Royal Jelly Market Report, Global Industry Analysis, Market Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030

  • Published Date: Jan, 2024
  • Report ID: CR0195911
  • Format: Electronic (PDF)
  • Number of Pages: 217
  • Author(s): Joshi, Madhavi

Report Overview

The Royal Jelly Market size was estimated at USD 420 million in 2023 and is projected to reach USD 850 million by 2030, exhibiting a compound annual growth rate (CAGR) of 11.80% during the forecast period (2024-2030).

Royal Jelly Market

(Market Size)
$420 million
$850 million
2023
2030
Source: Citius Research
Study Period 2018 - 2030
Base Year For Estimation 2023
Forecast Data Period 2024 - 2030
CAGR (2024-2030) 11.80%
2023 Market Size USD 420 million
2030 Market Size USD 850 million
Key Players NOW Foods, YS Organic Bee Farms, Durham's Bee Farm, Swanson, Puritan's Pride

Market Summary

The royal jelly market is a specialized segment within the food and beverages industry, primarily driven by its recognition as a premium natural health supplement and functional food ingredient. Royal jelly is a secretion produced by honeybees to feed queen bees and larvae, renowned for its rich nutritional profile containing proteins, vitamins, and fatty acids. The market caters to various end-use sectors including dietary supplements, cosmetics, and food and beverages, with growing consumer inclination towards natural and organic products bolstering demand. Key producing regions include China, which dominates global production, alongside significant contributions from other Asia-Pacific countries, Europe, and North America. The market is characterized by the presence of both large-scale manufacturers and smaller specialized producers, focusing on product quality, purity, and sustainable sourcing practices to meet stringent regulatory standards and consumer expectations.

Key Highlights

The royal jelly market is distinguished by several key factors that underscore its growth and niche appeal. The product is highly valued for its potential health benefits, including immune system support, anti-aging properties, and nutritional supplementation, which are central to its demand in health and wellness applications. The market sees robust activity in the dietary supplements sector, where royal jelly is incorporated into capsules, liquids, and powders. Additionally, its use in cosmetic formulations for skin care products is expanding due to its moisturizing and regenerative qualities. Geographically, Asia-Pacific leads in both consumption and production, with China being the epicenter, while markets in Europe and North America show steady growth driven by increasing health consciousness. The industry is also witnessing a trend towards organic and ethically sourced royal jelly, responding to consumer preferences for transparency and sustainability.

Drivers, Opportunities & Restraints

Market drivers for royal jelly include rising consumer awareness of natural health products, increasing disposable incomes, and growing interest in preventive healthcare, which fuel demand for dietary supplements and functional foods. The expansion of e-commerce platforms has also made royal jelly products more accessible to a global audience, facilitating market growth. Opportunities abound in product innovation, such as the development of new formulations combining royal jelly with other superfoods or nutrients, and in tapping into emerging markets where health trends are gaining traction. However, the market faces restraints including high production costs due to the labor-intensive collection process, limited shelf life requiring careful storage, and potential allergic reactions among sensitive individuals. Regulatory challenges and quality control issues, such as adulteration and contamination, also pose significant hurdles that industry participants must navigate to maintain consumer trust and compliance.

Concentration Insights

The royal jelly market exhibits a concentrated structure with a mix of large international companies and numerous small to medium-sized enterprises, particularly in key producing regions like China. Major players include NOW Foods, YS Eco Bee Farms, Swanson Premium, and Puritan's Pride, which have established strong distribution networks and brand recognition globally. These companies often engage in vertical integration, controlling aspects from beekeeping to processing and retailing, to ensure quality and supply chain efficiency. The market concentration is higher in regions with advanced apiculture industries, but fragmentation exists in areas with many local producers. Competition is based on factors such as product purity, organic certification, price, and innovation, with leading firms investing in research and development to enhance product offerings and meet diverse consumer needs.

Type Insights

Royal jelly is available in various forms to cater to different consumer preferences and applications, primarily including fresh royal jelly, lyophilized powder, and capsules or softgels. Fresh royal jelly is prized for its potency but requires refrigeration and has a short shelf life, making it less common in retail channels outside producing regions. Lyophilized or freeze-dried royal jelly powder is more stable and widely used in dietary supplements and food products due to its ease of storage and incorporation into formulations. Capsules and softgels offer convenience and precise dosing, appealing to consumers seeking hassle-free supplementation. The choice of type often depends on intended use, with fresh variants favored in direct consumption or traditional remedies, while processed forms dominate commercial markets for their longevity and versatility in product development.

Application Insights

Royal jelly finds diverse applications across several industries, with the dietary supplements segment being the largest, driven by demand for natural health boosters and nutritional supplements. It is commonly used in capsules, tablets, and health tonics aimed at enhancing vitality, immunity, and overall wellness. In the food and beverages industry, royal jelly is incorporated into functional foods, health drinks, and confectionery products to add nutritional value. The cosmetics and personal care sector utilizes royal jelly in skincare products such as creams, lotions, and serums, leveraging its moisturizing, anti-aging, and skin-regenerating properties. Additionally, it is used in animal feed and pet nutrition products for its health benefits. Each application segment demands specific quality standards and formulations, influencing production and marketing strategies within the market.

