Industrial Chocolate Market worth US$ 97 Billion by 2033

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Industrial Chocolate Market worth US$ 97 Billion by 2033

February 28th, 2023 Fact.MR Leave a comment

The global industrial chocolate market is expected to exhibit promising growth opportunities because of the rising awareness about the health advantages of consuming high-quality chocolates. As per Fact.MR, a provider of market research and competitive intelligence, sales of industrial chocolate are projected to reach a market valuation of USD 97 billion by the end of 2033, increasing at a CAGR of 4.5% over the next ten years.

Global demand for sugar-free, vegan, gluten-free, and organic chocolates has been steadily rising in recent years because of the increasing preference for healthier and more sustainable food options. Additionally, during the COVID-19 pandemic, many people turned to chocolate as a means of boosting their mood and reducing stress levels.

The belief among consumers in the excellence of single-origin and bean-based chocolates over bar chocolates has resulted in increased investments by industry players to manufacture such products. Additionally, the growing preference for the bean-to-bar approach is driving the demand for premium and specialty chocolate products. Furthermore, the trend of single-origin cocoa is fueling innovation and the creation of new products.

Some health experts claim that moderate consumption of cocoa can increase levels of serotonin, which can work as an antidepressant to calm the human brain. Furthermore, cocoa is also responsible for the release of endorphins in the human body, which can quickly improve mood.

According to data provided by the World Population Review, 3.5% of the global population suffers from depression.

Thus, the growing prevalence of mental illnesses, including depression and anxiety, can promote the demand for industrial chocolate-based products. Consumption of chocolate can reduce the release of cortisol, a stress hormone. The inclusion of chocolates in regular diets can help avoid reliance on medication and mitigate health issues.

Sales of chocolates are estimated to increase through 2033 due to their ability to induce happiness and relax the mind. Increasing awareness regarding preventative healthcare is expected to create profitable prospects for industry participants.

The global industrial chocolate market is also expected to be influenced by the growing awareness of the health benefits associated with consuming dark chocolate.

A study conducted by Cleveland Clinic demonstrated that dark chocolate can enhance blood circulation and reduce the risk of heart disease.

Moderate consumption of dark chocolate can also improve brain function and lower blood pressure, owing to the presence of crucial minerals such as iron, zinc, copper, phosphorus, and magnesium.

Last but not least, the implementation of eye-catching packaging solutions and the advancement of chocolate-based products to premium status to attract consumers’ attention are projected to create profitable opportunities for industrial chocolate suppliers.

Key Takeaways from Market Study

The industrial chocolate market is predicted to advance at a CAGR of 4.5% from 2023 to 2033.
Sales of single-origin chocolates are estimated to reach US$ 62.4 billion in 2023.
Demand for industrial chocolate is projected to reach US$ 97 billion by 2033.

Competitive Landscape

Key manufacturers of industrial chocolate are investing in innovation to gain a competitive edge in the global market.

For instance:

In March 2022, Barry Callebaut announced the expansion of its unit in Campbellfield, Melbourne, Australia. This strategic initiative is aimed at strengthening the company’s presence in Asia Pacific by focusing on the development of safe and high-quality products.
Blommer Chocolate Company is a subsidiary of Fuji Co., Ltd. In January 2022, the company announced the opening of its R&D laboratory in Chicago. This facility is expected to enhance the company’s R&D capabilities and enable it to explore innovative and improved ways to support its business.
In January 2021, Mars Inc. launched two vegan chocolates as part of the ‘Veganuary’ trend, as many people generally commit to following only a vegan diet throughout January. These newly launched chocolate bars are the vegan versions of Bounty and Topic and are named Bounty Vegan and Topic Vegan, respectively.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global industrial chocolate market for the period of 2023 to 2033.

The study divulges essential insights into the market on the basis of product (cocoa butter, cocoa liquor, cocoa powder) and end use (confectionery products, biscuits & bakery products, dairy & desserts, ice creams & frozen items, cereals, others), across 5 major regions of the world (North America, Europe, Asia Pacific, Latin America, and the MEA).

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Global Laboratory Robotics Market to Touch Valuation of US$ 527.56 Million by 2031

January 30th, 2023 Astute Analytica Leave a comment

Global laboratory robotics market generated a revenue of USD 289.38 million in 2022 and is projected to attain a value of USD 527.56 million by 2031 at a CAGR of 6.9% during the forecast period 2023–2031.

Laboratory robotics is still in its early stages of development but is growing rapidly, which presents both challenges and opportunities. On one hand, there is still a lot of room for improvement in terms of technology and efficiency. However, this also means that there is significant potential for growth and innovation in this sector. The majority of companies in the laboratory robotics market are small, with only a few large players. However, the industry is expected to grow rapidly in the coming years, as laboratory robots become more widely adopted. The major drivers for this growth are the increasing automation of laboratories and the need for faster and more accurate results. Currently, there are three main types of laboratory robots: automated liquid handlers, autoclave washers, and cell culture systems.

The most of this growth of the global laboratory robotics market was driven by the pharmaceutical and biotechnology industries, which were using robots to speed up drug discovery and development processes. The report also found that the use of robots was becoming more widespread in other industries, such as food and beverage, chemicals, and oil and gas. In addition, the report found that robots were being used more extensively in research laboratories, particularly in academic settings.

Finally, the report found that there was a growing trend of companies outsourcing their laboratory robotics needs to specialized providers. This was especially true for small and medium-sized companies that did not have the internal resources to develop and maintain their own robotic infrastructure.

High Investment Cost and Lack of Standardization to Imped Laboratory Robotics Market Growth to Some Extent

Astute Analytica expects that new types of robots will emerge in the future as technology advances. One of the key challenges facing the industry is the high cost of investment. Laboratory robotics are generally more expensive than traditional manual methods and this can hamper adoption.

Another challenge is the lack of standardization across different platforms which can make it difficult to compare results and replicate experiments. Our study believes that these challenges can be overcome with continued innovation and investment in the sector. The report on laboratory robotics market contains a number of recommendations for both suppliers and users of laboratory robotics. Suppliers should focus on developing new applications and improving usability while users should seek to increase collaboration between different stakeholders to drive adoption.

