Biofortification Market Report, Global Industry Analysis, Market Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2023 - 2030

  • Published Date: Jan, 2024
  • Report ID: CR0185639
  • Format: Electronic (PDF)
  • Number of Pages: 182
  • Author(s): Joshi, Madhavi

Report Overview

The Biofortification Market size was estimated at USD 1.2 billion in 2023 and is projected to reach USD 2.1 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.50% during the forecast period (2024-2030).

Biofortification Market

(Market Size)
$1.2 billion
$2.1 billion
2023
2030
Source: Citius Research
Study Period 2018 - 2030
Base Year For Estimation 2023
Forecast Data Period 2024 - 2030
CAGR (2024-2030) 8.50%
2023 Market Size USD 1.2 billion
2030 Market Size USD 2.1 billion
Key Players Bayer, Corteva, Syngenta, BASF, Limagrain

Market Summary

The biofortification market represents a transformative segment within the agricultural industry, focusing on enhancing the nutritional profile of staple food crops through advanced breeding and agronomic techniques. This approach aims to address global micronutrient deficiencies, often referred to as hidden hunger, by increasing the density of essential vitamins and minerals in widely consumed foods. The market is driven by collaborative efforts between international research institutions, government bodies, and private sector entities to develop and disseminate nutrient-enriched crop varieties. Key crops undergoing biofortification include rice, wheat, maize, beans, and sweet potatoes, with enhancements targeting vital nutrients such as iron, zinc, vitamin A, and protein. The adoption of biofortified crops is gaining momentum across both developed and developing regions, supported by growing consumer awareness of nutritional health and food security. Market dynamics are influenced by ongoing research into genetic engineering and conventional breeding methods, alongside initiatives promoting the integration of these crops into mainstream agricultural systems and food supply chains.

Key Highlights

The biofortification market is characterized by several pivotal developments that underscore its strategic importance. A significant highlight is the successful deployment and farmer adoption of biofortified crop varieties in numerous countries, demonstrating tangible improvements in nutritional outcomes. The market benefits from strong partnerships between organizations such as HarvestPlus, the International Rice Research Institute, and national agricultural research systems, which accelerate the development and dissemination of improved seeds. Technological advancements in genomic selection and CRISPR gene editing are enabling more precise and efficient biofortification, reducing the time required to develop viable commercial varieties. Another key aspect is the increasing inclusion of biofortified foods in government nutrition programs and school feeding schemes, enhancing their reach and impact. The market is also witnessing a rise in private sector investment and product launches, such as biofortified flour and cereals, indicating growing commercial viability and consumer acceptance.

Drivers, Opportunities & Restraints

Primary drivers propelling the biofortification market include the rising global incidence of micronutrient deficiencies and increasing governmental and non-governmental initiatives aimed at improving public health through nutritional interventions. Growing consumer awareness regarding the health benefits of nutrient-rich foods and supportive policies promoting biofortified crops in agricultural practices further stimulate market growth. Significant opportunities exist in expanding the range of biofortified crops and nutrients, exploring underutilized species, and enhancing the bioavailability of nutrients through complementary agricultural and processing techniques. The development of value-added products and their incorporation into retail and food service channels presents additional avenues for market expansion. However, the market faces restraints such as regulatory hurdles related to genetically modified organisms, consumer skepticism in certain regions, and challenges in seed distribution and farmer adoption due to economic and infrastructural barriers. Addressing these challenges requires coordinated efforts in research, policy advocacy, and consumer education.

Concentration Insights

The biofortification market exhibits a concentrated yet collaborative structure, with a few leading international organizations and research institutions playing a central role in driving innovation and dissemination. Entities such as the International Maize and Wheat Improvement Center and the International Potato Center are at the forefront of developing biofortified varieties. The market concentration is also evident in the involvement of key agribusiness companies and seed producers that are integrating biofortified traits into their commercial portfolios. Geographic concentration is observed in regions with high burdens of micronutrient malnutrition and strong institutional support, such as parts of Africa, South Asia, and Latin America. However, the market is gradually diversifying as more regional players and local seed companies engage in production and distribution, enhancing the accessibility and adoption of biofortified crops across different agroecological zones and farming systems.

