia Pacific Seaweed Derivatives: Powder Market Revenue Forecasts to 2027 (US$ Mn)

8.5 Flakes

8.5.1 Overview

8.5.2 Seaweed Derivatives: Flakes Market, Revenue Forecast to 2027 (US$ Mn)

9. Seaweed Derivatives Market Analysis – By End Use

9.1 Overview

9.2 Seaweed Derivatives Market, by End Use, (2018 & 2027)

9.3 Food and Beverages

9.3.1 Overview

9.3.2 Food and Beverages in Seaweed Derivatives Market, Revenue Forecast to 2027 (US$ Mn)

9.4 Agricultural Products

9.4.1 Overview

9.4.2 Agricultural Products in Seaweed Derivatives Market, Revenue and Forecast to 2027 (US$ Mn)

9.5 Animal Feed Additives

9.5.1 Overview

9.5.2 Animal Feed Additives in Seaweed Derivatives Market, Revenue and Forecast to 2027 (US$ Mn)

9.6 Pharmaceuticals

9.6.1 Overview

9.6.2 Pharmaceuticals in Seaweed Derivatives Market, Revenue and Forecast to 2027 (US$ Mn)

9.7 Others

9.7.1 Overview

9.7.2 Others in Seaweed Derivatives Market, Revenue and Forecast to 2027 (US$ Mn)

10. Seaweed Derivatives Market – Country Analysis

10.1 Overview

10.1.1 Asia Pacific: Seaweed derivatives Market – Revenue and Forecast to 2027(US$ Mn)

10.1.2 APAC: Seaweed Derivatives Market, by Key Country

10.1.2.1 China: Seaweed Derivatives Market –Revenue and Forecast to 2027 (US$ Mn)

10.1.2.1.1 China: Seaweed Derivatives Market, by Source

10.1.2.1.2 China: Seaweed Derivatives Market, by Form

10.1.2.1.3 China: Seaweed Derivatives Market, by End-Use

10.1.2.2 India: Seaweed Derivatives Market –Revenue and Forecast to 2027 (US$ Mn)

10.1.2.2.1 India: Seaweed Derivatives Market, by Source

10.1.2.2.2 India: Seaweed Derivatives Market, by Form

10.1.2.2.3 India: Seaweed Derivatives Market, by End-Use

10.1.2.3 Japan: Seaweed Derivatives Market –Revenue and Forecast to 2027 (US$ Mn)

10.1.2.3.1 Japan: Seaweed Derivatives Market, by Source

10.1.2.3.2 Japan: Seaweed Derivatives Market, by Form

10.1.2.3.3 Japan: Seaweed Derivatives Market, by End-Use

10.1.2.4 South Korea: Seaweed Derivatives Market –Revenue and Forecast to 2027 (US$ Mn)

10.1.2.4.1 South Korea: Seaweed Derivatives Market, by Source

10.1.2.4.2 South Korea: Seaweed Derivatives Market, by Form

10.1.2.4.3 South Korea: Seaweed Derivatives Market, by End-Use

10.1.2.5 Rest of APAC: Seaweed Derivatives Market –Revenue and Forecast to 2027 (US$ Mn)

10.1.2.5.1 Rest of APAC: Seaweed Derivatives Market, by Source

10.1.2.5.2 Rest of APAC: Seaweed Derivatives Market, by Form

10.1.2.5.3 Rest of APAC: Seaweed Derivatives Market, by End-Use

11. Overview- Impact of Covid-19 Outbreak

12. Impact of COVID-19 Pandemic on Asia Pacific Seaweed Derivatives Market

12.1 Asia Pacific: Impact assessment of COVID-19 Pandemic

13. Company Profiles

13.1 W Hydrocolloids, Inc.

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 KIMICA Corporation

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 DuPont de Nemours, Inc.

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 Gelymar S.A.

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 CP Kelco

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 Algaia

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 Compañía Española de Algas Marinas, S.A.

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 Cargill, Incorporated

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 Arthur Branwell & Co.

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

14. Appendix

14.1 About the Insight Partners

14.2 Glossary

LIST OF TABLES

Table 1. Asia Pacific Seaweed Derivatives Market Revenue and Forecasts to 2027 (US$ Mn)

Table 2. China Seaweed Derivatives Market, by Source – Revenue and Forecast to 2027 (USD Mn)

Table 3. China Seaweed Derivatives Market, by Form – Revenue and Forecast to 2027 (USD Mn)

Table 4. China Seaweed Derivatives Market, by End-Use – Revenue and Forecast to 2027 (USD Mn)

Table 5. India Seaweed Derivatives Market, by Source – Revenue and Forecast to 2027 (USD Mn)

Table 6. India Seaweed Derivatives Market, by Form – Revenue and Forecast to 2027 (USD Mn)

Table 7. India Seaweed Derivatives Market, by End-Use – Revenue and Forecast to 2027 (USD Mn)

