The feed supplement market is expected to register a CAGR of 5% during 2023–2031. The increasing preference for organic feed supplements is likely to remain a key trend in the market.
Feed Supplement Market Analysis:
- Animal feed is used to enhance its nutrient content or animal health and growth can be fed additionally as feed supplements. Supplements may be added to animal feed in the form of amino acids, vitamins, minerals, and other nutrients.
- The feed supplement helps animals to buy optimal growth, better meat quality, reduce animal diseases and mortality, help animals resist disease, improve animal health, and increase the growth rate of animals and the rate of production performance.
- The market's feed supplements are driven by factors such as animal growth, meat quality, animal health, livestock diseases, and livestock rate of production.
- Product launch and development strategies by key market players in the feed supplement markets create lucrative growth opportunities.
Feed Supplement Market Overview
- There are a range of feed supplements available. Some are used to improve the growth of animals, others improve the quality of meat, some are used in the recovery of animals from fatigue or stress, some are used to improve the reproductive health of animals, and some are used to prevent or mitigate diseases in animals. They come in different forms i.e. powders, liquids, pellets, and premixes, and are added to the regular animal feed before giving to the animals.
- North America led the feed supplement market in 2023 due to the growing livestock population and increasing awareness about animal health.
- The Asia Pacific feed supplement market is expected to register the highest market growth globally with the rising trend towards a healthy lifestyle for animals.
- Some of the key players in the global market are BASF SA, ADM, Land O’Lakes Inc., and Cargill Incorporated, among others.
Strategic Insights
Feed Supplement Market Drivers and Opportunities
Increasing Livestock Production.
- Industrial livestock production has undergone a significant transformation owing to increasing demand for meat-based products and dairy products.
- The demand for livestock products is driven by changing lifestyles and food preferences, increasing urbanization, growing income, and the rapidly rising world population. With burgeoning livestock demand, the consumption of protein-rich meat products is surging.
- The increasing consumption of livestock products such as meat and increasing milk production has encouraged manufacturers to focus on providing good quality and nutrient-rich feed for livestock. This drives the demand for feed supplements among the manufacturers.
Rising Preference for Organic Feed
- People are becoming more conscious about their health; thus, they prefer consuming organic food as it does not contain pesticides. Organic milk and meat are richer in nutrients such as enzymes, bioflavonoids, and antioxidants. Hence, people prefer organic food and organic meat over conventional food.
- This has led to the demand for organic feed to supply organic meat to consumers. Livestock farms, the poultry sector, and animal husbandry have focused on purchasing high-quality organic feed due to the growing demand for organic meat and dairy products.
Feed Supplement Market Segmentation
The scope of the global feed supplement market has been segmented based on ingredient type, and application.
- Based on type, the feed supplement market is divided into vitamins, minerals, proteins & amino acids, probiotics, dietary fiber, and others.
- In terms of form, the market is bifurcated into dry and liquid.
- Based on livestock, the market is segmented into Poultry, Swine, Ruminants, Aquaculture, and Others.
Feed Supplement Market Share Analysis by Geography
- Feed Supplement 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 feed supplement 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 feed supplement market in these regions.
Feed Supplement Market Report Scope
Feed Supplement Market News and Recent Developments:
The feed supplement market is evaluated by gathering qualitative and quantitative data post post-primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- Evonik launches updated Biolys® product for animal feeds. The new Biolys® formulation contains 62.4 percent L-lysine (an 80 percent ratio to Lysine HCl) compared to the current version’s 60 percent L-lysine (a 77 percent ratio to Lysine HCl). (June 2023, Company Press Release).
Feed Supplement Market Report Coverage and Deliverables
The “Feed Supplement Market Size and Forecast (2021 – 2031)” provides a detailed analysis of the market covering below areas:
- Feed supplement market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Feed supplement market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Feed supplement 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 in the feed supplement market
- Detailed company profiles
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The global feed supplement market is estimated to grow at a CAGR of 5% during the forecast period 2024-2031.
