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Milk Thistle Market Poised for Significant Growth, Projected to Hit USD 316.35 Million by 2033 with 8.3% CAGR | Future Market Insights, Inc.

Milk Thistle Market

The milk thistle market size is projected to be valued at USD 97.47 million in 2023 and is expected to rise to USD 316.35 million by 2033. The sales of milk thistle are expected to grow at a significant CAGR of 8.3% during the forecast period.

Key Insights Covered in the Market Report

Growing demand for natural remedies: The milk thistle market is expected to grow at a considerable rate due to the increasing demand for natural remedies. As consumers have become more aware of the side effects of allopathic drugs, they are turning to natural remedies such as milk thistle supplements.

Rising popularity of multi-herbal products: The popularity of multi-herb products is another trend that has positively impacted the milk thistle market. Milk thistle is an important ingredient in many herbal products used to improve immune function, sleep, liver function, digestion, and cardiovascular disease.

Increased use in therapeutic formulation development: Milk thistle supplements are used as adjuvants in the development of various therapeutic regimens. They are combined with other natural ingredients such as aloe vera, turmeric, and dandelion to treat a variety of chronic ailments.

Growth of RTE milk thistle products: Ready-to-eat (RTE) milk thistle products, as well as private label and processed milk thistle seeds, are gaining popularity among consumers due to the convenience and affordability of consumption.

Focus on Research and Development: Milk thistle market players are investing heavily in research and development to improve the effectiveness of milk thistle supplements in treating liver disease. Another focus is on developing innovative solutions to address the gastrointestinal challenges associated with milk thistle supplements for women.

Overall, the milk thistle market is expected to continue growing in the coming years as more consumers turn to natural remedies and multi-herbal products for their various health benefits.

Key Takeaways from the Milk Thistle Market

In terms of form, the milk thistle market is divided into powder and granules, capsules, and liquid extract. In 2021, the liquid extract segment was worth more than US$ 33,000 thousand. This was primarily due to favorable product characteristics such as increased shelf life, increased flavors, and resistance to oxidation.
One of the most popular herbal supplements in the United States is milk thistle. Milk thistle sales increased by 14% in 2000, to an estimated $8.9 million in 2022. In the United States, milk thistle can be purchased as a dietary supplement.
In 2021, the pharmacy segment accounted for more than 18% of the milk thistle market. According to the report, this can be attributed to the growing footprint of pharmacy stores in several prominent countries around the world. According to the ABDA, Germany has nearly 20,000 pharmacies for a population of over 80 million people, implying a pharmacy density of 25 stores per 100,000 people.
Milk thistle demand in Asia Pacific is expected to rise at a 9.0% CAGR as ayurvedic clinics and traditional methods gain popularity. With an ongoing rise in ayurvedic tea consumption in these areas, market demand for milk thistle extracts has increased.

“In recent study, the steady growth in the Milk Thistle market, driven by increasing consumer awareness of its liver-protective properties. This trend indicates a growing market for Milk Thistle-based supplements and herbal remedies, with promising potential for future expansion”, says Nandini Roy Choudhury, Client Partner at Future Market Insights.

Competitive Landscape

Strategic collaborations with consumers can help manufacturers increase their sales and market share. Natural products are likely to benefit from the introduction of new products and technologies. The company can increase its production capacity by forming a strategic partnership.

BYHEALTH, a dietary supplement company, is improving the way it provides information about which products contain which ingredients in November 2021, with new initiatives planned for the following year. Using high-quality raw materials is one way the company ensures consumer safety, as well as product effectiveness and bioavailability.
Milk Thistle 60’s is a key milk thistle supplement launched by Blackmores that sells extremely well online. Blackmores Ltd., an Australian company, distributes a wide range of herbal, mineral, and vitamin supplements throughout Asia-Pacific.

Scope of Report

Attribute		Details
Forecast Period		2023 to 2033
Historical Data Available for		2018 to 2022
Market Analysis		US$ billion for Value
Key Countries Covered		The United States, Canada, Germany, The United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Türkiye, Northern Africa, and South Africa
Key Segments Covered		Form Distribution Channel Region
Key Companies Profiled		Nature’s Bounty Co., Sundown Naturals, Jarrow Formula, Inc., 21st Century Healthcare Inc., Puritan’s Pride, Swanson Health Products, Bio-Botanica Inc., Blackmores Limited, NOW Foods, Solgar, Inc., Swisse, GNC, Amway Corp
Report Coverage		Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing		Available upon Request

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Milk Thistle Market Segmentation

By Form:

Capsule
Powder and Granules
Liquid Extract
Lubricating
Specialty Oils

By Distribution Channel:

Pharmacy Stores
Hypermarkets/Supermarkets
Convenience Store
Online

By Region:

North America
Latin America
Europe
South Asia & Pacific
East Asia
The Middle East & Africa (MEA)

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centres in the United Kingdom, the United States, and India. FMI’s latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

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Fish Oil Alternatives Market to Grow to USD 4.1 Billion by 2033, Boosted by Strong Adoption in Restaurants and Hotels | Future Market Insights, Inc.