Key Market Trends to Watch Out

Astute Analytica’s analysis of laboratory robotics market enabled it to identify several key trends shaping the market.

First, the industry is benefiting from the continued development of new robotic technologies.
Second, laboratory robotics companies are consolidating at a rapid pace.
And third, the industry is shifting from North America and Europe to Asia.

The continued development of new robotic technologies is driving growth in the laboratory robotics industry. Newer, more advanced robots are entering the market, and they are becoming more affordable. This is making laboratory robotics more accessible to a wider range of customers, including small- and medium-sized laboratories.

The industry is also benefiting from the consolidation of laboratory robotics companies. A growing number of firms are acquiring other companies in the space, which is helping them to expand their product offerings and gain scale advantages. The consolidation trend is also making the industry more efficient and reducing costs.

Finally, the laboratory robotics market is shifting from North America and Europe to Asia. This reflects the growing economic importance of Asia as a market for Laboratory robotics products and services.

Three Major Shifts are Underway in Global Laboratory Robotics Market

Astute Analytica’s analysis also Identifies three major shifts that are under way in the market:

A move from low-end to high-end applications
A move from disconnected to integrated systems
A move from custom-built to off-the-shelf solutions

These shifts are being driven by advances in technology and changes in customer preferences, and they are changing the competitive landscape of the laboratory robotics market. Interestingly, the number of companies offering automated liquid handlers has remained relatively constant over the past few years, even as other segments have seen new entrants. This is due to the fact that liquid handlers are typically used for high-throughput screening applications, which require a different set of capabilities than other segments.

As a result, the automated liquid handling segment has been relatively insulated from commoditization pressures. In contrast, the other segments of the laboratory robotics market have seen a proliferation of new entrants in recent years. This is in line with the fact that these segments are less capital intensive and have lower barriers to entry than automated liquid handling.

Laboratory Robotics Market Gaining Momentum for Drug Discovery

As drug discovery becomes increasingly reliant on high-throughput techniques, laboratory robotics is playing an increasingly important role. Automated liquid handling robots are now commonplace in many research laboratories, and are used for a variety of tasks such as plate washing, reagent dispensing and nucleic acid extraction. In addition to their routine use in drug discovery, laboratory robotics is also being used to create new drugs. For example, automated DNA synthesis and peptide synthesis are both powerful tools that can be used to create new molecules for testing.

The increasing use of laboratory robotics is having a major impact on the speed and efficiency of drug discovery. With more and more tasks being automated, researchers are able to focus on other aspects of their work, leading to faster progress towards new treatments.

There are several reasons for the increasing use of laboratory robotics market in drug discovery.

First, they can automate tedious and time-consuming tasks, such as pipetting and media preparation. This frees up scientists to focus on more complex tasks. Second, they can increase throughput by running multiple experiments simultaneously.
Third, they provide greater accuracy and precision than manual methods, which is critical for drug discovery where failure rates are high.
Finally, they improve reproducibility by ensuring that experiments are carried out in a consistent manner.

Laboratory robotics market is becoming an increasingly important tool in drug discovery. Their ability to automate repetitive tasks, increase throughput, and improve accuracy and reproducibility makes them invaluable for this application.

Some of the Top Market Players Are:

AB Controls
Aerotech
Anton Paar
Aurora Biomed
Biosera
Chemspeed Technologies
Cleveland Automation Engineering
Hamilton Robotics
HighRes Biosolutions
Hudson Robotics
Labman
PerkinElmer Inc.
Protedyne (LabCorp)
Siemens AG
ST Robotics
Tecan Group
Thermo Fisher Scientific
Universal Robots
Yaskawa Electric
Other Prominent Players

About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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U.S. Decaffeinated Coffee Price Fluctuated Mildly over 2022

January 25th, 2023 IndexBox Leave a comment

U.S. Decaffeinated Coffee Import Price per Ton July 2022

In July 2022, the decaffeinated coffee price per ton amounted to $6,601, growing by 2% against the previous month. Over the period from January 2022 to July 2022, it increased at an average monthly rate of +2.4%. The most prominent rate of growth was recorded in March 2022 an increase of 13% m-o-m. The import price peaked at $6,602 per ton in May 2022; afterwards, it flattened through to July 2022.

There were significant differences in the average prices amongst the major supplying countries. In July 2022, the country with the highest price was Colombia ($6,656 per ton), while the price for Vietnam ($3,492 per ton) was amongst the lowest. From January 2022 to July 2022, the most notable rate of growth in terms of prices was attained by Colombia (+4.3%), while the prices for the other major suppliers experienced more modest paces of growth.

U.S. Decaffeinated Coffee Import Prices by Type

Prices varied noticeably by the product type; the product with the highest price was roasted decaffeinated coffee ($20,453 per ton), while the price for unroasted decaffeinated coffee stood at $5,687 per ton.

From January 2022 to July 2022, the most notable rate of growth in terms of prices was attained by unroasted decaffeinated coffee (+2.5%).

U.S. Decaffeinated Coffee Imports

Decaffeinated coffee imports into the United States amounted to 8.8K tons in July 2022, with an increase of 15% on the month before. Overall, imports continue to indicate a modest expansion. The most prominent rate of growth was recorded in April 2022 with an increase of 20% against the previous month. As a result, imports attained the peak of 9.1K tons. From May 2022 to July 2022, the growth of imports remained at a lower figure.

In value terms, decaffeinated coffee imports soared to $58M (IndexBox estimates) in July 2022. The total import value increased at an average monthly rate of +3.4% over the period from January 2022 to July 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in March 2022 when imports increased by 32% m-o-m. Imports peaked in July 2022.

U.S. Decaffeinated Coffee Imports by Type

In July 2022, unroasted decaffeinated coffee (8.2K tons) was the main type of decaffeinated coffee supplied to the United States, accounting for a 94% share of total imports. Moreover, unroasted decaffeinated coffee exceeded the figures recorded for the second-largest type, roasted decaffeinated coffee (543 tons), more than tenfold.

From January 2022 to July 2022, the average monthly rate of growth in terms of the volume of import of unroasted decaffeinated coffee was relatively modest.

