Prepared Meals Market

Prepared Meals Market Size by Product (Canned, Frozen, Chilled, Shelf-Stable), By Meal Type (Vegetarian, Non-vegetarian, Vegan), By Distribution Channel (Supermarkets/hypermarkets, Convenience Stores, Online, Others) Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-13568
  • Published Date: Jul, 2024
  • Pages: 236
  • Category: Food & Beverages
  • Format: PDF
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The global prepared meals market was valued at USD 168.25 billion in 2023 and grew at a CAGR of 7.1% from 2024 to 2033. The market is expected to reach USD 334.09 billion by 2033. Prepared meals are an affordable option that is always available. They need less time to prepare because they are already cooked. Due to the busy lives of working people and college students, as well as the evolving dietary tastes of customers toward ready-to-eat food products, the market is expected to grow. The COVID-19 pandemic led to a surge in demand for prepared meals as consumers were required to stay home. This aspect resulted in an imbalance of supply and demand, with current market needs exceeding available supplies. Due to government lockdowns and restrictions, restaurants experienced minimal consumption. This factor led them to adopt online delivery systems, which are becoming essential amidst the growing prevalence of the virus and consumer preference towards e-commerce retail. The resulting trend towards convenience foods compelled companies to launch into ready-to-consume/prepared meal products that prompted new services providing conveniences such as online meal deliveries, increasingly expanding alongside its popularity among customers alike.

Market Introduction:

In recent years, the market for prepared meals has seen rapid expansion. The need for quick meal alternatives is increasing as a result of busy lives, growing urbanization, and shifting nutritional preferences. Customers who lack cooking abilities or have little free time like prepared meals. For people and families searching for quick and simple dinner alternatives, these dishes offer a practical answer. In the market for prepared meals, there is a growing emphasis on healthier and more nutrient-dense products. To appeal to consumers who are health-conscious, several businesses are using organic products, clear labeling, and dietary-specific solutions.

Prepared meals are cooked dishes that don't need extra preparation or processing before eating. Their ease of use makes them desirable, saving time and effort while also being conveniently stored. Due to the fast-paced schedules of students and working individuals, consumers have a growing preference for ready-to-eat food products. The demand for packaged meal options varies according to individual tastes and preferences. Regardless, factors like better food quality, more diverse choices available on offer online, as well as speedy delivery options greatly impact customer satisfaction with this type of service- encouraging an ongoing willingness by customers to pay higher prices even for takeaway foods or same-day delivery services provided in their nearby areas.

Prepared Meals Market Size

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Recent Development
  • In February 2021: To provide 100% plant-based ready meals, online store The Vegan Kind teamed up with the creators of plant-based meat, "THIS." These include vegan chicken that is incredibly lifelike and is prepared with veggies, herbs, and spices.
  • In February 2022: In the UK, a brand-new ready meal company called Kitchen Prep has debuted, delivering frozen gourmet pre-packaged meals that are nutritious. The pre-made dishes include spicy fish with zoodles, one-pot turkey chili with rice, and spaghetti with beef and green beans in soy sauce. Additionally, a vegan selection is offered, with meals including a spicy cauliflower chickpea rice bowl, a sweet potato curry, and a creamy leek risotto among others. The demand for and sales of ready meals will be significantly impacted by such products and strategic activities.
  • In August 2020: Symington's, a maker of prepared meals, introduced its own direct-to-consumer platform in response to the rise in online pre-packaged food purchases. Dishes like pasta, rice, and noodles would be available in packages on the new platform.

Market Dynamics:

Drivers

People now have less time for cooking as a result of our society's increasingly fast-paced and hectic lifestyles. For those looking for quick and simple meal alternatives without the need for substantial preparation, prepared meals provide an efficient solution. Additionally, as a result of urbanization, there are now more individuals living alone or in small homes and fewer living areas. The market for single-serve or portion-controlled prepared food that meets specific dietary demands has risen as a result of this demographic shift.

Restraints:

When compared to freshly cooked meals, some customers believe prepackaged foods to be of lower quality. Adoption may be hampered by this concept, particularly among consumers who value freshly created or restaurant-prepared meals. It can be difficult to maintain uniformity in flavor and texture across a variety of prepared meals. It can be challenging to maintain the ideal tastes and textures during the manufacturing and packaging processes, which could affect the consumer's entire eating experience.

Opportunities:

The need for better-prepared meal alternatives that support customers' fitness and health goals is on the rise. By creating meals that emphasize natural products, balanced nutrition, and clear ingredient labels, businesses may take advantage of this opportunity. Organic, plant-based, and useful components can be used to meet a variety of dietary requirements and preferences. Companies may satisfy different dietary needs and tastes by providing a broad variety of customizable prepared meals. Offering choices for meal components, ingredient swaps, and portion sizes may improve the customer experience and boost loyalty.

