Market Research Blog – Page 1421 – New Product Development

Men’s Underwear Market: Sales Projection Envisions Surpassing USD 65.3 Billion by 2033

In 2023, the global men’s underwear market is anticipated to reach a valuation of US$ 38.96 billion, with projections indicating a surpassing of US$ 65.3 billion by the end of the forecast period, driven by a Compound Annual Growth Rate (CAGR) of 5.3%. This growth trajectory underscores a steady increase in demand for men’s underwear worldwide, fueled by factors such as evolving fashion trends, rising disposable incomes, and increasing awareness of comfort and style. The forecasted expansion signifies a promising outlook for manufacturers and retailers operating in the men’s underwear market, highlighting opportunities for innovation and market penetration.

Growth Factors:

Rising health awareness driving demand for comfortable and supportive underwear.
Increasing purchasing power of consumers leading to higher demand for premium underwear.
Changing fashion trends contributing to increased demand for stylish underwear.
Emerging economies like China and India offering substantial market potential due to growing population and purchasing power.
Growing popularity of sustainable and eco-friendly products creating opportunities for industry expansion.
Increasing popularity of athleisure leading to higher demand for athleisure-oriented underwear.
Use of innovative materials and designs catering to evolving consumer preferences.

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Key Takeaways from the Men’s Underwear Market:

The demand for men’s underwear in the United States is predicted to rise at a CAGR of more than 6.5% between 2023 and 2033.
In the United Kingdom, the men’s underwear sector is expected to develop at a CAGR of more than 5%.
During the forecast period, the men’s underwear market in Thailand is anticipated to expand at a CAGR of over 3%.
The cotton segment is expected to dominate the market with a CAGR of more than 2% over the projected period.
The boxer briefs category is likely to rise at a CAGR of 8.2% throughout the evaluation period.
The XXL segment is expected to increase at a CAGR of more than 5% over the projection period.

Industry Restraints:

Intense Competition: The men’s underwear market is highly competitive, with numerous established brands and new entrants vying for market share, leading to pricing pressures and margin erosion.
Supply Chain Disruptions: Disruptions in the global supply chain, such as raw material shortages, transportation delays, and production disruptions, can impact manufacturing and distribution, leading to supply shortages and increased costs.
Economic Uncertainty: Economic downturns and fluctuations in consumer spending patterns can adversely affect discretionary purchases like apparel, dampening demand for men’s underwear.
Rising Production Costs: Increasing labor, material, and operational costs pose challenges for manufacturers in maintaining competitive pricing while ensuring product quality and profitability.
Environmental Concerns: Growing consumer awareness of environmental issues prompts demand for sustainable and eco-friendly underwear options, pressuring brands to adopt environmentally responsible practices throughout the supply chain.
Regulatory Compliance: Compliance with stringent regulatory standards and quality requirements, particularly concerning textile and garment manufacturing, adds complexity and costs to operations.
Brand Reputation and Image: Negative publicity, product recalls, or controversies related to brand image, ethics, or labor practices can tarnish brand reputation and erode consumer trust, impacting sales and market share.

How Players are Revolutionizing the Men’s Underwear Industry?

The men’s underwear industry is highly competitive with several key players dominating the market. Some of the leading players in the industry include Hanesbrands Inc., Calvin Klein, Jockey International Inc., and Fruit of the Loom. These companies have been able to maintain their market share and remain competitive by focusing on several key strategies.

One of the key strategies employed by these companies is innovation. By constantly developing new materials, designs, and styles, these companies can stay ahead of the competition and offer products that appeal to a wide range of customers. In addition, many of these companies are investing in new technologies such as smart fabrics and 3D printing to further differentiate their products and appeal to tech-savvy consumers.

Consumers are increasingly looking for underwear that is both stylish and comfortable, and companies that can offer products that combine these features are likely to see significant growth in the coming years. Additionally, there is a growing trend towards inclusivity and diversity in the industry, with companies offering products that cater to a wider range of body types and skin tones.

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Key Companies Profiled

Hanesbrands Inc.
Philips-Van Heusen Corporation
Ralph Lauren Corporation
Jockey International Inc.
American Eagle Outfitters Inc
Iconix Brand Group Inc.
C. Penney Corporation Inc.
Under Armour, Inc.
RibbedTee Company
Ramblers Far, Inc.
Levi Strauss & Co.
Perry Ellis International Inc.
Naked Brand Group Inc.

Recent Developments in the Market:

In August 2022, Calvin Klein launched the ‘Autumn 2022’ campaign, showing the latest underwear and jeans styles. The series is intended for everyday usage, with a modern aesthetic and a mix of recyclable materials to give wireless comfort.
In April 2022, Hanes brand, Inc. could introduce the new ‘X-Temp Full Support Pouch’ men’s underwear with cooling fabric and breathable mesh panels, as well as quick-drying and moisture-wicking qualities.
Jockey International Inc. collaborated with Olympic gold winner Usain Bolt to create a new style of underwear, which attracted extensive media attention and aided in brand exposure.
Buttercloth, a Shark Tank menswear startup, produced the first underwear with cooling chilly cotton fabric in 2021.

