Tannin Market

Tannin Market Size by Source (Plants and Brown Algae), Product (Phlorotannin, Hydrolysable and Non-Hydrolysable), Application (Wine Production, Leather Tanning, Anti-Corrosive Primers, Wood Adhesives and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-14253
  • Published Date: Jun, 2024
  • Pages: 237
  • Category: Food & Beverages
  • Format: PDF
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The global tannin market was valued at USD 2.16 Billion in 2023 and grew at a CAGR of 7.41% from 2024 to 2033. The market is expected to reach USD 4.41 Billion by 2033. The growth of the tannin market can be attributed to the rising demand in leather tanning and wine production applications.  

Market Introduction:

Tannins, known as tannic acid, are water-soluble polyphenols in various plant-based diets. In experimental animals, they cause reductions in feed intake, growth rate, feed efficiency, protein digestibility and net metabolizable energy. Consequently, meals high in tannins are regarded as having little nutritious value. Commercial tannins are often amorphous, pale yellow to light brown, and can take the shape of flakes, powder, or a spongy mass. Their main uses include dying textiles, tanning leather, creating ink, and several medicinal uses. Solutions containing tannins taste astringent and are acidic. Chemically speaking, tannins can be divided into two major categories: condensed and hydrolyzable. Extracts from wattle, mangrove and quebracho wood or bark are among the significant sources of condensed tannins. The ester connection between gallic acid and polyols, which hydrolyze when many edible fruits develop, is linked to their antibacterial effects. Thus, the tannins in these fruits act as a natural barrier against microbial diseases.

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Market Dynamics:

Drivers

Increasing consumption of tannin in leather tanning: Leather needs to be tanned to prevent the rawhide from decaying. The raw hide or skin's protein is stabilized throughout the tanning process, avoiding putrefaction and preparing it for a range of final uses. Tannins are the only substances that may give tanned leather these distinctive qualities that make it remarkable and easy to identify. For instance, the smell of leather is a common and distinctive scent that bestows particular qualities. Vegetable tannins, both liquid and powder, are used by artisans in the tanning process today. The most well-known and oldest extract comes from chestnut wood. It enables the creation of heavier, harder, faster, stiffer, and fairly impervious to wet leather. It has been widely employed in leather production in Germany, Austria, and France.

Restraints:

Cost of production: The fluctuating cost of tannin is a market restraint. The medium—and small-scale industries need help coping with the fluctuating raw materials and processing costs. Due to their complexity and high energy cost of synthesis, the growth of the tannins market has been restricted in certain applications.

Opportunities:

Increasing growth of the leather industry: Future growth in the global leather sector is extremely promising. The fashion industry's growing need for leather goods is the driving force behind it. The country's expanding middle class, growing disposable income, and rapid urbanization are predicted to fuel demand for leather goods. New methods like automation are used to make the sector more productive and less expensive. Using environmentally friendly materials, such as vegetable-tanned leather, which is becoming increasingly popular in the fashion business, can also benefit the sector.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Europe emerged as the most significant tannin market, with a 42.81% market revenue share in 2023.

The Europe region will account for the largest market share with revenue growth. The rising demand for tannin in leather tanning in the regional country drives the market's growth. Furthermore, increasing purchasing power makes more consumers willing to purchase leather products in the region. The increasing popularity of wine in countries such as Germany, France, and the U.K. has led to the widespread usage of tannin in wine production.

Europe region Tannin Market Share in 2023 - 42.81%

 

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Source Segment Analysis

The source segment is divided into plants and brown algae. The brown algae segment dominated the market, with a share of around 67.73% in 2023. Phlorotannins are a particular class of tannins produced by brown algae. Brown algae contain polyphenolic chemicals called phenoltannins. They comprise most of the phenolic chemicals in marine algae that are antioxidants.

Product Segment Analysis

The product segment is divided into phlorotannin, hydrolyzable and non-hydrolyzable. The non-hydrolyzable segment dominated the market, with a share of around 53.18% in 2023. Non-hydrolyzable tannins are polymers created when flavans condense. There are no sugar residues in them. Most condensed tannins are soluble in water, while occasionally, they can dissolve in organic solvents like octanol.

Application Segment Analysis

The application segment is divided into wine production, leather tanning, anti-corrosive primers, wood adhesives and others. The leather tanning segment dominated the market, with a share of around 58.61% in 2023. Tanning imparts durability to leather by altering the chemistry of the fibres, making it more difficult for fungi and bacteria to break them down.

Some of the Key Market Players:
  • Ajinomoto OmniChem
  • Tannin Corporation
  • TANAC
  • Ever S.R.L
  • Polson Ltd.
  • LaffortSA
  • UCL Company Ltd.
  • Tanin D.D.
  • W. ULRICH GmbH
  • Jyoti Dye Chem Agency

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2023 USD 2.16 Billion
Market size value in 2033 USD 4.41 Billion
CAGR (2024 to 2033) 7.41%
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 Source, Product and Application

Frequesntly Asked Questions

As per The Brainy Insights, the size of the tannin market was valued at USD 2.16 Billion in 2023 to USD 4.41 Billion by 2033.

