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Self-Tanning Products Market

Self-Tanning Products Market Size By Product Form (Lotions, Gels, spray, cream, oil, and others), By Application (Men, Women), By Distribution Channel (Supermarkets & Hypermarkets, Online), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Base Year: 2021 Historical Data: 2019-20
  • Report ID: TBI-12691
  • Published Date: Mar, 2022
  • Pages: 236
  • Category: Consumer Goods
  • Format: PDF
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The global self-tanning products market is expected to reach USD 845.6 million in 2021 & USD 1490.43 million by 2030, at a CAGR of 6.5% from 2022 to 2030. Self-tanning products market growth would be driven by rising concerns among consumers regarding self-care and skin-related diseases over the forecast period.

Market Overview:

The rising pollution and continuous environmental degradation have caused the rise in temperature leading to harsh sun rays. So because of the increasing temperature, people nowadays are focusing more on their wellness and are taking care of their skin as more exposure to the sun causes sun tanning resulting in skin inflation, premature aging, and burns. So, to prevent these skin conditions, self-tanning products are being used. There are several benefits of using self-tanning products, such as it gives instant and long-lasting results proving much better and even tan to the skin compared to natural tans. The consumption of self-tanning products is more prevalent in pregnant women or many of them use post-pregnancy to hide the visibility of scars and stretch marks on their body. With the onset of innovative and advanced technology, the self-tanning products designed can be used in extreme weather conditions. Rising concerns about skin diseases and other health risks associated with sun exposure for a more extended will boost the demand for self-tanning products in the upcoming years. The self-tanning products provide the skin a tanned look without exposing it to harmful Ultraviolet (UV) rays and are most known as sunless tanners.

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Market Dynamics:

Drivers:
  • Increasing global warming

The increasing global warming is affecting humans and other creatures in many ways. The direct sun’s rays contain UV radiation harmful to the skin and can cause skin allergies and rashes. UV rays burn the uppermost layer of the skin, exposing the inner layer to the sun’s rays. Self-tanning products create an artificial layer on the skin, protecting it from the UV rays. People these days are more concerned about their skin and are looking for options for tanning that can protect their skin without damage. Thus, the market for self-tanning products is expected to get a boost in the forecast period.

Restraints:
  • Lack of awareness

Self-tanning products market growth would be hampered by a lack of awareness among users regarding the products' ingredients. Many people are hesitant of using self-tanning products as there is very little information available regarding these products. There are hardly any advertisements and media prints regarding these products. People are also hesitant of using the products because they have a fear of damaging their skin which can hamper the market growth during the forecast period.

Opportunities:
  • Integration of natural and organic ingredients

Manufacturers of self-tanning products are focusing on using natural and organic ingredients, which are expected to boost the growth of the market in the forecast period. The natural and organic ingredients are less likely to affect the skin in any way which will attract more customers because these days people are focusing on using products made of organic and natural ingredients.

Challenges:
  • Huge investment

The self-tanning products which require natural and organic ingredients are too costly, which is becoming a challenge for the self-tanning products industry. The rising cost of resources, machinery, and other things required in the making of self-tanning products raises the cost of the final product due to which it is not acquiring many customers. This is becoming a challenge for the growth of the market.

Segmentation Analysis:

The global self-tanning products market has been segmented based on product form type, application, distribution channel, and regions.

  • The product form type segment is divided into lotions, gels, spray, cream, oil, and others. The lotion segment dominated the market with a market share of around 26.6% in 2021. Lotion as compared to creams and gels and less expensive and can be easily applied to the skin. Along with the self-tanning lotions contain less oil or are sometimes completely oil-free which makes them suitable for most skin types.
  • The application segment is divided into men & women. Over the forecast period, the women segment is expected to grow at the fastest CAGR of 10.2%. Compared to men women are more conscious about their skin and are adding more grooming products in their daily routine to enhance their appearance and confidence.
  • The distribution channel segment is divided into online, supermarkets & hypermarkets. In 2021, the supermarkets & hypermarkets segment dominated the market, accounting for around 63% of global revenue. Supermarkets organize their products so that it gains the attention of the customers and people who are curious about trying new things purchase the self-tanning products. Supermarkets have a wide range of products under a single roof which becomes the main attraction for customers.
Regional Segmentation Analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. Europe emerged as the largest market for the global self-tanning products market, with a 36.6% share of the market revenue in 2021.

  • Europe currently dominates the self-tanning product market with a 36.6% share of the market revenue in 2021. With the increasing regulations on DHA by the government in self-tan products because of the possible side effects they have on the skin, the preferences for consumers changed and shifted towards natural and organic self-tanning lotions resulting in the growth of the market.
  • The Asia Pacific is expected to be the fastest-growing during the forecast period. The rising demand for skin care products in emerging markets of India and China is due to factors such as the launch of several new products made of organic and natural products, rising concern for skin health among people, and the harmful effects of UV rays on the skin are likely to influence the Asia Pacific market in a positively.