Key Segments Profiled

By Material:

Cotton
Wool
Silk
Polyester
Rayon
Linen
Nylon
Others

By Category:

Regular Brief
Boxer Brief
Boxer Shorts
Trunks
Thongs

By Sales Channel:

Wholesalers/ Distributors
Hypermarkets/Supermarkets
Specialty Stores
Multi-brand Stores
Online Retailers
Others

By Price Range:

Below US$10
US$ 10 to US$ 20
US$ 20 to US$ 30
US$ 30 & Above

By Age Group:

15 to 25
26 to 35
36 to 45
46 to 55
56 to 65
65+

By Size:

XS
S
M
L
XL
XXL
XXXL

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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Flooring and Carpet Industry Analysis in Middle East: Expected to Rise at a 7.8% CAGR to Reach USD 21,521.3 Million by 2033

In 2022, the Middle East flooring and carpet ecosystem was valued at USD 9,432.1 million. This is expected to increase to USD 10,169.2 million by 2023. Demand for flooring and carpets in the Middle East is anticipated to grow at a 7.8% CAGR during the forecast period, reaching a valuation of USD 21,521.3 million by 2033.

Manufacturers are able to introduce eye catching and innovative designs on carpets as a result of advancements in printing technology. This is anticipated to be a significant market trend. The Middle East flooring and carpet market is expected to increase during the forecast period due to manufacturers being encouraged to introduce goods with a variety of styles and patterns in response to the growing demand for novel carpet styles and designs.

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The players are trying to minimize the constraints and concentrate on increasing production capabilities by using sophisticated machinery and technical advancements. The demand for strong aesthetics that are both natural looking and adaptable is driving the floor covering market in the Middle East.

Key Takeaways from the Analysis

Saudi Arabia is anticipated to expand at a rate of 9% CAGR.
UAE’s flooring and carpet business is expected to garner an 8.1% CAGR between 2023 and 2033.
The market in Qatar is expected to grow at a 9.4% CAGR until 2033.
From 2023 to 2033, Oman is anticipated to endure at a 4.9% CAGR.
Over the projected period, an 8.7% CAGR is expected for the landscape in Kuwait.
By 2023, the carpets category is projected to have grown to a market share of 32.9%.
The residential segment is likely to account for 35.2% of the global market in 2023.

Competitive Landscape

A key tactic for participants in the Middle East flooring and carpet ecosystem is sustainability. They understand that consumers are becoming more and more interested in eco friendly goods and production methods. This entails minimizing energy use, cutting production waste, and obtaining sustainable materials.

Sustainable flooring options—like cork, bamboo, and recycled materials—are being pushed in line with the growing environmental consciousness of the region. Companies are demonstrating their dedication to sustainable practices by pursuing certifications such as LEED (Leadership in Energy and Environmental Design). This not only tackles environmental issues but also attracts consumers who value eco friendly and ethical decisions, which eventually improves the standing and competitiveness of Middle East manufacturers.

Key Developments

In 2021, B.I.G. Yarns, a division of Beaulieu International Group, declared that they were working on EqoCycle, a fully recyclable PA6 yarn that has 75% recycled content and performs similarly to virgin PA6 yarn.
RAK Ceramics will supply kitchen and bathroom equipment and tiles to 26 residential units at Azizi’s Riviera Waterfront project in Dubai by 2023. The project will make use of high end products from RAK Ceramics, such as its most modern porcelain tile line and its giant format tile maximus mega slab.

Key Players Are:

Al Sorayai Group
Abu Dhabi National Carpet Factory
Mac Carpet
Prado Egypt For Carpet
Gheytaran Carpet
Oriental Weavers
Standard Carpets Ind. LLC.
Saida Carpets
Dormina
Al Mira Carpet Factory
Abdullatif Carpets

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Europe & Asia Pacific Herbal Beauty Products Market: Expected to Reach USD 2,571.2 Million by 2026

During the forecast period, the Europe & Asia Pacific herbal beauty products market is expected to register a CAGR of 3.7% due to various factors, as detailed insights are offered by FMI. By 2026, the Europe & Asia Pacific herbal beauty products market is projected to surpass USD 3197.49 Million.

The demand for clean label beauty care products is rapidly increasing among consumers due to growing awareness of herbal and natural ingredients. Consumers are shifting towards greener products as synthetic cosmetic products often contain harmful chemicals with known negative consequences. Moreover, consumers are becoming more cognizant of the benefits offered by herbal products, thanks to promotional activities on social media and other advertising platforms.