Type Insights

The biofortification market is segmented by the type of nutrients being enhanced and the methods employed. Major nutrient segments include iron, zinc, vitamin A, and protein, each targeting specific deficiency syndromes prevalent in various populations. Iron-biofortified crops, such as beans and pearl millet, aim to combat anemia, while zinc-enriched wheat and rice address immune and cognitive development issues. Vitamin A biofortification, achieved in crops like orange sweet potato and maize, focuses on improving vision and immune function. Protein biofortification is gaining attention in legumes and cereals to enhance dietary quality. Methodologically, the market encompasses conventional selective breeding, which remains widely accepted, and biotechnology-based approaches including genetic modification and gene editing, which offer precision and efficiency. The choice of method often depends on regulatory environments, consumer acceptance, and the specific biological pathways involved in nutrient accumulation.

Application Insights

Biofortified crops find applications across multiple domains within the food and agriculture sector. The primary application is in direct human consumption, where biofortified staples are integrated into daily diets to improve nutritional intake. This includes household use, as well as institutional procurement for schools, hospitals, and emergency food aid programs. Another significant application is in the food processing industry, where biofortified raw materials are utilized to manufacture value-added products such as fortified flour, pasta, snacks, and infant cereals, enhancing their nutritional profile. Animal feed represents an emerging application, with biofortified forage crops being developed to improve livestock health and productivity, indirectly benefiting human nutrition through animal-sourced foods. Additionally, biofortification is applied in seed production and distribution systems, ensuring the availability of quality seeds to farmers, and in research and development activities aimed at further advancing biofortification technologies and crop varieties.

Regional Insights

The adoption and development of biofortification vary significantly across regions, influenced by nutritional needs, agricultural practices, and policy support. In Africa, countries like Nigeria, Zambia, and Kenya are leaders in cultivating and consuming biofortified crops, particularly vitamin A maize and orange sweet potato, driven by strong partnerships between international organizations and national governments. South Asia, especially India and Bangladesh, has made substantial progress with zinc-rich wheat and iron-biofortified pearl millet, addressing widespread micronutrient deficiencies. Latin America showcases advancements in biofortified beans and cassava, with Brazil and Colombia being prominent examples. Developed regions such as North America and Europe are increasingly engaged in research and development, focusing on technological innovations and exploring market opportunities for biofortified products, although commercial adoption is at a earlier stage compared to developing regions. Each region presents unique challenges and opportunities shaped by local dietary habits, regulatory frameworks, and agricultural infrastructure.

Company Insights

The biofortification market features involvement from a mix of international research institutions, non-profit organizations, and private companies. Leading research entities include the International Rice Research Institute, renowned for developing high-iron and zinc rice varieties, and the International Crops Research Institute for the Semi-Arid Tropics, a pioneer in biofortified pearl millet and sorghum. HarvestPlus plays a pivotal role as a global coordinator, facilitating the development and delivery of biofortified crops. In the private sector, companies such as Bayer AG and Syngenta are investing in breeding programs and incorporating biofortified traits into their seed portfolios. Other notable participants include seed companies like Advanta Seeds and Namdhari Seeds, which are engaged in the production and distribution of biofortified seeds in key regions. These organizations collaborate extensively with public sector agencies and local partners to ensure the scalability and sustainability of biofortification initiatives.

Recent Developments

Recent developments in the biofortification market reflect ongoing innovation and expanding reach. Advancements in gene editing technologies, particularly CRISPR, have enabled more precise enhancements of nutrient pathways in crops, accelerating the development of new varieties. There has been an increase in the release and commercialization of multi-nutrient biofortified crops, designed to address several deficiencies simultaneously. Partnerships between biofortification programs and food companies have strengthened, leading to the introduction of biofortified ingredients in consumer products. Regulatory approvals for genetically biofortified crops have progressed in several countries, facilitating broader adoption. Efforts to improve seed systems and supply chains have enhanced the availability of biofortified planting materials to smallholder farmers. Additionally, impact studies continue to demonstrate the positive health outcomes associated with consuming biofortified foods, reinforcing support from governments and development agencies for scaling up interventions.

