Tuesday, January 18, 2022

Industry 4.0 Market to Exhibit a CAGR of 16.4 % during 2021-2028 Backed By Recent Advancements in Digital Technologies, Foresees, Fortune Business Insights™

The global industry 4.0 market size is expected to gain momentum by reaching USD 337.10 billion by 2028 while exhibiting a stellar CAGR of 16.4% between 2021 to 2028. In its report titled “Industry 4.0 Market, 2021-2028Fortune Business Insights mentions that the market stood at USD 101.69 billion in 2020.

The increasing internet penetration is boosting the market growth opportunity. The recent advancements in digital technologies, along with industrial automation, have widened the opportunity for the market. For instance, in May 2021, Robert Bosch Engineering and Business Solutions Private Limited announced the launch of Phantom Edge to offer real time view of electric parameters, appliance level information, electrical energy consumption, and operating usage. The Phantom Edge combines of Artificial Intelligence and Internet of things (IoT) and can be used in various sectors including retail, industrial manufacturing, healthcare, agriculture and mobility among others.

List of Key Players Profiled in the Report

  • ABB Ltd (Zürich, Switzerland)
  • Siemens AG (Berlin, Germany)
  • Cognex Corporation (Massachusetts, U.S.)
  • Schneider Electric SE (Rueil-Malmaison, France)
  • Honeywell International Inc. (North Carolina, U.S.)
  • Emerson Electric Co. (Missouri, U.S.)
  • Rockwell Automation, Inc. (Wisconsin, U.S.)
  • General Electric Company (New York, U.S.)
  • Robert Bosch GmbH (Stuttgart, Germany)
  • Cisco Systems Inc. (California, U.S.)

 

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What does the Report Provide?

The market report offers a comprehensive analysis of various factors such as the key drivers, and restraints which are likely to impact the market growth in upcoming years. The report also provides insights of different regions that are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration to contribute to the market growth.

Driving Factor

Increasing Adoption of Robots to Drive Market Growth

In recent times, the demand for robots have increased. Moreover, robots, which were previously costlier and had limited offerings are now inexpensive machines that are capable of performing a wide range of tasks. Specifically, the industrial robots, are widely used by people all over the world. For instance, a report by the latest robotics industry trends, suggest that industrial robots are increasingly being used in manufacturing hubs, resulting in rapid advancements, development, and evolution, and this is expected to drive the industry 4.0 market growth.

Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/industry-4-0-market-102375

COVID-19 Impact

The outbreak of the coronavirus has affected the global economy adversely, however, it had positive impact on industrial revolution (Industry 4.0). As the businesses are adopting to a higher level of internet of things (IoT) technology and workflow. For instance, in March 2020, the European Commission came up with a temporary framework that promoted the growth of advanced industry solutions among small and medium-sized businesses. This is expected to boost the market in upcoming years.

Regional Insights  

Europe to Dominate Backed by Increasing Investments 

Europe is expected to remain at the forefront and hold the largest position in the market during the forecast period owing to the substantial investment in technologies and skills to maintain its position in the global market. The deployment of connected objects and automation techniques has transformed the German manufacturing process and has given rise to the fourth industrial revolution. The region’s market stood at USD 34.60 billion in 2020.

North America is expected to showcase significant industry 4.0 market share in upcoming years, owing to the presence of major players operating in the region, government initiatives, and increasing funding in research and development activities are vital factors that is propelling the regional market.

Competitive Landscape

Key Players to Focus on Collaborations to Strengthen their Market Prospects

The market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects. Below is the industry development:

March 2020 - Cisco Systems Inc. announced its collaboration with Microsoft Corporation. This collaboration will allow seamless data orchestration from Cisco IoT Edge to Azure IoT Cloud, and it also empower users to get a pre-integrated IoT edge-to-cloud application solution and seamless flow of data through IoT edge.