Regional segmentation analysis:

North America led the market in 2023 with the largest market share of 43.8%. The region's product demand is being driven by customers' changing food tastes as a result of rising health consciousness and worries about food safety. Additionally, the value of pre-packaged gluten-free, vegan, and organic foods is greatly influenced by consumer trust in and perceptions of the items' healthfulness. The popularity of ready-to-eat meals is rising as a result of their mobility, convenience, and accessibility to new options.

North America Region Prepared Meals Market Share in 2023 - 43.8%

 

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Product Segment Analysis

The frozen segment dominated the global market in 2023 with a market share of 54.1%. The primary element behind the segment's rise is the convenience of frozen meals. According to data released by the British Frozen Food Federation (BFFF) in November 2020, frozen foods outperformed vegetables and fruits and every other food category in terms of value and volume percentage increase for the whole year of 2020. Product introductions in the sector are another factor promoting segment growth. For instance, FatBroccoli introduced frozen packed meals in the UAE in March 2022 using 100% natural, locally sourced ingredients.

Meal Type Segment Analysis

The non-vegetarian segment held a significant market share of 57.5% in 2023. The non-vegetarian market has profited from the need for protein-rich foods like value-added chicken nuggets, meat products, and salami among customers. Due to growing hygienic concerns with fresh items on the market, consumers are increasingly choosing frozen non-vegetarian packaged food. In recent years, major players have begun introducing new items. For instance, the India-based The Taste Company increased the variety of its pre-packaged meals by adding non-vegetarian options in January 2021.

Distribution Channel Analysis

The Supermarkets/hypermarkets segment dominated the global market in 2023 with a market share of 67.9%. Supermarkets and hypermarkets provide a wide variety of commodities under one roof, In industrialized nations like the U.K. and the U.S., ready meals are becoming more popular, and most hypermarkets, and supermarkets, carry their selection of practical ready-to-eat items. For instance, independent retailer Jempson's introduced a variety of prepared meals in its neighborhood kitchen in January 2021. These dishes include lasagna, fish pie, and chicken with honey and mustard.

Some of the Key Market Players:
  • Dr. Oetker
  • Nomad Foods
  • Green Mill Foods
  • Unilever
  • 2 Sisters Food Group
  • Nestlé
  • General Mills, Inc.
  • Kellogg Company
  • Conagra Brands, Inc.
  • Tyson Foods, Inc.

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2023 USD 168.25 Billion
Market size value in 2033 USD 334.09 Billion
CAGR (2024 to 2033) 7.1`%
Historical data 2020-2022
Base Year 2023
Forecast 2024-2033
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 Product, Meal Type, Distribution Channel

Frequesntly Asked Questions

As per The Brainy Insights, the size of the prepared meals market was valued at USD 168.25 billion in 2023 to USD 334.09 billion by 2033.

The global prepared meals market is growing at a CAGR of 7.1% during the forecast period 2024-2033.

The North America region emerged as the largest market for the prepared meals.

Rapid Urbanization will influence the market's growth.

1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis by Product
          4.3.2. Market Attractiveness Analysis by Meal Type
          4.3.3. Market Attractiveness Analysis by Distribution Channel
          4.3.4. Market Attractiveness Analysis by Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Rapid Urbanization
    5.3. Restraints
          5.3.1. Quality Issues
    5.4. Opportunities
          5.4.1. Product innovations
    5.5. Challenges
          5.5.1. Presence of counterfeit products

6. Global Prepared Meals Market Analysis and Forecast, By Product
    6.1. Segment Overview
    6.2. Canned
    6.3. Frozen
    6.4. Chilled
    6.5. Shelf-Stable

7. Global Prepared Meals Market Analysis and Forecast, By Meal Type
    7.1. Segment Overview
    7.2. Vegetarian
    7.3. Non-vegetarian
    7.4. Vegan

8. Global Prepared Meals Market Analysis and Forecast, By Distribution Channel
    8.1. Segment Overview
    8.2. Supermarkets/Hypermarkets
    8.3. Convenience Stores
    8.4. Online
    8.5. Others

9. Global Prepared Meals Market Analysis and Forecast, By Regional Analysis
    9.1. Segment Overview
    9.2. North America
          9.2.1. U.S.
          9.2.2. Canada
          9.2.3. Mexico
    9.3. Europe
          9.3.1. Germany
          9.3.2. France
          9.3.3. U.K.
          9.3.4. Italy
          9.3.5. Spain
    9.4. Asia-Pacific
          9.4.1. Japan
          9.4.2. China
          9.4.3. India
    9.5. South America
          9.5.1. Brazil
    9.6. Middle East and Africa
          9.6.1. UAE
          9.6.2. South Africa