In value terms, unroasted decaffeinated coffee ($47M) constituted the largest type of decaffeinated coffee supplied to the United States, comprising 81% of total imports. The second position in the ranking was held by roasted decaffeinated coffee ($11M), with a 19% share of total imports.

U.S. Decaffeinated Coffee Imports by Country

Brazil (1.8K tons), Germany (1.5K tons) and Mexico (1.3K tons) were the main suppliers of decaffeinated coffee imports to the United States, together accounting for 52% of total imports.

From January 2022 to July 2022, the biggest increases were in Brazil (with a CAGR of +7.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($9.6M), Germany ($8.8M) and Colombia ($8.5M) appeared to be the largest decaffeinated coffee suppliers to the United States, with a combined 47% share of total imports.

Colombia, with a CAGR of +10.3%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Source: https://www.indexbox.io/blog/decaffeinated-coffee-price-per-ton-july-2022/

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Digital Lending Platform Market Revenue to cross $59 Bn by 2032

January 23rd, 2023 Global Market Insights Leave a comment

As per a recent industry report put forward by Global Market Insights, Inc. Digital Lending Platform Market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 59 billion by 2032 with a projected CAGR of 20.5% over 2023-2032.

Digital lending and digital mortgage have emerged as prominent concepts in the field of online banking. Over the past few years, the financial sector has undergone rapid digitization with the emergence of novel banking needs.

Digital mortgage is rapidly replacing traditional loan processing systems as it provides a holistic experience to lenders as well as borrowers. Lenders are increasingly implementing modern digital mortgage strategies across targeted marketing, auditing, loan closing, and lead generation activities. Owing to the ease and level of sophistication, a combination of hyper-automated tools, big data analytics, and real-time digital mortgage applications are gaining demand among businesses.

In November 2022, Navi Technologies, an Indian financial service provider, unveiled its cloud-based real-time co-lending platform, called Navi Lending Cloud (NLC). The platform aims to support direct assignment collaboration and digital management co-lending with banks and NBFCs.

The digital lending platform market is classified into component, solutions, service, deployment, business model, product, application, and region.

Based on solution, Point of Sale (POS) systems held more than a 10% share of the digital lending platform industry in 2022. POS systems enable lenders to source and validate documents and e-signatures of credit customers and facilitate conditional decisions instantly. Advancements in mortgage POS systems allow lenders to process loans more efficiently and manage large volumes of data regarding lending rates, borrower behavior, and risks.

In terms of service, the digital lending platform market share from design & implementation is anticipated to record over 21.5% CAGR from 2023-2032. Design and implementation service providers are expected to address the growing need for robust and validated digital asset management processes. Technological advancements and rapid integration of artificial intelligence (AI) will enable the automation of services pertaining to the design & implementation of digital lending platforms.

By deployment, the market landscape is fragmented into cloud and on-premise deployment. The cloud segment is projected to exhibit over 20% CAGR through 2032. Due to low maintenance features and cost-effectiveness, cloud-based digital lending is picking up pace. Increasing demand for fast processing, documentation storage, and reduced cost and time consumption associated with loan processing will proliferate cloud-based digital lending platforms.

With regards to the business model, the industry is segregated into staff-driven, and customer driven. The staff-driven segment is expected to witness promising growth between 2023-2032. Digital lending platforms cater to staff needs including loan disbursement, customer acquisition, and repayment. Growing end-user requirements to reduce the risk of fraud and improve loan processing efficiencies will accelerate the segment growth.

Based on product, mortgage loan accounted for more than 15% share of the digital lending platform in 2022. Large mortgage banks are increasingly implementing digital strategies and technologies to boost the traction of credit seekers for mortgage loan. Digital mortgage solutions reduce costs per loan, allowing considerable savings. The influx of smart technologies will advance the capabilities of mortgage lifecycles on digital lending platforms.

From a regional perspective, North America digital lending platform market share was more than 38% in 2022. Rapid digitization of banking services in the region has resulted in the acquisition of open-banking platforms. A large number of fintech giants in the U.S. and Canada are ramping up efforts to digitize lending processes and safeguard financial services. For instance, in September 2022, J.P. Morgan announced plans to acquire Renovite Technologies, Inc., a cloud-native payments technology firm to modernize payment infrastructure.

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ASEAN & US Corporate Wellness Market to Hit Sales of US$ 30.82 Million by 2030

January 19th, 2023 Astute Analytica Leave a comment

ASEAN & US corporate wellness market is anticipated to reach valuation of US$ 30.82 Mn in 2030 from US$ 18.29 Mn in 2021. The market is expected to register healthy growth at a CAGR of 5.88 % during the forecast period 2022–2030.

Astute Analytica’s analysis of the ASEAN and US corporate wellness market shows that the market is growing rapidly, with companies spending an average of $350 per employee on wellness programs per annum. This growth is driven by a belief that these programs can improve employee health and productivity, as well as by a desire to control healthcare costs.

Our research indicates that there are four key trends driving the growth of the corporate wellness market:

The increasing prevalence of chronic disease: Chronic diseases like obesity, diabetes, and heart disease are becoming more common, and they are costly to treat. Employers believe that wellness programs can help prevent these conditions from developing in the first place, or at least help manage them better to control costs.
The aging of the workforce: An aging workforce is another trend driving demand for corporate wellness programs. As baby boomers reach retirement age, companies are worried about losing their knowledge and experience. Wellness programs can help keep older workers healthy and productive for longer.
The rising cost of healthcare: The cost of healthcare is rising rapidly in the corporate wellness market, which is putting pressure on companies’ bottom lines. Wellness programs can help control these costs by promoting preventive care and early detection of health problems.
Changing attitudes towards health and wellness: There is a growing awareness of the importance of healthy lifestyles, and employees are demanding more workplace support for their wellness goals.

Astute Analytica’s Survey Reveals There is Room For Providing Comprehensive Corporate Wellness Program

In its annual survey of ASEAN and US corporate wellness market, Astute Analytica found that most organizations have wellness programs in place, but few are effective in improving employee health and well-being. The survey found that only 19% of organizations have comprehensive wellness programs that address all aspects of health and well-being, including physical, mental, social, and financial wellbeing. Most organizations (52%) have wellness programs that focus on physical health only, while another 29% have programs that address multiple dimensions of health but are not comprehensive. We also found that organizations are not doing enough to engage employees in their wellness programs. Only 30% of respondents said their organization’s wellness program was very effective in engaging employees, while another 24% said it was somewhat effective.