Read Press Release: https://www.fortunebusinessinsights.com/press-release/industry-4-0-market-9631

 

Friday, January 14, 2022

Internet of Medical Things (IoMT) Market to Reach USD 187.60 Billion by 2028; Surging Expenditure on IoT in Healthcare to Boost Market Growth: Reports Fortune Business Insights™

The global internet of medical things (IoMT) market size is projected to reach USD 187.60 billion by 2028 and exhibit a CAGR of 29.5% during the forecast period. The growing expenditure on IoT in healthcare and the increasing technological advancement in healthcare information technologies are anticipated to boost the growth of the market. Fortune Business Insights™ has presented this information in its report titled, “Internet of Medical things (IoMT) Market, 2021-2028”. The market size stood at USD 41.17 billion in 2020.

The adoption of the 4G network has created lucrative growth opportunities for the market. The introduction of high-speed networks is likely to enhance the telehealth industry and empower market growth. The growing adoption of 5G networks is also expected to amplify the growth of the market in the upcoming years. 

Key Players in the Internet of Medical Things (IoMT) market are:

  • Boston Scientific Corporation (Marlborough, the U.S.)
  • General Electric Company (G.E. Healthcare) (Chicago, the U.S.)
  • Johnson & Johnson Services, Inc. (New Brunswick, the U.S.)
  • Medtronic (Dublin, Ireland)
  • Koninklijke Philips N.V. (Amsterdam, Netherlands)
  • Siemens Healthineers AG (Munich, Germany)
  • Cisco (San Jose, the U.S.)
  • IBM (Armonk, the U.S.)
  • Hill-Rom Services, Inc (Welch Allyn) (Indiana, the U.S.)
  • BIOTRONIK (Berlin, Germany)

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Report Coverage-

The report offers a comprehensive assessment of the prospected market.

The report incorporates Porters’ Five Forces Analysis for an infallible market prediction.

The report highlights different market segments; product, indication, end-user, and others.

The report highlights strategies of growth for companies to wade through the COVID-19 pandemic.

The report highlights the latest industry developments, new product launches, key market trends, and others.

Drivers & Restraints-

Growing Investments in IoT in Healthcare to Fuel Market Growth

The internet of health things (IoMT) can reduce healthcare costs for governments and patients. The medtech companies with the internet of medical things (IoMT) focus on transforming the delivery of advanced healthcare to patients. The investments in the healthcare industry have significantly increased during the pandemic. The increasing investments in IoT to transform the healthcare sector are anticipated to bolster the global internet of medical things (IoMT) market growth.

The developments in mobile phone technology and the telecommunication industry are expected to create lucrative growth opportunities for the market. The adoption of the 4G network has created lucrative growth opportunities for the market. The introduction of high-speed networks and the growing adoption of 5G technology are likely to enhance the telehealth industry and empower market growth.

However, the risks of cyberattacks and data breaches loom large and may hinder the growth of the market.

Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/industry-reports/internet-of-medical-things-iomt-market-101844

COVID-19 Impact

The humanitarian crisis has significantly struck the healthcare industry. However, the demand for the internet of medical things (IoMT) has witnessed astronomical growth during the pandemic due to rapid digitization. The investments in healthcare have increased manifold during the pandemic. Virtual consultation has witnessed striking growth during the outbreak due to the fear of contracting the virus. As per an article by Onometra, there are approximately 48% of medical devices connected through the internet of things (IoT) in India. These numbers are expected to increase to 68% shortly. The market is projected to witness immense growth in the forthcoming years.

Regional Insights-

Increasing Product Launches to Boost Growth in North America

North America is anticipated to gain the largest portion of the global internet of medical things (IoMT) market share. The increasing launch of ingenious products and the growing adoption of remote patient observation devices are expected to boost the growth of the market. Additionally, the robust sales of IoMT products and solutions in the U.S. are likely to stimulate the market’s growth.

Europe is expected to witness the second-highest growth in the global market due to the rising government initiatives to boost the adoption of IoMT solutions in the healthcare industry.

Asia Pacific is projected to witness growth with the highest CAGR. The rising healthcare expenditure and the strong government support for the approval and launch of IoMT devices are anticipated to bolster the growth of the market.