Global tannin market is growing at a CAGR of 7.41% during the forecast period 2024-2033.

Europe region emerged as the largest market for the tannin.

The market's growth will be influenced by the rising application of tannin.

The high cost of manufacturing can hamper the market growth.

The increasing demand for wine is providing huge opportunities to the market.

Key players are Ajinomoto OmniChem, Tannin Corporation, TANACamong, Ever S.R.L, Polson Ltd., LaffortSA, UCL Company Ltd., Tanin D.D., W. ULRICH GmbH, Jyoti Dye Chem Agency 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 Source
          4.3.2. Market Attractiveness Analysis by Product
          4.3.3. Market Attractiveness Analysis by Application
          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 demand for tannin in different applications
    5.3. Restraints
          5.3.1. High cost
    5.4. Opportunities
          5.4.1. Growth of wine processing industry
    5.5. Challenges
          5.5.1. Reduced amount of iron absorption

6. Global Tannin Market Analysis and Forecast, By Source
    6.1. Segment Overview
    6.2. Plants
    6.3. Brown Algae

7. Global Tannin Market Analysis and Forecast, By Product
    7.1. Segment Overview
    7.2. Phlorotannin
    7.3. Hydrolysable
    7.4. Non-Hydrolysable

8. Global Tannin Market Analysis and Forecast, By Application
    8.1. Segment Overview
    8.2. Wine Production
    8.3. Leather Tanning
    8.4. Anti-Corrosive Primers
    8.5. Wood Adhesives
    8.6. Others

9. Global Tannin 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 Tannin Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Tannin 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. Boumatic
          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. Nedap N.V.
          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
    11.3. Allflex Livestock Intelligence
          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. Delaval
          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. Afimilk 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. Cowmanager B.V.
          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. Engs Systems
          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. Herdinsights
          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. Zoetis
          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. Smaxtec Animal Care GmbH
          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
    11.11. Cainthus
          11.11.1. Business Overview
          11.11.2. Company Snapshot
          11.11.3. Company Market Share Analysis
          11.11.4. Company Product Portfolio
          11.11.5. Recent Developments
          11.11.6. SWOT Analysis
    11.12. Dairymaster
          11.12.1. Business Overview
          11.12.2. Company Snapshot
          11.12.3. Company Market Share Analysis
          11.12.4. Company Product Portfolio
          11.12.5. Recent Developments
          11.12.6. SWOT Analysis
    11.13. Serket
          11.13.1. Business Overview
          11.13.2. Company Snapshot
          11.13.3. Company Market Share Analysis
          11.13.4. Company Product Portfolio
          11.13.5. Recent Developments
          11.13.6. SWOT Analysis
    11.14. Gallagher Group Limited
          11.14.1. Business Overview
          11.14.2. Company Snapshot
          11.14.3. Company Market Share Analysis
          11.14.4. Company Product Portfolio
          11.14.5. Recent Developments
          11.14.6. SWOT Analysis
    11.15. Stellapps Technologies
          11.15.1. Business Overview
          11.15.2. Company Snapshot
          11.15.3. Company Market Share Analysis
          11.15.4. Company Product Portfolio
          11.15.5. Recent Developments
          11.15.6. SWOT Analysis
    11.16. Moocall
          11.16.1. Business Overview
          11.16.2. Company Snapshot
          11.16.3. Company Market Share Analysis
          11.16.4. Company Product Portfolio
          11.16.5. Recent Developments
          11.16.6. SWOT Analysis
    11.17. Connecterra B.V.
          11.17.1. Business Overview
          11.17.2. Company Snapshot
          11.17.3. Company Market Share Analysis
          11.17.4. Company Product Portfolio
          11.17.5. Recent Developments
          11.17.6. SWOT Analysis
    11.18. Icerobotics
          11.18.1. Business Overview
          11.18.2. Company Snapshot
          11.18.3. Company Market Share Analysis
          11.18.4. Company Product Portfolio
          11.18.5. Recent Developments
          11.18.6. SWOT Analysis
    11.19. Hokofarm Group
          11.19.1. Business Overview
          11.19.2. Company Snapshot
          11.19.3. Company Market Share Analysis
          11.19.4. Company Product Portfolio
          11.19.5. Recent Developments
          11.19.6. SWOT Analysis
    11.20. Faromatics
          11.20.1. Business Overview
          11.20.2. Company Snapshot
          11.20.3. Company Market Share Analysis
          11.20.4. Company Product Portfolio
          11.20.5. Recent Developments
          11.20.6. SWOT Analysis
    11.21. Cowlar
          11.21.1. Business Overview
          11.21.2. Company Snapshot
          11.21.3. Company Market Share Analysis
          11.21.4. Company Product Portfolio
          11.21.5. Recent Developments
          11.21.6. SWOT Analysis
 

