Recycled Textile Market

Recycled Textile Market Size by Type (Recycled Cotton, Recycled Wool, Recycled Polyester, Recycled Nylon), Textile Waste Type (Pre Consumer Waste, Post-Consumer Waste), End User, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2028

Base Year: 2020 Historical Data: 2018-19
  • Report ID: TBI-12566
  • Published Date: Oct, 2021
  • Pages: 234
  • Category: Chemicals & Materials
  • Format: PDF
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The global recycled textile market is projected to reach USD 10.37 billion by 2028, at a CAGR of 6.74% during the forecast period 2021-2028. Increasing technological innovation in the recycling equipment is primarily contributing to the growth of the market.

Market Overview:

Textile recycling is the process of recovering the material from the used clothing for the reuse of improved purpose. It involves various processes such as donation of cloths, collocation and sorting of cloths, and recycling of clothes. Currently, in the world, there are more than 80 billion garments produced annually. This is 400% more than clothing which is consumed two decades ago. In addition to according to U.S. EPA, more than 16 million of textile municipal solid waste generated in the year 2015–which 6.1% of total municipal solid waste. Thus, recycling of textile has become of the vital industry from the past few years. Recycle textile offers the benefits such as less demand for dyes, decreases landfill space requirements, and reduces the consumption of water and energy.

The textile recycling can be generated by the two types–post-consumer clothing and pre-consumer clothing. Post-consumer includes the used garments, car upholstery and other household items, while pre-consumer waste includes scrap created as a byproduct from the textile industry. The recycled textile industry has enormous potential and offers the various growth opportunities for the vendors in the market.  More than 80% of cloths can be recycled by the recycling process, whereas currently, around 25% of clothes are being recycled. The landfills around the world are almost 6% filled with the waste textile. Some of the cloths dose not degrade the easily and sometimes emit the CO2 gas, which is harmful for the environment. Thus, due to these environmental issues created by the textile industry, the recycled textile has become one of the profitable business in the world.

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Market Dynamics: 

Drivers:
  • Increasing harmful impact of textile wastage on environment

According to the Northeast Recycling Council, Inc., the clothing is the second-largest source of pollution in the world. One of the significant impact of textile wastage is the discharge of high amount of chemicals in the landfills. In addition to this, it releases the CO2 in the air, which causes the air pollution.  Furthermore, many textile industries releases the toxic wastewater in the water sources. It contains many substances such as lead, mercury and various types of toxic chemicals, which is harmful for the human and aquatic animals. Thus, the rising adverse impact of textile wastage on environment, driving the need for recycling of textiles.

  • Rising technological innovation to improve the textile recycling

Currently, the technological innovation in the recycled textiles for the various processes such as sorting, decontaminating, and processing of waste textile is increasing. In addition to this, many vendors are integrating advanced technologies in the equipment which are used for recycling. Thus, rising technological innovation in the textile industry, driving the growth of the market.

Restraints:
  • High cost of operation for recycling

The textile recycling has various advantage, including a reduction in population and wastage. However, there is a high amount of cost required to set the recycling business. This is mainly because of the high cost of machineries, which are used for the recycling process. In addition to this, for the collation of waste textile, high investment is required for the transportation. Thus, high cost may limit the growth of the market over the forecast period.

Opportunities:
  • Many international brands are focusing on recycling of textiles

Many clothing brands such as H&M Group, Puma, Zara, and Levi’s are majorly focusing on the recycling of the textiles to reduce the waste generation. For instance, in the year 2014, Levi’s in partnership with the global solutions provider I:CO, launched its clothing recycling initiative. In addition to this, H&M group has begun used cloth collection from the year 2013, and since collected 78,000 tons of clothing across the globe. Furthermore, Puma and H&M Group are working in partnership for the recycling project. Thus, rising initiative form leading international brands for recycling of textile offering various growth opportunities.

