- +1-315-215-1633
- sales@thebrainyinsights.com
The global clove bud essential oil market is expected to grow from USD 250 million in 2022 to USD 848.64 million by 2032, at a CAGR of 13% from 2023-2032. The rising awareness about clove bud essential oil and its benefits will augment the growth of the global clove bud essential oil market.
An Indian household uses a variety of spices in its foods. These spices and herbs are found in other East and South East Asian countries as well. They are used to enhance the flavour of food, preserve some dried fruits/pickles/meat and as medicinal remedies. These herbs and spices help improve immunity, gut, skin and hair health. Every household in the region regularly uses them. Clove is a spice used in cooking, pharmaceuticals and personal care products. Clove bud is obtained from a tree which belongs to the Myrtaceae family. These spices are native to the Indonesian peninsula. They are found in different forms. For instance, Penang, Zanzibar, and Amboyan are some of India's widely used clove varieties. The strong aroma and potent flavour are distinct features of a clove. The stems, leaves, dried flowers or oil derived from the bud are some derivates extensively used in ayurvedic medicine. Clove bud essential oil helps reduce dental pain and fight mouth infections. It has anti-inflammatory properties, which make it ideal for treating pain and abrasions and soothing skin tissue. It improves gut health and promotes improved digestion. The anti-inflammatory properties of clove oil also make it effective while treating throat inflammation. It has been demonstrated to have broad-spectrum antimicrobial/cleaning actions that enable it to act as a natural analgesic, anti-inflammatory, and pain reliever. It can be combined with other essential oils to enhance its properties. For instance, it pairs well with essential oils from the floral, citrus, and wood families.
Get an overview of this study by requesting a free sample
October 2021 – The clove cultivated in the mountainous areas of Tamil Nadu has earned the growers of Kanniyakumari's spices the Geographical Indication Tag. Given its high quantity of aromatic oil, the geographical tag indication is accorded to the clove. Clove is framed on 760 hectares of land in the heavily forested regions of Maaraamalai, Blackrock, and Velimalai in the Western Ghats of the Veerapuli Reserve Forests and Mahendragiri. Clove is one of the district's most important spice crops. The district accounts for over 73% of Tamil Nadu's clove-growing land. Maaraamalai Planters Association and Blackrock Hill Planters Association worked to obtain the GI Tag with the support of the district administration to gain recognition for the distinctiveness of the Kanniyakumari clove on a global scale.
The increasing awareness about clove bud essential oil and its benefits – The east and south-east Asian countries use clove oil extensively in their households for cooking purposes or homemade natural remedies for toothache or to improve digestion. They use the clove bud in their daily activities. However, the convenience and ease of use offered by clove bud essential oils, with their user-friendly packaging and more potent and aromatic features, will drive its demand in the region. The improved cultivation, harvest and extraction processes to retain the highest quality of clove bud essential oil will also augment the market's development. The increasing awareness about the medicinal properties of clove bud essential oil globally will increase its demand driving the market's growth. The increasing use of essential oils in consumer goods like toothpaste, skin care products, herb extracts, and pharmacology, given their anti-inflammatory, antimicrobial and soothing properties, will increase their demand as a raw material in consumer goods, pharma and personal care industries. The increasing population with rising disposable income will drive the demand for consumer goods in food and beverages, pharma, and personal care products. The market players in these industries offer clove bud essential oils in their products, advertising their benefits to increase market share. The increasing use of clove bud essential oil in these industries and the increasing awareness about its benefits will drive the global market's growth.
The presence of synthetic substitutes – Authentic clove bud essential oils are derived from the natural flower or plant of cloves. They are natural products, organically produced with sustainable packaging. The natural derivates of products are more expensive than their sub-standard hybrid and synthetic substitutes, given the low cost of production and mass scalability they offer. Furthermore, the majority of the population is unaware of the true ingredients of the products due to negligence in the purchase. A significant portion of the population also gravitates towards substandard products, given their low prices, which makes them affordable. The presence of a significant number of players offering synthetic substitutes of clove bud essential oil aid in improving the accessibility of these products, thereby further hindering the global market's growth.