Europe Region Self-Tanning Products Market Share in 2021 - 36.6%

 

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Competitive Analysis:

The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global self-tanning products industry.

In August 2021, CosmoSun was launched by Cosmopolitan in collaboration with Devoted Creations which is a line of vegan, cruelty-free, and nut-free tan products and other sun-care items. The product range includes Instant Body Bronzer, Sunless Mousse, Overnight Sunless Lotion, Sun Lotion with Shimmer, and Liquid Sunshine tanning water.

BONDI Sands launched an eco-friendly pure fake tan with 100% recyclable packaging in January 2021.

List of Key Market Players:

  • The Estée Lauder Companies Inc.
  • L’Oréal
  • Shiseido Co., Ltd.
  • St. Tropez
  • Unilever
  • Kao Corporation
  • Beiersdorf AG
  • Johnson & Johnson Services, Inc.
  • Avon Products, Inc.
  • Clarins

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities
  • Consulting And Research Firm
  • Venture capitalists
  • Third-party knowledge providers
  • Value-Added Resellers (VARs)

Report Description:

  • Global self-tanning products Market, Industry Analysis, Trends, Analysis and Forecast, 2022 to 2030 is a forthcoming/imminent research report which is to be published by The Brainy Insights.
  • 2021 is considered the base year of the report. 2019 and 2020 are considered as the historic years and 2022 to 2030 are the forecast years. The global self-tanning products market is based on revenue (USD Million). The report incorporates the market study based on revenue. The study covers the market share revenue/market share/volume for each of the segments, regions, and countries catering to the global self-tanning products market. The regions analyzed for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
  • The report encompasses the relative data & information, which have been validated by the leading industry professionals and experts across the globe. The research report also delivers an outline of the attractiveness of self-tanning products based on product form type, application, Distribution Channel, and regions which are deduced and formulated based on their growth rate (CAGR), market size, and attractiveness by analyzing the present and prospects to fathom market growth and development in future.
  • The report illustrates the detailed (both quantitative and qualitative) analysis of historical data, revenues, key developments, along with the crucial strategies adopted by key organizations catering to the global self-tanning products market. This offers vital and in-depth insights to depict the overall market scenario.
  • The report offers a detailed study for the company profiles of key organizations operating in the global self-tanning products market and a comparative assessment based on their product offering, business overviews, geographic presence, business strategies, segment market share, product development & innovations, recent developments, joint venture, partnerships, mergers & acquisitions, strategic alliances, SWOT analysis, and key financial information. This helps in evaluating the overall competition present in the market scenario.
  • The report provides an elaborative assessment of the porter’s five forces analysis coupled with SWOT analysis to provide business-related data and information. Porter’s five forces model is analyzed to understand the overall competitive scenario that is prevailing in the market. Additionally, the SWOT analysis identifies both the positive and negative attributes of the market development which influences the company's growth and development to sustain and survive in the long run.
  • Along with that, the report also focuses on the market-related driving factors, growth limitations (restraints), potential industry opportunities, significant trends, and development which act as a key potential for the investors.
  • Potential growth prospects along with the penetration rate analysis of the product (market-related i.e., global self-tanning products market) are covered to comprehend the adoption rate and evaluate the market size. 

Frequesntly Asked Questions

As per The Brainy Insights, the size of the self-tanning product market was valued at USD 845.6 million in 2021 to USD 1490.43 million by 2030.

The global self-tanning products market is growing at a CAGR of 6.5% during the forecast period 2022-2030.

The global self-tanning products market has been segmented based on product form, application, distribution channel, and regions. The lotion segment led the market in 2021. The women segment led the market in 2021.

Europe emerged as the largest market for self-tanning products.

The market's growth will be influenced by the increasing global warming.

Lack of awareness could hamper the market growth.

Integration of natural and organic ingredients in the manufacture of self-tanning products will provide huge opportunities to the market.

Key players are The Estée Lauder Companies Inc., L’Oréal, Shiseido Co., Ltd., St. Tropez, Unilever, Kao Corporation, Beiersdorf AG, Johnson & Johnson Services, Inc., Avon Products, Inc., and Clarins.