Challenges:
  • Lesser quality of recycled clothes

Many consumers thinks that the recycled cloths have lesser quality than the new cloths. Thus, many consumers prefer to buy the new cloths instead of recycles cloths. The quality of yarn, cotton, and fiber decreases with the time. Thus, less quality of recycled cloths may hamper the growth of market over the forecast period

Segmentation Analysis:

The global recycled textile market has been classified on the basis of type, textile waste type, end-user, and regions.

  • The type segment is divided into recycled cotton, recycled wool, recycled polyester, recycled nylon, and others. The recycled nylon segment is projected to grow at the highest CAGR of 7.02% over the forecast period. The growth is mainly due to the nylon’s various properties, including high strength and high elasticity. Thus, the increasing use of recycled nylon in various end-user industries driving the growth of the market. 
  • The textile waste type segment is divided into pre-consumer and post-consumer waste. The post-consumer waste accounted for the major market share and valued at USD 3.40 billion in the year 2020. The increasing spending on clothing and foot ware across the globe has generated a large amount of textile waste. In addition to this, the rising trend of fast fashion, where fashion trends changed in a concise period of time, boosting the growth of post-consumer segment. 
  • The end-user segment includes apparel, industrial, home furnishings, non-woven, and others. The apparel segment accounted for the major market share of 62.34% in the year 2020.Increased demand for personalized and low-cost apparels, primarily driving the growth of the market.  
Regional Segmentation Analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. The Asia Pacific region dominated the global recycled textile market and held the major market share of 45.65% in the year 2020.

  • The growth is mainly due to increasing demand for recycled clothes in the countries such as China and India. In addition to this, the presence of a large number of recycling textile industries across the region, further boosting the growth of the market. For instance, Panipat, India is the world’s largest recycling hub for the post-consumer textile waste. In addition to this, the presence of many local and global recycling companies in China, also contributing to the growth of the market.
  • Europe region is anticipated to grow at the highest CAGR of 7.5% over the forecast period. Many European clothing companies have started an initiative to collect the used cloth for the recycling purpose, is one of the key driver boosting the growth of the market. In addition to this, the amount of clothing an average person buys has increased by 40% from the last decade. Thus, rise in clothing spending driving the growth of the market in Europe.

Asia Pacific Recycled Textile Market Share in 2020- 45.65%

 

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Competitive Analysis:

The key players of global recycled textile market are majorly focusing on adoption of various strategies such as new product development, joint venture, collaboration, technological integration, product innovations, mergers & acquisitions, and partnerships to gain the significant market share in the industry.

In November 2018, Anandi Enterprises announced that company has introduced the recycling of organic, BCI (Better Cotton Initiative) or recycled yarns.

In January 2018, Leigh Fibers Inc. announced the plan to acquire the J.E. Herndon Company, a reprocesser of textile fibers and byproducts primarily connected to the cotton industry, to complements our overall product offerings and geographical expansion.

List of Key Market Players:

  • Khaloom
  • Chindi
  • Kishco Group
  • Anandi Enterprises
  • Usha Yarns Ltd.
  • Renewcell AB
  • Hyosung TNC Co. Ltd.
  • MartexFiber
  • Otto Garne
  • Leigh Fibers Inc.

Key Target Audience

  • Government Authorities
  • R&D Institutions
  • Consulting And Research Firm
  • Textile Companies
  • Environmental Agencies 

Report Description:

