Lab Grown Diamonds Market

Lab Grown Diamonds Market Size By Manufacturing Method (CVD and HPHT), By Size (2-4 Carat, Below 2 Carat, and Above 4 Carat), By Nature (Colored and Colourless), and By Application (Industrial and Fashion) Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-13799
  • Published Date: Sep, 2024
  • Pages: 235
  • Category: Consumer Goods
  • Format: PDF
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The global lab-grown diamonds market was valued at USD 10.8 billion in 2022, growing at a CAGR of 6.7% from 2023 to 2032. The market is expected to reach USD 20.6 billion by 2032. A wide range of lab-grown diamond businesses are experiencing a surge in demand due to the growing acceptance of lab-grown diamonds in the fashion and jewellery sectors and their growing use in the industrial sector.

Market Introduction:

Laboratories and factories produce lab-grown diamonds. These diamonds are like real diamonds in terms of substance and look. Techniques like chemical vapour deposition (CVD) and high pressure and high temperature (HPHT) produce lab-grown diamonds. Lab-created diamonds are often of a higher grade than natural diamonds because they are created in controlled settings under continuous observation and quality control. High pressure, high temperature (HPHT), and chemical vapour deposition (CVD) are two methods used to create lab-grown diamonds. Their look and composition are the same as those of genuine diamonds. These stones are also known as synthetic and cultivated stones. The market will rise, provided the fashion and jewellery industries accept lab-grown diamonds more widely. The demand for jewellery made of lab-grown diamonds will rise as these diamonds are used more often in the industrial sector. Lab-grown diamonds can be adapted and customized to fulfil individual needs and be extremely economical, environmentally benign, and sustainable. Additionally, they are superior to traditional diamonds due to their exceptional purity.

Lab Grown Diamonds Market Size

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Recent Development

In June 2021, Acquiring an 88% share in EcoFriendly Diamonds LLP (EDL) was disclosed by Goldiam. EDL was involved in the CVD method of lab-created diamond fabrication. Goldiam made the acquisition in an effort to get a foothold in the Asia Pacific region's rapidly expanding lab-grown diamond sector.

In January 2021, A contract was struck by SP3 Diamond Technologies and MAPAL for the delivery of diamond coatings. The first coating that SP3 Diamond Technologies successfully supplied to the company was the OptiMill- Composite- Speed- Plus coating.

In December 2020, Element Six created Diamfilm 2020, a thermally isotropic diamond film, as their new CVD diamond-based product. The film is a perfect material for sophisticated thermal management components because of its excellent heat sink properties, dielectric permittivity, optical clarity, excellent electrical insulation, low density, and chemical inertness.

Market Dynamics:

Drivers

Increasing demand from end-user industries- The rapid urbanization, the decline in lab-grown diamond prices, the growing demand from end-user industries, the rapidly expanding jewellery market, the increased demand for lab-grown diamonds among millennials, and other factors have all contributed to the growth of the worldwide lab-grown diamond market in recent years. The demand for lab-grown diamonds, which are used for cutting, grinding, shaping, polishing, drilling, and hard coatings for industrial equipment like wire-drawing dies, quarrying saws, grinding wheels, machine tools, and mining drills, among other end-user industries like construction, semiconductors, electronics, mining, oil and gas, precision machining, etc., is positively increasing due to the growth of manufacturing activities and the fast developing emerging economies.

Restraints:

Complex manufacturing process- The manufacturing process of lab-grown diamonds is complex and takes a lot of time in manufacturing, which is expected to hinder the market's growth over the forecast period. Furthermore, growing competition from naturally mined diamonds will hinder the market's growth. Natural mined diamonds are more in demand than lab-grown diamonds, created in large quantities with no restrictions on their uniqueness or supply. Natural mined diamonds are considered distinctive, uncommon, one-of-a-kind, and unique.