Fish Oil Alternatives Market

The global fish oil alternatives market reached a value of USD 2.4 billion by the end of 2022 & expanding at USD 2.5 billion in 2023. Future Market Insights (FMI) anticipates it to grow at a rate of over 5% between the years 2023 and 2033. As per this fish oil alternatives market analysis report, the overall valuation is projected to reach USD 4.1 billion by 2033.

Increasing the acceptability of plant-based diets to lessen the burden of cardiovascular diseases is boosting the sales of fish oil alternatives. It is anticipated that global consumption of omega-3 fatty acids may rise as public knowledge of its health advantages rises.

As soybean, safflower, sunflower, cotton, and corn seeds are abundant sources of omega-3, there is an increasing demand for vegetable oils made from their seeds globally. So, the fish oil alternatives sector is anticipated to rise promisingly throughout the projected period.

Traditionally the demand for omega-3 constituents has encouraged the use of fish oil substitutes high in omega-3 fatty acids. Moreover, the availability of omega-3 fats is no more limited to only those who strictly adhere to a plant-based diet. It is likely to be produced more for non-veg consumers as plant-based diets can lower the risk of heart disease.

Growing demand for fish oil alternatives in industrial verticals, including cosmetics, animal feed, and pharmaceuticals, is poised to develop the market. During the forecasted period, producers of fish oil alternatives are projected to have development prospects with their expanding scope of application.

Increased adoption of fish oil alternatives in home cooking is projected to strengthen the online sales channel of the market. eCommerce websites can also be regarded as having developed the market for the commodity in many new regions.

Key Takeaways from the Fish Oil Alternatives Market Study Report

The United States holds a greater share of the global fish oil alternatives market due to higher consumption of Omega-3. The market is yet to reach its peak as the trend of veganism is continuously increasing its sales.
With the increased need for pre-portioned baby food formulae, Asia Pacific could witness a greater need for oil alternatives. This is because nations like India, China, Japan, and Thailand are expected to have a higher demand for infant formula.
The healing qualities of fish oil alternatives are predicted to drive the pharmaceuticals segment’s growth during the forecast period.
With a revenue share of more than 50% in 2022, the application of fish oil alternatives in supplements and functional food ingredients is the dominant segment.

Competitive Landscape for the Fish Oil Alternatives Market Players

Burcon Nutrascience Corp., Cargill Inc., Dupont PVT Ltd., and Sotexpro are a few of the industry leaders globally. To increase their market share, these key players are investing highly in product innovation and the acquisition of regional players. Given the vast market potential, there have been new players entering the market at all points along the value chain.

Recent Developments by the Fish Oil Alternatives Industries

For instance, Algorithm, AlaskOmega, and Aenova collaborated to develop chewable vegan soft gel capsules in September 2021. This product containing microalgae-based alpha mega omega-3 DHA oil was designed to provide businesses with a competitive advantage over rivals.

Due to the environmental advantages of plant sources over fish oil, major fish oil suppliers are now switching effectively. For instance, Cargill Incorporated introduced “Latitude” in October 2018 as a sustainable alternative source of omega 3 in feeds.

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Key Segments

Product Type:

Chia Seed Oil
Soybean Oil
Canola Oil
Hemp Seed Oil
Algae Oil
Walnut Oil
Flaxseed Oil
Other Oils

Application:

Food & Beverage Industry
Cosmetics and Personal Care
Animal Feed
Pet Food Additive
Pharmaceuticals
Neutraceuticals

Sales Channel:

Offline Channel
- Supermarkets or Hypermarkets
- Departmental Stores
- Convenience Store
Online Channel
- Company Website
- E-commerce Platform
- Other Online Websites

About Future Market Insights (FMI)

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Flavors and Fragrances Market Expected to Reach USD 45.68 Billion by 2033, According to FMI Analysis

The global flavors and fragrances market is expected to register an average CAGR of 4.67% from 2023 to 2033. The target market will reach a value of US$ 45.68 billion by 2033, scaling up from US$ 28.94 billion in 2023. Historically, the flavors and fragrances market recorded a CAGR of 3.91% from 2017 to 2022. Factors such as a swiftly expanding FMCG sector, the development of advanced flavor processing units, and the constant growth of the pharmaceutical sector are accountable for the steady growth of the flavors and fragrances market in the next couple of years.

The extensive use of flavors and fragrances- both local and foreign- coupled with elevated demand for ready-to-eat food products will have a positive impact on the flavors and fragrances market. The emergence of novel fragrances is gaining popularity among the younger generation and there is a general demand for new flavors. These factors are anticipated to fuel the growth of the flavors and fragrances market in the long term.

