Vegan Food Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Coverage: Vegan Food Market covers analysis by Product Type (Dairy Alternative, Meat Substitutes, Baked Goods & Confectioneries, Sauces & Spreads, and Others), Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others), and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Apr 2024

  • Report Code : TIPRE00008694
  • Category : Food and Beverages
  • Status : Upcoming
  • No. of Pages : 150
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The vegan food market is expected to grow from US$ 17 billion in 2022 to US$ 31 billion by 2028; it is expected to grow at a CAGR of 10.2% from 2022 to 2028.

Vegan food products are generally dairy-free and meat-free food products derived from plant-based sources. Such products are increasingly being used as a meat substitute with increasing health awareness. Various vegan food products such as meat substitutes and dairy alternatives are derived from soy, wheat, almond, coconut, and other plant-based sources. Further, the increasing health consciousness has increased the demand for different healthy food products, such as vegan food.

MARKET DYNAMICS

Rising concern about animal health and cruelty and awareness about the benefits of a vegan diet has encouraged people to shift from animal-based to plant-based meals. According to data published by Veganuary (a non-profit organization that encourages individuals worldwide to go vegan for the whole month of January), approximately 5.8 million people signed up for the ‘Veganuary Campaign’ in 2021. Thus, the growing trend of veganism among the population is increasing the demand for vegan food. Moreover, manufacturers are making significant investments in product innovation to attract a large number of consumers. For instance, Imagine Meats, an India-based startup, offers innovative products such as Chicken Biryani, Mutton Biryani, and Chicken Seekh Kebab, which are a few of the well-known food items in Indian cuisine. Such product innovations help companies penetrate the domestic markets and offer a competitive edge in international markets. However, the high cost of vegan food products, such as plant-based meat, is hampering the vegan food market growth.

MARKET SCOPE

The "Global Vegan Food Market Forecast to 2028" is a specialized and in-depth study of the vegan food market with a special focus on the global market trend analysis. The report aims to provide an overview of the vegan food market with detailed market segmentation. It provides key statistics on the status of leading market players and offers major trends and opportunities in the market.

Strategic Insights

MARKET SEGMENTATION

The global vegan food market is bifurcated into product type and distribution channel. Based on product type, the market is segmented into dairy alternatives, meat substitutes, baked goods & confectioneries, sauces & spreads, and others. Based on distribution channel, the market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others.


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REGIONAL FRAMEWORK

The global vegan food market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The report covers an analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in these regions.

North America dominated the vegan food market in 2021. The rising vegan population is a major factor boosting the demand for vegan food products. According to the Harris Poll conducted on behalf of the Vegetarian Resource Group, as of March 2019, 2% of US citizens reported themselves as a vegan. Moreover, a large number of people in the US are lactose intolerant, which fuels the demand for dairy alternative vegan products. These are the major factors anticipated to drive the market growth in the region.

Vegan Food Market

Source: The Insight Partners Analysis

The report analyzes the factors, such as drivers, restraints, opportunities, and future trends, that impact the vegan food market. It also provides an exhaustive Porter's five forces analysis, highlighting the factors influencing the market in these regions.

IMPACT OF COVID-19 PANDEMIC

The COVID-19 pandemic has had a mixed impact on the overall vegan food market. The imposition of the lockdown temporarily discontinued various manufacturing activities, resulting in a decrease in supply, which substantially impacted the vegan food market. In addition, the transportation of raw materials experienced many difficulties due to travel restrictions, which adversely impacted the global economy.

Consumers are becoming highly concerned about their health and fitness as a response to the impacts of the COVID-19 pandemic, which has dramatically increased the demand for plant-based and vegan food products. Consumers are also focusing on all-natural and vegan products as they perceive them to be more effective and healthier than conventional food products.

In 2021, the marketplace witnessed growth as governments of various countries announced the relaxation of several restrictions, including lockdowns. The manufacturers resumed their operations at full capacity, which helped them overcome the demand and supply gap. Many manufacturers expanded their production capacities to meet the rising consumer demand for vegan food.