Herbal skin care products are known to enhance the texture, tone, and overall appearance of the skin by providing essential nutrients. The development of new products in the herbal and natural personal care products market is driven by the rising consumer demand for environmentally friendly grooming items. Manufacturers are continually introducing herbal personal care products with therapeutic properties and long-term benefits to cater to the evolving needs of consumers, thus expanding their customer base.

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Segmentation analysis

On the basis of end-use, the Europe & Asia Pacific herbal beauty products market is segmented into male and female. Female segment is estimated to account for the largest share by 2016 end. Male segment is expected to account for substantial growth over the forecast period. Increasing inclination of male consumers towards personal grooming and outward appearance among is expected to support growth of the male segment over the forecast period.

Europe & Asia Pacific herbal beauty products market is also segmented on the basis of distribution channel which includes supermarket, specialty stores, departmental stores, drugstores, online/direct selling, and beauty salons. Among all these segments, supermarket segment is expected to account for relatively higher value share during the forecast period. Specialty stores segment has been estimated to occupy the second largest share accounting for 21.1% value share in 2015.
As far as the types of herbal beauty products are concerned, Europe & Asia Pacific herbal beauty products market is segmented into skin care, hair care, oral care, and fragrance. Among all these segments, skin care type segment has been estimated to represent 45.7% value share in 2016 and expected to remain dominant over the forecast period.
Increasing acne issues owing to increasing humidity and pollution levels is expected to drive growth of the skin care type segment in the market during the forecast period. Skin care segment is sub-segmented into cream & lotion, cleanser & toner, facewash & scrub and others. Among these sub-segments, cream and lotion is expected to account for major value share over the forecast period.
Hair care segment is expected to occupy second largest position on the pie in terms of revenue contribution. The Hair care segment is sub-segmented into powder, hair oil, conditioner, shampoo, and others. The Oral care segment is likely to represent substantial growth over the forecast period. The segment is projected to represent 3.1% CAGR in terms of value growth by 2026 end.

Regional analysis

This report discusses trends driving growth of each segment and offers analysis and insights of the potential of the Europe & Asia Pacific herbal beauty products market in specific region including Asia Pacific (APAC) and Europe. Markets in APAC are expected to record high growth rates in terms of value between 2016 and 2026. Japan has been estimated to be the largest consumer of herbal beauty products followed by China in 2015 across the APAC region.

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Vendor insights

This report covers detailed profiles of key players in Europe & Asia Pacific herbal beauty products market, which includes key strategies, key developments, product offerings and others. Key companies profiled in this report are

Bio Veda Action Research Co.,
VLCC Personal Care Ltd.
Surya Brasil
Dabur India Ltd.
Himalaya Global Holdings Ltd.
Lotus Herbals
Hemas Holdings Plc
Sheahnaz Herbals Inc.
Herballife International of America Inc.

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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Perfume Market Set to Reach USD 101.3 Billion by 2033 | Says FMI

According to the latest data from Future Market Insights (FMI), the global perfume market is forecasted to witness a 5.5% compound annual growth rate (CAGR) throughout the assessment period. The market is anticipated to expand from USD 59.4 billion in 2023 to USD 101.3 billion by 2033.

Here’s what’s making the perfume market a lucrative investment:

Fragrance Revolution in Personal Care: Consumers are embracing the power of fragrance, with a rising demand for fragrance-infused cosmetics. This presents a golden opportunity for brands to expand their product lines.
Essential Oils: The Long-Lasting Allure: Essential oils are captivating consumers with their long-lasting fragrance and natural appeal, posing a serious challenge to traditional perfume options.

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Luxury Beckons: A Shift in Preference: Consumers are displaying a growing interest in luxury and exotic perfume variants, driven by rising disposable incomes and evolving lifestyles.
Digital Marketing: The New Fragrance Frontier: Social media campaigns and influencer marketing are propelling product awareness, with e-commerce becoming a key sales channel. This allows brands to reach a wider audience and connect with potential customers directly.
Customization is King: Innovative companies are offering custom-made fragrances, catering to individual preferences and creating a more personalized consumer experience.

Competitive Edge for Decision Makers:

This fragrant market offers a wealth of opportunities to stand out from the crowd:

Innovate with Fragrance: Develop unique and captivating fragrance blends to cater to the evolving preferences of today’s consumers.
Embrace the Power of Naturals: Harness the rising demand for essential oils by offering high-quality, long-lasting options.
Elevate your Brand: Create a luxurious brand image that resonates with consumers seeking premium fragrance experiences.
Master the Digital Marketplace: Invest in strategic social media campaigns and influencer partnerships to amplify your brand message and reach new audiences.
Personalization is Key: Offer custom-blended fragrances or develop interactive tools that allow consumers to create their own signature scents.