Increasing livestock population and rising awareness about the nutritional requirements of animals are the major factors driving the feed supplement market growth.
Increasing preference for organic feed supplements is likely to remain the key trend in the market.
BASF SE, Archer Daniels Midland Company, Cargill Incorporated, Land O’Lakes Inc., Grain Corp Ltd., LEO BIO-CARE PVT. LTD, Dallas Keith Ltd, are among the leading players operating in the feed supplement market.
The report can be delivered in PDF/Word format, we can also share an excel data sheet based on request.
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 Feed Supplements Market - By Type
1.3.2 Feed Supplements Market - By Form
1.3.3 Feed Supplements Market - By Livestock
1.3.4 Feed Supplements Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. FEED SUPPLEMENTS 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. FEED SUPPLEMENTS 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. FEED SUPPLEMENTS MARKET - GLOBAL MARKET ANALYSIS
6.1. FEED SUPPLEMENTS - GLOBAL MARKET OVERVIEW
6.2. FEED SUPPLEMENTS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. FEED SUPPLEMENTS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. ACIDIFIERS
7.3.1. Overview
7.3.2. Acidifiers Market Forecast and Analysis
7.4. AMINO ACIDS
7.4.1. Overview
7.4.2. Amino Acids Market Forecast and Analysis
7.5. ANTIBIOTICS
7.5.1. Overview
7.5.2. Antibiotics Market Forecast and Analysis
7.6. ANTI-OXIDANTS
7.6.1. Overview
7.6.2. Anti-oxidants Market Forecast and Analysis
7.7. ENZYMES
7.7.1. Overview
7.7.2. Enzymes Market Forecast and Analysis
7.8. VITAMINS
7.8.1. Overview
7.8.2. Vitamins Market Forecast and Analysis
7.9. OTHERS
7.9.1. Overview
7.9.2. Others Market Forecast and Analysis
8. FEED SUPPLEMENTS MARKET - REVENUE AND FORECASTS TO 2028 - FORM
8.1. OVERVIEW
8.2. FORM MARKET FORECASTS AND ANALYSIS
8.3. DRY
8.3.1. Overview
8.3.2. Dry Market Forecast and Analysis
8.4. LIQUID
8.4.1. Overview
8.4.2. Liquid Market Forecast and Analysis
8.5. OTHERS
8.5.1. Overview
8.5.2. Others Market Forecast and Analysis
9. FEED SUPPLEMENTS MARKET - REVENUE AND FORECASTS TO 2028 - LIVESTOCK
9.1. OVERVIEW
9.2. LIVESTOCK MARKET FORECASTS AND ANALYSIS
9.3. RUMINANTS
9.3.1. Overview
9.3.2. Ruminants Market Forecast and Analysis
9.4. POULTRY
9.4.1. Overview
9.4.2. Poultry Market Forecast and Analysis
9.5. SWINE
9.5.1. Overview
9.5.2. Swine Market Forecast and Analysis
9.6. AQUACULTURE
9.6.1. Overview
9.6.2. Aquaculture Market Forecast and Analysis
9.7. OTHERS
9.7.1. Overview
9.7.2. Others Market Forecast and Analysis
10. FEED SUPPLEMENTS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Feed Supplements Market Overview
10.1.2 North America Feed Supplements Market Forecasts and Analysis
10.1.3 North America Feed Supplements Market Forecasts and Analysis - By Type
10.1.4 North America Feed Supplements Market Forecasts and Analysis - By Form
10.1.5 North America Feed Supplements Market Forecasts and Analysis - By Livestock
10.1.6 North America Feed Supplements Market Forecasts and Analysis - By Countries
10.1.6.1 United States Feed Supplements Market
10.1.6.1.1 United States Feed Supplements Market by Type
10.1.6.1.2 United States Feed Supplements Market by Form
10.1.6.1.3 United States Feed Supplements Market by Livestock
10.1.6.2 Canada Feed Supplements Market
10.1.6.2.1 Canada Feed Supplements Market by Type
10.1.6.2.2 Canada Feed Supplements Market by Form
10.1.6.2.3 Canada Feed Supplements Market by Livestock
10.1.6.3 Mexico Feed Supplements Market