In recent years, there’s been an increasing adoption of the urban lifestyle with greater socializing. This has led to an overall surge in the demand for more variety of fragrances and flavors. Consumers are adding a large amount of ready-to-eat meals to their diets and are keen on different flavors. Consequently, many FMCG players are producing nutritional products with different flavors that are also easy to cook and save time. This strengthens the prospect for the flavor segment. Additionally, increasing spending on personal care products augurs well for the fragrance segment. With more and more women focusing on both work and social life, the demand for cosmetic and personal care product, including fragrances, are anticipated to rise. This factor will propel the global demand for fragrances.

Increasing digitization of the retail sector has paved the way for digital marketing and smoothened the way for the launch of new flavors and fragrances. With the help of technology, consumers can also personalize their flavors and fragrances needs. All of these considerations abet the growth of the flavors and fragrances market during the forecast period.

Key Takeaways:

Strict government mandates regarding quality and constantly changing consumer preferences are factors that may limit the growth of the flavors and fragrances market.
The flavors and fragrances market in North America will reach a value of US$ 10.98 billion by 2033 with a CAGR of 2.9% from 2023 to 2033.
The expansion of the FMCG sector in emerging countries like China and India will push Asia Pacific to emerge as an opportunistic pocket for the market.
In terms of type, the fragrances category will grow at a CAGR of 4.13% owing to a greater demand for personal care products.
Based on nature, the synthetic segment will expand at a CAGR of 4.3% as they are affordable and easily available.

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Competitive Landscape

S.H. Kelkar and Company Limited, Robertet SA, Sensient Technologies Corporation, Frutarom Industries Ltd., Givaudan International SA, Kerry Group PLC, and Symrise AG, among others, are some of the dominant players in the flavors and fragrances market profiled in the full version of the report.

Key market players are keen on product upgrades, product innovation, and development, as well as the launch of novel products. These firms also employ various expansion strategies. A few of the participants are also focusing on open-label products with different sizes and packaging options.

More Insights Into Flavors And Fragrances Market

FMI offers an unbiased analysis of the global flavors and fragrances market, providing historical data from 2017 to 2022 and forecast statistics for 2023 to 2033. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of product type, nature, application, and region.

According to the reports, based on segmentation, the synthetic category will perform well with a 4.3% CAGR. This growth can be attributed to the fact that synthetic-natured products are affordable and easily available. By type, the fragrance segment will dominate the global marketplace.

Based on region, the flavors and fragrances market in North America will record a CAGR of 2.9% and reach a value of USD 10.98 billion by 2033. High consumption of cosmetics and packaged food as well as rising per capita income are responsible for the flavors and fragrances market growth in this region. Besides North America, Europe, and Asia Pacific will also aid the growth of the global flavors and fragrances market.

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Tax Management Market 2022 Future Analysis, Demand by Regions and Opportunities with Challenges 2032

The market for indirect tax management is anticipated to reach US$ 5.744 billion in 2023 and develop at a robust CAGR of 11.8% between 2023 and 2033. The market is anticipated to be valued US$17.57 billion by 2033.

The indirect tax management industry is expected to develop at a faster rate due to a number of variables. Among these issues are the growing complexity of tax regulations, the need for precise and efficient tax compliance, and the increasing globalisation of business.

Because of the growing need for precise and efficient tax compliance in a global company environment, the indirect tax management industry has a promising future. It is expected that companies will continue to use state-of-the-art tax management systems in order to maximise efficiency, reduce risks, and make tactical choices based on data.

Key Takeaways

The deployment category’s on-premises segment is expected to have a leading market share of 65.1% by 2033.
In the application category, the banking, financial services, and insurance (BFSI) industry hopes to gain a sizable market share of 18.2% from 2023 to 2033.
North America holds a market share of US$ 57.52 billion in the global market from 2023 to 2033.
Europe to grab a share of 21.5% from the global market between 2023 and 2033.
China’s market is to expand at a CAGR of 10.2% during the forecast period.
The United Kingdom Market to register a CAGR of 8.6% from 2023 to 2033.
Indian market to record a CAGR of 13.2% through 2033.
The United States to acquire a market share of 16.6% in the global market from 2023 to 2033.
From 2023 to 2033, Germany may hold a 7.1% share of the global market.
Japan to gain a 3.9% market share in the global market between 2023 and 2033.
From 2023 to 2033, Australia to have a global market share of 2.1%.

Navigating the Indirect Tax Maze: Unveiling the Driving Forces of the Indirect Tax Management Market

The need for effective tax management solutions is fueled by the complexity of tax laws and the pressure on businesses to comply with them. Increased cross-border and e-commerce activity has increased indirect taxes, demanding automated solutions for precise computation and reporting.