Advertising & Marketing Plays Key Role in Market Expansion

Recent trends show that key players have been investing heavily in various marketing channels to improve product exposure. This includes social media campaigns and influencer marketing. Hence, e-commerce has emerged as a lucrative medium for perfume vendors to reach out to large audiences.

To attract more customers, certain vendors are even offering custom-made fragrances that suit individual preferences. Such innovations backed by extensive advertising campaigns are expected to retain consumer interest throughout the forecast period.

Demand for Synthetic Perfume Wanes, Key Players Look to More Lucrative Segments

Currently, in the beauty and cosmetics segment, there is a stark rise in demand for natural ingredient-based products. Hence, synthetic chemical-based products aren’t preferred by consumers. Demand for currently popular synthetic perfume variants could wane during the forecast period.

Hence, key players should focus on creating natural ingredient-based variants that are preferred by consumers.

Key Market Developments:

In 2020, Givaudan introduced a new-age perfume technology called Viva Scentz. This has expanded the capabilities of the company to produce a variety of fragrance lines. This includes personal fragrances, fine fragrances, and oral care fragrances.
In 2021, Sephora launched the Maison 21G which is a touchless AI-powered scent bar. Currently, it is available across cosmetic retail stores in Hong Kong.
Floratropia is a new-age perfume startup featuring minimalistic packaging that used only natural and raw vegan materials. This helps in minimizing the environmental impact of perfume packages.

Key Market Players:

Estee Lauder Companies Inc.
LVMH Moet Hennessy Louis Vuitton
Coty Inc.
L’Oréal S.A.
Elizabeth Arden Inc.
Shiseido Co. Ltd.
Puig SL.
Perfumania Holdings Inc.
Avon Products Inc.
Hermes International S.A.
Natura Cosmetics S.A.
Channel S.A.
Clarins Cosmetics Company
Revlon Inc.
Givaudan

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Key Players Focus on Launching Exciting Product Variants

Both startups and leading players in the industry are keen on using technologies such as AI to increase market revenue. Many startups are currently focusing on minimizing the environmental impact of perfumes, and their packaging. Hence, they are coming up with more sustainable solutions. This includes synthetic chemical-free organic perfumes and plastic-free packaging.

Key Segments

By Product Type:

Self-Adhesive
Non-Adhesive

By Price Range:

Economy
Mid-Range
Premium

By Application:

Household
Commercial

By Sales Channel:

Direct
Indirect – Hypermarkets/Supermarkests
Multi-Brand Stores
Independent Small Stores
Online Retailers

By Region:

North America
Latin America
Asia Pacific
MEA
Europe

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Mobile Phone Accessories Market is Projected to Surpass a Valuation of USD 196,142.9 Million by 2034

According to analysis, the mobile phone accessories market is forecasted to achieve a valuation exceeding US$ 196,142.9 million by 2034, with projections indicating a steady Compound Annual Growth Rate (CAGR) of 6.5% throughout the period. Presently valued at US$ 104,498.2 million in 2024, this market demonstrates sustained growth potential driven by evolving consumer preferences and technological advancements in mobile devices. The increasing reliance on smartphones and the demand for complementary accessories contribute to this upward trajectory, offering lucrative opportunities for manufacturers and retailers operating within the mobile phone accessories sector to capitalize on emerging trends.

78% of all sales in North America are still made in the United States. While China will still be the region’s biggest market, demand is expected to increase significantly in South Korea and Japan.

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The survey claims that a protective case, headphones or earbuds, a charger, a battery, a memory card, a power bank, a portable speaker, and “others” are the most popular mobile phone accessories on the market.

The key factors that are driving the global mobile phone accessories market include rising smartphone ownership and mushrooming of multi-brand distributors and retailers.

Smartphone sales are buoyant in emerging economies, such as China, India, Brazil, and Indonesia. Smartphone shipments increased from 1.1 Billion units in 2013 to 1.2 Billion units in 2014. Around 45% of these 1.2 Billion units were shipped to China. FMI expects the rising smartphone ownership to create secondary demand for products that are not usually included in the box, such as power banks and protective cases.

In addition to multination brands, the smartphone segment in emerging nations also includes regional players, such as Xiaomi and Micromax. FMI’s analysis revealed that compared to multinational brands, these local players offer fewer mobile accessories in their offerings in a bid to keep the prices competitive. Owing to this, a majority of consumers buy mobile accessories from the local market or from e-commerce sites. Increase in the sales of smartphones made by local manufacturers is expected to provide an impetus to the mobile phone accessories market during the forecast period.

The emergence of multi-brand distributors and retailers has allowed manufacturers of mobile phone accessories to reach a wider audience. Additionally, the selling of mobile phone accessories through online retailers is boosting the market’s expansion on a global scale. During the projection period, FMI anticipates that both multi-brand stores and e-commerce stores would grow, which is projected to boost the global market for mobile phone accessories.