Technological advancements and innovations in extraction technology – The clove bud essential oil market is anticipated to grow due to the rising research and development expenditure to develop more efficient, sustainable, flexible and versatile extraction technologies. A similar rise in expenditure is also being incurred on improving the storage and packaging of products. Research is being conducted to expand the use of clove bud essential oil beyond pharmaceuticals and cosmetics.
The overlapping government regulations – Several brands offer clove bud essential oils. They serve the domestic as well as international market. However, these products are under stringent government regulations that ensure they are held to the highest standards to safeguard consumer interests. These products are in direct contact with consumers and can potentially negatively impact the users. The increasing instances of labelling synthetic clove bud essential oils as natural or organic amount to misinformation and misleading consumers. Therefore, there are stringent regulatory guidelines that monitor, control and ensure accountability from industry players. However, their regulations are different for each country. The lack of standardization and overlapping guidelines cause delays in international trade, thereby hampering the global market's growth.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific emerged as the largest global clove bud essential oil market, with a 44% market revenue share in 2022. Clove is native to Indonesia. It has been used in India and China since ancient times in Ayurvedic medicine and other Chinese home remedies. The clove is used regularly for cooking in most east and south-east Asia. It is a known and popular spice in the region. The clove is used for treating stomach pain, improving digestion and gut health, curing toothaches and inflammation, and cooking. All these applications of clove are known to an average household in the region, given its familiarity and extensive use in daily life. The climatic conditions ensure an adequate supply of clove buds for essential oil production. The different varieties of clove buds enable manufacturers to offer multiple products branding them uniquely to serve a singular purpose. The presence of key manufacturers or processors ensures the steady production of essential oils to cater to the vast consumer market in the region. The significant population of India and China drive the demand for consumer goods like personal care products, cosmetics, medicines, and food and beverages, which use clove bud essential oil as an ingredient in many products. The growing awareness of clove bud essential oil's benefits for skin, hair and teeth has propelled its demand in the region's young population, primarily focused on outer physical appearance.
Asia Pacific Region Clove Bud Essential Oil Market Share in 2022 - 44%
www.thebrainyinsights.com
Check the geographical analysis of this market by requesting a free sample
The product type segment is divided into absolute products, blends and others. The blends segment dominated the market with a market share of around 40% in 2022. Blends or blended essential oils can be defined as products with two or more essential oils. The base oil is clove bud essential; other essential oils are added to enhance the product. The blending enables the user to achieve better results and target more problems with the same ingredient. Blends are often superior and offer better results quickly or with less product. The blends are compatible, flexible and versatile in nature. They can reduce the prices of the products and offer a more personalized product portfolio. The extensive use of clove bud essential oil in personal care products is often in the form of blends, which explains the segment's dominance in the market.
The application is divided into cosmetics and personal care, food and beverages, pharmaceuticals and others. The cosmetics and personal care segment dominated the market with a market share of around 44% in 2022. Cosmetics and personal care can be defined as the regimen or routine developed to care for physical and mental health, focusing primarily on physical appearance. The industry offers a variety of products developed to serve a purpose or eliminate a problem. These products are used to maintain, enhance, or transform the appearance of the skin, hair, nails, or teeth. These products include soap, shampoo, shaving cream, face wash, toothpaste, deodorant etc. the increasing awareness about the benefits of cosmetics and personal, the willingness to spend on these products given the rising disposable income and the growing emphasis on physical appearance will contribute to the segment's growth. Studies have shown that self-care practices lessen or eliminate anxiety, sadness, stress, and other mental health issues and enhance happiness, energy, focus, and more. Clove bud essential oil is gaining market in the segment because it reduces skin sagging and the visibility of wrinkles and fine lines. It also enhances blood circulation, which gives skin a youthful and vibrant appearance. The anti-inflammatory properties of clove oil make it a very calming essential oil, helping to soothe sensitive skin and reducing redness, discolouration, and puffiness. These beneficial properties have increased their demand as raw materials for beauty and personal care products. The benefits have increased their end-user demand as well.