  • Global Recycled Textile Market, Industry Analysis, Trends, Analysis and Forecast, 2021 to 2028 is a forthcoming/imminent research report which is to be published by The Brainy Insights.
  • 2020 is considered as the base year of the report. 2018 and 2019 are considered as the historic years and 2021 to 2028 are the forecast years. The global Recycled textile market is based on revenue (USD Million/Billion). The report incorporates the market study on the basis of revenue. The study covers the market share revenue/market share for each of the segments, regions and countries catering to global recycled textile market. The regions analyzed for the market are Europe, Asia Pacific, North America, South America and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
  • The report encompasses with the relative data & information, which have been validated by the leading industry professionals and experts all across the globe. The research report also delivers an outline of the attractiveness of recycled textileand regions which are deduced and formulated on the basis of their growth rate (CAGR), market size, and attractiveness by analyzing the present and future prospects to market growth and development in future.
  • The report illustrates the detailed (both quantitative and qualitative) analysis of historical data, revenues, key developments, along with the crucial strategies adopted by key organizations catering to global Recycled textile market. This offers vital and in depth insights in order to depict the overall market scenario.
  • The report offers the detailed study for the company profiles of key organizations operating in the global recycled textile market and a comparative assessment based on their product offering, business overviews, geographic presence, business strategies, segment market share, product development & innovations, recent developments, joint venture, partnerships, mergers & acquisitions, strategic alliances, SWOT analysis, and key financial information. This helps in evaluating the overall competition present in the market scenario. 
  • The report provides an elaborative assessment of the porter’s five forces analysis coupled with SWOT analysis so as to provide business related data and information’s. Porter’s five forces model is analyzed to understand the overall competitive scenario that is prevailing in the market. Additionally, the SWOT analysis identifies both the positive and negative attributes of the market development which influences the company growth and development in order to sustain and survive in the long run.
  • Along with that, the report also focuses on the market related driving factors, growth limitations (restraints), potential industry opportunities, significant trends and development which act as a key potential for the investors. 
  • Potential growth prospects along with the penetration rate analysis of the products (market related i.e., global recycled textile market is covered in order to comprehend the adoption rate and evaluate the market size.

Frequesntly Asked Questions

As per The Brainy Insights, the size of the recycled textile market was valued at USD 6.20 billion in 2020 and is anticipated to reach USD 10.37 billion by 2028.

Global recycled textile market is growing at a CAGR of 6.74% during the forecast period 2021-2028.

The global recycled textile market has been segmented based on type, textile waste type, end-user, and regions. The recycled polyester dominated the global market and held the largest market share in the year 2020.

The Asia Pacific region emerged as the largest market for the recycled textile.

Global recycled textile market is witnessing a rapid growth owing to rising awareness about harmful impact of textile waste on the environment.

High cost of operations of textile recycling may hamper the growth of the market over the forecast period.

Many international brands are focusing on recycling of textiles expected to offer the future growth opportunity in the market.

Key players are Khaloom, Chindi, Kishco Group, Anandi Enterprises, Usha Yarns Ltd., Renewcell AB, Hyosung TNC Co. Ltd., Martex Fiber, Otto Garne, and Leigh Fibers Inc. among others.

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 Type
          4.3.2. Market Attractiveness Analysis By Textile Waste Type
          4.3.3. Market Attractiveness Analysis By End User
          4.3.4. Market Attractiveness Analysis By Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Increasing harmful impact of textile wastage on environment
          5.2.2. Rising technological innovation to improve the textile recycling
    5.3. Restrains
          5.3.1. High operating cost
    5.4. Opportunities
          5.4.1. Many international brands are focusing on recycling of textiles
    5.5. Challenges
          5.5.1. Lesser quality of recycled clothes

6. Global Recycled Textile Market Analysis and Forecast, By Type
    6.1. Segment Overview
    6.2. Recycled Cotton
    6.3. Recycled Wool
    6.4. Recycled Polyester
    6.5. Recycled Nylon
    6.6. Others

7. Global Recycled Textile Market Analysis and Forecast, By Textile Waste Type
    7.1. Segment Overview
    7.2. Pre Consumer
    7.3. Post-Consumer

8. Global Recycled Textile Market Analysis and Forecast, By End User
    8.1. Segment Overview
    8.2. Apparel
    8.3. Industrial
    8.4. Home Furnishings
    8.5. Non-Woven
    8.6. Others

9. Global Recycled Textile 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 Recycled Textile Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Recycled Textile 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. Khaloom
          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. Chindi
          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. Kishco Group
          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. Anandi Enterprises
          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. Usha Yarns Ltd
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Product Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Renewcell AB
          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. Hyosung TNC Co. Ltd
          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. Martex Fiber
          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. Otto Garne
          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. Leigh Fibers 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 Recycled Textile Market, By Type , 2018–2028 (USD Billion)