Few reasons can impede the expansion throughout the projection period, despite the fact that FMI continues to have a favourable outlook on the global market for mobile phone accessories.

Lack of stringent checks on pirated accessories is eating into the revenue share of key stakeholders in the market. Pirated mobile accessories are offered at a fraction of the price of original products, making it difficult for manufacturers to compete with them.

Currently, there exists a lack of standardization in technology and components used for manufacturing mobile accessories. Undefined standards in the market lead to high product and price differentiation, this may hinder growth of the mobile accessories market to some extent.

The key trends analysed by FMI in the global mobile phone accessories market include growing demand in Asia and spate of mergers and acquisitions. Diversification of product portfolio and product advancement are the other major trends in the global mobile phone accessories market.

Key Players in the Mobile Phone Accessories Market

Apple Inc.
Samsung Electronics Co., Ltd.
Xiaomi Corporation
Huawei Technologies Co., Ltd.
Sony Corporation
Anker Innovations
JBL (a division of Harman International Industries)
Belkin International
Logitech International S.A.
Sennheiser Electronic GmbH & Co. KG
Bose Corporation
Plantronics, Inc. (now Poly)
Otter Products, LLC (OtterBox)
Incipio LLC
Spigen Inc.

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Market Segmentation:

By Product Type:

Power Banks
Batteries
Chargers
- Wired
- Wireless
Protective Cases & Covers
Headsets
Portable Speakers
Memory Cards
Data Cables
Mount & Stands
Selfie Stick
Others (Stylus Pen)

By Packaging Type:

Folding Cartons
Clear View Boxes
Pouches & Bags
Clamshells
Blister Packs
Trays

By Sales Category:

By Brands
By 3rd Parties
By White Labels/No Name Brands

By Price Range:

Premium (Above US$ 50)
Mid (US$ 20 to US$ 50)
Low (Below US$20)

By Sales Channel:

Retail Outlets (Multi-Brand Outlets)
Electronic Stores
Franchise Outlets
Exclusive Stores (Branded Stores)
E-Commerce

By Region:

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific (APAC)
Middle East & Africa (MEA)
Japan

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Pest Control Services Market: Projected to Develop at a 6.2% CAGR, Surging to USD 42.44 Billion by 2033

In 2023, the global pest control services market is expected to rake in revenues amounting to US$ 23.26 billion. Analysts predict that the demand for pest control services will experience a steady growth trajectory, with a Compound Annual Growth Rate (CAGR) of 6.2%, ultimately reaching US$ 42.44 billion by the year 2033.

A key pest management strategy is the increased development of biocontrol agents that may be used to reduce the number of pests. These biological agents are less hazardous than some more widely used chemical pesticides since they are naturally occurring live creatures. As a result, they are integrating themselves more deeply into the industry.

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The manufacturing processes and surroundings are subject to strict regulatory standards in the environmental protection sector. Also, they change depending on the legislation of each nation. Pest control, environmental protection, and different nations’ health organizations require registration before using pest control products.

The demand for effective pest control services is experiencing a significant rise across residential, commercial, and industrial sectors. This surge is attributed to a growing understanding of the importance of maintaining a healthy and hygienic environment free from pests.

Beyond Traditional Methods

Consumers are increasingly seeking sustainable and eco-friendly pest control solutions. This shift is driven by several factors:

New Pest Threats: The emergence of new pest species necessitates the development of innovative control methods.
Pesticide Resistance: Existing pest populations are becoming resistant to traditional pesticides, rendering them less effective.
Stricter Regulations: Regulatory bodies are implementing stricter controls on the use of harmful chemicals in pest control.

Tech Revolutionizes Pest Control

Technological advancements are playing a pivotal role in transforming the pest control industry. Remote monitoring systems and smart traps are revolutionizing how pest control services are delivered. These technologies enhance:

Effectiveness: Targeted pest control strategies based on real-time data lead to more efficient eradication.
Efficiency: Remote monitoring allows for faster response times and reduced service disruptions.

Global Market Expansion

The pest control services market is witnessing significant growth on a global scale. This expansion is driven by several key trends:

Population Growth: A rising global population means more potential environments for pests to thrive.
Urbanization: The increasing concentration of people in urban areas creates favorable conditions for pest proliferation.
Heightened Health Awareness: Growing public awareness of the health risks associated with pests is driving demand for preventative measures.

Innovation at the Forefront

Manufacturers and service providers are actively investing in research and development (R&D) to introduce novel pest control technologies. This focus on innovation ensures the industry remains equipped to tackle evolving pest challenges and cater to the growing demand for effective and sustainable solutions.