Businesses can increase operational efficiency and optimize their tax administration operations by implementing cloud-based platforms and cutting-edge technology like artificial intelligence and machine learning. Finally, the demand for indirect tax management solutions is fueled by the emphasis on cost-cutting and risk mitigation.

Unleashing the Power of Indirect Tax Management: Seizing Opportunities in a Complex Tax Landscape

Businesses looking to optimize their tax compliance operations can find lucrative prospects in the indirect tax management industry. Organizations require cutting-edge solutions to ease indirect tax management due to rising laws and complex tax systems around the world.

Innovative software solutions are available on the market that automates tax calculations, reporting, and compliance, minimizing errors and gaining efficiency. These technologies offer organizations real-time visibility into tax liabilities, empowering them to plan and reduce risks.

Companies that provide comprehensive and scalable solutions can take advantage of market opportunities and position themselves as reliable partners for tax management requirements. As the demand for seamless indirect tax management solutions increases.

Unmasking the Challenges: Overcoming Restraining Forces in the Indirect Tax Management

Numerous restraints on the indirect tax management business could prevent it from expanding and being more widely used. Businesses face difficulties navigating diverse tax rates, laws, and reporting obligations due to the complexity of tax regulations in many jurisdictions. Smaller businesses with limited resources may be discouraged by the initial expenditure needed to install effective tax management software and infrastructure.

The adoption of automated tax management solutions may be hampered by a lack of openness to change and a dependence on manual procedures from the past. Businesses could be reluctant to employ cloud-based tax management tools because of worries about data security and privacy. Education, awareness, and a gradual transition to digital tax management practices are necessary to overcome these impeding obstacles.

Competitive Edge

The indirect tax management market is highly competitive. There is an expanding need for reliable software solutions and services as businesses work to efficiently manage their indirect taxes and remain compliant with changing tax legislation.

Due to the high indirect tax management demand, there is a competitive market with many businesses offering a variety of goods and services.

Technological Advancements and Scientific Discoveries

SAP and Google Cloud Strengthen Partnership to Create Open Data and AI Future for Businesses

A comprehensive open data offering created to simplify data landscapes and unleash the power of company data. It was introduced by SAP SE and Google Cloud as part of a significant expansion of their cooperation.

Expanding its Global Tax Automation Portfolio, Vertex Acquires LCR-Dixon

The acquisition of LCR-Dixon Corporation, a specialist in SAP technologies, was announced by Vertex, Inc. and its subsidiaries. A customer’s ability to retain, analyze, and validate tax data in procure-to-pay and order-to-cash processes is improved by LCR-Dixon’s products. In SAP setups, tax complexity is made simpler by LCR-Dixon’s solutions.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

Contact Us:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Organic Foods Market Sees Major Growth as Consumer Demand for Health-Conscious and Eco-Friendly Choices Rises

Organic Foods Market

The organic foods market is projected to secure a valuation of USD 176.51 billion in 2023 and is anticipated to rise to USD 553.13 billion by 2033. The market is likely to register a CAGR of 12.1% during the forecast period.

Increasing urbanisation, population growth, and altering consumer tastes will fuel market expansion during the projection period. Rising consumer awareness of a healthy lifestyle, as well as government schemes to assist organic farming, are driving market potential. Organic foods are becoming more popular as new commodities and clean-label food products gain appeal.

The Organic Foods Market is witnessing impressive growth as consumers increasingly prioritize health and environmental consciousness. With a focus on natural and chemical-free products, organic foods have gained popularity across various food categories. Growing awareness of the benefits of organic farming and sustainable practices contribute to the market’s expansion.

Organic foods are being used in a variety of food and beverage businesses, including bakery items, snacks, baby formulas, and confectioneries. Consumers’ preference for processed, frozen, and packaged meals is rising market share. Cocos Organics has announced that dairy-free yoghurt containing Bifidobacterium BB-12 would be available in May 2022.

Endorsement of Companies’ Brand Drive the Market Growth

The top companies present innovative products through organic foods that attract consumers’ requirements. In addition, these companies are promoting their product to enhance their brand reputation. Adding several organic foods such as traditional, organic, and vegan, these company vendors upgrade a healthy lifestyle.

Famous personalities are advertising newly launched products to get a maximum engaging audience which is further flourishing the market size. In November 2021, Amara Organic Foods collected a fund of around US$ 12 million to expand its business for infant organic food products.

Key Takeaways:

The organic foods market is expected to have a valuation of USD 553.13 billion by 2033.

With a CAGR of 12.1%, the global market increasing from 2023 to 2033.
The United Kingdom organic foods market is anticipated to secure a maximum share through 2033.
In the historical period, the market secured a CAGR of 11.2% between 2017 and 2022.
In the historical period, the market captured USD 172.06 billion between 2017 and 2022.

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Who is Winning?

The presence of prominent vendors around the globe fragments the market. These vendors invest a massive amount in research & development activities to innovate various innovative products through their marketing knowledge and unique ideas. In addition, key players are focusing on consumers’ requirements and developing the products accordingly to attract them.