Table 8. Japan Seaweed Derivatives Market, by Source – Revenue and Forecast to 2027 (USD Mn)

Table 9. Japan Seaweed Derivatives Market, by Form – Revenue and Forecast to 2027 (USD Mn)

Table 10. Japan Seaweed Derivatives Market, by End-Use – Revenue and Forecast to 2027 (USD Mn)

Table 11. South Korea Seaweed Derivatives Market, by Source – Revenue and Forecast to 2027 (USD Mn)

Table 12. South Korea Seaweed Derivatives Market, by Form – Revenue and Forecast to 2027 (USD Mn)

Table 13. South Korea Seaweed Derivatives Market, by End-Use – Revenue and Forecast to 2027 (USD Mn)

Table 14. Rest of APAC Seaweed Derivatives Market, by Source – Revenue and Forecast to 2027 (USD Mn)

Table 15. Rest of APAC Seaweed Derivatives Market, by Form – Revenue and Forecast to 2027 (USD Mn)

Table 16. Rest of APAC Seaweed Derivatives Market, by End-Use – Revenue and Forecast to 2027 (USD Mn)

Table 17. Glossary of Terms, Seaweed Derivatives Market

LIST OF FIGURES

Figure 1. Asia Pacific Seaweed Derivatives Market Segmentations

Figure 2. Asia Pacific Seaweed Derivatives Market Segmentation – By Country

Figure 3. Seaweed Derivatives Market Overview

Figure 4. Red Seaweed Segment Held Largest Share of Asia Pacific Seaweed Derivatives Market

Figure 5. China Held Largest Share of Asia Pacific Seaweed Derivatives Market

Figure 6. Seaweed Derivatives Industry Landscape

Figure 7. Asia Pacific PEST Analysis

Figure 8. Seaweed Derivatives Market Impact Analysis Of Driver And Restraints

Figure 9. Asia Pacific Seaweed Derivatives Market Forecast And Analysis, (US$ Mn)

Figure 10. Asia Pacific Seaweed Derivatives Market Breakdown by Source, Value, 2018 & 2027 (%)

Figure 11. Asia Pacific Red Seaweed Market Revenue Forecasts To 2027 (US$ Mn)

Figure 12. Brown Seaweed Market Revenue Forecasts To 2027 (US$ Mn)

Figure 13. Asia Pacific Green Seaweed Market Revenue Forecasts To 2027 (US$ Mn)

Figure 14. Asia Pacific Seaweed Derivatives Market Breakdown by Form, Value, 2018 & 2027 (%)

Figure 15. Asia Pacific Seaweed Derivatives: Liquid Market Revenue Forecasts To 2027 (US$ Mn)

Figure 16. Asia Pacific Seaweed Derivatives: Powder Market Revenue Forecasts To 2027 (US$ Mn)

Figure 17. Seaweed Derivatives: Flakes Market, Revenue Forecast, 2017–2027 (US$ Mn)

Figure 18. Seaweed Derivatives Market Breakdown, by End Use, 2018 & 2027 (%)

Figure 19. Food and Beverages in Seaweed Derivatives Market, Revenue and Forecast, 2017–2027 (US$ Mn)

Figure 20. Agricultural Products in Seaweed Derivatives Market, Revenue and Forecast, 2017–2027 (US$ Mn)

Figure 21. Animal Feed Additives in Seaweed Derivatives Market, Revenue and Forecast, 2017–2027 (US$ Mn)

Figure 22. Pharmaceuticals in Seaweed Derivatives Market, Revenue and Forecast, 2017–2027 (US$ Mn)

Figure 23. Others in Seaweed Derivatives Market, Revenue and Forecast, 2017–2027 (US$ Mn)

Figure 24. APAC: Seaweed Derivatives Market – Revenue and Forecast to 2027 (US$ Mn)

Figure 25. APAC: Seaweed Derivatives Market Revenue Share, by Key Country (2018 and 2027)

Figure 26. China: Seaweed Derivatives Market –Revenue and Forecast to 2027 (US$ Mn)

Figure 27. India: Seaweed Derivatives Market –Revenue and Forecast to 2027 (US$ Mn)

Figure 28. Japan: Seaweed Derivatives Market –Revenue and Forecast to 2027 (US$ Mn)

Figure 29. South Korea: Seaweed Derivatives Market –Revenue and Forecast to 2027 (US$ Mn)

Figure 30. Rest of APAC: Seaweed Derivatives Market –Revenue and Forecast to 2027 (US$ Mn)

Figure 31. Impact of COVID-19 Pandemic In Asia Pacific Country Markets

The List of Companies - Asia Pacific Seaweed Derivatives Market

  1. W Hydrocolloids, Inc.
  2. KIMICA Corporation
  3. DuPont de Nemours, Inc.
  4. Gelymar S.A.
  5. CP Kelco
  6. Algaia
  7. Compañía Española de Algas Marinas, S.A.
  8. Cargill, Incorporated
  9. Arthur Branwell & Co.

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

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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