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  • Further segmentation of the market on the basis of type, application, end use, product, technology, method, process and any other segment depending on the market
  • Segmentation on the basis of any specific country or region
  • Any segment can be classified on the basis of application
  • Application segment can be further divided on the basis of companies
  • The companies profiled are not limited, we can incorporate additional companies of your choice
  • We can split the company market share on the basis of product, application and region
  • Report can be prepared for any specific country/region/segment
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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 form
          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. Increasing global warming
    5.3. Restraints
          5.3.1. Lack of awareness
    5.4. Opportunities
          5.4.1. Integration of natural and organic ingredients
    5.5. Challenges
          5.5.1. Huge investment

6. Global Self-Tanning Products Market Analysis and Forecast, By Product form
    6.1. Segment Overview
    6.2. Lotions
    6.3. Gels
    6.4. Creams
    6.5. Spray
    6.6. Oil
    6.7. Other

7. Global Self-Tanning Products Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Men
    7.3. Women

8. Global Self-Tanning Products Market Analysis and Forecast, By Distribution Channel
    8.1. Segment Overview
    8.2. Online
    8.3. Supermarket & Hypermarket

9. Global Self-Tanning Products 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 Self-Tanning Products Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Self-Tanning Products 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. The Estée Lauder Companies Inc.
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Component Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. L’Oréal
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Component Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. Shiseido Co., Ltd.
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Component Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. St. Tropez
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Component Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. Unilever
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Component Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Kao Corporation
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Component Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. Beiersdorf AG
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Component Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. Johnson & Johnson Services, Inc.
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Component Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. Avon Products, Inc.
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Component Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. Clarins
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Component Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis
 