The Middle East & Africa, and Latin America are likely to gain considerable growth due to improving investments in the healthcare industry and the growing awareness for IoMT devices and solutions.

Competitive Landscape-

Key Players Emphasize New Product Launches to Garner Growth in the Market

The market is fairly fragmented and comprises several key players, including Johnson & Johnson, Medtronic, Siemens Healthline, and Koninklijke Philips N.V., with the largest shares in the market. The key players focus on the development of new products, patents, technological advancements, collaborations, acquisitions, mergers, and others to generate greater revenues and improve their market presence. Most recently, Philips and Cognizant signed a collaborative agreement in July 2021 to develop end-to-end digital solutions. The collaboration is aimed to accelerate clinical trials and enhance patient care.

Industry Developments-

September 2020: Philips unveiled Philips Avent electric breast pump, Philips Sonicare teledentistry, and others to enhance services to patients in homecare settings.

Tuesday, January 11, 2022

Refinery Catalysts Market to Hit USD 5.84 Billion by 2028; Rising Demand for Octane Fuel to Augment Market Growth: Fortune Business Insights

The global refinery catalysts market size is expected to gain momentum by reaching USD 5.84 billion by 2028 while exhibiting a CAGR of 3.8% during 2021 to 2028. In its report titled "Refinery Catalysts Market, 2021-2028," Fortune Business Insight mentions that the market stood at USD 4.38 billion in 2020.

The growing demand for petroleum products such as kerosene, diesel, petroleum, and several others has surged the demand for refinery materials. These materials are used in the refining process to wash out the impurities, such as nitrogen, sulfur, and few other metal contaminations. These refining catalysts include zeolites, palladium, zirconium, and a few other materials used in combinations and independently to improve the operating effectiveness of petroleum products.

List of Key Market Players Profiled in the Market for Refinery Catalysts

Albemarle Corporation (U.S.)

BASF SE (Germany)

Haldor Topsoe A/S (Denmark)

Honeywell International Inc. (U.S.)

Clariant (Switzerland)

Axens (France)

Johnson Matthey (U.K.)

China Petroleum & Chemical Corporation (China)

Royal Dutch Shell plc (Netherlands)

Arkema (France)

ANTEN CHEMICAL CO., LTD. (China)

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What does the Report Provide?

The market for refinery catalysts report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. The different market segments and their regional analysis are discussed in the report. Further, it talks about the dominant strategies adopted by key players such as the introduction of new products, partnerships, and collaboration that will further contribute to the market growth. Lastly, it provides information on the impact of COVID-19 on market growth.

Driving Factor

Rising Demand for Petroleum Products to Fuel Market Growth

The increasing investments in research and development are providing new opportunities for refinery catalysts market growth. Leading manufacturers are working on improving the catalytic properties of these refining materials. This will help in producing high-quality fuel with reduced cost. Moreover, increased demand for petroleum products and derivatives such as plastics, petroleum wax, naphthalene, paraffin wax, and refined asphalt is expected to drive market growth in upcoming years.

On the other hand, technological advancement has also led to a consumer shift towards electric vehicles that restrict the market.

Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/industry-reports/refinery-catalyst-market-101090

COVID-19 Impact

 

The outbreak of the coronavirus pandemic slumped the global economy. The refining and petroleum industries were also at a loss due to a drop in demand and an unforeseen increase in supply. This hugely impacted the crude oil prices, which affected the prices of refined petroleum products, especially gasoline. However, producer prices of crude petroleum partly recovered, thereby promoting the demand.  The world's petroleum supplies recovered in July 2020 since the Organization of the Petroleum Exporting Countries (OPEC+) cuts were reduced from 9.7 million to 7.7 million barrels per day. Therefore it is anticipated that the market will recover soon during the forecast period.

Regional Insights

Asia Pacific to Dominate Backed by Large Presence of Refineries

Asia Pacific is expected to remain at the forefront and hold the highest position market during the forecast period owing to rising infrastructure facilities in the region and the presence of refineries in the region.  For instance, China holds the major share in the refining industry and accounted for 15.6% of the total oil refining capacity in 2018. Following China, India stood second in position with 4.97 million bpd and having prime oil refining capacity in the region. The market stood at USD 1.52 billion in 2020.