Just over one-third (36%) said their program was not effective at all in engaging employees in the ASEAN and US corporate wellness market. When it comes to measuring the success of corporate wellness programs, the survey found that most organizations are relying on traditional metrics such as absenteeism (53%) and health care costs (50%). However, only a minority of organizations are using more holistic measures such as employee engagement (28%), productivity (24%), or retention (21%). To be successful, corporate wellness programs need to be comprehensive, engaging, and measurable. Most organizations still have a long way to go to meet these criteria.

Astute Analytica’s survey of corporate wellness market found that the majority of respondents (64%) view their company’s wellness program as important or very important. Additionally, nearly 51% of those surveyed believe their wellness program has a moderate or significant impact on improving health outcomes and reducing healthcare costs. This suggests that there is room for improvement in the way many corporates approach employee wellness. One way to improve corporate wellness programs is to make them more comprehensive. A comprehensive wellness program should address physical, mental, and emotional health. It should also provide support for healthy lifestyle choices, including nutrition and exercise. Additionally, it should address stress management and offer employees ways to manage their work-life balance.

Employee Engagement and High Cost to Remain Key Challenges in ASEAN and US Corporate Wellness Market

Corporate wellness programs are designed to improve the health and well-being of employees, but they can be difficult to implement and manage. Here are some of the top challenges faced by corporate wellness professionals:

1. Employee Engagement: One of the biggest challenges is getting employees to participate in wellness programs. Even if employees are interested in improving their health, they may not want to take part in activities or use services that are offered through a corporate wellness program. There are many reasons why employees may not engage with wellness programs, including lack of time, perceived cost, or feeling like the program is not relevant to them in the ASEAN and US corporate wellness market.

2. Program Effectiveness: Another challenge is ensuring that corporate wellness programs are actually effective. There is no one-size-fits-all approach to wellness, so it can be difficult to design programs that meet the needs of all employees. Additionally, it can be hard to measure the success of wellness programs, since there are many factors that can affect an individual’s health.

3. Limited Resources: Corporate wellness programs can be expensive to implement and maintain. Many companies do not have the budget to invest in comprehensive wellness initiatives, and even when they do, there may not be enough resources to support all employees. This can make it difficult to provide high-quality services and programming. Additionally, companies may not have the internal staff needed to manage a corporate wellness program effectively.

Top 4 Players Generate Over 40% Revenue of ASEAN and US Corporate Wellness Market

According to Astute Analytica’s analysis, the top four players in the corporate wellness market are EXOS, Vitality Group, ADURO, INC., and ComPsych and are holding over 40% market share. These companies have been successful in creating and sustaining a corporate culture of health and wellness, which has resulted in improved employee productivity and engagement, lower healthcare costs, and reduced absenteeism.

EXOS is a global leader in human performance with a comprehensive approach to wellness that empowers people to reach their potential. The company held over 11% market share in 2021.

EXOS is a leading provider of corporate wellness solutions, with a comprehensive offering that includes fitness center management, on-site fitness programs, health coaching, and digital health tools. The company has a strong track record of partnering with large employers to drive engagement and improve outcomes. Our analysis shows that EXOS is well-positioned to capitalize on the growth of the corporate wellness market. The company’s comprehensive offerings, track record of success, and reputation for innovation make it an attractive partner for large employers looking to invest in employee health and wellness.

Apart from this, EXOS has a strong value proposition for employers. Their services can help organizations reduce health care costs, improve employee productivity, and attract and retain top talent. EXOS has a broad portfolio of services that helps them address the needs of a wide range of employers. EXOS has a strong team of experts who are passionate about helping people optimize their health and performance. The company has a clear vision for the future of workplace wellness, and they are investing in the technologies and capabilities that will help them realize this vision.

Trends

The ASEAN and US corporate wellness market is on the rise, with more companies looking to promote employee health and well-being. Here are some of the top trends in these markets:

1. Corporate wellness programs are becoming more comprehensive. Companies are increasingly offering comprehensive wellness programs that address physical, mental, and emotional health. These programs may include on-site clinics and fitness centers, mental health support, stress management resources, and more.

2. Technology is playing a bigger role in wellness programs. Today, companies in the corporate wellness market are using technology to make their wellness programs more engaging and effective. Fitness tracking devices, apps, and online platforms are being used to motivate employees and help them track their progress.

3. Wellness programs are becoming more personalized. Companies are tailoring their wellness programs to the needs of their employees. This may include offering targeted programs for specific demographics, such as new parents or those with chronic health conditions.

4. Companies are focused on preventing illness and promoting healthy behavior change. Preventative care is a key focus for many companies, as it can help reduce healthcare costs and absenteeism. Employers are also working to promote healthy lifestyle choices, such as quitting smoking or eating healthier foods.

5. There is a growing emphasis on mental health in the workplace. Mental health issues can lead to absenteeism, decreased productivity, and increased healthcare costs. As such, many companies in the corporate wellness market are increasingly focusing on improving productivity and overall output.

Top Players in the ASEAN & US Corporate Wellness Market

ADURO, INC
Beacon Health Options
Central Corporate Wellness
ComPsych
EXOS
Marino Wellness
Privia Health
Provant Health Solutions
SOL Wellness
Truworth Wellness
Virgin Pulse
Vitality Group
Well Nation and Fitbit, Inc.
Wellness Corporate Solutions
Wellsource, Inc
Other Prominent Players

About Astute Analytica

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Spark Plug Price in U.S. Drops 32% to $0.5 per unit

January 16th, 2023 IndexBox Leave a comment

U.S. Spark Plug Import Price August 2022

In August 2022, the average spark plug price amounted to $0.5 per unit, with a decrease of -32.3% against the previous month. Over the period under review, the import price continues to indicate a pronounced decrease. The pace of growth appeared the most rapid in July 2022 when the average import price increased by 57% month-to-month. As a result, import price attained the peak level of $0.7 per unit, and then fell significantly in the following month.