Key Takeaways

Sales of pest control services totaled US$ 20.7 billion in 2021. Between 2023 and 2033, FMI expects the agricultural category to increase by 50-150 basis points.
North America’s pest control services industry is likely to expand at a 5.2% CAGR by 2033. The demand for pest control services in the United States is predicted to increase at a healthy pace of 5.1% CAGR, according to FMI.
Due to increasing awareness of pest-borne diseases, the European market is expected to have a market share of 19.5% by 2033.
Chemical pest control is likely to hold a top spot regarding service type with a CAGR of 5.9% by 2033.
The insecticide segment is likely to hold a top spot based on the product, with a CAGR of 7% by 2033.
The residential sector holds nearly 35% of the global pest control service industry.
The growing popularity of Integrated Pest Management (IPM) in South Korea to preserve crops with less pesticide use is also helping to strengthen the market.

Competitors Winning Strategies

Pest control services businesses that provide cutting-edge, sustainable, and green pest management solutions that satisfy legal criteria and incorporate disease prevention are likely to enjoy the market expansion. Companies are creating innovative technology solutions to increase service effectiveness to acquire market share in the mature market.

Key Players

Rollins, Inc.
Rentokil Initial PLC
Anticimex
Cook’s Pest Control, Inc.
ABC Home & Commercial Services
Animal Pest Management Services, Inc.
Lloyd Pest Control
Green Earth Pest Control, LLC
Aptive Environmental, LLC
Home Paramount Pest Control, LLC
Dodson Pest Control
Environmental Pest Service, LLC
Truly Nolen of America, Inc.
Florida Pest Control & Chemical
Massey Services, Inc.
Arrow Exterminators
Ecolab, Inc.
Green Pest Solutions
Apex Pest Control, Inc.
Hulett Environmental Services
Plunkett’s Pest Control
Senske, Inc.

Recent Developments:

In May 2021, Anticimex Group, one of the world’s top pest control firms, revealed that it had acquired Palmera Junior, a Colombian family-owned business with a strong track record of expansion. To launch an expansion plan in this quickly expanding sector, Anticimex undertook the first strategic purchase in Latin America.
Several different crops can be protected using Spiropidion, a new innovative technology, from pests that are particularly harmful and challenging to control, according to Syngenta Crop Protection, a leading global crop protection organization, which announced the product’s launch in November 2020.

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Key Segments

By Product:

Insecticides
Rodenticides
Other Chemicals
Mechanical
Other Products

By Service Type:

Chemical Control Services
- Organic
- Synthetic
Mechanical Control Services
Other Pest Control Services

By End-User:

Residential
Commercial and Industrial
Agricultural

By Application:

Rodent Control
Insect Control
- Cockroaches
- Ants
- Bed Bugs
- Termites
- Mosquitoes
- Wasps
- Flies
- Other Insect Control
Wildlife Control
- Birds
- Fleas
Other Applications

By Region:

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

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Global Outlook: Modified Starch Market Expected to Hit USD 21,806.2 Million by 2034, Growing at 4.7% CAGR

The modified starch market size is poised to cross USD 13,780.3 million in 2024 and is likely to attain a valuation of USD 21,806.2 million by 2034. The modified starch market is projected to thrive at a staggering CAGR of 4.7% from 2024 to 2034.

More consumers are increasingly drawn to clean-label products, favoring natural ingredients and transparency. Consequently, there is a rising demand for modified starches that maintain product quality while replacing artificial additives. To meet customer preferences and gain a competitive edge, food producers must innovate by reformulating their products with clean-label alternatives, including modified natural starches.

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The way consumers perceive food products is heavily influenced by their texture and mouthfeel, which significantly impact overall sensory satisfaction and enjoyment. Modified starches play a crucial role in achieving the desired texture, creaminess, and consistency across a wide range of food and beverage applications. In today’s competitive market, companies must prioritize texture enhancement by integrating modified starches into their formulations to deliver products that meet and exceed customer expectations.

The globalization of food manufacturing processes has intensified the need for standardized ingredients that meet legal specifications and ensure consistent quality across diverse markets. Modified starches offer versatile solutions that can fulfill these requirements, enabling companies to expand into new markets and enhance their supply chain efficiencies. To capitalize on global market opportunities and improve both profitability and operational efficiency, businesses should integrate modified starches as integral components in their products.

Key Takeaways from the Modified Starch Market Report

The global modified starch market size expanded at a 3.8% CAGR through 2034.
The maize/corn segment holds 46.2% of market shares in 2024.
The food and beverage segment captured 82.8% of market shares in 2024.
The market size in the United States is projected to rise at a 2.9% CAGR through 2034.
The market size in France is anticipated to develop at a 1.7% CAGR through 2034.
The market size in the United Kingdom is estimated to surge at a 1.2% CAGR through 2034.
The market size in Italy is expected to thrive at a 4.8% CAGR through 2034.