The distribution channel is divided into online and offline. The online segment dominated the market with a market share of around 56% in 2022. It is called online shopping, when consumers can directly purchase goods or services from sellers via the Internet. The increasing ownership of smart connected devices, telecom and e-commerce boom and government initiatives aimed at offering faster internet services are driving the popularity of online shopping. The safety, convenience, discounts, offers, better prices and time-saving nature of online platforms drive their adoption in the market. The variety, assurance of quality products, home delivery, easy returns and multiple online payment options are also increasing their adoption. Furthermore, several brands selling clove bud essential oils have shifted their sales to hybrid models, wherein online sales through their websites constitute a significant proportion. The products are also sold on e-commerce platforms like amazon, Flipkart, PharmEasy etc., which drive the segment's growth.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2022 | USD 250 Million |
| Market size value in 2032 | USD 848.64 Million |
| CAGR (2023 to 2032) | 13% |
| Historical data | 2019-2021 |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Regional Segments | The regions examined for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa. |
| Segments | The research segment is based on product type, application, and distribution channel. |
As per The Brainy Insights, the size of the global clove bud essential oil market was valued at USD 250 million in 2022 to USD 848.64 million by 2032.
Global clove bud essential oil market is growing at a CAGR of 13% during the forecast period 2023-2032.
The market's growth will be influenced by the increasing awareness about clove bud essential oil and its benefits.
The presence of synthetic substitutes could hamper the market growth.