Opportunities:

Changing lifestyle of working women- In addition to joining the workforce, more and more women are launching their businesses and becoming independent. Working women are an important consumer group that has a major impact on the growth of the lab-grown diamond market. The changing lifestyle of working women is expected to provide growth opportunities for the lab-grown diamonds market during the forecast period.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific emerged as the largest global lab-grown diamonds market, with a 42.4% market revenue share in 2022.

Asia-Pacific is one of the largest producers of lab-grown diamonds in the world. India is positioned to emerge as a significant global hub for lab-grown diamonds, with China leading the world in producing and exporting these gems. Because of the increased disposable income and rising living standards in the Asia-Pacific region, consumers are adopting more opulent lifestyles, which in turn is fueling the demand for jewellery in the area.

Asia Pacific Region Lab Grown Diamonds Market Share in 2022 - 42.4%

 

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Manufacturing Method Segment Analysis

The manufacturing method segment is divided into CVD and HPHT. The CVD segment dominated the market, with a market share of around 52% in 2022. The diamond-making process known as CVD was developed in the 1980s, and subsequent advancements in this field allowed the development of methods for producing larger diamonds that weighed ten carats or more. This process of diamond manufacturing is widely used these days, propelling the segment's growth.

Size Segment Analysis

The size segment is divided into 2-4 carat, below 2 carat, and above 4 carat. The below 2-carat segment dominated the market, with a market share of around 44% in 2022. Most lab-grown diamonds sold for use in making jewellery and industrial instruments are less than two carats in size. The most common are melee diamonds, which weigh less than 0.15 carats.

Nature Segment Analysis

The nature segment is divided into colored and colorless. The colorless segment dominated the market, with a market share of around 55% in 2022. Lab-grown, colorless diamonds, including wedding and engagement rings, are quite popular in jewellery. They are also frequently utilized in creating jewellery, including pendants, nose pins, bracelets, and necklaces. These diamonds can also be embedded into belts, watches, tiaras, phone cases, and other accessories.

Application Segment Analysis

The application segment is divided into industrial and fashion. The fashion segment dominated the market, with a market share of around 60% in 2022. The fashion industry uses lab-grown diamonds extensively to create various one-of-a-kind jewellery items and sets.

Some of the Key Market Players:
  • Diamond Foundry Inc.
  • Henan Huanghe Whirlwind CO., Ltd.
  • New Diamond Technology LLC
  • ABD Diamonds Pvt. Ltd.
  • Mittal Diamonds
  • Diam Concept
  • De Beers Group
  • WD Lab Grown Diamonds
  • Swarovski AG
  • Clean Origin LLC.

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 10.8 Billion
Market size value in 2032 USD 20.6 Billion
CAGR (2023 to 2032) 6.7%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Manufacturing Method, Size, Nature, Application

Frequesntly Asked Questions

As per The Brainy Insights, the size of the lab-grown diamonds market was valued at USD 11.52 billion in 2023 to USD 21.97 billion by 2033.

The global lab-grown diamonds market is growing at a CAGR of 6.67% during the forecast period 2024-2033.

Asia Pacific emerged as the largest lab-grown diamonds market.

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 Manufacturing Method
          4.3.2. Market Attractiveness Analysis by Size
          4.3.3. Market Attractiveness Analysis by Nature
          4.3.4. Market Attractiveness Analysis by Application
          4.3.5. Market Attractiveness Analysis by Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Increasing demand from end-user industries
    5.3. Restraints
          5.3.1. Complex manufacturing process
    5.4. Opportunities
          5.4.1. Changing lifestyle of working women
    5.5. Challenges
          5.5.1. Economic Slowdown

6. Global Lab Grown Diamonds Market Analysis and Forecast, By Manufacturing Method
    6.1. Segment Overview
    6.2. CVD
    6.3. HPHT

7. Global Lab Grown Diamonds Market Analysis and Forecast, By Size
    7.1. Segment Overview
    7.2. 2-4 Carat
    7.3. Below 2 Carat
    7.4. Above 4 Carat