Report Segmentation

This report on the biofortification market provides a detailed analysis segmented by nutrient type, crop type, method, application, and region. The nutrient type segment covers iron, zinc, vitamin A, protein, and others, highlighting the specific deficiencies addressed by each. Crop type segmentation includes cereals and grains such as rice, wheat, and maize; pulses and legumes like beans and lentils; roots and tubers including cassava and sweet potato; and other crops. The method segment distinguishes between conventional breeding and biotechnology approaches, detailing the techniques used in each category. Application segmentation examines direct consumption, processed food products, animal feed, and other uses. Geographically, the report offers insights into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa, analyzing regional trends, key players, and growth prospects. This comprehensive segmentation enables a thorough understanding of market dynamics and opportunities.

FAQs

What is biofortification? Biofortification is the process of increasing the nutritional value of food crops through agronomic practices, conventional plant breeding, or modern biotechnology, targeting essential vitamins and minerals to combat micronutrient deficiencies.

How does biofortification differ from conventional fortification? Unlike conventional fortification, which adds nutrients during food processing, biofortification enhances the nutrient content of crops during plant growth, making the improvements inherent to the food itself and often more sustainable for rural populations.

What are the most common biofortified crops? Common biofortified crops include iron-rich beans and pearl millet, zinc-enhanced wheat and rice, vitamin A-biofortified sweet potato and maize, and protein-improved legumes.

Is biofortification safe? Biofortification is considered safe, as it relies on natural breeding or precise genetic techniques to enhance nutrient levels, with all biofortified crops undergoing rigorous testing and regulatory approval before release.

Who benefits from biofortification? Biofortification primarily benefits populations suffering from hidden hunger, especially in developing regions, by providing access to more nutritious staple foods, thereby improving health outcomes and supporting agricultural communities.

Citius Research has developed a research report titled “Biofortification Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030” delivering key insights regarding business intelligence and providing concrete business strategies to clients in the form of a detailed syndicated report. The report details out the factors such as business environment, industry trend, growth opportunities, competition, pricing, global and regional market analysis, and other market related factors.

Details included in the report for the years 2024 through 2030

• Biofortification Market Potential
• Segment-wise breakup
• Compounded annual growth rate (CAGR) for the next 6 years
• Key customers and their preferences
• Market share of major players and their competitive strength
• Existing competition in the market
• Price trend analysis
• Key trend analysis
• Market entry strategies
• Market opportunity insights

The report focuses on the drivers, restraints, opportunities, and challenges in the market based on various factors geographically. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report. The Biofortification Market report is segmented on the basis of various market segments and their analysis, both in terms of value and volume, for each region for the period under consideration.

Biofortification Market Segmentation

Market Segmentation

Regions Covered

• North America
• Latin America
• Europe
• MENA
• Asia Pacific
• Sub-Saharan Africa and
• Australasia

Biofortification Market Analysis

The report covers below mentioned analysis, but is not limited to:

• Overview of Biofortification Market
• Research Methodology
• Executive Summary
• Market Dynamics of Biofortification Market
  • Driving Factors
  • Restraints
  • Opportunities
• Global Market Status and Forecast by Segment A
• Global Market Status and Forecast by Segment B
• Global Market Status and Forecast by Segment C
• Global Market Status and Forecast by Regions
• Upstream and Downstream Market Analysis of Biofortification Market
• Cost and Gross Margin Analysis of Biofortification Market
• Biofortification Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030
  • Competition Landscape
  • Market Share of Major Players
• Key Recommendations

The “Biofortification Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030” report helps the clients to take business decisions and to understand strategies of major players in the industry. The report delivers the market driven results supported by a mix of primary and secondary research. The report provides the results triangulated through authentic sources and upon conducting thorough primary interviews with the industry experts. The report includes the results on the areas where the client can focus and create point of parity and develop a competitive edge, based on real-time data results.