North America is expected to showcase a significant refinery catalysts market share. It is attributable to the presence of many oil reserves in the region. Furthermore, the increasing oil imports in the region is supporting the market.

Competitive Landscape

Key Players to Focus on Facility Expansion to Strengthen their Market Positions

The market for refinery catalysts is consolidated by major companies striving to maintain their position by focusing on mergers and facility expansions. For instance, in May 2021, BASF expanded Seneca. It is a Platinum Group Metals (PGM) refining facility. BASF is planning to invest in millions as capital improvements for increasing the refining capacity to recycle precious metals from spent catalysts such as automotive catalytic converters.  Additionally, other key players are adopting proactive strategies such as new partnerships, mergers, and collaborations to favor the market's growth in the upcoming years.

Industry Development

February 2021: Bharat Petroleum Corporation Limited subsidiary, Numaligarh Refinery Limited, has appointed Axens to supply advanced technologies in the gasoline block for its Numaligarh Refinery Expansion Project (NREP). This will help the company in expanding its refinery capacity by 9000 KT per annum.


Wednesday, January 5, 2022

Skincare Market to Hit USD 145.82 Billion by 2028; Presence of Local and International Players to Augment Industry Growth: Fortune Business Insights™

 The global skincare market size is expected to gain momentum by reaching USD 145.82 billion by 2028 from USD 100.13 billion in 2021, while exhibiting a CAGR of 5.52% between 2021 to 2028. In its report titled, “Skincare Market, 2021-2028,” Fortune Business Insights™ mentions that the market stood at USD 98.83 billion in 2020.

In recent times, skincare has become one of the important rituals in everyone’s life. This is because these products improve the quality and health of the skin and provide nourishment. Men & women both use it on a daily basis for purposes such as cleansing, moisturizing, and hydrating. Additionally, awareness toward natural and herbal skincare is also generating traction. For instance, ingredients such as aloe Vera, various root and leaf extracts have replaced chemicals in these personal care products since people are now aware of the adverse effects of synthetic chemicals on the skin. Therefore, major skincare companies are labeling their products to be natural. For example, key companies such as Avon and Garnier have launched their natural and herbal range as ‘Avon Naturals’ and ‘Garnier Organic’ to attract customers.  

List of Key Players Profiled in the Skincare Market

L’Oréal Professional (Clichy, France)

Unilever (London, England)

Procter & Gamble (Cincinnati, Ohio, U.S.)

Estée Lauder Inc. (New York, U.S.)

Beiersdorf AG (Hamburg, Germany)

Shiseido Co., Ltd. (Chuo City, Tokyo, Japan)

Coty Inc. (New York, U.S.)

Natura & Co. (Sao Paulo, Brazil)

Kao Corporation (Chuo City, Tokyo, Japan)

Johnson & Johnson Services, Inc. (New Brunswick, U.S.)

Avon Products Inc. (London, U.K)

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What does the Report Provide?

The market report of skincare products provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the market growth.

Driving Factors

Increasing Awareness Regarding Personal Grooming to Drive Market Growth

The rising trend of skin nourishment products by the young population to treat their skin problems such as acne, black spots, scars, dullness, and tanning is expected to drive skincare market growth. Products such as toners, scrubs, and sunscreen are highly in demand from the younger population, whereas products that treat wrinkles, cracked heels are demanded from the aged population. Moreover, incessantly changing lifestyle, increasing disposable income, and spending patterns of consumers on beauty care products is expected to boost the market in upcoming years.

Furthermore, the increasing demand for men’s grooming products, strong advertising initiatives by manufacturers, and the digitalization trend that have enhanced consumer awareness about personal care products are also promoting market growth. For instance, as per ‘Prima & Prep’s Men Grooming survey 2019’, around 89.5% of the men are concerned about skin issues, of which 35.8% of men use skincare and anti-aging products on a daily basis.

Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/skin-care-market-102544

COVID-19 Impact

The pandemic crippled the global economy. The manufacturing facilities saw a decline in their production capacity due to lockdown and stringent regulations imposed by governments amid the pandemic to curb the spread of the virus. This is impacting the companies’ product revenues. Additionally, factors such as the closure of beauty retail stores and cosmetic businesses and the shortage of raw material supplies due to the lockdown restrictions hampered the product consumption rate. However, the market is expected to revive during the forecast period, as there is a shift in the consumer behavior towards personal care, wellness and beauty increased while they were indoors, amid lockdown.

Regional Insights

Asia Pacific to Dominate Backed by Increasing Working Population

Asia Pacific is expected to remain at the forefront and hold the highest position market during the forecast period. This is attributable to the increasing employed population and rising disposable income in the region. For instance, a report by India Brand Equity Foundation on FMCG published in May 2018 states that in India, total consumption expenditure was USD 1,595 billion in 2016, which is projected to reach about USD 3,600 billion by 2020. The region’s market stood at USD 51.31 billion in 2020.

Europe is expected to showcase significant skincare market share in upcoming years, owing to the increasing demand for skin nourishment products by both male and female population. Additionally, the greater spending power of the populace in the region, coupled with the strong presence of key players operating in the market, is promoting the regional market.

Competitive Landscape

Key Players to Focus on New Launches & Acquisitions to Strengthen Their Presence

The market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects. Below is the industry development:

December 2019: A subsidiary of Kao Corporation, e’quipe, LTD., launched its new brand named ‘athletia’ in February 2020. The brand offers skin nourishment products, such as ‘tune & charge,’ the ‘active & go’ and ‘breathe & sleep’ range.

January 2020: Procter & Gamble acquired a women's body care company named Billie Inc. Through this acquisition, the company is expected to strengthen its product range as Billie is primarily involved in supplying female beauty as well as grooming products.

Read Press Release: https://www.fortunebusinessinsights.com/press-release/skin-care-market-9701



Friday, December 31, 2021

Protective Coatings Market to Reach USD 21.2 Billion by 2028; Rising Usage in Smartphones and Tablets to Prevent Corrosion will Aid Growth: Fortune Business Insights™

The global protective coatings market is set to gain impetus from the increasing transformation in the mobility, performance, and size of electronic gadgets. Components of devices, such as wearables, tablets, and smartphones, can often corrode if exposed to pollutants. Protective coatings help to protect them and surge their life span. This information is given by Fortune Business Insights™ in a report, titled, “Protective Coatings Market, 2021-2028.” As per the report, the protective coatings market size was USD 12.0 billion in 2020. It is projected to grow from USD 12.9 billion in 2021 to USD 21.2 billion in 2028 at a CAGR of 7.3% during the forecast period.

A list of protective coatings vendors operating in the global market:

  • The Sherwin-Williams Company (Ohio, U.S.)
  • PPG Industries, Inc. (Pennsylvania, U.S.)
  • Jotun (Sandefjord, Norway)
  • Akzo Nobel N.V. (Amsterdam, Netherlands)
  • Kansai Paint Co.,Ltd. (Osaka, Japan)
  • Sika AG (Baar, Switzerland)
  • The Chemours Company (Delaware, U.S.)
  • Dulux Protective Coatings (California, U.S.)
  • Oasis Paints (Sharjah, United Arab Emirates)
  • Wacker Chemie AG (Munich, Germany)
  • Henkel AG & Co. KGaA (Düsseldorf, Germany)
  • NIPSEA GROUP (Singapore)
  • Berger Paints (West Bengal, India)
  • Hempel A/S (Lyngby, Denmark)
  • Dow (Michigan, U.S.)

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Report Coverage-

Our research report aims to estimate the future growth potential and size of the protective coatings industry. It covers factors influencing growth, such as industry-specific challenges, opportunities, restraints, and drivers. The report also involves extensive secondary sources, databases, and directories, such as Health & Safety Council of North America (SEHSC), Bloomberg, Silicone Industry Association of Japan (SIAJ), Factiva, Hoovers, and Chemical Weekly.