Prices varied noticeably by the country of origin: the country with the highest price was Germany ($2.1 per unit), while the price for the Czech Republic (less than $0.1 per unit) was amongst the lowest.

From January 2022 to August 2022, the most notable rate of growth in terms of prices was attained by Germany (+11.7%), while the prices for the other major suppliers experienced more modest paces of growth.

U.S. Spark Plug Imports

In August 2022, approximately 102M units of sparking plugs were imported into the United States; with an increase of 38% on the previous month. In general, total imports indicated a remarkable increase from January 2022 to August 2022: its volume increased at an average monthly rate of +5.4% over the last seven months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on August 2022 figures, imports decreased by -22.4% against April 2022 indices. The growth pace was the most rapid in February 2022 with an increase of 54% m-o-m. Over the period under review, imports hit record highs at 131M units in April 2022; however, from May 2022 to August 2022, imports remained at a lower figure.

In value terms, spark plug imports dropped to $46M (IndexBox estimates) in August 2022. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in March 2022 when imports increased by 48% month-to-month. As a result, imports reached the peak of $59M. From April 2022 to August 2022, the growth of imports remained at a lower figure.

U.S. Spark Plug Imports by Country

In August 2022, Russia (47M units) constituted the largest supplier of spark plug to the United States, with a 46% share of total imports. Moreover, spark plug imports from Russia exceeded the figures recorded by the second-largest supplier, Japan (21M units), twofold. the Czech Republic (15M units) ranked third in terms of total imports with a 15% share.

From January 2022 to August 2022, the average monthly rate of growth in terms of volume from Russia totaled +7.3%. The remaining supplying countries recorded the following average monthly rates of imports growth: Japan (+2.4% per month) and the Czech Republic (+17.2% per month).

In value terms, Japan ($21M) constituted the largest supplier of spark plug to the United States, comprising 45% of total imports. The second position in the ranking was held by Mexico ($8.3M), with an 18% share of total imports. It was followed by Thailand, with a 12% share.

From January 2022 to August 2022, the average monthly rate of growth in terms of value from Japan stood at -2.1%. The remaining supplying countries recorded the following average monthly rates of imports growth: Mexico (-0.5% per month) and Thailand (+8.9% per month).

Source: https://www.indexbox.io/blog/spark-plug-price-august-2022/

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Global Specialty Fats and Oils Market to Generate Revenue of US$ 25,970.3 Million by 2030

January 16th, 2023 Astute Analytica Leave a comment

Global specialty fats and oils market was valued at US$ 13,156.2 Mn in 2021 and is projected to attain a market value of US$ 25,970.3 Mn by 2030 at a healthy CAGR of 7.8 % during the forecast period 2022–2030.

In recent years, the specialty fats and oils industry has seen significant growth. This is due in part to the rising popularity of health-conscious consumers who are willing to pay a premium for products that offer health benefits. Astute Analytica’s analysis shows that the global specialty fats and oils market is worth an estimated $13,156.2 Million in 2021. The report also notes that the Asia-Pacific region is the fastest growing market for specialty fats and oils, accounted for over 30% share of the global market in 2021.

Our analysis shows that the growth of the specialty fats and oils market is being driven by health-conscious consumers who are looking for healthier alternatives to traditional cooking oils. Sales of olive oil, for example, have increased by 11.4% in the last year. The report also highlights some of the challenges facing the industry, such as the rising cost of raw materials and competition from cheaper alternatives such as sunflower oil. Despite these challenges, Astute Analytica’s analysis shows that market is still growing strongly and is set to continue doing so in the years to come.

Top 5 Players to Continue Holding Over 58% Revenue Share of Global Specialty Fats and Oils Market

Astute Analytica’s analysis found that competition in the specialty fats and oils market is intensifying, with a growing number of players vying for market share. The top five companies – Wilmar International, Cargill, Incorporated, Bunge Limited, AAK AB, and Mewah International Inc – accounted for more than 58.7% of the market revenue in 2021 and are projected to continue leading the global specialty fats and oil market in the years to come.

These players have been actively involved in various growth strategies such as expansions, acquisitions, new product launches, and joint ventures & agreements to enhance their foothold in the global specialty fats and oils market. For instance, in November 2021, Cargill announced investment of USD 35 million in expanding production facility at Port Klang, Malaysia to meet growing customer demand for specialty fats. Moreover, in April 2021, Bunge and Chevron entered into Joint Venture to develop renewable fuel feedstocks to meet the demand for renewable fuels and create feedstocks with lower carbon intensity.

Cargill’s presence in the specialty fats and oils industry is strong, according to a new analysis from Astute Analytica. The company holds a leading market share position in North America and Europe, and its products are used in a wide range of applications, including food, cosmetics, and pharmaceuticals. Cargill’s product portfolio is broad and includes both branded and private-label products. The company offers a wide range of products, including: – edible oils – bakery shortenings – margarines – cocoa butter replacements – non-dairy creamers – nutritional oils – personal care ingredients. It has a strong R&D program and is constantly innovating to meet the changing needs of customers in the global specialty fats and oils market. Cargill is committed to sustainable sourcing and production, and its facilities are certified by leading third-party organizations.

The company’s flagship brand, NutriWise, is a range of healthy fats and oils that are designed to meet the needs of consumers looking for healthier alternatives. In recent years, Cargill has been investing heavily in research and development, in order to maintain its position as the leader in the specialty fats and oils market. The company’s R&D efforts have led to the development of new products, such as Omega-3 enriched oil, which has been proven to offer health benefits. Cargill’s focus on innovation has also been evident in its marketing strategy. The company has been working hard to raise awareness of its brands among consumers, and has been successful in doing so. In particular, Cargill’s NutriWise brand has gained popularity among health-conscious consumers. Looking to the future, we expect Cargill to continue to lead the way in the market.