Biofortification Market Key Stakeholders

Below are the key stakeholders for the Biofortification Market:

• Manufacturers
• Distributors/Traders/Wholesalers
• Material/Component Manufacturers
• Industry Associations
• Downstream vendors

Biofortification Market Report Scope

Report AttributeDetails
Base year2023
Historical data2018 – 2023
Forecast2024 - 2030
CAGR2024 - 2030
Quantitative UnitsValue (USD Million)
Report coverageRevenue Forecast, Competitive Landscape, Growth Factors, Trends and Strategies. Customized report options available on request
Segments coveredProduct type, technology, application, geography
Regions coveredNorth America, Latin America, Europe, MENA, Asia Pacific, Sub-Saharan Africa and Australasia
Countries coveredUS, UK, China, Japan, Germany, India, France, Brazil, Italy, Canada, Russia, South Korea, Australia, Spain, Mexico and others
Customization scopeAvailable on request
PricingVarious purchase options available as per your research needs. Discounts available on request

COVID-19 Impact Analysis

Like most other markets, the outbreak of COVID-19 had an unfavorable impact on the Biofortification Market worldwide. This report discusses in detail the disruptions experienced by the market, the impact on flow of raw materials, manufacturing operations, production trends, consumer demand and the projected future of this market post pandemic.

The report has helped our clients:

• To describe and forecast the Biofortification Market size, on the basis of various segmentations and geography, in terms of value and volume
• To measure the changing needs of customers/industries
• To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
• To gain competitive intelligence and uncover new opportunities
• To analyse opportunities in the market for stakeholders by identifying high-growth segments in Biofortification Market
• To strategically profile key players and provide details of the current competitive landscape
• To analyse strategic approaches adopted by players in the market, such as product launches and developments, acquisitions, collaborations, contracts, expansions, and partnerships

Report Customization

Citius Research provides free customization of reports as per your need. This report can be personalized to meet your requirements. Get in touch with our sales team, who will guarantee you to get a report that suits your necessities.

Customize This Report

Frequently Asked Questions

The Global Biofortification Market size was valued at $XX billion in 2023 and is anticipated to reach $XX billion by 2030 growing at a CAGR of XX%
The global Biofortification Market is expected to grow at a CAGR of XX% from 2023 to 2030.
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Table of Contents