Drivers & Restraints-

Increasing Need to Prevent Concrete Structures from Corrosion will Bolster Growth

Protective coatings help in enhancing the aesthetics of a structure. Besides, they can add new colors to the concrete and improve its longevity by preventing surface fractures, sealing, and water infiltration. Concrete buildings are often exposed to multiple environmental conditions, such as pollution and atmospheric carbonation. Concrete degradation and corrosion are the two main issues faced by builders. When coatings are used on the concrete, they can safeguard the structure against physical and chemical damages. However, regulatory bodies have implemented strict norms on the usage of solvent-borne solutions as they release volatile organic compounds (VOCs). It may hamper the protective coatings market growth in the near future.

Read A Detailed Summary of This Report: https://www.fortunebusinessinsights.com/protective-coatings-market-102942

COVID-19 Pandemic: Halt of Raw Material Manufacturing in Asia Pacific to Hinder Growth

The outbreak of the COVID-19 pandemic has resulted in the temporary halt of raw material production in various countries owing to lockdown measures. Thailand, Singapore, Japan, China, and India are considered to be the major suppliers of raw materials. But, strict government norms to prevent transmission of the coronavirus have delayed import and export activities. The RICS Global Construction Monitor, for instance, declared that the condition of the construction industry in Asia Pacific continued to deteriorate in Q2 2020.

Regional Insights-

Expansion of Mining and Automotive Industries to Favor Growth in Asia Pacific

Geographically, in 2020, Asia Pacific stood at USD 5.0 billion in terms of revenue. This growth is attributable to the rising government investments in the development of new infrastructure, especially in China and India. At the same time, the expansion of the industrial, infrastructure & construction, marine, automotive, and power industries would propel regional growth. In North America, on the other hand, the high demand for electric vehicles would drive the automotive industry, thereby aiding growth. Additionally, the surging state and federal spending in institutional buildings and public works is set to accelerate the demand for protective coatings in this region.

Competitive Landscape-

Key Players Focus on Unveiling Innovative Solutions to Compete with Their Rivals

The global market for protective coatings includes a large number of renowned companies that are majorly focusing on introducing novel solutions for a wide range of industries as per their requirements. A few others are conducting exhaustive R&D activities to keep up with the high consumer demand.

Industry Development-

March 2021: PPG unveiled the PPG PITTHANE® ULTRA LS high-performance polyurethane topcoat. It can be used in corrosive environments requiring low sheen to hide surface imperfections and limit glare.

Wednesday, December 29, 2021

Cannabis Market to Reach USD 197.74 Billion by 2028; Rising Awareness Regarding the Product’s Medicinal and Therapeutic Benefits to Foster Market Development: Fortune Business Insights™

The global cannabis market size is projected to reach USD 197.74 billion by 2028, exhibiting a CAGR of 32.04% during the forecast period. The market stood at USD 20.47 billion in 2020 and is expected to grow at USD 28.266 billion in 2021. Rising awareness regarding the product’s therapeutic and medicinal benefits, enabling policies, and relaxation regulations are likely to foster market development. Fortune Business Insights™ in its report titled “Cannabis Market, 2021-2028.”

Cannabis is a flowering plant known for its therapeutic and medicinal benefits if consumed in specified amounts. It helps cure cancer, reduces depression, and possesses several other medical benefits. It is slowly gaining recognition in several countries because of the legalization policies. Further, the adoption of regulatory relaxations and favorable policies is expected to boost the product’s adoption. For example, the House of Representatives passed the HEROES Act in 2020 and presented the act to the SAFE Banking Act and Senate. This act enables banks to grant services to marijuana companies and helps them grow positively. The legalization of cultivation, production, and trade is likely to boost market development. The rising development of facilities and farms for medical and therapeutic marijuana products is likely to boost market development in the upcoming years.