E-commerce played a significant role during the COVID-19 pandemic as the shutdown of brick-and-mortar stores compelled consumers to purchase various products via online platforms. The sales of vegan packaged food increased through online stores as these platforms provided home delivery services even during lockdowns. For instance, Grubhub, one of the online food delivery apps, accounted for the upsurge of 17% in overall vegan food deliveries in 2021. Thus, consumers are expected to continue purchasing packaged vegan food products through online portals, which is further anticipated to favor the growth of the vegan food market during the forecast period.

 

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MARKET PLAYERS

The global vegan food market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The report covers an analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in these regions.

North America dominated the vegan food market in 2021. The rising vegan population is a major factor boosting the demand for vegan food products. According to the Harris Poll conducted on behalf of the Vegetarian Resource Group, as of March 2019, 2% of US citizens reported themselves as a vegan. Moreover, a large number of people in the US are lactose intolerant, which fuels the demand for dairy alternative vegan products. These are the major factors anticipated to drive the market growth in the region.

Vegan Food Market

Source: The Insight Partners Analysis

The report analyzes the factors, such as drivers, restraints, opportunities, and future trends, that impact the vegan food market. It also provides an exhaustive Porter's five forces analysis, highlighting the factors influencing the market in these regions.

IMPACT OF COVID-19 PANDEMIC

The COVID-19 pandemic has had a mixed impact on the overall vegan food market. The imposition of the lockdown temporarily discontinued various manufacturing activities, resulting in a decrease in supply, which substantially impacted the vegan food market. In addition, the transportation of raw materials experienced many difficulties due to travel restrictions, which adversely impacted the global economy.

Consumers are becoming highly concerned about their health and fitness as a response to the impacts of the COVID-19 pandemic, which has dramatically increased the demand for plant-based and vegan food products. Consumers are also focusing on all-natural and vegan products as they perceive them to be more effective and healthier than conventional food products.

In 2021, the marketplace witnessed growth as governments of various countries announced the relaxation of several restrictions, including lockdowns. The manufacturers resumed their operations at full capacity, which helped them overcome the demand and supply gap. Many manufacturers expanded their production capacities to meet the rising consumer demand for vegan food.

E-commerce played a significant role during the COVID-19 pandemic as the shutdown of brick-and-mortar stores compelled consumers to purchase various products via online platforms. The sales of vegan packaged food increased through online stores as these platforms provided home delivery services even during lockdowns. For instance, Grubhub, one of the online food delivery apps, accounted for the upsurge of 17% in overall vegan food deliveries in 2021. Thus, consumers are expected to continue purchasing packaged vegan food products through online portals, which is further anticipated to favor the growth of the vegan food market during the forecast period.

 

MARKET PLAYERS

The reports cover key developments in organic and inorganic growth strategies in the vegan food market. Various companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Inorganic growth strategy activities witnessed in the market were acquisitions, partnerships, and collaborations. These activities have encouraged business expansion and the customer base of market players. Market players are anticipated to have lucrative growth opportunities in the coming years due to the rising demand for vegan food.

The report includes key company profiles operating in the vegan food market, along with their SWOT analysis and market strategies. It also focuses on leading industry players with information, such as company profiles, components and services offered, financial information of the last three years, and key development in the past five years.

The list of a few key companies operating in the vegan food market is mentioned below:

  • Beyond Meat.
  • Earth's Own
  • Gooddot
  • Mona Naturprodukte GmbH
  • Danone S.A
  • PANOS brands
  • Tofutti Brands, Inc.,
  • Unilever
  • Plamil Foods Ltd
  • VBites Foods Ltd

The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.