1. Introduction
1.1. Objectives of the Study
1.2. Market Definition
1.3. Research Scope
1.4. Currency
1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
4.1. Porter’s Five Forces Analysis
4.2. Value Chain Analysis
4.3. Top Investment Pockets
4.3.1. Market Attractiveness Analysis by Product Type
4.3.2. Market Attractiveness Analysis by Application
4.3.3. Market Attractiveness Analysis by Distribution Channel
4.3.4. Market Attractiveness Analysis by Region
4.4. Industry Trends
5. Market Dynamics
5.1. Market Evaluation
5.2. Drivers
5.2.1. The increasing awareness about clove bud essential oil and its benefits
5.3. Restraints
5.3.1. The presence of synthetic substitutes
5.4. Opportunities
5.4.1. Technological advancements and innovations in extraction technology
5.5. Challenges
5.5.1. The overlapping government regulations
6. Global Clove Bud Essential Oil Market Analysis and Forecast, By Product Type
6.1. Segment Overview
6.2. Absolute Products
6.3. Blends
6.4. Others
7. Global Clove Bud Essential Oil Market Analysis and Forecast, By Application
7.1. Segment Overview
7.2. Cosmetics and Personal Care
7.3. Food and Beverages
7.4. Pharmaceuticals
7.5. Others
8. Global Clove Bud Essential Oil Market Analysis and Forecast, By Distribution Channel
8.1. Segment Overview
8.2. Online
8.3. Offline
9. Global Clove Bud Essential Oil Market Analysis and Forecast, By Regional Analysis
9.1. Segment Overview
9.2. North America
9.2.1. U.S.
9.2.2. Canada
9.2.3. Mexico
9.3. Europe
9.3.1. Germany
9.3.2. France
9.3.3. U.K.
9.3.4. Italy
9.3.5. Spain
9.4. Asia-Pacific
9.4.1. Japan
9.4.2. China
9.4.3. India
9.5. South America
9.5.1. Brazil
9.6. Middle East and Africa
9.6.1. UAE
9.6.2. South Africa
10. Global Clove Bud Essential Oil Market-Competitive Landscape
10.1. Overview
10.2. Market Share of Key Players in the Clove Bud Essential Oil Market
10.2.1. Global Company Market Share
10.2.2. North America Company Market Share
10.2.3. Europe Company Market Share
10.2.4. APAC Company Market Share
10.3. Competitive Situations and Trends
10.3.1. Product Launches and Developments
10.3.2. Partnerships, Collaborations, and Agreements
10.3.3. Mergers & Acquisitions
10.3.4. Expansions
11. Company Profiles
11.1. AOS Products Ltd.
11.1.1. Business Overview
11.1.2. Company Snapshot
11.1.3. Company Market Share Analysis
11.1.4. Company Product Portfolio
11.1.5. Recent Developments
11.1.6. SWOT Analysis
11.2. Avi Naturals
11.2.1. Business Overview
11.2.2. Company Snapshot
11.2.3. Company Market Share Analysis
11.2.4. Company Product Portfolio
11.2.5. Recent Developments
11.2.6. SWOT Analysis
11.3. Botanic Healthcare
11.3.1. Business Overview
11.3.2. Company Snapshot
11.3.3. Company Market Share Analysis
11.3.4. Company Product Portfolio
11.3.5. Recent Developments
11.3.6. SWOT Analysis
11.4. Cedarome
11.4.1. Business Overview
11.4.2. Company Snapshot
11.4.3. Company Market Share Analysis
11.4.4. Company Product Portfolio
11.4.5. Recent Developments
11.4.6. SWOT Analysis
11.5. Jiangxi Baicao Pharmaceutical Co. Ltd.
11.5.1. Business Overview
11.5.2. Company Snapshot
11.5.3. Company Market Share Analysis
11.5.4. Company Product Portfolio
11.5.5. Recent Developments
11.5.6. SWOT Analysis
11.6. Katyani Exports
11.6.1. Business Overview
11.6.2. Company Snapshot
11.6.3. Company Market Share Analysis
11.6.4. Company Product Portfolio
11.6.5. Recent Developments
11.6.6. SWOT Analysis
11.7. Kush Aroma Exports
11.7.1. Business Overview
11.7.2. Company Snapshot
11.7.3. Company Market Share Analysis
11.7.4. Company Product Portfolio
11.7.5. Recent Developments
11.7.6. SWOT Analysis
11.8. Mountain Rose Herbs
11.8.1. Business Overview
11.8.2. Company Snapshot
11.8.3. Company Market Share Analysis
11.8.4. Company Product Portfolio
11.8.5. Recent Developments
11.8.6. SWOT Analysis
11.9. Plant Therapy Inc.
11.9.1. Business Overview
11.9.2. Company Snapshot
11.9.3. Company Market Share Analysis
11.9.4. Company Product Portfolio
11.9.5. Recent Developments
11.9.6. SWOT Analysis
11.10. Visagenics Premium Essential Oils
11.10.1. Business Overview
11.10.2. Company Snapshot
11.10.3. Company Market Share Analysis
11.10.4. Company Product Portfolio
11.10.5. Recent Developments
11.10.6. SWOT Analysis
List of Table
1. Global Clove Bud Essential Oil Market, By Product Type, 2019-2032 (USD Million)