Several marketing tactics and advanced technologies are adopted to acquire maximum output and upsurge the market to another height. These marketing methodologies include mergers, acquisitions, partnerships, agreements, and collaborations.

Other Prominent Players in the Market:

Eden Foods Inc
General Mills Inc
Organic Valley
Danone S.A.
Amy’s Kitchen Inc
Hain Celestial Group Inc
SunOpta Inc
Arla Foods Amba
Dole Plc
Organic India Pvt Ltd

Recent Developments in the Organic Foods Market are:

In June 2020, Sprout Organic Inc signed a partnership with Amazon to provide a plant-based formula for infants in Australia.
In May 2020, Barry Callebaut announced its new dairy-free organic chocolate to expand its business in North America.
In April 2022, Nestle S.A. announced new plant-based products for babies, which are available on Amazon.
In May 2022, Organic India launched organic tea products such as Tulsi Detox Khawa, Moringa Hibiscus, and Peppermint Refresh.
In January 2021, L.T. Food Limited announced its acquisition with a 30% of stake in Leev. Nu. Company. The company promotes organic-label food products in the Netherlands.

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Sugar Confectionery Market Forecast to Hit USD 81.07 Billion with 4.3% CAGR from 2023 to 2033 | Future Market Insights, Inc.

Sugar Confectionery Market

The sugar confectionery market is anticipated to reach a value of USD 81.07 billion by 2033, representing a CAGR of 4.3% from 2023 to 2033. The market is estimated to be worth USD 53.21 billion in 2023.

The market has seen steady growth over the years due to several factors. One of the key drivers of the market is the increasing demand for sweets and chocolates as a form of indulgence, especially among young consumers. Another factor is the growing global population, particularly in developing countries, where there is a growing middle class with disposable income for essential-food items.

The market also offers several growth opportunities. There is an increase in the demand for organic and natural sweets, and for products with unique and innovative flavors. The development of new technologies for processing and packaging is also providing new growth opportunities. Manufacturers are also investing in these areas to improve their competitiveness.

There is a growing demand for premium and high-quality sweets, especially among consumers who are willing to pay more for unique and indulgent experiences. Furthermore, increasing focus on health and wellness is leading to a demand for confectionery products with healthy ingredients and low-sugar content. These trends are anticipated to promote market growth.

The sugar confectionery market is diverse and growing globally, with the maximum demand in North America. Between 2023 and 2033, North America is expected to become a significant source of revenue for the sugar confectionery sector due to increased disposable income and a growing young population.

Key Takeaways

During the projection period, a CAGR of 3% is anticipated for the market in Germany.

In China, the market is expected to reach a value of US$ 19.08 billion by 2033, expanding at a CAGR of 7.3% during the forecast period.

During the projection period, a CAGR of 2.3% is predicted for the market in Japan.

The hard-boiled sweets segment is anticipated to proliferate at a 4.9% CAGR to reach US$ 25.58 billion by 2033.

Competitive Landscape

The top manufacturers of the sugar confectionery market are Anthony-Thomas Candy Co., Cloetta AB, Ferrara Candy Company, Nestle SA, Ferrero SpA., The Hershey Company, Cadbury PLC., Lotte Confectionery Co Ltd, HARIBO Dunhills (Pontefract) PLC, and Lindt & Sprungli.

Producers of sugar confectioneries are continuously coming up with new ideas and making adjustments to meet the needs of consumers, who are increasingly demanding healthy alternatives and goods with less added sugar. Additionally, they are investigating new markets and enlarging their product lines. Additionally, businesses are utilizing digital channels to increase client involvement and reach.

Recent Developments:

In February 2022, two vegan chocolate bars were made available in the United Kingdom by the Swiss chocolatier Lindt. Oat milk powder and almond paste were used in place of dairy milk in these chocolate bars.
In January 2022, to enable customers to nibble in little pieces, Cadbury, a brand of Mondelez International, developed the Twist Wrap packaging solution for its Duos line. After ingesting half of the sugar bar, customers can twist and cover the box.

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Key segments

By Product Type:

Hard-boiled Sweets
Caramel & Toffees
Gums & Jellies
Medicated Confectionery
Mints
Marshmallows
Nougat
Lollipops
Liquorice

By Packaging:

Sachet
Box
Others

By Distribution Channel:

Offline Stores
Online Platforms

By Region:

North America
Latin America
Europe
South Asia
East Asia
Oceania
The Middle East & Africa (MEA)

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Catering Services Market Expands as Corporate Events and Social Gatherings Drive Growth

As per the market survey report, the catering services business worldwide generated a revenue of around USD 565 million in the year 2018. Though the market followed a steeply rising curve in the following years, the average CAGR until 2022 has been brought down to 1.2%. This tragic downfall in demand for catering services was a consequence of the pandemic rendering the market value at USD 592.5 million by end of 2022.