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Report Coverage
Report Coverage

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

Segment Covered
Segment Covered

Product Type, Distribution Channel, and Geography

Regional Scope
Regional Scope

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

Country Scope
Country Scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

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 Vegan Food Market - By Product
1.3.2 Vegan Food Market - By Distribution Channel
1.3.3 Vegan Food Market - By Region
1.3.3.1 By Country

2. KEY TAKEAWAYS

3. RESEARCH METHODOLOGY

4. VEGAN FOOD 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. VEGAN FOOD 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. VEGAN FOOD MARKET - GLOBAL MARKET ANALYSIS
6.1. VEGAN FOOD - GLOBAL MARKET OVERVIEW
6.2. VEGAN FOOD - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE

7. VEGAN FOOD MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. DAIRY ALTERNATIVES
7.3.1. Overview
7.3.2. Dairy Alternatives Market Forecast and Analysis
7.4. MEAT SUBSTITUTES
7.4.1. Overview
7.4.2. Meat Substitutes Market Forecast and Analysis
7.5. OTHERS
7.5.1. Overview
7.5.2. Others Market Forecast and Analysis
8. VEGAN FOOD MARKET - REVENUE AND FORECASTS TO 2028 - DISTRIBUTION CHANNEL
8.1. OVERVIEW
8.2. DISTRIBUTION CHANNEL MARKET FORECASTS AND ANALYSIS
8.3. OFFLINE
8.3.1. Overview
8.3.2. Offline Market Forecast and Analysis
8.4. ONLINE
8.4.1. Overview
8.4.2. Online Market Forecast and Analysis

9. VEGAN FOOD MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Vegan Food Market Overview
9.1.2 North America Vegan Food Market Forecasts and Analysis
9.1.3 North America Vegan Food Market Forecasts and Analysis - By Product
9.1.4 North America Vegan Food Market Forecasts and Analysis - By Distribution Channel
9.1.5 North America Vegan Food Market Forecasts and Analysis - By Countries
9.1.5.1 United States Vegan Food Market
9.1.5.1.1 United States Vegan Food Market by Product
9.1.5.1.2 United States Vegan Food Market by Distribution Channel
9.1.5.2 Canada Vegan Food Market
9.1.5.2.1 Canada Vegan Food Market by Product
9.1.5.2.2 Canada Vegan Food Market by Distribution Channel
9.1.5.3 Mexico Vegan Food Market
9.1.5.3.1 Mexico Vegan Food Market by Product
9.1.5.3.2 Mexico Vegan Food Market by Distribution Channel
9.2. EUROPE
9.2.1 Europe Vegan Food Market Overview
9.2.2 Europe Vegan Food Market Forecasts and Analysis
9.2.3 Europe Vegan Food Market Forecasts and Analysis - By Product
9.2.4 Europe Vegan Food Market Forecasts and Analysis - By Distribution Channel
9.2.5 Europe Vegan Food Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Vegan Food Market
9.2.5.1.1 Germany Vegan Food Market by Product
9.2.5.1.2 Germany Vegan Food Market by Distribution Channel
9.2.5.2 France Vegan Food Market
9.2.5.2.1 France Vegan Food Market by Product
9.2.5.2.2 France Vegan Food Market by Distribution Channel
9.2.5.3 Italy Vegan Food Market
9.2.5.3.1 Italy Vegan Food Market by Product
9.2.5.3.2 Italy Vegan Food Market by Distribution Channel
9.2.5.4 United Kingdom Vegan Food Market
9.2.5.4.1 United Kingdom Vegan Food Market by Product
9.2.5.4.2 United Kingdom Vegan Food Market by Distribution Channel
9.2.5.5 Russia Vegan Food Market
9.2.5.5.1 Russia Vegan Food Market by Product
9.2.5.5.2 Russia Vegan Food Market by Distribution Channel
9.2.5.6 Rest of Europe Vegan Food Market
9.2.5.6.1 Rest of Europe Vegan Food Market by Product
9.2.5.6.2 Rest of Europe Vegan Food Market by Distribution Channel
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Vegan Food Market Overview
9.3.2 Asia-Pacific Vegan Food Market Forecasts and Analysis
9.3.3 Asia-Pacific Vegan Food Market Forecasts and Analysis - By Product
9.3.4 Asia-Pacific Vegan Food Market Forecasts and Analysis - By Distribution Channel
9.3.5 Asia-Pacific Vegan Food Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Vegan Food Market
9.3.5.1.1 Australia Vegan Food Market by Product
9.3.5.1.2 Australia Vegan Food Market by Distribution Channel
9.3.5.2 China Vegan Food Market