Astute Analytica’s Survey Reveals Players in Global Specialty Fats and Oils Market are Very Optimistic Grow their Applications across Food, Pharmaceutical and Cosmetic Industries

The global market comprise a small but growing share of the overall fats and oils market. In Astute Analytica’s survey of specialty fats and oils industry, conducted in September 2022, we asked over 280 industry experts about their organization’s use of specialty fats and oils, as well as their thoughts on the future of the specialty fats and oils. Specialty fats and oils are defined as those that are not used in the production of food or feed, but rather in industrial applications such as lubricants, coatings, cosmetics and pharmaceuticals. The market for specialty fats and oils is still relatively small, but it is expected to grow at a faster rate than the overall fats and oils market due to the rising demand for natural and sustainable ingredients in these industries.

In our survey of the global specialty fats and oils market, we found that only 22% of respondents were using specialty fats and oils in their organization, but nearly half (48%) said they were interested in doing so in the future. The most popular applications for specialty fats and oils were food and beverages (61%), cosmetics (51%) and pharmaceuticals (50%). Looking ahead, respondents were optimistic about the future of the specialty fats and oils industry, with 71% expecting it to grow significantly or somewhat in the next five years. The main drivers of growth were expected to be rising demand for natural ingredients (cited by 64% of respondents) and new applications for these oils (cited by 62%).

In terms of sustainability, respondents indicated that they were under pressure to improve their environmental credentials, with almost 60% saying that they had made progress in this area over the past 12 months. However, a significant minority (40%) also said that they were struggling to meet customer demands in this area.

In terms of regulatory compliance, the specialty fats and oils market is currently facing a number of challenges, including the European Union’s proposed ban on palm oil biodiesel and increasing pressure from NGOs to disclose the use of conflict palm oil. Respondents to the survey indicated that they are feeling increasingly confident about meeting these challenges, with almost 60% saying that they are compliant with current regulations and a further 20% saying that they are compliant with expected future regulations.

Top Trends in the Global Specialty Fats and Oils Market

There is a growing demand for specialty fats and oils market due to their wide range of applications in the food, cosmetics, and pharmaceutical industries. Considering the numerous health benefits associated with these products, the market is forecast to grow significantly in the coming years.

Some of the top trends in specialty fats and oils include:1. Increased demand for natural and organic products:

Consumers are becoming increasingly health-conscious and are therefore seeking out natural and organic products that are free from synthetic ingredients and chemicals. This trend is especially prevalent in developed countries such as the US, UK, and Germany.
Growth of the functional foods market: Functional foods are those that offer health benefits beyond basic nutrition. Specialty fats and oils can be used to fortify foods with essential nutrients such as omega-3 fatty acids, which are known to improve heart health.
Expansion of the beauty market: Specialty fats and oils market is also witnessing a growing trend of variety of cosmetics and personal care products including specialty fats and oils. For example, many skin care products contain shea butter, an ingredient derived from African trees that is rich in vitamins A and E.
Growing popularity of plant-based diets: More people are adopting plant-based diets for health reasons or ethical concerns about animal welfare. As a result, there is an increased demand for plant-based fats and oils such as palm oil, coconut oil, and olive oil.
Natural antioxidants: Antioxidants are compounds that protect against cell damage caused by free radicals. Many plant-based oils, such as olive oil and grape seed oil, contain natural antioxidants that can help boost overall health.
Low-trans fats: Trans fats are man-made fats that can increase the risk of heart disease and other health problems. Many companies in the global specialty fats and oils market are now offering products made with low-trans fats, which are a healthier alternative.

Top Players in the Global Specialty Fats and Oils Market

AAK AB
BASF SE
Bunge Limited
Cargill, Incorporated
D&L Industries
Fuji Oil Co. Ltd
IOI Corporation
Mewah International Inc
Wilmar International
Dulzer
IFFCO
Intercontinental Specialty Fats Sdn. Bhd
Musim Mas
Other Prominent Players

About Astute Analytica

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Archives, Global Trade Daily, Market insight

Returnable Packaging Market is Expected to Grow from USD 104 Billion in 2021 to USD 12.43 billion by 2029

January 11th, 2023 Greyviews Leave a comment

Returnable Packaging Market Size by Material Type (Plastic, Metal, Wood), By Product Type (Pallets, Drums & Barrels, Dunnage, Crates, IBCs, and Others), By End-User (Automotive, Food & Beverages, Healthcare, and Others), Regions, Segmentation, and forecast till 2029.

The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the returnable packaging market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the returnable packaging market is present across various countries in the above-mentioned regions.

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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as material type, product type, end-user, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.

The significant players operating in the global Returnable Packaging market are Orbis Corporation, Nefab Group, UBEECO Packaging Solutions, Amatech Inc., CHEP, GWP Group, Plastic Packaging Solutions Midlands & East Ltd., Tri-Pack Plastics Ltd., Celina Industries, RPR Inc., Schoeller Allibert, DS Smith, SCHüTZ GmbH & Co. KGaA, and Mjsolpac Ltd, among others. To achieve a substantial market share in the worldwide Returnable Packaging market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

According to the Returnable Packaging Association (RPA), “returnable packaging” is any type of packaging that may be used again, including reusable pallets, racks, bulk containers, hand-held containers, and dunnage. Manufacturers, processors, suppliers, and customers generally employ reusable packaging in a well-managed supply chain with relatively small shipping loops. Returnable packaging is built to survive the severe treatment of a convenient transportation system using strong materials like metal, plastic, or wood. A “returnable pack,” or a vehicle that will travel to the destination and return, marks the start of the procedure. A semi-truck on the highway, for instance, is a returnable pack. Everything, even the Space Shuttle, is returnable. The containers inside a returnable pack and the dunnage inside the container containing a part are the two smaller parts that make up returnable packaging. Reusable packaging is made of strong materials and is intended for numerous uses over an extended period of time. Reusable packaging or containers are made to be used repeatedly without losing their protective properties. The terms “returnable” and “returnable” are commonly used synonymously, however t,he term can also refer to returning items for purposes other than resale, such as recycling, disposal, incineration, etc.