Chapter 1. Introduction
  1.1. Market Scope
  1.2. Key Segmentations
  1.3. Research Objective
Chapter 2. Research Methodology & Assumptions
Chapter 3. Executive Summary
Chapter 4. Market Background
  4.1. Dynamics
    4.1.1. Drivers
    4.1.2. Restraints
    4.1.3. Opportunity
    4.1.4. Challenges
  4.2. Key Trends in the Impacting the Market
    4.2.1. Demand & Supply
  4.3. Industry SWOT Analysis
  4.4. Porter’s Five Forces Analysis
  4.5. Value and Supply Chain Analysis
  4.6. Macro-Economic Factors
  4.7. COVID-19 Impact Analysis
    4.7.1. Global and Regional Assessment
  4.8. Profit Margin Analysis
  4.9. Trade Analysis
    4.9.1. Importing Countries
    4.9.2. Exporting Countries
  4.10. Market Entry Strategies
  4.11. Market Assessment (US$ Mn and Units)
Chapter 5. Global Biofortification Market Size (US$ Mn and Units), Forecast and Trend Analysis, By Segment A
  5.1. By Segment A, 2024 - 2030
    5.1.1. Sub-Segment A
    5.1.2. Sub-Segment B
  5.2. Opportunity Analysis
Chapter 6. Global Biofortification Market Size (US$ Mn and Units), Forecast and Trend Analysis, By Segment B
  6.1. By Segment B, 2024 - 2030
    6.1.1. Sub-Segment A
    6.1.2. Sub-Segment B
  6.2. Opportunity Analysis
Chapter 7. Global Biofortification Market Size (US$ Mn and Units), Forecast and Trend Analysis, By Segment C
  7.1. By Segment C, 2024 - 2030
    7.1.1. Sub-Segment A
    7.1.2. Sub-Segment B
  7.2. Opportunity Analysis
Chapter 8. Global Biofortification Market Size (US$ Mn and Units), Forecast and Trend Analysis, By Region
  8.1. By Region, 2024 - 2030
    8.1.1. North America
    8.1.2. Latin America
    8.1.3. Europe
    8.1.4. MENA
    8.1.5. Asia Pacific
    8.1.6. Sub-Saharan Africa
    8.1.7. Australasia
  8.2. Opportunity Analysis
Chapter 9. North America Biofortification Market Forecast and Trend Analysis
  9.1. Regional Overview
  9.2. Pricing Analysis
  9.3. Key Trends in the Region
    9.3.1. Supply and Demand
  9.4. Demographic Structure
  9.5. By Segment A , 2024 - 2030, (US$ Mn and Units)
    9.5.1. Sub-Segment A
    9.5.2. Sub-Segment B
  9.6. By Segment B, 2024 - 2030, (US$ Mn and Units)
    9.6.1. Sub-Segment A
    9.6.2. Sub-Segment B
  9.7. By Segment C, 2024 - 2030, (US$ Mn and Units)
    9.7.1. Sub-Segment A
    9.7.2. Sub-Segment B
  9.8. By Country, 2024 - 2030, (US$ Mn and Units)
    9.8.1. U.S.
    9.8.2. Canada
    9.8.3. Rest of North America
  9.9. Opportunity Analysis
Chapter 10. Latin America Biofortification Market Forecast and Trend Analysis
  10.1. Regional Overview
  10.2. Pricing Analysis
  10.3. Key Trends in the Region
    10.3.1. Supply and Demand
  10.4. Demographic Structure
  10.5. By Segment A , 2024 - 2030, (US$ Mn and Units)
    10.5.1. Sub-Segment A
    10.5.2. Sub-Segment B
  10.6. By Segment B, 2024 - 2030, (US$ Mn and Units)
    10.6.1. Sub-Segment A
    10.6.2. Sub-Segment B
  10.7. By Segment C, 2024 - 2030, (US$ Mn and Units)
    10.7.1. Sub-Segment A
    10.7.2. Sub-Segment B
  10.8. By Country, 2024 - 2030, (US$ Mn and Units)
    10.8.1. Brazil
    10.8.2. Argentina
    10.8.3. Rest of Latin America
  10.9. Opportunity Analysis
Chapter 11. Europe Biofortification Market Forecast and Trend Analysis
  11.1. Regional Overview
  11.2. Pricing Analysis
  11.3. Key Trends in the Region
    11.3.1. Supply and Demand
  11.4. Demographic Structure
  11.5. By Segment A , 2024 - 2030, (US$ Mn and Units)
    11.5.1. Sub-Segment A
    11.5.2. Sub-Segment B
  11.6. By Segment B, 2024 - 2030, (US$ Mn and Units)
    11.6.1. Sub-Segment A
    11.6.2. Sub-Segment B
  11.7. By Segment C, 2024 - 2030, (US$ Mn and Units)
    11.7.1. Sub-Segment A
    11.7.2. Sub-Segment B
  11.8. By Country, 2024 - 2030, (US$ Mn and Units)
    11.8.1. UK
    11.8.2. Germany
    11.8.3. France
    11.8.4. Spain
    11.8.5. Rest of Europe
  11.9. Opportunity Analysis
Chapter 12. MENA Biofortification Market Forecast and Trend Analysis
  12.1. Regional Overview
  12.2. Pricing Analysis
  12.3. Key Trends in the Region
    12.3.1. Supply and Demand
  12.4. Demographic Structure
  12.5. By Segment A , 2024 - 2030, (US$ Mn and Units)
    12.5.1. Sub-Segment A
    12.5.2. Sub-Segment B
  12.6. By Segment B, 2024 - 2030, (US$ Mn and Units)
    12.6.1. Sub-Segment A
    12.6.2. Sub-Segment B
  12.7. By Segment C, 2024 - 2030, (US$ Mn and Units)
    12.7.1. Sub-Segment A
    12.7.2. Sub-Segment B