10.1.6.3.1 Mexico Feed Supplements Market by Type
10.1.6.3.2 Mexico Feed Supplements Market by Form
10.1.6.3.3 Mexico Feed Supplements Market by Livestock
10.2. EUROPE
10.2.1 Europe Feed Supplements Market Overview
10.2.2 Europe Feed Supplements Market Forecasts and Analysis
10.2.3 Europe Feed Supplements Market Forecasts and Analysis - By Type
10.2.4 Europe Feed Supplements Market Forecasts and Analysis - By Form
10.2.5 Europe Feed Supplements Market Forecasts and Analysis - By Livestock
10.2.6 Europe Feed Supplements Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Feed Supplements Market
10.2.6.1.1 Germany Feed Supplements Market by Type
10.2.6.1.2 Germany Feed Supplements Market by Form
10.2.6.1.3 Germany Feed Supplements Market by Livestock
10.2.6.2 France Feed Supplements Market
10.2.6.2.1 France Feed Supplements Market by Type
10.2.6.2.2 France Feed Supplements Market by Form
10.2.6.2.3 France Feed Supplements Market by Livestock
10.2.6.3 Italy Feed Supplements Market
10.2.6.3.1 Italy Feed Supplements Market by Type
10.2.6.3.2 Italy Feed Supplements Market by Form
10.2.6.3.3 Italy Feed Supplements Market by Livestock
10.2.6.4 United Kingdom Feed Supplements Market
10.2.6.4.1 United Kingdom Feed Supplements Market by Type
10.2.6.4.2 United Kingdom Feed Supplements Market by Form
10.2.6.4.3 United Kingdom Feed Supplements Market by Livestock
10.2.6.5 Russia Feed Supplements Market
10.2.6.5.1 Russia Feed Supplements Market by Type
10.2.6.5.2 Russia Feed Supplements Market by Form
10.2.6.5.3 Russia Feed Supplements Market by Livestock
10.2.6.6 Rest of Europe Feed Supplements Market
10.2.6.6.1 Rest of Europe Feed Supplements Market by Type
10.2.6.6.2 Rest of Europe Feed Supplements Market by Form
10.2.6.6.3 Rest of Europe Feed Supplements Market by Livestock
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Feed Supplements Market Overview
10.3.2 Asia-Pacific Feed Supplements Market Forecasts and Analysis
10.3.3 Asia-Pacific Feed Supplements Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Feed Supplements Market Forecasts and Analysis - By Form
10.3.5 Asia-Pacific Feed Supplements Market Forecasts and Analysis - By Livestock
10.3.6 Asia-Pacific Feed Supplements Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Feed Supplements Market
10.3.6.1.1 Australia Feed Supplements Market by Type
10.3.6.1.2 Australia Feed Supplements Market by Form
10.3.6.1.3 Australia Feed Supplements Market by Livestock
10.3.6.2 China Feed Supplements Market
10.3.6.2.1 China Feed Supplements Market by Type
10.3.6.2.2 China Feed Supplements Market by Form
10.3.6.2.3 China Feed Supplements Market by Livestock
10.3.6.3 India Feed Supplements Market
10.3.6.3.1 India Feed Supplements Market by Type
10.3.6.3.2 India Feed Supplements Market by Form
10.3.6.3.3 India Feed Supplements Market by Livestock
10.3.6.4 Japan Feed Supplements Market
10.3.6.4.1 Japan Feed Supplements Market by Type
10.3.6.4.2 Japan Feed Supplements Market by Form
10.3.6.4.3 Japan Feed Supplements Market by Livestock
10.3.6.5 South Korea Feed Supplements Market
10.3.6.5.1 South Korea Feed Supplements Market by Type
10.3.6.5.2 South Korea Feed Supplements Market by Form
10.3.6.5.3 South Korea Feed Supplements Market by Livestock
10.3.6.6 Rest of Asia-Pacific Feed Supplements Market
10.3.6.6.1 Rest of Asia-Pacific Feed Supplements Market by Type
10.3.6.6.2 Rest of Asia-Pacific Feed Supplements Market by Form
10.3.6.6.3 Rest of Asia-Pacific Feed Supplements Market by Livestock
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Feed Supplements Market Overview