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Scope of Returnable Packaging Market Report

Report Metric	Information
Study Period	2021-2029
Base Year	2021
Forecast Period	2022-2029
Market Share Unit	USD Billion
Segments Covered	By Material Type, By Product Type, By End-User, region
Regions Covered	North America, Europe, Asia-Pacific, South America and Middle-East and Africa
Major Players	Orbis Corporation, Nefab Group, UBEECO Packaging Solutions, Amatech Inc., CHEP, GWP Group, Plastic Packaging Solutions Midlands & East Ltd., Tri-Pack Plastics Ltd., Celina Industries, RPR Inc., Schoeller Allibert, DS Smith, SCHüTZ GmbH & Co. KGaA, and Mjsolpac Ltd, among others

Segmentation Analysis

Metal segment is expected to be the fastest growing segment in 2021.

The material type segment is plastic, metal, and wood. Metal is expected to witness the highest growth rate during the forecast period. Due to metals’ great strength and superior sustainability compared to plastic, the metal material segment is predicted to increase at the fastest rate. However, it is anticipated that the heavier weight of metal-based products may partially impede category expansion. Pallets are primarily made from wood materials. When compared to plastic pallets, wooden pallets are less expensive and more widely available, which are the main reasons for their widespread use. The growth of the wood material sector is anticipated to be negatively impacted by the rising demand for plastic-based pallets due to their fewer maintenance requirements, ease of cleaning, high durability, and attractive appearance.

The automotive segment is expected to be the fastest-growing segment in 2021.

The end-user includes automotive, food & beverages, healthcare, and others. The automotive segment is expected to witness the highest CAGR during the forecast period. Returnable packing is largely used by automotive manufacturers to convey their finished and semi-finished auto parts, like body parts, from the suppliers to the assembly lines. Heavy and high-volume car components are transported frequently and over short distances, which increases the demand for strong, efficient, and long-lasting packaging materials including pallets, racks, and dunnage.

Regional Analysis

The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Returnable Packaging include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa and Saudi Arabia.

Asia Pacific region witnessed a major share. The main driver of the regional market is the existence of numerous manufacturing firms in nations like China, India, Indonesia, and Vietnam. Additionally, the market expansion is anticipated to be aided by the Asia Pacific region’s quick industrialization due to the region’s low manufacturing costs. Due to the existence of TPP member countries, the Asia Pacific region has served as the center for the manufacturing industry.

Country Analysis

Germany

Germany’s Returnable Packaging market size was valued at USD 10.64 billion in 2021 and is expected to reach USD 15.36 billion by 2029, at a CAGR of 4.7% from 2022 to 2029. The market is anticipated to increase as a result of rising demand from numerous end-use industries for sustainable and long-lasting packaging goods. Major German companies in the food and beverage, pharmaceutical, and automotive industries are implementing sustainable business practices more and more, which is anticipated to support the expansion of the returnable packaging industry.

China

China Returnable Packaging’s market size was valued at USD 14.7 billion in 2021 and is expected to reach USD 22.38 billion by 2029, at a CAGR of 5.4% from 2022 to 2029Families with greater discretionary means are dining out more frequently and trying new foods. Global brands have entered China’s expanding food and beverage sector, which is projected to have a favorable effect on the region’s returnable packaging. China’s food and beverage business is developing more quickly than ever. Since the past decade, changes in consumer behavior, technology advancements, and governmental regulations have completely changed China’s food and beverage business.

India

India’s Returnable Packaging market size was valued at USD 12.39 billion in 2021 and is expected to reach USD 18.3 billion by 2029, at a CAGR of 5% from 2022 to 2029. The growth of the nation’s food and beverage industry drives the market. The sixth-largest food and grocery market in the world is in India, and 70% of its sales come through retail. Between April and October 2018, agricultural and processed food exports totaled roughly USD 21.61 billion, according to the Agricultural and Processed Food Products Export Development Authority (APEDA).

Covid-19 Impact

Covid-19 had a major impact on almost all industries, such as chemical, food & beverage, semiconductors, manufacturing, automobile, etc. However, several companies operating in the chemical sector have seen increased revenue due to significant changes in consumer preferences toward such services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of this market is mainly driven owing to the rising demand for returnable packagings from various end-users, including healthcare and automotive.

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Millet Price in America Bottoms at $559 per Ton, Losing 13% over 2022

January 9th, 2023 IndexBox Leave a comment

U.S. Millet Export Price per Ton August 2022

In August 2022, the millet price per ton amounted to $559, shrinking by -2.2% against the previous month. Over the period under review, the export price showed a noticeable contraction. The pace of growth appeared the most rapid in May 2022 an increase of 4.6% m-o-m. Over the period under review, the average export prices reached the maximum at $644 per ton in January 2022; however, from February 2022 to August 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In August 2022, the country with the highest price was Japan ($643 per ton), while the average price for exports to Colombia ($380 per ton) was amongst the lowest.

From January 2022 to August 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+3.7%), while the prices for the other major destinations experienced more modest paces of growth.

U.S. Millet Exports

Millet exports from the United States shrank dramatically to 3.5K tons in August 2022, falling by -16.8% against July 2022 figures. Over the period under review, exports recorded a abrupt decline. The pace of growth was the most pronounced in April 2022 with an increase of 39% m-o-m. As a result, the exports reached the peak of 7.7K tons. From May 2022 to August 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, millet exports reduced remarkably to $2M (IndexBox estimates) in August 2022. Overall, exports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in April 2022 when exports increased by 34% m-o-m. As a result, the exports attained the peak of $4.4M. From May 2022 to August 2022, the growth of the exports remained at a somewhat lower figure.

U.S. Millet Exports by Country

The Philippines (1.1K tons), Canada (754 tons) and Indonesia (481 tons) were the main destinations of millet exports from the United States, together comprising 66% of total exports.

From January 2022 to August 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Philippines (with a CAGR of +42.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for millet exported from the United States were the Philippines ($647K), Canada ($375K) and Indonesia ($278K), with a combined 67% share of total exports.

Among the main countries of destination, the Philippines, with a CAGR of +44.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Source: https://www.indexbox.io/blog/millet-price-per-ton-august-2022/

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Toothbrush Market was Valued USD 6.85 Billion in 2021 and will Reach USD 9.76 Billion by 2029, & it will Grow at CAGR of 4.8%

January 7th, 2023 Greyviews Leave a comment

Toothbrush Market Size by Product (Manual Toothbrush, Electric Toothbrush), Bristles (Soft, Medium, Firm), Application (Adults, Children), Regions, Segmentation, and forecast till 2029.