List of Table

1. Global Self-Tanning Products Market, By Product Form, 2019-2030 (USD Million) 

2. Global Lotions Self-Tanning Products Market, By Region, 2019-2030 (USD Million) 

3. Global Gels Self-Tanning Products Market, By Region, 2019-2030 (USD Million) 

4. Global Spray Self-Tanning Products Market, By Region, 2019-2030 (USD Million) 

5. Global Cream Self-Tanning Products Market, By Region, 2019-2030 (USD Million) 

6. Global Oil Self-Tanning Products Market, By Region, 2019-2030 (USD Million) 

7. Global Others Self-Tanning Products Market, By Region, 2019-2030 (USD Million) 

8. Global Self-Tanning Products Market, By Application, 2019-2030 (USD Million) 

9. Global Men Self-Tanning Products Market, By Region, 2019-2030 (USD Million) 

10. Global Women Self-Tanning Products Market, By Region, 2019-2030 (USD Million) 

11. Global Self-Tanning Products Market, By Distribution Channel, 2019-2030 (USD Million) 

12. Global Online Self-Tanning Products Market, By Region, 2019-2030 (USD Million) 

13. Global Supermarkets & Hypermarkets Self-Tanning Products Market, By Region, 2019-2030 (USD Million) 

14. Global Self-Tanning Products Market, By Region, 2019-2030 (USD Million) 

15. North America Self-Tanning Products Market, By Product Form, 2019-2030 (USD Million) 

16. North America Self-Tanning Products Market, By Application, 2019-2030 (USD Million) 

17. North America Self-Tanning Products Market, By Distribution Channel, 2019-2030 (USD Million) 

18. U.S. Self-Tanning Products Market, By Product Form, 2019-2030 (USD Million) 

19. U.S. Self-Tanning Products Market, By Application, 2019-2030 (USD Million) 

20. U.S. Self-Tanning Products Market, By Distribution Channel, 2019-2030 (USD Million) 

21. Canada Self-Tanning Products Market, By Product Form, 2019-2030 (USD Million) 

22. Canada Self-Tanning Products Market, By Application, 2019-2030 (USD Million) 

23. Canada Self-Tanning Products Market, By Distribution Channel, 2019-2030 (USD Million) 

24. Mexico Self-Tanning Products Market, By Product Form, 2019-2030 (USD Million) 

25. Mexico Self-Tanning Products Market, By Application, 2019-2030 (USD Million) 

26. Mexico Self-Tanning Products Market, By Distribution Channel, 2019-2030 (USD Million) 

27. Europe Self-Tanning Products Market, By Product Form, 2019-2030 (USD Million) 

28. Europe Self-Tanning Products Market, By Application, 2019-2030 (USD Million) 

29. Europe Self-Tanning Products Market, By Distribution Channel, 2019-2030 (USD Million) 

30. Germany Self-Tanning Products Market, By Product Form, 2019-2030 (USD Million) 

31. Germany Self-Tanning Products Market, By Application, 2019-2030 (USD Million) 

32. Germany Self-Tanning Products Market, By Distribution Channel, 2019-2030 (USD Million) 

33. France Self-Tanning Products Market, By Product Form, 2019-2030 (USD Million) 

34. France Self-Tanning Products Market, By Application, 2019-2030 (USD Million) 

35. France Self-Tanning Products Market, By Distribution Channel, 2019-2030 (USD Million) 

36. U.K. Self-Tanning Products Market, By Product Form, 2019-2030 (USD Million) 

37. U.K. Self-Tanning Products Market, By Application, 2019-2030 (USD Million) 

38. U.K. Self-Tanning Products Market, By Distribution Channel, 2019-2030 (USD Million) 

39. Italy Self-Tanning Products Market, By Product Form, 2019-2030 (USD Million) 

40. Italy Self-Tanning Products Market, By Application, 2019-2030 (USD Million) 

41. Italy Self-Tanning Products Market, By Distribution Channel, 2019-2030 (USD Million) 

42. Spain Self-Tanning Products Market, By Product Form, 2019-2030 (USD Million) 

43. Spain Self-Tanning Products Market, By Application, 2019-2030 (USD Million) 

44. Spain Self-Tanning Products Market, By Distribution Channel, 2019-2030 (USD Million) 

45. Asia Pacific Self-Tanning Products Market, By Product Form, 2019-2030 (USD Million) 

46. Asia Pacific Self-Tanning Products Market, By Application, 2019-2030 (USD Million) 

47. Asia Pacific Self-Tanning Products Market, By Distribution Channel, 2019-2030 (USD Million) 

48. Japan Self-Tanning Products Market, By Product Form, 2019-2030 (USD Million) 

49. Japan Self-Tanning Products Market, By Application, 2019-2030 (USD Million) 

50. Japan Self-Tanning Products Market, By Distribution Channel, 2019-2030 (USD Million) 

51. China Self-Tanning Products Market, By Product Form, 2019-2030 (USD Million) 

52. China Self-Tanning Products Market, By Application, 2019-2030 (USD Million) 

53. China Self-Tanning Products Market, By Distribution Channel, 2019-2030 (USD Million) 

54. India Self-Tanning Products Market, By Product Form, 2019-2030 (USD Million) 

55. India Self-Tanning Products Market, By Application, 2019-2030 (USD Million) 

56. India Self-Tanning Products Market, By Distribution Channel, 2019-2030 (USD Million) 

57. South America Self-Tanning Products Market, By Product Form, 2019-2030 (USD Million) 

58. South America Self-Tanning Products Market, By Application, 2019-2030 (USD Million) 

59. South America Self-Tanning Products Market, By Distribution Channel, 2019-2030 (USD Million) 

60. Brazil Self-Tanning Products Market, By Product Form, 2019-2030 (USD Million) 

61. Brazil Self-Tanning Products Market, By Application, 2019-2030 (USD Million) 

62. Brazil Self-Tanning Products Market, By Distribution Channel, 2019-2030 (USD Million) 

63. Middle East and Africa Self-Tanning Products Market, By Product Form, 2019-2030 (USD Million) 

64. Middle East and Africa Self-Tanning Products Market, By Application, 2019-2030 (USD Million) 

65. Middle East and Africa Self-Tanning Products Market, By Distribution Channel, 2019-2030 (USD Million) 

66. UAE Self-Tanning Products Market, By Product Form, 2019-2030 (USD Million) 

67. UAE Self-Tanning Products Market, By Application, 2019-2030 (USD Million) 

68. UAE Self-Tanning Products Market, By Distribution Channel, 2019-2030 (USD Million) 

69. South Africa Self-Tanning Products Market, By Product Form, 2019-2030 (USD Million) 

70. South Africa Self-Tanning Products Market, By Application, 2019-2030 (USD Million) 

71. South Africa Self-Tanning Products Market, By Distribution Channel, 2019-2030 (USD Million) 

List of Figures 

1. Global Self-Tanning Products Market Segmentation

2. Self-Tanning Products 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 Self-Tanning Products Market Attractiveness Analysis By Product form

9. Global Self-Tanning Products Market Attractiveness Analysis By Application

10. Global Self-Tanning Products Market Attractiveness Analysis By Distribution Channel

11. Global Self-Tanning Products Market Attractiveness Analysis By Region

12. Global Self-Tanning Products Market: Dynamics

13. Global Self-Tanning Products Market Share by Product form (2022 & 2030)

14. Global Self-Tanning Products Market Share by Application (2022 & 2030)

15. Global Self-Tanning Products Market Share by Distribution Channel (2022 & 2030)

16. Global Self-Tanning Products Market Share by Regions (2022 & 2030)

17. Global Self-Tanning Products Market Share by Company (2021)

This study forecasts revenue at global, regional, and country levels from 2022 to 2030. The Brainy Insights has segmented the global self-tanning products market based on the below-mentioned segments:

Global Self-Tanning Products Market by Product form:

  • Lotions
  • Gels
  • Creams
  • Spray
  • Oil
  • Other

Global Self-Tanning Products Market by Application:

  • Men
  • Women

Global Self-Tanning Products Market by Distribution Channel:

  • Online
  • Supermarket & Hypermarket

Global Self-Tanning Products Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

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:

MARKET RESEARCH PROCESS

Data Procurement:

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:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

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:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

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:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

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:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

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:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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