Currently, the net worth of total catering services adopted around the world together is estimated to be around US$ 618.5 million for the year 2023. The catering services sector is projected to expand at an annual rate of 4.4% during the years 2023 to 2033. The FMI global catering services market analysis report further predicts it reaching a value of almost US$ 951.5 million by 2033.

There is a growing concern for safe food handling practices worldwide and a need for outsourcing food preparation services to a reputed supplier. Moreover, the FDA’s strict guidelines for monitoring and controlling the standards of the food being served are perfecting catering services globally.

Recently, the United States FDA established more and stricter rules and guidelines for regulating the quality and standards of food served by catering service providers. As a result, many existing market players in the country have reoriented their business strategies to remain competitive in the market.

Key Takeaways

The United States is the leading region for the adoption of all catering services and the regional market is expected to be worth around US$ 152 million in 2023.
China is anticipated to record an impressive 7.1% CAGR over the forecast years owing to its huge population and evolving culture.
Germany is the leading region in Europe for higher adoption of catering services throughout the Europe region. As per the market report, this regional market is anticipated to exhibit a growth rate of 3.2% during the years 2023 to 2033
The demand for catering services in Canada is projected to grow at a rate of 3.5% over the forecast years making it a lucrative market for players in the region as well as the United States.
Standalone food catering services control a dominant share of the market in comparison to chain catering services companies.
The corporate contract food catering service segment contributes the lion’s share of the total revenue generated by the global market.

Competitive Landscape

Aramark Corp., Compass Group PLC, Bartlett Mitchell Ltd., CH and Co Catering Group Ltd., Delaware North Companies Inc., Newrest Group Services SAS, Deutsche Lufthansa AG, Dine Contract Catering Ltd., Gategroup, DO & CO Aktiengesellschaft, DoorDash Inc., Elior Group SA, The Emirates Group, Sodexo Group PVT Ltd, Cushman & Wakefield, WSH Group Ltd., Newrest Group Services SAS, and ABM Catering Solution, ISS A/S, Jones Lang LaSalle IP, Inc., AVI Foodsystems, Inc, Thompson Hospitality, Albron B.V., Hutten Catering BV among others are prominent players operating in the global catering services market.

To boost profits and strengthen their market positions, many companies in the catering services market have selected new product launches and takeover of regional service providers as their primary development methods.

Some leading global market participants have recognized substantial growth potential in Asia Pacific countries and are extending service points in this region. Due to large investments for attracting foreign corporates and tourism, nations like India, Qatar, and Saudi Arabia present attractive development potential for the catering service sector.

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Key Segments

By Service Type:

Contractual Catering Service
Non-contractual Catering Service
Other Catering Services

By Application:

Wedding Catering Services
Corporate Catering Services
Social Events Catering Services
Other Events Catering Services

By End User:

Catering Services for Industrial Sector
Catering Services for Hospitality Sector
Catering Services for Educational Sector
Catering Services for Healthcare Sector
Catering Services for In-Flight Sector
Catering Services for Other End Users

By Region:

North America
Latin America
Europe
East Asia
South Asia and the Pacific
The Middle East and Africa (MEA)

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Subscription and Billing Management Market 2023 Future Analysis, Demand by Regions and Opportunities with Challenges 2033

The subscription & billing management market is expected to develop at a 13.4% CAGR between 2023 and 2033. This significant rise in CAGR over the 11.9% reported between 2018 and 2022 highlights the growing need for sophisticated subscription management systems. The large increase in market value from US$ 5,283.6 million in 2023 to US$ 18,263 million in 2033 demonstrates the increased adoption of subscription-based business models as well as the necessity for effective billing administration solutions to capitalize on recurring income possibilities.

In today’s subscription-based economy, the subscription & billing management industry is critical, allowing organizations to easily handle recurring revenue models and improve billing operations. The development of subscription services across numerous sectors has increased the demand for strong and adaptable subscription management systems. These solutions make it possible to optimize client retention and revenue development through smooth subscription sign-ups, automatic billing cycles, and comprehensive analytics.

The rising use of subscription-based business models is the key driver of the Subscription & Billing Management market’s development. Businesses ranging from software-as-a-service (SaaS) providers to media streaming platforms are shifting to subscription solutions to satisfy changing customer demands and capitalize on recurring income streams. Subscription management solutions provide the capabilities needed to manage complicated price structures, payment cycles, and client engagement, making them important for subscription-based organizations.

One of the major challenges confronting the Subscription & Billing Management business is the difficulty in integrating with existing systems. Many companies have old systems that may not work well with modern subscription management solutions. The migration and integration process can be time-consuming and complex, making it difficult for certain businesses to completely utilize current subscription management systems.