2. Global Recycled Cotton, Recycled Textile Market, By Region, 2018–2028 (USD Billion)

3. Global Recycled Wool, Recycled Textile Market, By Region, 2018–2028 (USD Billion)

4. Global Recycled Polyester, Recycled Textile  Market, By Region, 2018–2028 (USD Billion)

5. Global Recycled Nylon,  Recycled Textile Market, By Region, 2018–2028 (USD Billion)

6. Global Others  Recycled Textile Market, By Region, 2018–2028(USD Billion

7. Global Recycled Textile Market, By Textile Waste Type , 2018–2028 (USD Billion)

8. Global Pre Consumer Recycled Textile Market, By Region, 2018–2028 (USD Billion)

9. Global Post-Consumer Recycled Textile Market, By Region, 2018–2028 (USD Billion)

10. Global Recycled Textile Market, By End User, 2018–2028 (USD Billion)

11. Global Appeals, Recycled Textile Market, By Region, 2018–2028 (USD Billion)

12. Global Industrial, Recycled Textile Market, By Region, 2018–2028 (USD Billion)

13. Global Home Furnishing, Recycled Textile Market, By Region, 2018–2028 (USD Billion)

14. Global Non-Woven Recycled Textile Market, By Region, 2018–2028 (USD Billion)

15. Global Others Recycled Textile Market, By Region, 2018–2028 (USD Billion)

16. Global Recycled Textile Market, By Region, 2018–2028 (USD Billion)

17. North America Recycled Textile Market, By Type , 2018–2028 (USD Billion)

18. North America Recycled Textile Market, By Textile Waste Type , 2018–2028 (USD Billion)

19. North America Recycled Textile Market, By End User, 2018–2028 (USD Billion)

20. U.S. Recycled Textile Market, By Type , 2018–2028 (USD Billion)

21. U.S. Recycled Textile Market, By Textile Waste Type , 2018–2028 (USD Billion)

22. U.S. Recycled Textile Market, By End User, 2018–2028 (USD Billion)

23. Canada Recycled Textile Market, By Type , 2018–2028 (USD Billion)

24. Canada Recycled Textile Market, By Textile Waste Type , 2018–2028 (USD Billion)

25. Canada Recycled Textile Market, By End User, 2018–2028 (USD Billion)

26. Mexico Recycled Textile Market, By Type , 2018–2028 (USD Billion)

27. Mexico Recycled Textile Market, By Textile Waste Type , 2018–2028 (USD Billion)

28. Mexico Recycled Textile Market, By End User, 2018–2028 (USD Billion)

29. Europe Recycled Textile Market, By Type , 2018–2028 (USD Billion)

30. Europe Recycled Textile Market, By Textile Waste Type , 2018–2028 (USD Billion)

31. Europe Recycled Textile Market, By End User, 2018–2028 (USD Billion)

32. Germany Recycled Textile Market, By Type , 2018–2028 (USD Billion)

33. Germany Recycled Textile Market, By Textile Waste Type , 2018–2028 (USD Billion)

34. Germany Recycled Textile Market, By End User, 2018–2028 (USD Billion)

35. France Recycled Textile Market, By Type , 2018–2028 (USD Billion)

36. France Recycled Textile Market, By Textile Waste Type , 2018–2028 (USD Billion)

37. France Recycled Textile Market, By End User, 2018–2028 (USD Billion)

38. U.K. Recycled Textile Market, By Type , 2018–2028 (USD Billion)

39. U.K. Recycled Textile Market, By Textile Waste Type , 2018–2028 (USD Billion)

40. U.K. Recycled Textile Market, By End User, 2018–2028 (USD Billion)

41. Italy Recycled Textile Market, By Type , 2018–2028 (USD Billion)

42. Italy Recycled Textile Market, By Textile Waste Type , 2018–2028 (USD Billion)

43. Italy Recycled Textile Market, By End User, 2018–2028 (USD Billion)

44. Spain Recycled Textile Market, By Type , 2018–2028 (USD Billion)

45. Spain Recycled Textile Market, By Textile Waste Type , 2018–2028 (USD Billion)

46. Spain Recycled Textile Market, By End User, 2018–2028 (USD Billion)

47. Asia Pacific Recycled Textile Market, By Type , 2018–2028 (USD Billion)