List of Key Players Profiled in the Cannabis Market Report

Aurora Cannabis Inc. (Edmonton, Canada)

Tilary, Inc. (Nanaimo, Canada)

Canopy Growth Corporation (Ontario, Canada)

CannTrust Holdings Inc. (Vaughan, Canada)

VIVO Cannabis Inc. (Greater Napanee, Canada)

Cronos Group Inc. (Toronto, Canada)

Jazz Pharmaceuticals (Ireland)

OrganiGram Holdings (Moncton, Canada)

Lexaria Corp. (Kelowna, Canada)

ABcann Medicinals, Inc. (Ontario Canada)

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Highlights of the Report

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Driving Factors

Rising Adoption from Medical Sectors and Availability of Marijuana Incorporated Edibles to Boost Market Growth

Marijuana is used extensively in the medical sector to manufacture anti-depressant drugs, cancer medicines, and other medicines. The rising awareness regarding its benefits is expected to boost its sales. The availability of a wide variety of flavors and edibles is expected to boost the product’s adoption. The product's availability in candies, chocolates, and beverages is expected to boost its popularity and enable users to enjoy the substance for an hour or two. Furthermore, marijuana’s demand is increasing rapidly from the medical sector because of relaxation policies. Several countries have placed favorable policies legalizing marijuana’s adoption in medicines. It is used to treat AIDS, cancer, and other disorders, which, in turn, is expected to boost its demand. In addition, its adoption by mainstream medical professionals is increasing because of its ability to treat arthritis, anorexia, and other disorders. These factors are likely to drive the cannabis market growth.

However, regulations prohibiting the sales and cultivation of marijuana in several countries may hinder the market’s progress.

Read a Detailed Summary on This Report: https://www.fortunebusinessinsights.com/industry-reports/cannabis-marijuana-market-100219

Impact of COVID-19

Rising Demand from Medical Sectors to Boost Market Development

This market is expected to grow steadily during the COVID-19 pandemic because of the rising demand for medical marijuana from the healthcare sector. The sudden spike in COVID-19 cases led to the adoption of stringent restrictions on non-essential sectors. However, the rising demand for the product from the medical sector facilitated sales. The adoption of products for medical purposes may boost the product’s adoption. Further, the adoption of reduced capacities, part-time shifts, and production machinery enabled players to balance costs and recover losses. These factors may propel market development during the pandemic.

Regional Insights

Recreational Legalization in the U.S. to Boost Market Growth in North America

North America is projected to dominate the cannabis market share because of marijuana’s legalization in the U.S. The market in North America stood at USD 19.78 billion in 2020 and is expected to grow positively during the upcoming years. The District of Columbia and Eleven states legalized the adoption of the product in 2019. The state medical cannabis law in the U.S. recognized the product as a medical drug to cure post-traumatic stress disorder, epilepsy, chronic pain, arthritis, and Alzheimer’s disease. In addition, the emergence of several marijuana growers is expected to boost the market growth.

Europe is the second-largest market shareholder because of the rising adoption of the product and the adoption of favorable legislation. Marijuana is observed to be effective in trials and is used extensively in treating cancers, AIDS, and other disorders in the medical sector. The Greek legislation legalized the adoption of marijuana in 2018, which, in turn, may boost the product’s adoption. These factors are likely to facilitate market development.

Competitive Landscape

Companies Acquire Crucial Players to Expand their Product Portfolio

The prominent companies operating in the market devise acquisition strategies to expand their product portfolio. For example, Supreme Cannabis Company, Inc. and the Canopy Growth Corporation entered an agreement to acquire Supreme Cannabis by Canopy Company, Inc. in April 2021. This acquisition shall help Canopy Growth Corporation expand its product portfolio, attract consumers, and improve its brand position globally. Further, the launch of innovative products may enable manufacturers to satisfy consumer demand and enhance their brand image.

Industry Development

December 2020: A leading company named Aphria Inc. and Tilray, Inc reached an agreement to combine their business and transform into the world’s biggest marijuana manufacturer. The company shall be backed by state-of-the-art manufacturing, processing, and affordable costs to offer a portfolio of marijuana products in Canada.