List of Table

1. Global Tannin Market, By Source, 2020-2033 (USD Billion) 

2. Global Plants, Tannin Market, By Region, 2020-2033 (USD Billion) 

3. Global Brown Algae, Tannin Market, By Region, 2020-2033 (USD Billion) 

4. Global Tannin Market, By Product, 2020-2033 (USD Billion) 

5. Global Phlorotannin, Tannin Market, By Region, 2020-2033 (USD Billion) 

6. Global Hydrolysable, Tannin Market, By Region, 2020-2033 (USD Billion) 

7. Global Non-Hydrolysable, Tannin Market, By Region, 2020-2033 (USD Billion) 

8. Global Tannin Market, By Application, 2020-2033 (USD Billion) 

9. Global Wine Production, Tannin Market, By Region, 2020-2033 (USD Billion) 

10. Global Leather Tanning, Tannin Market, By Region, 2020-2033 (USD Billion) 

11. Global Anti-Corrosive Primers, Tannin Market, By Region, 2020-2033 (USD Billion) 

12. Global Wood Adhesives, Tannin Market, By Region, 2020-2033 (USD Billion) 

13. Global Others, Tannin Market, By Region, 2020-2033 (USD Billion) 

14. Global Tannin Market, By Region, 2020-2033 (USD Billion) 

15. North America Tannin Market, By Source, 2020-2033 (USD Billion) 

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

17. North America Tannin Market, By Application, 2020-2033 (USD Billion)

18. U.S. Tannin Market, By Source, 2020-2033 (USD Billion) 

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

20. U.S. Tannin Market, By Application, 2020-2033 (USD Billion) 

21. Canada Tannin Market, By Source, 2020-2033 (USD Billion) 

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

23. Canada Tannin Market, By Application, 2020-2033 (USD Billion) 

24. Mexico Tannin Market, By Source, 2020-2033 (USD Billion) 

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

26. Mexico Tannin Market, By Application, 2020-2033 (USD Billion) 

27. Europe Tannin Market, By Source, 2020-2033 (USD Billion) 

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

29. Europe Tannin Market, By Application, 2020-2033 (USD Billion)

30. Germany Tannin Market, By Source, 2020-2033 (USD Billion) 

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

32. Germany Tannin Market, By Application, 2020-2033 (USD Billion) 

33. France Tannin Market, By Source, 2020-2033 (USD Billion) 

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

35. France Tannin Market, By Application, 2020-2033 (USD Billion) 

36. U.K. Tannin Market, By Source, 2020-2033 (USD Billion) 

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

38. U.K. Tannin Market, By Application, 2020-2033 (USD Billion) 

39. Italy Tannin Market, By Source, 2020-2033 (USD Billion) 

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

41. Italy Tannin Market, By Application, 2020-2033 (USD Billion) 

42. Spain Tannin Market, By Source, 2020-2033 (USD Billion) 

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

44. Spain Tannin Market, By Application, 2020-2033 (USD Billion) 

45. Asia Pacific Tannin Market, By Source, 2020-2033 (USD Billion) 

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

47. Asia Pacific Tannin Market, By Application, 2020-2033 (USD Billion) 

48. Japan Tannin Market, By Source, 2020-2033 (USD Billion) 

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

50. Japan Tannin Market, By Application, 2020-2033 (USD Billion)

51. China Tannin Market, By Source, 2020-2033 (USD Billion) 

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

53. China Tannin Market, By Application, 2020-2033 (USD Billion) 

54. India Tannin Market, By Source, 2020-2033 (USD Billion) 

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

56. India Tannin Market, By Application, 2020-2033 (USD Billion) 

57. South America Tannin Market, By Source, 2020-2033 (USD Billion) 

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

59. South America Tannin Market, By Application, 2020-2033 (USD Billion) 

60. Brazil Tannin Market, By Source, 2020-2033 (USD Billion) 

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

62. Brazil Tannin Market, By Application, 2020-2033 (USD Billion) 

63. Middle East and Africa Tannin Market, By Source, 2020-2033 (USD Billion) 

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

65. Middle East and Africa Tannin Market, By Application, 2020-2033 (USD Billion) 

66. UAE Tannin Market, By Source, 2020-2033 (USD Billion) 

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

68. UAE Tannin Market, By Application, 2020-2033 (USD Billion) 

69. South Africa Tannin Market, By Source, 2020-2033 (USD Billion) 

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

71. South Africa Tannin Market, By Application, 2020-2033 (USD Billion) 

List of Figures

1. Global Tannin Market Segmentation

2. Tannin 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 Tannin Market Attractiveness Analysis by Source

9. Global Tannin Market Attractiveness Analysis by Product 

10. Global Tannin Market Attractiveness Analysis by Application

11. Global Tannin Market Attractiveness Analysis by Region

12. Global Tannin Market: Dynamics

13. Global Tannin Market Share by Source (2023 & 2033)

14. Global Tannin Market Share by Product  (2023 & 2033)

15. Global Tannin Market Share by Application (2023 & 2033)

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

17. Global Tannin 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 tannin market based on below mentioned segments:

Global Tannin Market by Source:

  • Natural
    • Yeast
    • Algae
    • Fruits and Vegetables
    • Bacteria
    • Others
  • Synthetic

Global Tannin Market by Application:

  • Food and Beverages
  • Animal Feed
  • Personal Care and Cosmetics
  • Dietary Supplements
  • Pharmaceutical
  • Others

Global Tannin 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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