Regional Insights

Regionally, the royal jelly market is dominated by Asia-Pacific, where China is the largest producer and consumer, supported by traditional use in health remedies and a robust apiculture industry. Countries like Japan, South Korea, and Taiwan also show significant demand due to cultural acceptance and high health consciousness. In Europe, markets such as Germany, France, and the UK are growing steadily, driven by increasing adoption of natural supplements and stringent quality regulations that favor premium products. North America, particularly the United States and Canada, experiences demand from health-focused consumers and a well-established supplements industry. Other regions like Latin America and the Middle East are emerging markets with potential growth opportunities, though they currently represent smaller shares due to lower awareness and distribution channels.

Company Insights

Prominent companies in the royal jelly market include NOW Foods, a leading supplier of natural products offering royal jelly in various forms; YS Eco Bee Farms, known for its pure and organic bee-derived products; Swanson Premium, which provides affordable health supplements; and Puritan's Pride, a major player in the vitamins and supplements space. These companies emphasize quality assurance, sustainable sourcing, and product innovation to maintain competitive edges. Other notable participants include Thompson, Solgar, and GNC, which incorporate royal jelly into their supplement lines. Many firms engage in certifications such as organic, non-GMO, and third-party testing to build consumer trust. Strategic initiatives include expanding product portfolios, enhancing online presence, and entering new geographical markets to capitalize on growing health trends.

Recent Developments

Recent developments in the royal jelly market focus on advancements in production techniques, product innovation, and sustainability efforts. Companies are investing in improved beekeeping practices and cold chain logistics to enhance product quality and extend shelf life. There is a growing trend towards organic certification and transparent labeling to meet consumer demands for purity and ethical sourcing. Innovations include the development of combination products that integrate royal jelly with other beneficial ingredients like propolis or vitamins for synergistic health effects. Additionally, market players are expanding their e-commerce capabilities and digital marketing strategies to reach broader audiences. Regulatory updates, particularly in regions like Europe and North America, continue to shape market dynamics, with emphasis on safety standards and health claims verification.

Report Segmentation

The royal jelly market report is segmented based on type, application, and region to provide a comprehensive analysis. By type, the market is divided into fresh royal jelly, lyophilized powder, and capsules or softgels, each catering to specific consumer needs and storage requirements. Application segmentation covers dietary supplements, food and beverages, cosmetics and personal care, and others such as animal feed, highlighting the diverse uses of royal jelly across industries. Geographically, the report analyzes regions including North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa, offering insights into regional production, consumption patterns, and growth opportunities. This segmentation enables stakeholders to identify key trends, target specific segments, and make informed decisions based on detailed market dynamics.

FAQs

What is royal jelly used for? Royal jelly is primarily used as a dietary supplement for its potential health benefits, including boosting immunity, improving skin health, and enhancing energy levels. It is also incorporated into cosmetics and functional foods.

How is royal jelly produced? Royal jelly is produced by worker honeybees and secreted from their glands to feed queen bees and young larvae. It is harvested by beekeepers using careful methods to ensure colony health and product purity.

What are the benefits of royal jelly? Benefits may include antioxidant properties, support for immune function, potential anti-aging effects, and nutritional supplementation due to its rich content of proteins, vitamins, and fatty acids.

Are there any side effects of royal jelly? Some individuals may experience allergic reactions, especially those with allergies to bee products. It is advisable to consult a healthcare professional before use, particularly for pregnant women or people with medical conditions.

How should royal jelly be stored? Fresh royal jelly requires refrigeration at low temperatures to maintain potency, while processed forms like powder or capsules should be stored in cool, dry places away from direct sunlight to preserve quality.

Citius Research has developed a research report titled “Royal Jelly 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

• Royal Jelly 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 Royal Jelly 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.

Royal Jelly Market Segmentation

Market Segmentation

Regions Covered

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

Royal Jelly Market Analysis

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

• Overview of Royal Jelly Market
• Research Methodology
• Executive Summary
• Market Dynamics of Royal Jelly 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 Royal Jelly Market
• Cost and Gross Margin Analysis of Royal Jelly Market
• Royal Jelly 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 “Royal Jelly 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.

Royal Jelly Market Key Stakeholders

Below are the key stakeholders for the Royal Jelly Market:

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

Royal Jelly 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 Royal Jelly 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 Royal Jelly 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 Royal Jelly 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 Royal Jelly 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 Royal Jelly 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 Royal Jelly 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 Royal Jelly 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 Royal Jelly 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 Royal Jelly 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 Royal Jelly 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 Royal Jelly 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 Royal Jelly 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 Royal Jelly 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 Royal Jelly 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 Royal Jelly 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 Royal Jelly 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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