10. Global Prepared Meals Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Prepared Meals Market
          10.2.1. Global Company Market Share
          10.2.2. North America Company Market Share
          10.2.3. Europe Company Market Share
          10.2.4. APAC Company Market Share
    10.3. Competitive Situations and Trends
          10.3.1. Product Launches and Developments
          10.3.2. Partnerships, Collaborations, and Agreements
          10.3.3. Mergers & Acquisitions
          10.3.4. Expansions

11. Company Profiles
    11.1. Dr. Oetker
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Product Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. Nomad Foods
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Product Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. Green Mill Foods
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Product Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Unilever
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Product Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. 2 Sisters Food Group
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Product Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Nestlé
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Product Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. General Mills, Inc.
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Product Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. Kellogg Company
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Product Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. Conagra Brands, Inc.
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Product Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. Tyson Foods, Inc.
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Product Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis

List of Table

1. Global Prepared Meals Market, By Product, 2020-2033 (USD Billion) 

2. Global Canned Prepared Meals Market, By Region, 2020-2033 (USD Billion) 

3. Global Frozen Prepared Meals Market, By Region, 2020-2033 (USD Billion) 

4. Global Chilled Prepared Meals Market, By Region, 2020-2033 (USD Billion)

5. Global Shelf-Stable Prepared Meals Market, By Region, 2020-2033 (USD Billion) 

6. Global Prepared Meals Market, By Meal Type, 2020-2033 (USD Billion) 

7. Global Vegetarian Prepared Meals Market, By Region, 2020-2033 (USD Billion) 

8. Global Non-vegetarian Prepared Meals Market, By Region, 2020-2033 (USD Billion) 

9. Global Vegan Prepared Meals Market, By Region, 2020-2033 (USD Billion) 

10. Global Prepared Meals Market, By Distribution Channel, 2020-2033 (USD Billion) 

11. Global Supermarkets/Hypermarkets Prepared Meals Market, By Region, 2020-2033 (USD Billion) 

12. Global Convenience Stores Prepared Meals Market, By Region, 2020-2033 (USD Billion) 

13. Global Online Prepared Meals Market, By Region, 2020-2033 (USD Billion) 

14. Global Others Prepared Meals Market, By Region, 2020-2033 (USD Billion) 

15. Global Prepared Meals Market, By Region, 2020-2033 (USD Billion) 

16. North America Prepared Meals Market, By Product, 2020-2033 (USD Billion) 

17. North America Prepared Meals Market, By Meal Type, 2020-2033 (USD Billion) 

18. North America Prepared Meals Market, By Distribution Channel, 2020-2033 (USD Billion) 

19. U.S. Prepared Meals Market, By Product, 2020-2033 (USD Billion) 

20. U.S. Prepared Meals Market, By Meal Type, 2020-2033 (USD Billion) 

21. U.S. Prepared Meals Market, By Distribution Channel, 2020-2033 (USD Billion) 

22. Canada Prepared Meals Market, By Product, 2020-2033 (USD Billion) 

23. Canada Prepared Meals Market, By Meal Type, 2020-2033 (USD Billion) 

24. Canada Prepared Meals Market, By Distribution Channel, 2020-2033 (USD Billion) 

25. Mexico Prepared Meals Market, By Product, 2020-2033 (USD Billion) 

26. Mexico Prepared Meals Market, By Meal Type, 2020-2033 (USD Billion) 

27. Mexico Prepared Meals Market, By Distribution Channel, 2020-2033 (USD Billion) 

28. Europe Prepared Meals Market, By Product, 2020-2033 (USD Billion) 

29. Europe Prepared Meals Market, By Meal Type, 2020-2033 (USD Billion) 

30. Europe Prepared Meals Market, By Distribution Channel, 2020-2033 (USD Billion) 

31. Germany Prepared Meals Market, By Product, 2020-2033 (USD Billion) 

32. Germany Prepared Meals Market, By Meal Type, 2020-2033 (USD Billion) 

33. Germany Prepared Meals Market, By Distribution Channel, 2020-2033 (USD Billion) 