8. Global Lab Grown Diamonds Market Analysis and Forecast, By Nature
    8.1. Segment Overview
    8.2. Colored
    8.3. Colorless

9. Global Lab Grown Diamonds Market Analysis and Forecast, By Application
    9.1. Segment Overview
    9.2. Industrial
    9.3. Fashion

10. Global Lab Grown Diamonds Market Analysis and Forecast, By Regional Analysis
    10.1. Segment Overview
    10.2. North America
          10.2.1. U.S.
          10.2.2. Canada
          10.2.3. Mexico
    10.3. Europe
          10.3.1. Germany
          10.3.2. France
          10.3.3. U.K.
          10.3.4. Italy
          10.3.5. Spain
    10.4. Asia-Pacific
          10.4.1. Japan
          10.4.2. China
          10.4.3. India
    10.5. South America
          10.5.1. Brazil
    10.6. Middle East and Africa
          10.6.1. UAE
          10.6.2. South Africa

11. Global Lab Grown Diamonds Market-Competitive Landscape
    11.1. Overview
    11.2. Market Share of Key Players in the Lab Grown Diamonds Market
          11.2.1. Global Company Market Share
          11.2.2. North America Company Market Share
          11.2.3. Europe Company Market Share
          11.2.4. APAC Company Market Share
    11.3. Competitive Situations and Trends
          11.3.1. Size Launches and Developments
          11.3.2. Partnerships, Collaborations, and Agreements
          11.3.3. Mergers & Acquisitions
          11.3.4. Expansions

12. Company Profiles
    12.1. Diamond Foundry Inc.
          12.1.1. Business Overview
          12.1.2. Company Snapshot
          12.1.3. Company Market Share Analysis
          12.1.4. Company Size Portfolio
          12.1.5. Recent Developments
          12.1.6. SWOT Analysis
    12.2. Henan Huanghe Whirlwind CO., Ltd.
          12.2.1. Business Overview
          12.2.2. Company Snapshot
          12.2.3. Company Market Share Analysis
          12.2.4. Company Size Portfolio
          12.2.5. Recent Developments
          12.2.6. SWOT Analysis
    12.3. New Diamond Technology LLC
          12.3.1. Business Overview
          12.3.2. Company Snapshot
          12.3.3. Company Market Share Analysis
          12.3.4. Company Size Portfolio
          12.3.5. Recent Developments
          12.3.6. SWOT Analysis
    12.4. ABD Diamonds Pvt. Ltd.
          12.4.1. Business Overview
          12.4.2. Company Snapshot
          12.4.3. Company Market Share Analysis
          12.4.4. Company Size Portfolio
          12.4.5. Recent Developments
          12.4.6. SWOT Analysis
    12.5. Mittal Diamonds
          12.5.1. Business Overview
          12.5.2. Company Snapshot
          12.5.3. Company Market Share Analysis
          12.5.4. Company Size Portfolio
          12.5.5. Recent Developments
          12.5.6. SWOT Analysis
    12.6. Diam Concept
          12.6.1. Business Overview
          12.6.2. Company Snapshot
          12.6.3. Company Market Share Analysis
          12.6.4. Company Size Portfolio
          12.6.5. Recent Developments
          12.6.6. SWOT Analysis
    12.7. De Beers Group
          12.7.1. Business Overview
          12.7.2. Company Snapshot
          12.7.3. Company Market Share Analysis
          12.7.4. Company Size Portfolio
          12.7.5. Recent Developments
          12.7.6. SWOT Analysis
    12.8. WD Lab Grown Diamonds
          12.8.1. Business Overview
          12.8.2. Company Snapshot
          12.8.3. Company Market Share Analysis
          12.8.4. Company Size Portfolio
          12.8.5. Recent Developments
          12.8.6. SWOT Analysis
    12.9. Swarovski AG
          12.9.1. Business Overview
          12.9.2. Company Snapshot
          12.9.3. Company Market Share Analysis
          12.9.4. Company Size Portfolio
          12.9.5. Recent Developments
          12.9.6. SWOT Analysis
    12.10. Clean Origin LLC.
          12.10.1. Business Overview
          12.10.2. Company Snapshot
          12.10.3. Company Market Share Analysis
          12.10.4. Company Size Portfolio
          12.10.5. Recent Developments
          12.10.6. SWOT Analysis