The danger of security breaches and data privacy issues is a significant threat to the Subscription & Billing Management industry. Because these systems manage sensitive client data and financial information, they are vulnerable to hacks. Maintaining consumer trust and protecting organizations from possible attacks requires robust security measures and compliance with data protection rules.

Despite these obstacles, the market’s rising need for personalized subscription experiences creates substantial opportunities. Customers will be attracted and retained by subscription management solutions that provide customized price plans, targeted promotions, and configurable subscription alternatives. The use of sophisticated analytics and AI-driven insights allows organizations to optimize pricing strategies, minimize churn, and improve customer engagement, resulting in increased revenue and market share in the Subscription & Billing Management industry.

Key Takeaways

In the United States, the market is growing at a CAGR of 20.5% in 2022.
United Kingdom is expected to grow at a CAGR of 4.3% by 2033, owing to the rising use of subscription-based business models and the demand for effective recurring revenue management solutions.
India’s CAGR of 7.3% shows the country’s developing subscription economy and increased desire for personalized subscription experiences.
China’s CAGR of 5.6% suggests consistent development, which may be ascribed to the growing popularity of subscription services as well as the desire for advanced billing administration tools to optimize revenue streams.

Competitive landscape

The market for subscription & billing management is highly competitive, with numerous significant competitors fighting for global supremacy. Zuora is a notable rival that provides a fully cloud-based platform for subscription management, invoicing, and analytics. Recurly is another major provider, offering subscription billing systems with an emphasis on lowering churn and increasing revenue.

Aria Systems provides a scalable and adaptable platform that empowers businesses with personalized subscription offerings and efficient billing procedures. Chargebee, Chargify, and Fusebill are other market challengers, each with their own set of features and capabilities to meet the different demands of enterprises managing subscription-based services. The rivalry pushes ongoing developments and breakthroughs in subscription and billing administration, providing organizations with a diverse set of options for optimizing their recurring revenue models.

Recent Developments:

Zuora is a key participant in the Subscription & Billing Management sector, offering organizations a cloud-based platform for managing subscription-based services. Their advancements include subscription analytics, revenue recognition, and billing automation, allowing businesses to manage recurring revenue models more effectively and accelerate subscription growth.
Recurly is well-known for its subscription billing and administration platform, which serves companies of all sizes. Integration with multiple payment channels increased dunning tools to reduce churn, and extensive reporting features enable firms to optimize subscription income and boost client retention.

Aria Systems provides a scalable and adaptable Subscription & Billing Management platform for businesses. Their advancements include the ability to provide personalized subscription offers, greater support for complicated pricing models, and seamless interaction with CRM and ERP systems, allowing for quicker billing processes and improved client experiences

Market Segments Covered In Subscription & Billing Management Market Analysis

By Component:

Software
Services
- Consulting Services
- Implementation Services
- Support and Maintenance Services
Professional Services
- Integration and Consulting
- Operation & Installation
- Maintenance & Repairing

By Deployment Size:

On-premises
Cloud

By Organization Size:

Large Enterprises
SMEs

By Vertical:

BFSI
Retail and eCommerce
IT
Telecom
Media and Entertainment
Public Sector and Utilities
Transportation and Logistics
Others

By Region:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

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Pet Food Extrusion Market Set to Surge with 6.2% CAGR, Reaching Over USD 143.39 Billion by 2033 | Future Market Insights, Inc.

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The global pet food extrusion market is anticipated to expand significantly, exhibiting a CAGR of 6.2% during the forecast period. The valuation of the market is expected to reach USD 78.57 billion in 2023. The market size of pet food extrusion is anticipated to surpass USD 143.39 billion by the year 2033.

Extrusion technology for pet food becomes increasingly popular because it makes it possible to produce pet food that contains all of the vital vitamins and minerals that animals need. With no need for supplemental meals or nutrients, it is now simple for pet owners to give their pets a balanced and comprehensive diet.

One of the key reasons fueling the expansion of the pet food extrusion market is the global upsurge in awareness of animal health. The boom in pet humanization and the growing emphasis on natural and grain-free goods both speed up market expansion. The market is also influenced by the rise in spending in the pet business and the increasing desire for feeding items designed to improve the productivity and health of domesticated animals.

The market has undeniably seen commendable growth as a result of rising investment levels in the pet industry, growing pet owner investment for various pet foods, increasing prevalence of extrusion machines and equipment, as well as demand for pricey food products for long-lived pets.

Another key determinant of the demand for extruded pet food products globally is the growing pet population. On the other hand, the market is expected to see growth during the forecast period due to the increasing need for food extrusion.

Owing to the exponential growth of the pet food processing sector and the presence of significant corporations in the region, North America dominates the global pet food extrusion market. Given the increase in investments in the region, Asia Pacific is anticipated to have considerable growth throughout the forecast period.