34. France Prepared Meals Market, By Product, 2020-2033 (USD Billion) 

35. France Prepared Meals Market, By Meal Type, 2020-2033 (USD Billion) 

36. France Prepared Meals Market, By Distribution Channel, 2020-2033 (USD Billion) 

37. U.K. Prepared Meals Market, By Product, 2020-2033 (USD Billion) 

38. U.K. Prepared Meals Market, By Meal Type, 2020-2033 (USD Billion) 

39. U.K. Prepared Meals Market, By Distribution Channel, 2020-2033 (USD Billion) 

40. Italy Prepared Meals Market, By Product, 2020-2033 (USD Billion) 

41. Italy Prepared Meals Market, By Meal Type, 2020-2033 (USD Billion) 

42. Italy Prepared Meals Market, By Distribution Channel, 2020-2033 (USD Billion) 

43. Spain Prepared Meals Market, By Product, 2020-2033 (USD Billion) 

44. Spain Prepared Meals Market, By Meal Type, 2020-2033 (USD Billion) 

45. Spain Prepared Meals Market, By Distribution Channel, 2020-2033 (USD Billion) 

46. Asia Pacific Prepared Meals Market, By Product, 2020-2033 (USD Billion) 

47. Asia Pacific Prepared Meals Market, By Meal Type, 2020-2033 (USD Billion) 

48. Asia Pacific Prepared Meals Market, By Distribution Channel, 2020-2033 (USD Billion) 

49. Japan Prepared Meals Market, By Product, 2020-2033 (USD Billion) 

50. Japan Prepared Meals Market, By Meal Type, 2020-2033 (USD Billion) 

51. Japan Prepared Meals Market, By Distribution Channel, 2020-2033 (USD Billion) 

52. China Prepared Meals Market, By Product, 2020-2033 (USD Billion) 

53. China Prepared Meals Market, By Meal Type, 2020-2033 (USD Billion) 

54. China Prepared Meals Market, By Distribution Channel, 2020-2033 (USD Billion) 

55. India Prepared Meals Market, By Product, 2020-2033 (USD Billion) 

56. India Prepared Meals Market, By Meal Type, 2020-2033 (USD Billion) 

57. India Prepared Meals Market, By Distribution Channel, 2020-2033 (USD Billion) 

58. South America Prepared Meals Market, By Product, 2020-2033 (USD Billion) 

59. South America Prepared Meals Market, By Meal Type, 2020-2033 (USD Billion) 

60. South America Prepared Meals Market, By Distribution Channel, 2020-2033 (USD Billion) 

61. Brazil Prepared Meals Market, By Product, 2020-2033 (USD Billion) 

62. Brazil Prepared Meals Market, By Meal Type, 2020-2033 (USD Billion) 

63. Brazil Prepared Meals Market, By Distribution Channel, 2020-2033 (USD Billion) 

64. Middle East and Africa Prepared Meals Market, By Product, 2020-2033 (USD Billion) 

65. Middle East and Africa Prepared Meals Market, By Meal Type, 2020-2033 (USD Billion) 

66. Middle East and Africa Prepared Meals Market, By Distribution Channel, 2020-2033 (USD Billion) 

67. UAE Prepared Meals Market, By Product, 2020-2033 (USD Billion) 

68. UAE Prepared Meals Market, By Meal Type, 2020-2033 (USD Billion) 

69. UAE Prepared Meals Market, By Distribution Channel, 2020-2033 (USD Billion) 

70. South Africa Prepared Meals Market, By Product, 2020-2033 (USD Billion) 

71. South Africa Prepared Meals Market, By Meal Type, 2020-2033 (USD Billion) 

72. South Africa Prepared Meals Market, By Distribution Channel, 2020-2033 (USD Billion) 

List of Figures 

1. Global Prepared Meals Market Segmentation

2. Prepared Meals 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 Prepared Meals Market Attractiveness Analysis by Product

9. Global Prepared Meals Market Attractiveness Analysis by Meal Type

10. Global Prepared Meals Market Attractiveness Analysis by Distribution Channel

11. Global Prepared Meals Market Attractiveness Analysis by Region

12. Global Prepared Meals Market: Dynamics

13. Global Prepared Meals Market Share by Product (2023 & 2033)

14. Global Prepared Meals Market Share by Meal Type (2023 & 2033)

15. Global Prepared Meals Market Share by Distribution Channel (2023 & 2033)

16. Global Prepared Meals Market Share by Regions (2023 & 2033)

17. Global Prepared Meals Market Share by Company (2023)

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global prepared meals market based on below-mentioned segments:

Global Prepared Meals Market by Product:

  • Canned
  • Frozen
  • Chilled
  • Shelf-Stable

Global Prepared Meals Market by Meal Type:

  • Vegetarian
  • Non-vegetarian
  • Vegan

Global Prepared Meals Market by Distribution Channel:

  • Supermarkets/Hypermarkets
  • Convenience Stores
  • Online
  • Others

Global Prepared Meals 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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