List of Table

1. Global Lab Grown Diamonds Market, By Manufacturing Method, 2020-2033 (USD Billion) 

2. Global CVD, Lab Grown Diamonds Market, By Region, 2020-2033 (USD Billion) 

3. Global HPHT, Lab Grown Diamonds Market, By Region, 2020-2033 (USD Billion) 

4. Global Lab Grown Diamonds Market, By Size, 2020-2033 (USD Billion) 

5. Global 2-4 Carat, Lab Grown Diamonds Market, By Region, 2020-2033 (USD Billion) 

6. Global Below 2 Carat, Lab Grown Diamonds Market, By Region, 2020-2033 (USD Billion) 

7. Global Above 4 Carat, Lab Grown Diamonds Market, By Region, 2020-2033 (USD Billion) 

8. Global Lab Grown Diamonds Market, By Nature, 2020-2033 (USD Billion) 

9. Global Colored, Lab Grown Diamonds Market, By Region, 2020-2033 (USD Billion) 

10. Global Colorless, Lab Grown Diamonds Market, By Region, 2020-2033 (USD Billion) 

11. Global Lab Grown Diamonds Market, By Application, 2020-2033 (USD Billion) 

12. Global Industrial, Lab Grown Diamonds Market, By Region, 2020-2033 (USD Billion) 

13. Global Fashion, Lab Grown Diamonds Market, By Region, 2020-2033 (USD Billion) 

14. Global Lab Grown Diamonds Market, By Region, 2020-2033 (USD Billion) 

15. North America Lab Grown Diamonds Market, By Manufacturing Method, 2020-2033 (USD Billion) 

16. North America Lab Grown Diamonds Market, By Size, 2020-2033 (USD Billion) 

17. North America Lab Grown Diamonds Market, By Nature, 2020-2033 (USD Billion) 

18. North America Lab Grown Diamonds Market, By Application, 2020-2033 (USD Billion) 

19. U.S. Lab Grown Diamonds Market, By Manufacturing Method, 2020-2033 (USD Billion) 

20. U.S. Lab Grown Diamonds Market, By Size, 2020-2033 (USD Billion) 

21. U.S. Lab Grown Diamonds Market, By Nature, 2020-2033 (USD Billion) 

22. U.S. Lab Grown Diamonds Market, By Application, 2020-2033 (USD Billion) 

23. Canada Lab Grown Diamonds Market, By Manufacturing Method, 2020-2033 (USD Billion) 

24. Canada Lab Grown Diamonds Market, By Size, 2020-2033 (USD Billion) 

25. Canada Lab Grown Diamonds Market, By Nature, 2020-2033 (USD Billion) 

26. Canada Lab Grown Diamonds Market, By Application, 2020-2033 (USD Billion) 

27. Mexico Lab Grown Diamonds Market, By Manufacturing Method, 2020-2033 (USD Billion) 

28. Mexico Lab Grown Diamonds Market, By Size, 2020-2033 (USD Billion) 

29. Mexico Lab Grown Diamonds Market, By Nature, 2020-2033 (USD Billion) 

30. Mexico Lab Grown Diamonds Market, By Application, 2020-2033 (USD Billion) 

31. Europe Lab Grown Diamonds Market, By Manufacturing Method, 2020-2033 (USD Billion) 

32. Europe Lab Grown Diamonds Market, By Size, 2020-2033 (USD Billion) 

33. Europe Lab Grown Diamonds Market, By Nature, 2020-2033 (USD Billion) 

34. Europe Lab Grown Diamonds Market, By Application, 2020-2033 (USD Billion) 

35. Germany Lab Grown Diamonds Market, By Manufacturing Method, 2020-2033 (USD Billion) 

36. Germany Lab Grown Diamonds Market, By Size, 2020-2033 (USD Billion) 

37. Germany Lab Grown Diamonds Market, By Nature, 2020-2033 (USD Billion) 