48. Asia Pacific Recycled Textile Market, By Textile Waste Type , 2018–2028 (USD Billion)

49. Asia Pacific Recycled Textile Market, By End User, 2018–2028 (USD Billion)

50. Japan Recycled Textile Market, By Type , 2018–2028 (USD Billion)

51. Japan Recycled Textile Market, By Textile Waste Type , 2018–2028 (USD Billion)

52. Japan Recycled Textile Market, By End User, 2018–2028 (USD Billion)

53. China Recycled Textile Market, By Type , 2018–2028 (USD Billion)

54. China Recycled Textile Market, By Textile Waste Type , 2018–2028 (USD Billion)

55. China Recycled Textile Market, By End User, 2018–2028 (USD Billion)

56. India Recycled Textile Market, By Type , 2018–2028 (USD Billion)

57. India Recycled Textile Market, By Textile Waste Type , 2018–2028 (USD Billion)

58. India Recycled Textile Market, By End User, 2018–2028 (USD Billion)

59. South America Recycled Textile Market, By Type , 2018–2028 (USD Billion)

60. South America Recycled Textile Market, By Textile Waste Type , 2018–2028 (USD Billion)

61. South America Recycled Textile Market, By End User, 2018–2028 (USD Billion)

62. Brazil Recycled Textile Market, By Type , 2018–2028 (USD Billion)

63. Brazil Recycled Textile Market, By Textile Waste Type , 2018–2028 (USD Billion)

64. Brazil Recycled Textile Market, By End User, 2018–2028 (USD Billion)

65. Middle East and Africa Recycled Textile Market, By Type , 2018–2028 (USD Billion)

66. Middle East and Africa Recycled Textile Market, By Textile Waste Type , 2018–2028 (USD Billion)

67. Middle East and Africa Recycled Textile Market, By End User, 2018–2028 (USD Billion)

68. UAE Recycled Textile Market, By Type , 2018–2028 (USD Billion)

69. UAE Recycled Textile Market, By Textile Waste Type , 2018–2028 (USD Billion)

70. UAE Recycled Textile Market, By End User, 2018–2028 (USD Billion)

71. South Africa Recycled Textile Market, By Type , 2018–2028 (USD Billion)

72. South Africa Recycled Textile Market, By Textile Waste Type , 2018–2028 (USD Billion)

73. South Africa Recycled Textile Market, By End User, 2018–2028 (USD Billion)

List of Figures 

1. Global Recycled Textile Market Segmentation

2. Recycled Textile 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 Recycled Textile Market Attractiveness Analysis By Type 

9. Global Recycled Textile Market Attractiveness Analysis By Textile Waste Type 

10. Global Recycled Textile Market Attractiveness Analysis By End User

11. Global Recycled Textile Market Attractiveness Analysis By Region

12. Global Recycled Textile Market: Dynamics

13. Global Recycled Textile Market Share By Type (2021 & 2028)

14. Global Recycled Textile Market Share By Textile Waste Type (2021 & 2028)

15. Global Recycled Textile Market Share By End User(2021 & 2028)

16. Global Recycled Textile Market Share by Regions (2021 & 2028)

17. Global Recycled Textile Market Share by Company (2021)

This study forecasts revenue and volume growth at global, regional, and country levels from 2018 to 2028. The Brainy Insights has segmented the global recycled textile market on the basis of below mentioned segments:

Global Recycled Textile Market by Type:

  • Recycled Cotton
  • Recycled Wool
  • Recycled Polyester
  • Recycled Nylon
  • Others

Global Recycled Textile Market by Textile Waste Type:

  • Pre Consumer
  • Post-Consumer

Global Recycled Textile Market by End User:

  • Apparel
  • Industrial
  • Home Furnishings
  • Non-Woven
  • Others

Global Recycled Textile 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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