The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Toothbrush market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Toothbrush market is present across various countries in the above-mentioned regions.

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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the product, bristles, application, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.

The significant players operating in the global Toothbrush market are Colgate-Palmolive Company, Church & Dwight Co. Inc., Unilever, Conair LLC, Den-Mat Holdings LLC, Dr. Fresh, Koninklijke Philips N.V., FOREO, Panasonic Holding Corporation, and Lion Corporation among others. To achieve a substantial market share in the worldwide Toothbrush market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Colgate-Palmolive Company is one of the most significant manufacturers and distributors present in the global Toothbrush market.

A typical toothbrush is an oral hygiene tool specifically used for cleaning the teeth, tongue, and gums. Regular use of toothbrush helps in removing plaque and food debris, decreases the various microorganisms stuck within the biofilm, and reduces gingival inflammation. Various types of toothbrush available in the global market include interdental brush, chewable toothbrush, electric brush, ecological toothbrush, and end-tuft brush.

An increased frequency of toothbrushing leads to the replacement of toothbrushes. This automatically influences demand for toothbrushes. Due to the growing focus on whitening and enhanced oral hygiene, the people are brushing their teeth 2 or three times a day. Hence, as a more consumer brushes their teeth, the more rapidly toothbrush will wear away. This results in replacement of old toothbrush with a new one.

In addition, the health consciousness among people enables them to replace their toothbrush after an illness. Therefore, increased frequency of brushing among people due to rising health consciousness boosts demand for tooth brushes.

Electric toothbrush segment is expected to be the fastest growing segment in 2021.

The product segment includes manual toothbrush and electric toothbrush. Electric toothbrush segment is expected to witness highest CAGR during the forecast period. Upsurge in awareness regarding benefits of electric toothbrush, ongoing oral hygiene initiatives, and increasing geriatric population around the globe is boosting growth of this segment. In addition, the electric toothbrush is preferred to be used by handicapped persons, young children, hospitalized patients, and patients wearing fixed orthodontic appliances. This factor is further contributing growth of this segment.

Soft segment is expected to be the fastest growing segment in 2021.

The bristles segment includes soft, medium, firm. Soft segment is expected to witness highest CAGR during the forecast period. Huge demand for soft bristled toothbrushes among children mainly drives growth of this segment. In addition, this type of brush offers a most significant benefit of gentle cleaning of gums and teeth, without application of extra pressure. Also, this type of brush reaches to the sections of mouth that are unreachable to normal toothbrushes.

Children segment is expected to be the fastest growing segment in 2021.

The application segment includes adults and children. Children segment is expected to witness highest growth rate during the forecast period. According to the WHO Global Oral Health Database, tooth decay is usually reported among 60% to 90% of children on a global scale. In addition, cavities occurs in children due to poor maintenance of oral hygiene and significant consumption of sugar candies. This creates demand for oral hygiene among the children, fueling growth of the toothbrush market.

Regional Analysis

The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Toothbrush include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.

Asia-Pacific region witnessed a major share. According to Worldometer estimates, Asia alone has 4.6 billion inhabitants, or around 56.7% of the global population. The Toothbrush market is anticipated to increase significantly in this area, which is home to the two most populous nations globally, China and India, due to the favorable demographic trends. However, North America is expected to witness considerable growth rate during the forecast period. The need for Toothbrush has increased as a result of easy availability of advanced oral care products and increasing consumption of tobacco and alcohol.

Country Analysis

Germany

Germany Toothbrush market size was valued at USD 0.69 billion in 2021 and is expected to reach USD 0.95 billion by 2029, at a CAGR of 4.4% from 2022 to 2029. In the Europe region, Germany is one of the leading shareholders in the Toothbrush market. In addition, the huge spending power of the population in this country has been a major contributor to the market growth.
Moreover, steady GDP per capita growth coupled with the low inflation in the country has led to the proliferation of oral hygiene industry in this country. Also, this country is seeing increased tobacco consumption. Such factors are contributing to the growth of the toothbrush market.

China

China Toothbrush market size was valued at USD 1.37 billion in 2021 and is expected to reach USD 1.87 billion by 2029, at a CAGR of 4.2% from 2022 to 2029. The factors such as aging & growing population, increasing consumer income, and increased awareness about oral health has driven growth of the China Toothbrush market. In addition, the Healthy China 2030 initiative is aimed at incorporation of health into all policies as well as engagement of the whole government in health. This initiative also includes special provisions related to the improvement of oral health. Such initiatives are opportunistic for growth of the toothbrush market in this country.
Moreover, there are more than 300 million mobile internet users in the country who have children with age under 12 years. This has caused significant demand for e-commerce sales of Toothbrush in the country.

India

India Toothbrush market size was valued at USD 0.34 billion in 2021 and is expected to reach USD 0.50 billion by 2029, at a CAGR of 5.1% from 2022 to 2029. India is one of the highest growing economies in Asia. Increasing population, rising middle class population, ongoing upsurge in awareness about oral health, and changing lifestyle in the country is driving growth of the Toothbrush market. Also, the global market players are introducing a range of toothbrush products in this country due to wide variety of consumers in this country.
Furthermore, in May 2019, Ministry of Health and Family Welfare, India envisioned the National Oral Health Program aimed at an accessible, affordable, and equitable oral health care delivery in the well-coordinated manner to bring optimal oral health among the people of India. Such government initiatives are opportunistic for growth of the India toothbrush market.

Covid-19 Impact

Covid-19 had a major impact on almost all of the industries such as electronics, semiconductors, manufacturing, and, automobile, etc. However, several companies operating in consumer goods and lifestyle sectors has seen upsurge in their revenue due to significant changes in consumer preferences towards personal hygiene. In addition, the pandemic has led to significant growth in consumer spending on oral hygiene products across the developing as well as developed countries.

Hence, the pandemic has a moderate impact on the Toothbrush market, owing to the closure of many social arrangement facilities and offices. However, increased sales of Toothbrush on e-commerce platforms has fuelled growth of the market.

Industrial Chocolate Market worth US$ 97 Billion by 2033

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