38. Germany Lab Grown Diamonds Market, By Application, 2020-2033 (USD Billion) 

39. France Lab Grown Diamonds Market, By Manufacturing Method, 2020-2033 (USD Billion) 

40. France Lab Grown Diamonds Market, By Size, 2020-2033 (USD Billion) 

41. France Lab Grown Diamonds Market, By Nature, 2020-2033 (USD Billion) 

42. France Lab Grown Diamonds Market, By Application, 2020-2033 (USD Billion) 

43. U.K. Lab Grown Diamonds Market, By Manufacturing Method, 2020-2033 (USD Billion) 

44. U.K. Lab Grown Diamonds Market, By Size, 2020-2033 (USD Billion) 

45. U.K. Lab Grown Diamonds Market, By Nature, 2020-2033 (USD Billion) 

46. U.K. Lab Grown Diamonds Market, By Application, 2020-2033 (USD Billion) 

47. Italy Lab Grown Diamonds Market, By Manufacturing Method, 2020-2033 (USD Billion) 

48. Italy Lab Grown Diamonds Market, By Size, 2020-2033 (USD Billion) 

49. Italy Lab Grown Diamonds Market, By Nature, 2020-2033 (USD Billion) 

50. Italy Lab Grown Diamonds Market, By Application, 2020-2033 (USD Billion) 

51. Spain Lab Grown Diamonds Market, By Manufacturing Method, 2020-2033 (USD Billion) 

52. Spain Lab Grown Diamonds Market, By Size, 2020-2033 (USD Billion) 

53. Spain Lab Grown Diamonds Market, By Nature, 2020-2033 (USD Billion) 

54. Spain Lab Grown Diamonds Market, By Application, 2020-2033 (USD Billion) 

55. Asia Pacific Lab Grown Diamonds Market, By Manufacturing Method, 2020-2033 (USD Billion) 

56. Asia Pacific Lab Grown Diamonds Market, By Size, 2020-2033 (USD Billion) 

57. Asia Pacific Lab Grown Diamonds Market, By Nature, 2020-2033 (USD Billion) 

58. Asia Pacific Lab Grown Diamonds Market, By Application, 2020-2033 (USD Billion) 

59. Japan Lab Grown Diamonds Market, By Manufacturing Method, 2020-2033 (USD Billion) 

60. Japan Lab Grown Diamonds Market, By Size, 2020-2033 (USD Billion) 

61. Japan Lab Grown Diamonds Market, By Nature, 2020-2033 (USD Billion) 

62. Japan Lab Grown Diamonds Market, By Application, 2020-2033 (USD Billion) 

63. China Lab Grown Diamonds Market, By Manufacturing Method, 2020-2033 (USD Billion) 

64. China Lab Grown Diamonds Market, By Size, 2020-2033 (USD Billion) 

65. China Lab Grown Diamonds Market, By Nature, 2020-2033 (USD Billion) 

66. China Lab Grown Diamonds Market, By Application, 2020-2033 (USD Billion) 

67. India Lab Grown Diamonds Market, By Manufacturing Method, 2020-2033 (USD Billion) 

68. India Lab Grown Diamonds Market, By Size, 2020-2033 (USD Billion)

69. India Lab Grown Diamonds Market, By Nature, 2020-2033 (USD Billion) 

70. India Lab Grown Diamonds Market, By Application, 2020-2033 (USD Billion) 

71. South America Lab Grown Diamonds Market, By Manufacturing Method, 2020-2033 (USD Billion) 

72. South America Lab Grown Diamonds Market, By Size, 2020-2033 (USD Billion) 

73. South America Lab Grown Diamonds Market, By Nature, 2020-2033 (USD Billion) 

74. South America Lab Grown Diamonds Market, By Application, 2020-2033 (USD Billion) 