  12.8. By Country, 2024 - 2030, (US$ Mn and Units)
    12.8.1. Egypt
    12.8.2. Algeria
    12.8.3. GCC
    12.8.4. Rest of MENA
  12.9. Opportunity Analysis
Chapter 13. Asia Pacific Biofortification Market Forecast and Trend Analysis
  13.1. Regional Overview
  13.2. Pricing Analysis
  13.3. Key Trends in the Region
    13.3.1. Supply and Demand
  13.4. Demographic Structure
  13.5. By Segment A , 2024 - 2030, (US$ Mn and Units)
    13.5.1. Sub-Segment A
    13.5.2. Sub-Segment B
  13.6. By Segment B, 2024 - 2030, (US$ Mn and Units)
    13.6.1. Sub-Segment A
    13.6.2. Sub-Segment B
  13.7. By Segment C, 2024 - 2030, (US$ Mn and Units)
    13.7.1. Sub-Segment A
    13.7.2. Sub-Segment B
  13.8. By Country, 2024 - 2030, (US$ Mn and Units)
    13.8.1. India
    13.8.2. China
    13.8.3. Japan
    13.8.4. ASEAN
    13.8.5. Rest of Asia Pacific
  13.9. Opportunity Analysis
Chapter 14. Sub-Saharan Africa Biofortification Market Forecast and Trend Analysis
  14.1. Regional Overview
  14.2. Pricing Analysis
  14.3. Key Trends in the Region
    14.3.1. Supply and Demand
  14.4. Demographic Structure
  14.5. By Segment A , 2024 - 2030, (US$ Mn and Units)
    14.5.1. Sub-Segment A
    14.5.2. Sub-Segment B
  14.6. By Segment B, 2024 - 2030, (US$ Mn and Units)
    14.6.1. Sub-Segment A
    14.6.2. Sub-Segment B
  14.7. By Segment C, 2024 - 2030, (US$ Mn and Units)
    14.7.1. Sub-Segment A
    14.7.2. Sub-Segment B
  14.8. By Country, 2024 - 2030, (US$ Mn and Units)
    14.8.1. Ethiopia
    14.8.2. Nigeria
    14.8.3. Rest of Sub-Saharan Africa
  14.9. Opportunity Analysis
Chapter 15. Australasia Biofortification Market Forecast and Trend Analysis
  15.1. Regional Overview
  15.2. Pricing Analysis
  15.3. Key Trends in the Region
    15.3.1. Supply and Demand
  15.4. Demographic Structure
  15.5. By Segment A , 2024 - 2030, (US$ Mn and Units)
    15.5.1. Sub-Segment A
    15.5.2. Sub-Segment B
  15.6. By Segment B, 2024 - 2030, (US$ Mn and Units)
    15.6.1. Sub-Segment A
    15.6.2. Sub-Segment B
  15.7. By Segment C, 2024 - 2030, (US$ Mn and Units)
    15.7.1. Sub-Segment A
    15.7.2. Sub-Segment B
  15.8. By Country, 2024 - 2030, (US$ Mn and Units)
    15.8.1. Australia
    15.8.2. New Zealand
    15.8.3. Rest of Australasia
  15.9. Opportunity Analysis
Chapter 16. Competition Analysis
  16.1. Competitive Benchmarking
    16.1.1. Top Player’s Market Share
    16.1.2. Price and Product Comparison
  16.2. Company Profiles
    16.2.1. Company A
      16.2.1.1. Company Overview
      16.2.1.2. Segmental Revenue
      16.2.1.3. Product Portfolio
      16.2.1.4. Key Developments
      16.2.1.5. Strategic Outlook
    16.2.2. Company B
      16.2.2.1. Company Overview
      16.2.2.2. Segmental Revenue
      16.2.2.3. Product Portfolio
      16.2.2.4. Key Developments
      16.2.2.5. Strategic Outlook
    16.2.3. Company C
      16.2.3.1. Company Overview
      16.2.3.2. Segmental Revenue
      16.2.3.3. Product Portfolio
      16.2.3.4. Key Developments
      16.2.3.5. Strategic Outlook
    16.2.4. Company D
      16.2.4.1. Company Overview
      16.2.4.2. Segmental Revenue
      16.2.4.3. Product Portfolio
      16.2.4.4. Key Developments
      16.2.4.5. Strategic Outlook
    16.2.5. Company E
      16.2.5.1. Company Overview
      16.2.5.2. Segmental Revenue
      16.2.5.3. Product Portfolio
      16.2.5.4. Key Developments
      16.2.5.5. Strategic Outlook
    16.2.6. Company F
      16.2.6.1. Company Overview
      16.2.6.2. Segmental Revenue
      16.2.6.3. Product Portfolio
      16.2.6.4. Key Developments
      16.2.6.5. Strategic Outlook
    16.2.7. Company G
      16.2.7.1. Company Overview
      16.2.7.2. Segmental Revenue
      16.2.7.3. Product Portfolio
      16.2.7.4. Key Developments
      16.2.7.5. Strategic Outlook
    16.2.8. Company H
      16.2.8.1. Company Overview
      16.2.8.2. Segmental Revenue
      16.2.8.3. Product Portfolio
      16.2.8.4. Key Developments
      16.2.8.5. Strategic Outlook
    16.2.9. Company I
      16.2.9.1. Company Overview
      16.2.9.2. Segmental Revenue
      16.2.9.3. Product Portfolio
      16.2.9.4. Key Developments
      16.2.9.5. Strategic Outlook
    16.2.10. Company J
      16.2.10.1. Company Overview
      16.2.10.2. Segmental Revenue
      16.2.10.3. Product Portfolio
      16.2.10.4. Key Developments
      16.2.10.5. Strategic Outlook
Chapter 17. Go-To-Market Strategy