Competitive Landscape

The modified starch market is highly competitive, with noteworthy giants such as Cargill, ADM, Ingredion, and Tate & Lyle dominating. Strategic relationships and innovation are crucial battlegrounds, particularly in producing modified starches and clean-label alternatives. Roquette Frères and Grain Processing Corporation are the market leaders in the clean label area. Region-specific players cater to local preferences. Sustainability policies and adaptability to global food trends are critical for retaining a competitive advantage.

Recent Developments

In February 2024, Ingredion Incorporated introduced Novation Indulge 2940 starch to their clean-label texturizer portfolio. It is the first non-GMO functional native corn starch designed to gel and co-texturize popular dairy and alternative dairy items and desserts.
In June 2023, Loryma introduced “E number free” adhesion starch with a clean label. Loryma, a German business, claims that its natural adhesion starch derived from wheat and labeled clean is just as effective as modified starches found in standard goods, providing “optimum adhesion properties for all types of substrate coatings.”
In November 2022, the Department for Environment, Food and Rural Affairs (DEFRA), Innovate UK, the Medical Research Council (MRC), and the Biotechnology and Biological Sciences Research Council (BBSRC) formed a new Diet and Health OIRC. With a £15 million investment, the OIRC hopes to assist overcome common barriers to innovation in the food and beverage industry.

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Modified Starch Market Segmentation

By Source:

Maize/ Corn
Wheat
Potato
Tapioca
Rice

By Product Type:

Acetylated Starch
Physically Modified Starch
Enzyme Modified Starch
Anionic Starch
Cationic Starch
Dextrin
Oxidized Starch
Thinned Starch
Pre-Gelatinized Starch
Others

By Application:

Food and Beverage
Bakery Products
Dairy Products
Meat & Poultry
Convenience Food
Others
Animal Feed
Cosmetic and Personal Care
Papermaking
Textile
Pharmaceuticals
Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific (APAC)
Middle East & Africa (MEA)
Japan

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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.

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Electronic Power Steering Market Forecasted to Hit USD 41,893.2 Million by 2032, Growing at 5.2% CAGR | FMI Reports

The global electronic power steering (EPS) market is projected to reach USD 41,893.2 million by 2032, growing at a steady CAGR of 5.2% from 2022 to 2032. By the end of 2022, the market is anticipated to be valued at approximately USD 25,234.0 million.

The increasing focus on vehicle safety, along with the rise in competition from electronic, self-driving, and autopilot-enabled vehicles, is driving demand for electronic power steering systems. Enhanced regulatory standards and global commitments to fuel-efficient technology, combined with efforts by OEMs to reduce vehicle weight and complexity, are key factors contributing to the market’s growth.

The growing awareness of advanced automotive technologies and the rising adoption of luxury vehicles equipped with Advanced Driver Assistance Systems (ADAS) are further fueling the expansion of the electronic power steering market. This trend presents significant opportunities for market players to diversify their product offerings and expand their customer base.

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Benefits such as customizable steering power, improved fuel efficiency, enhanced driving comfort, reduced vehicle weight, and lower pollution levels are driving the adoption of electronic power steering systems. Additionally, the ability to provide stability and maneuverability across various terrains supports the continued growth of the market, with a projected steady rate of 5.2% CAGR during the forecast period.

Key Takeaways:

Heightened demand for electronic power steering systems in large commercial automobiles strengthens market prospects.
On the basis of end-use, the automotive sector will contribute significantly to the market.
By type, the conventional steering segment will dominate the global marketplace.
The electronic power steering market in the Asia Pacific region will register a CAGR of 8% during the assessment period.
Europe’s electronic power steering market will grow at a CAGR of 3.95% during the forecast period.
The start-ups in this field are keen on product innovations and introducing novel technologies.

“Rising awareness of the product-related advantages along with heightened demand from the auto industry will likely propel the global growth of the electronic power steering market over the forecast period,” – says an FMI analyst.

Competitive Landscape

Robert Bosch Automotive Steering GmbH, Mitsubishi Electric Corporation, ZF Friedrichshafen Group, Nexteer Automotive, NSK Global, JTEKT Corporation, SHOWA Corporation, thyssenkrupp Presta AG, Mando Corporation, Hyundai Mobis, Zhuzhou Elite Electro-Mechanical Co. Ltd., among others are some of the major players in the electronic power steering market profiled in the full version of the report.

Leading market players are focusing on product innovation and new investments to increase their product portfolio. These businesses are adopting strategic mergers and acquisition tactics to gain a competitive edge.

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Global Electronic Power Steering Market: Segmentation

By EPS type:

Column Assisted Electronic Power Steering(C-EPS)
Pinion Assisted Electronic Power Steering (P-EPS)
Rack Assisted Electronic Power Steering system (R-EPS)
Electronic Hydraulic Electronic Power Steering (EHPS)

By Vehicle Application:

Light Motor Vehicles (LMV)
Passenger Cars
Heavy Motor Vehicles (HMV)
Agricultural Tractors
Special Utility Vehicles (Cranes, Sports Cars, Earth Moving, Military Vehicles, etc.)