2. Global Absolute Products Clove Bud Essential Oil Market, By Region, 2019-2032 (USD Million)
3. Global Blends Clove Bud Essential Oil Market, By Region, 2019-2032 (USD Million)
4. Global Others Clove Bud Essential Oil Market, By Region, 2019-2032 (USD Million)
5. Global Clove Bud Essential Oil Market, By Application, 2019-2032 (USD Million)
6. Global Cosmetics and Personal Care Clove Bud Essential Oil Market, By Region, 2019-2032 (USD Million)
7. Global Food and Beverages Clove Bud Essential Oil Market, By Region, 2019-2032 (USD Million)
8. Global Pharmaceuticals Clove Bud Essential Oil Market, By Region, 2019-2032 (USD Million)
9. Global Others Clove Bud Essential Oil Market, By Region, 2019-2032 (USD Million)
10. Global Clove Bud Essential Oil Market, By Distribution Channel, 2019-2032 (USD Million)
11. Global Online Clove Bud Essential Oil Market, By Region, 2019-2032 (USD Million)
12. Global Offline Clove Bud Essential Oil Market, By Region, 2019-2032 (USD Million)
13. Global Clove Bud Essential Oil Market, By Region, 2019-2032 (USD Million)
14. North America Clove Bud Essential Oil Market, By Product Type, 2019-2032 (USD Million)
15. North America Clove Bud Essential Oil Market, By Application, 2019-2032 (USD Million)
16. North America Clove Bud Essential Oil Market, By Distribution Channel, 2019-2032 (USD Million)
17. U.S. Clove Bud Essential Oil Market, By Product Type, 2019-2032 (USD Million)
18. U.S. Clove Bud Essential Oil Market, By Application, 2019-2032 (USD Million)
19. U.S. Clove Bud Essential Oil Market, By Distribution Channel, 2019-2032 (USD Million)
20. Canada Clove Bud Essential Oil Market, By Product Type, 2019-2032 (USD Million)
21. Canada Clove Bud Essential Oil Market, By Application, 2019-2032 (USD Million)
22. Canada Clove Bud Essential Oil Market, By Distribution Channel, 2019-2032 (USD Million)
23. Mexico Clove Bud Essential Oil Market, By Product Type, 2019-2032 (USD Million)
24. Mexico Clove Bud Essential Oil Market, By Application, 2019-2032 (USD Million)
25. Mexico Clove Bud Essential Oil Market, By Distribution Channel, 2019-2032 (USD Million)
26. Europe Clove Bud Essential Oil Market, By Product Type, 2019-2032 (USD Million)
27. Europe Clove Bud Essential Oil Market, By Application, 2019-2032 (USD Million)
28. Europe Clove Bud Essential Oil Market, By Distribution Channel, 2019-2032 (USD Million)
29. Germany Clove Bud Essential Oil Market, By Product Type, 2019-2032 (USD Million)
30. Germany Clove Bud Essential Oil Market, By Application, 2019-2032 (USD Million)
31. Germany Clove Bud Essential Oil Market, By Distribution Channel, 2019-2032 (USD Million)
32. France Clove Bud Essential Oil Market, By Product Type, 2019-2032 (USD Million)
33. France Clove Bud Essential Oil Market, By Application, 2019-2032 (USD Million)
34. France Clove Bud Essential Oil Market, By Distribution Channel, 2019-2032 (USD Million)
35. U.K. Clove Bud Essential Oil Market, By Product Type, 2019-2032 (USD Million)
36. U.K. Clove Bud Essential Oil Market, By Application, 2019-2032 (USD Million)
37. U.K. Clove Bud Essential Oil Market, By Distribution Channel, 2019-2032 (USD Million)
38. Italy Clove Bud Essential Oil Market, By Product Type, 2019-2032 (USD Million)
39. Italy Clove Bud Essential Oil Market, By Application, 2019-2032 (USD Million)
40. Italy Clove Bud Essential Oil Market, By Distribution Channel, 2019-2032 (USD Million)
41. Spain Clove Bud Essential Oil Market, By Product Type, 2019-2032 (USD Million)
42. Spain Clove Bud Essential Oil Market, By Application, 2019-2032 (USD Million)
43. Spain Clove Bud Essential Oil Market, By Distribution Channel, 2019-2032 (USD Million)
44. Asia Pacific Clove Bud Essential Oil Market, By Product Type, 2019-2032 (USD Million)
45. Asia Pacific Clove Bud Essential Oil Market, By Application, 2019-2032 (USD Million)
46. Asia Pacific Clove Bud Essential Oil Market, By Distribution Channel, 2019-2032 (USD Million)
47. Japan Clove Bud Essential Oil Market, By Product Type, 2019-2032 (USD Million)
48. Japan Clove Bud Essential Oil Market, By Application, 2019-2032 (USD Million)
49. Japan Clove Bud Essential Oil Market, By Distribution Channel, 2019-2032 (USD Million)
50. China Clove Bud Essential Oil Market, By Product Type, 2019-2032 (USD Million)
51. China Clove Bud Essential Oil Market, By Application, 2019-2032 (USD Million)