Key Takeaways

In China, the market is expected to reach a value of US$ 38.47 billion by 2033, expanding at a CAGR of 10.1% during the forecast period.
During the projection period, a CAGR of 4.5% is anticipated for the market in Germany.
During the projection period, a CAGR of 3.6% is predicted for the market in Japan.
The complete diets segment is anticipated to secure a 6.7% CAGR to reach US$ 104.03 billion by 2033.

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Competitive Landscape:

The top manufacturers of the pet food extrusion market are American Extrusion International, Andritz, Baker Perkins, Brabender, Buhler, Clextral, Coperion, Diamond America, Doering Systems, Kahl Group, Lindquist Machine, Mars, Nestle, Pavan Group, The Bonnot Company, The J.M. Smucker Company, and others.

To fulfill customer needs and stay competitive, manufacturers in the pet food extrusion industry are extending product lines, adding natural ingredients, emphasizing sustainability, adopting cutting-edge packaging, putting in place food safety procedures, and working with retailers. They want to retain a solid market position while enhancing quality and customer experience.

Recent Developments:

In February 2021, across all Co-Ex MasterTM co-extrusion equipment, Baker Perkins enhanced process management, productivity, and sanitation.
In January 2021, two brand-new twin-screw extruders for the pet food and aqua feed sectors were introduced by ANDRITZ.

Pet Food Extrusion Market Segmentation

By Product Type:

Complete Diets
Treats
Other

By Animal Type:

Dog
Cat
Fish
Birds
Others

By Extruder Type:

Single Screw
Twin Screw

By Ingredient:

Animal Derivatives
Vegetables & Fruits
Grains & Oilseeds
Vitamins & Minerals
Additives
Others

By Process:

Hot Extrusion
Cold Extrusion

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Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

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Ambulance Power Inverter Market Expected to Surpass USD 127,477.6 Million by 2034, Growing at a CAGR of 5.7% | FMI Reports

The global ambulance power inverter market is projected to reach USD 73,229.2 million in 2024 and grow at a CAGR of 5.7% during the 2024-2034 forecast period, ultimately attaining a value of USD 127,477.6 million by 2034.

The rise of the emergency and medical service sectors is steadily increasing the demand for ambulance power inverters. These devices are critical for keeping electronic and medical equipment operational during emergency medical services (EMS). Power inverters convert direct current (DC) from the ambulance’s battery into alternating current (AC), enabling life-saving medical equipment like diagnostic tools, ventilators, infusion pumps, and defibrillators to function without interruption.

As healthcare providers seek reliable power supplies in ambulances, the demand for power inverters is expected to surge. Additionally, the growing number of emergencies requiring immediate medical attention, especially in developed countries where advanced medical care is crucial during transport, is anticipated to further propel sales. Manufacturers are responding by developing innovative features and designs for power inverters, attracting more customers in this growing market.

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Key Takeaways from the Ambulance Power Inverter Market Report:

Government initiatives will drive the market over the forecast period.
Demand for ambulance power inverters increased due to the COVID-19 healthcare crisis.
Asia Pacific is expected to lead the ambulance power inverter market through 2032.
North America will present substantial market growth over the forecast period.
Middle East and Africa markets will expand at a slower rate during 2022-2032.
Demand for ambulance power inverters in Europe is expected to remain stagnant.

Competitive Landscape:
The ambulance power inverter market is highly competitive, featuring prominent key players such as Omron Automation Pvt. Ltd, ABB Ltd, Tabuchi Electric Co., LTD., Samlex America Inc., PowerBright, SMA Solar Technology, Magnum Dimensions, Calsonic Kansei, Samlex America, and Stanley. These companies are driving innovation and reliability in power inverters, ensuring robust performance and safety in critical emergency medical services. Their focus on advanced technology and efficient energy solutions positions them as leaders in the global market, catering to the growing demand for reliable power sources in ambulances.

Key players in the global ambulance power inverter market are leveraging advanced technologies to enhance the reliability and overall functioning of the product. This will improve the efficiency and boost market sales of ambulance power inverters.

More Insights into the Ambulance Power Inverter Market Report:
In its latest report, FMI offers an unbiased analysis of the global ambulance power inverter market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the global market potential, growth, and range, the market is segmented based on voltage type, application, sales channel, and region.

Key Segmentations

By Type:

Pure Sine Wave Inverters
Modified Sine Wave Inverters

By Power Rating:

Low Power Inverters (up to 1 kW)
Medium Power Inverters (1 kW to 5 kW)
High Power Inverters (above 5 kW)

By Application:

Emergency Medical Equipment
Communication Systems
Lighting Systems:
Refrigeration Systems

By Installation Type:

Original Equipment Manufacturer (OEM)
Aftermarket

By Voltage Rating:

12V Inverters
24V Inverters
48V Inverters

By End-User:

Government Health Services
Private Ambulance Services
Hospital Fleets

By Region:

North America
Europe
Asia-Pacific
South America
Middle East and Africa

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