75. Brazil Lab Grown Diamonds Market, By Manufacturing Method, 2020-2033 (USD Billion) 

76. Brazil Lab Grown Diamonds Market, By Size, 2020-2033 (USD Billion) 

77. Brazil Lab Grown Diamonds Market, By Nature, 2020-2033 (USD Billion) 

78. Brazil Lab Grown Diamonds Market, By Application, 2020-2033 (USD Billion) 

79. Middle East and Africa Lab Grown Diamonds Market, By Manufacturing Method, 2020-2033 (USD Billion) 

80. Middle East and Africa Lab Grown Diamonds Market, By Size, 2020-2033 (USD Billion) 

81. Middle East and Africa Lab Grown Diamonds Market, By Nature, 2020-2033 (USD Billion) 

82. Middle East and Africa Lab Grown Diamonds Market, By Application, 2020-2033 (USD Billion) 

83. UAE Lab Grown Diamonds Market, By Manufacturing Method, 2020-2033 (USD Billion) 

84. UAE Lab Grown Diamonds Market, By Size, 2020-2033 (USD Billion) 

85. UAE Lab Grown Diamonds Market, By Nature, 2020-2033 (USD Billion) 

86. UAE Lab Grown Diamonds Market, By Application, 2020-2033 (USD Billion) 

87. South Africa Lab Grown Diamonds Market, By Manufacturing Method, 2020-2033 (USD Billion) 

88. South Africa Lab Grown Diamonds Market, By Size, 2020-2033 (USD Billion) 

89. South Africa Lab Grown Diamonds Market, By Nature, 2020-2033 (USD Billion) 

90. South Africa Lab Grown Diamonds Market, By Application, 2020-2033 (USD Billion) 

List of Figures 

1. Global Lab Grown Diamonds Market Segmentation

2. Lab Grown Diamonds 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 Lab Grown Diamonds Market Attractiveness Analysis by Manufacturing Method

9. Global Lab Grown Diamonds Market Attractiveness Analysis by Size

10. Global Lab Grown Diamonds Market Attractiveness Analysis by Nature

11. Global Lab Grown Diamonds Market Attractiveness Analysis by Application

12. Global Lab Grown Diamonds Market Attractiveness Analysis by Region

13. Global Lab Grown Diamonds Market: Dynamics

14. Global Lab Grown Diamonds Market Share by Manufacturing Method (2023 & 2033)

15. Global Lab Grown Diamonds Market Share by Size (2023 & 2033)

16. Global Lab Grown Diamonds Market Share by Nature (2023 & 2033)

17. Global Lab Grown Diamonds Market Share by Application (2023 & 2033)

18. Global Lab Grown Diamonds Market Share by Regions (2023 & 2033)

19. Global Lab Grown Diamonds Market Share by Company (2023)

This study forecasts global, regional, and country revenue from 2019 to 2032. The Brainy Insights has segmented the global lab-grown diamonds market based on the below-mentioned segments:

Global Lab-Grown Diamonds Market By Manufacturing Method:

  • CVD
  • HPHT

Global Lab-Grown Diamonds Market By Size:

  • 2-4 Carat
  • Below 2 Carat
  • Above 4 Carat  

Global Lab-Grown Diamonds Market By Nature:

  • Coloured
  • Colorless

Global Lab-Grown Diamonds Market By Application:

  • Industrial
  • Fashion 

Global Lab-Grown Diamonds 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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