52. China Clove Bud Essential Oil Market, By Distribution Channel, 2019-2032 (USD Million)
53. India Clove Bud Essential Oil Market, By Product Type, 2019-2032 (USD Million)
54. India Clove Bud Essential Oil Market, By Application, 2019-2032 (USD Million)
55. India Clove Bud Essential Oil Market, By Distribution Channel, 2019-2032 (USD Million)
56. South America Clove Bud Essential Oil Market, By Product Type, 2019-2032 (USD Million)
57. South America Clove Bud Essential Oil Market, By Application, 2019-2032 (USD Million)
58. South America Clove Bud Essential Oil Market, By Distribution Channel, 2019-2032 (USD Million)
59. Brazil Clove Bud Essential Oil Market, By Product Type, 2019-2032 (USD Million)
60. Brazil Clove Bud Essential Oil Market, By Application, 2019-2032 (USD Million)
61. Brazil Clove Bud Essential Oil Market, By Distribution Channel, 2019-2032 (USD Million)
62. Middle East and Africa Clove Bud Essential Oil Market, By Product Type, 2019-2032 (USD Million)
63. Middle East and Africa Clove Bud Essential Oil Market, By Application, 2019-2032 (USD Million)
64. Middle East and Africa Clove Bud Essential Oil Market, By Distribution Channel, 2019-2032 (USD Million)
65. UAE Clove Bud Essential Oil Market, By Product Type, 2019-2032 (USD Million)
66. UAE Clove Bud Essential Oil Market, By Application, 2019-2032 (USD Million)
67. UAE Clove Bud Essential Oil Market, By Distribution Channel, 2019-2032 (USD Million)
68. South Africa Clove Bud Essential Oil Market, By Product Type, 2019-2032 (USD Million)
69. South Africa Clove Bud Essential Oil Market, By Application, 2019-2032 (USD Million)
70. South Africa Clove Bud Essential Oil Market, By Distribution Channel, 2019-2032 (USD Million)
List of Figures
1. Global Clove Bud Essential Oil Market Segmentation
2. Clove Bud Essential Oil Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top-Down Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global Clove Bud Essential Oil Market Attractiveness Analysis by Product Type
9. Global Clove Bud Essential Oil Market Attractiveness Analysis by Application
10. Global Clove Bud Essential Oil Market Attractiveness Analysis by Distribution Channel
11. Global Clove Bud Essential Oil Market Attractiveness Analysis by Region
12. Global Clove Bud Essential Oil Market: Dynamics
13. Global Clove Bud Essential Oil Market Share by Product Type (2022 & 2032)
14. Global Clove Bud Essential Oil Market Share by Application (2022 & 2032)
15. Global Clove Bud Essential Oil Market Share by Distribution Channel (2022 & 2032)
16. Global Clove Bud Essential Oil Market Share by Regions (2022 & 2032)
17. Global Clove Bud Essential Oil Market Share by Company (2022)
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global clove bud essential oil market based on below mentioned segments:
Global Clove Bud Essential Oil Market by Product Type:
Global Clove Bud Essential Oil Market by Application:
Global Clove Bud Essential Oil Market by Distribution Channel:
Global Clove Bud Essential Oil Market by Region:
Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision.
Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.
The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.
Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:
The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.
The data procurement stage involves in data gathering and collecting through various data sources.
This stage involves in extensive research. These data sources includes:
Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:
Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.
Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.
The supply side for a domain specific market is analysed by:
The demand side for the market is estimated through:
In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.
Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:
Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:
Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.
This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.
Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.
The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:
Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.
Free Customization
Fortune 500 Clients
Free Yearly Update On Purchase Of Multi/Corporate License
Companies Served Till Date