Read Press Release: https://www.fortunebusinessinsights.com/press-release/cannabis-market-9242

Wednesday, December 22, 2021

Pet Food Market to Hit USD 136.82 Billion by 2028; Rising Adoption of Companion Animals to Augment Market Growth

The global pet food market size is expected to gain momentum by reaching USD 136.82 billion by 2028 while exhibiting a CAGR of 4.96% between 2021 to 2028. In its report titled “Pet Food Market, 2021-2028,” Fortune Business Insight mentions that the market stood at USD 93.94 billion in 2020.

In recent times, people are working from home, therefore, many used this as an opportunity to get the family pet. Several studies have shown that people who adopt pets are less likely to suffer from loneliness and depression. As the pets brings the companionship to their owners. Besides, in tough times of pandemic demand for pets increased. For instance, as per report published by Mars Petcare, a leading pet (dog& cat) food manufacturer, stated that the combined sales of cat and dog treats grew by 6.5% in the 12 weeks between February and May 2020.

List of Key Players Profiled in Report

Mars Incorporated (Virginia, U.S.)

Nestle S.A. (Vevey, Switzerland)

The J.M. Smucker Company (Ohio, U.S.)

Colgate-Palmolive Company (New York, U.S.)

General Mills, Inc. (Minnesota, U.S.)

Diamond Pet Foods (Missouri, U.S.)

Heristo AG (Osnabruck, Germany)

Tiernahrung Deuerer GmbH (Bretten, Germany)

Merrick Pet Care, Inc. (Texas, U.S.)

WellPet LLC (Massachusetts, U.S.)

 

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What does the Report Provide?

The market for pet food report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration to contribute to the market growth.

Driving Factor

Rising Pet Ownership across Developing Economies to Aid Growth

The increasing adoption rate of pets worldwide, especially in the developing regions is expected to drive the pet food market growth. The emergence of nuclear families, rising urbanization and pet humanization is making owners to go for nutritious and quality food for their pets, is further fueling the market growth. Additionally, the rising per capita income of the consumer is allowing them to spend on organic food products for pet animals. Moreover, the easy availability pets’ products at varied price is also generating traction, as it offers customers range of options.

Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/industry-reports/pet-food-market-100554

COVID-19 Impact

The ongoing COVID-19 pandemic situation has adversely impacted the market. These disruptions in the supply chain occurred due to a shortage in raw materials, workers, and restrictions on transport. However, the operations were back to normal on the upliftment of lockdown. Additionally, higher pet adoption, rising demand for premium dog & cat food, and change in strategies by pet animal food manufacturers have positively impacted the global sales of dog & cat food

Regional Insights

North America to Dominate Backed by Increasing Adoption of Pets in the Region

North America is expected to remain at the forefront and hold the highest position in the market during the forecast period. This is attributable to increased adoption of pets in the U.S. households.  For instance, according to survey done by the American Pet Products Association (APPA), around 85 million U.S. households i.e. around 67% of the total households present in the U.S. own a pet. The region’s market stood at USD 36.22 billion in 2020.

Europe is expected to show significant pet food market share owing to increased spending on sustainable and safe pet animal food.  Additionally, in Europe pet owners demand for transparency in pet animal food product ingredients. U.K. is the largest pet animal food market in Europe; and is followed by Germany and France.

Competitive Landscape

Key Players to Focus on Facility Expansion & Investment to Strengthen their Market Prospectus

The global market for pet food contains a large number of prominent companies that are constantly trying to develop unique devices to cater to the demand from patients across the globe. To do so, they are joining hands with local or reputed firms, launching new solutions to strengthen their portfolio in the market. Below are two industry developments:

March 2021: A leading pet food manufacturer based in the U.S., Mars, Inc, made an investment of USD 200 million for facility expansion of its Royal canin plant in Lebanon.

December 2020: Nestle Purina Petcare declared that it invested USD 550 million to expand its pet food manufacturing facility in Georgia.

Read Press Release: https://www.fortunebusinessinsights.com/press-release/pet-food-market-10028