9.3.5.2.1 China Vegan Food Market by Product
9.3.5.2.2 China Vegan Food Market by Distribution Channel
9.3.5.3 India Vegan Food Market
9.3.5.3.1 India Vegan Food Market by Product
9.3.5.3.2 India Vegan Food Market by Distribution Channel
9.3.5.4 Japan Vegan Food Market
9.3.5.4.1 Japan Vegan Food Market by Product
9.3.5.4.2 Japan Vegan Food Market by Distribution Channel
9.3.5.5 South Korea Vegan Food Market
9.3.5.5.1 South Korea Vegan Food Market by Product
9.3.5.5.2 South Korea Vegan Food Market by Distribution Channel
9.3.5.6 Rest of Asia-Pacific Vegan Food Market
9.3.5.6.1 Rest of Asia-Pacific Vegan Food Market by Product
9.3.5.6.2 Rest of Asia-Pacific Vegan Food Market by Distribution Channel
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Vegan Food Market Overview
9.4.2 Middle East and Africa Vegan Food Market Forecasts and Analysis
9.4.3 Middle East and Africa Vegan Food Market Forecasts and Analysis - By Product
9.4.4 Middle East and Africa Vegan Food Market Forecasts and Analysis - By Distribution Channel
9.4.5 Middle East and Africa Vegan Food Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Vegan Food Market
9.4.5.1.1 South Africa Vegan Food Market by Product
9.4.5.1.2 South Africa Vegan Food Market by Distribution Channel
9.4.5.2 Saudi Arabia Vegan Food Market
9.4.5.2.1 Saudi Arabia Vegan Food Market by Product
9.4.5.2.2 Saudi Arabia Vegan Food Market by Distribution Channel
9.4.5.3 U.A.E Vegan Food Market
9.4.5.3.1 U.A.E Vegan Food Market by Product
9.4.5.3.2 U.A.E Vegan Food Market by Distribution Channel
9.4.5.4 Rest of Middle East and Africa Vegan Food Market
9.4.5.4.1 Rest of Middle East and Africa Vegan Food Market by Product
9.4.5.4.2 Rest of Middle East and Africa Vegan Food Market by Distribution Channel
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Vegan Food Market Overview
9.5.2 South and Central America Vegan Food Market Forecasts and Analysis
9.5.3 South and Central America Vegan Food Market Forecasts and Analysis - By Product
9.5.4 South and Central America Vegan Food Market Forecasts and Analysis - By Distribution Channel
9.5.5 South and Central America Vegan Food Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Vegan Food Market
9.5.5.1.1 Brazil Vegan Food Market by Product
9.5.5.1.2 Brazil Vegan Food Market by Distribution Channel
9.5.5.2 Argentina Vegan Food Market
9.5.5.2.1 Argentina Vegan Food Market by Product
9.5.5.2.2 Argentina Vegan Food Market by Distribution Channel
9.5.5.3 Rest of South and Central America Vegan Food Market
9.5.5.3.1 Rest of South and Central America Vegan Food Market by Product
9.5.5.3.2 Rest of South and Central America Vegan Food Market by Distribution Channel

10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS

11. VEGAN FOOD MARKET, KEY COMPANY PROFILES
11.1. AMY'S KITCHEN, INC.
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. BLUE DIAMOND GROWERS
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. EARTH'S OWN FOOD COMPANY INC
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. HAIN CELESTIAL GROUP INC.
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. LIVING HARVEST FOOD INC.
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. PANOS BRAND LLC
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. PLAMIL FOODS LTD
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. THE ARCHER DANIELS MIDLAND COMPANY
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. VITASOY INTERNATIONAL HOLDINGS LTD.
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. WHITEWAVE FOODS COMPANY INC.
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments

12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS

The List of Companies

1. Amy's Kitchen, Inc.
2. Blue Diamond Growers
3. Earth's Own Food Company Inc
4. Hain Celestial Group Inc.
5. Living Harvest Food Inc.
6. Panos Brand LLC
7. Plamil Foods Ltd
8. The Archer Daniels Midland Company
9. VITASOY International Holdings Ltd.
10. Whitewave Foods Company Inc.

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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