10.4.2 Middle East and Africa Feed Supplements Market Forecasts and Analysis
10.4.3 Middle East and Africa Feed Supplements Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Feed Supplements Market Forecasts and Analysis - By Form
10.4.5 Middle East and Africa Feed Supplements Market Forecasts and Analysis - By Livestock
10.4.6 Middle East and Africa Feed Supplements Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Feed Supplements Market
10.4.6.1.1 South Africa Feed Supplements Market by Type
10.4.6.1.2 South Africa Feed Supplements Market by Form
10.4.6.1.3 South Africa Feed Supplements Market by Livestock
10.4.6.2 Saudi Arabia Feed Supplements Market
10.4.6.2.1 Saudi Arabia Feed Supplements Market by Type
10.4.6.2.2 Saudi Arabia Feed Supplements Market by Form
10.4.6.2.3 Saudi Arabia Feed Supplements Market by Livestock
10.4.6.3 U.A.E Feed Supplements Market
10.4.6.3.1 U.A.E Feed Supplements Market by Type
10.4.6.3.2 U.A.E Feed Supplements Market by Form
10.4.6.3.3 U.A.E Feed Supplements Market by Livestock
10.4.6.4 Rest of Middle East and Africa Feed Supplements Market
10.4.6.4.1 Rest of Middle East and Africa Feed Supplements Market by Type
10.4.6.4.2 Rest of Middle East and Africa Feed Supplements Market by Form
10.4.6.4.3 Rest of Middle East and Africa Feed Supplements Market by Livestock
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Feed Supplements Market Overview
10.5.2 South and Central America Feed Supplements Market Forecasts and Analysis
10.5.3 South and Central America Feed Supplements Market Forecasts and Analysis - By Type
10.5.4 South and Central America Feed Supplements Market Forecasts and Analysis - By Form
10.5.5 South and Central America Feed Supplements Market Forecasts and Analysis - By Livestock
10.5.6 South and Central America Feed Supplements Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Feed Supplements Market
10.5.6.1.1 Brazil Feed Supplements Market by Type
10.5.6.1.2 Brazil Feed Supplements Market by Form
10.5.6.1.3 Brazil Feed Supplements Market by Livestock
10.5.6.2 Argentina Feed Supplements Market
10.5.6.2.1 Argentina Feed Supplements Market by Type
10.5.6.2.2 Argentina Feed Supplements Market by Form
10.5.6.2.3 Argentina Feed Supplements Market by Livestock
10.5.6.3 Rest of South and Central America Feed Supplements Market
10.5.6.3.1 Rest of South and Central America Feed Supplements Market by Type
10.5.6.3.2 Rest of South and Central America Feed Supplements Market by Form
10.5.6.3.3 Rest of South and Central America Feed Supplements Market by Livestock
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. FEED SUPPLEMENTS MARKET, KEY COMPANY PROFILES
12.1. AB VISTA
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. ALLTECH INC.
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. 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. CARGILL, INCORPORATED
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. DANISCO A/S
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. EVONIK INDUSTRIES AG
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. LALLEMAND 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. NOVOZYMES A/S
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. ROYAL DSM N.V.
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. AB Vista
2. Alltech Inc.
3. Archer Daniels Midland Company
4. BASF SE
5. Cargill, Incorporated
6. Danisco A/S
7. Evonik Industries AG
8. Lallemand Inc.
9. Novozymes A/S
10. Royal Dsm N.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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