Research Methodology

We follow a robust research methodology to analyze the market in order to provide our clients with qualitative and quantitative analysis which has a very low or negligible deviance. Extensive secondary research supported by primary data collection methods help us to thoroughly understand and gauge the market. We incorporate both top-down and bottom-up approach for estimating the market. The below mentioned methods are then adopted to triangulate and validate the market.

Secondary data collection and interpretation

Secondary research includes sources such as published books, articles in journals, news media and published businesses, government and international body publications, and associations. Sources also include paid databases such as Hoovers, Thomson Reuters, Passport and others. Data derived through secondary sources is further validated through primary sources. The secondary sources also include major manufacturers mapped on the basis of revenues, product portfolios, and sales channels.

Primary data collection

Primary data collection methods include conducting interviews with industry experts and various stakeholders across the supply chain, such as raw material suppliers, manufacturers, product distributors and customers. The interviews are either telephonic or face-to-face, or even a combination of both. Prevailing trends in the industry are gathered by conducting surveys. Primary interviews also help us to understand the market drivers, restraints and opportunities, along with the challenges in the market. This method helps us in validating the data gathered through secondary sources, further triangulating the data and developing it through our statistical tools. We generally conduct interviews with -

  • CEOs, Directors, and VPs
  • Sales and Marketing Managers
  • Plant Heads and Manufacturing Department Heads
  • Product Specialists

Supply Side and Demand Side Data Collection

Supply side analysis is based on the data collected from the manufacturers and the product providers in terms of their segmental revenues. Secondary sources for this type of analysis include company annual reports and publications, associations and organisations, government publications and others.

Demand side analysis is based upon the consumer insights who are the end users of the particular product in question. They could be an individual user or an organisation. Such data is gathered through consumer surveys and focused group interviews.

Market Engineering

As a primary step, in order to develop the market numbers we follow a vigorous methodology that includes studying the parent market of the niche product and understanding the industry trends, acceptance among customers of the product, challenges, future growth, and others, followed by further breaking down the market under consideration into various segments and sub-markets. Additionally, in order to cross-validate the market, we also determine the top players in the market, along with their segmental revenues for the said market. Our secondary sources help us to validate the market share of the top players. Using both the qualitative and quantitative analysis of all the possible factors helps us determine the market numbers which are inclined towards accuracy.

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