By Region:

North America
Latin America
Asia Pacific
MEA
Europe

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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Automotive Brake System Market Forecasted to Achieve USD 29,601.1 Million by 2033, with a CAGR of 16.9% | FMI Reports

The automotive brake system market is projected to be valued at USD 6,211.0 million in 2023 and is expected to grow to USD 29,601.1 million by 2033, reflecting a robust CAGR of 16.9% over the forecast period.

Automotive brake systems are crucial for vehicle safety and control, allowing drivers to slow down or stop their vehicles effectively. This essential component plays a key role in preventing accidents and ensuring the safety of both drivers and pedestrians.

The market encompasses a variety of components, including brake pads, rotors, calipers, drums, and hydraulic systems, all working in unison to deliver reliable braking performance.

Growing concerns about road safety are driving advancements in brake system technology, emphasizing improved efficiency, reliability, and responsiveness. Innovations such as anti-lock braking systems (ABS), electronic brake-force distribution (EBD), and automatic emergency braking (AEB) are enhancing brake system capabilities. Additionally, stringent safety regulations and government mandates are accelerating the adoption of advanced braking technologies.

The rise of electric vehicles and autonomous driving technology is also creating new opportunities and challenges for brake system manufacturers. As safety features like AEB become standard, the market for automotive brake systems is experiencing significant growth.

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Disc brakes lead the market with over 34.2% market share, favored for their superior performance, reliability, and safety. They provide effective heat dissipation, shorter stopping distances, enhanced control, and resistance to brake fade.

The mid-size passenger car segment represents 21.3% of the market, relying on advanced braking systems for efficient and reliable stopping power. These vehicles typically feature disc brakes on the front wheels and either disc or drum brakes on the rear wheels.

North America holds a 24.8% market share, driven by increasing safety awareness, advancements in technology, and active research and development by key industry players.

Europe commands a significant 29.7% share, propelled by the popularity of commercial vehicles and the presence of leading market players. Germany, in particular, accounts for 14.4% of the European market, with ongoing investments in sustainable products and technological advancements.

Overall, the automotive brake system market is evolving rapidly, driven by safety regulations, technological innovations, and shifting market dynamics across different regions.

Key takeaways for the automotive brake system market:

Significant Market Growth: The automotive brake system market is projected to grow from USD 6,211.0 million in 2023 to USD 29,601.1 million by 2033, representing a robust CAGR of 16.9% over the forecast period.
Crucial Role in Vehicle Safety: Automotive brake systems are essential for vehicle safety and control, enabling effective stopping and reducing accident risks, thereby ensuring the safety of both drivers and pedestrians.
Diverse Components: The market includes a range of components such as brake pads, rotors, calipers, drums, and hydraulic systems, all integral to delivering reliable braking performance.
Technological Advancements: Innovations like anti-lock braking systems (ABS), electronic brake-force distribution (EBD), and automatic emergency braking (AEB) are enhancing braking performance, efficiency, and safety.
Regulatory Influence: Stringent safety regulations and government mandates are accelerating the adoption of advanced brake systems, driving market growth.

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Recent Developments

Ferdinand Bilstein GmbH Co. KG is a well-known aftermarket part provider in over 170 countries across the world. Based on the needs and loads of the vehicles, the firm provides high-quality commercial vehicle brake components. With a market share of 97.0% of the independent aftermarket, the firm is expanding its brake discs and pads coverage.

Veoneer announced a first agreement in April 2020 to sell its brake control business in the United States to ZF Friedrichshafen AG for worldwide market expansion.

Key Companies Profiled

TRW Automotive Holdings Corp.
Aisin-Seiki Co. Ltd.
Continental AG
Akebono Brake Industry Co. Ltd.
Brembo S.P.A.
Halla Mando Corp.

Key Segments Covered in the Market Report

By System Type:

Disc Brake
Drum Brake

By Vehicle Type:

Mid-Sized Passenger Cars
Compact Passenger Cars
Luxury Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Premium Passenger Cars

By Technology:

Anti-Lock Braking System (ABS)
Electronic Stability Control (ESC)
Traction Control System (TCS)
Electronic Brake-Force Distribution (EBD)

By Region:

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific Excluding Japan (APEJ)
Japan
The Middle East & Africa (MEA)

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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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EV Charging Cable Market Projected to Reach USD 16,992.56 Million by 2034, Growing at 22.24% CAGR | FMI Reports

Following a comprehensive analysis of the electric three-wheeler industry, FMI has released a new report on the EV charging cable market. The report indicates that EV charging cable sales are projected to be valued at USD 2,281.63 million in 2024. Based on current trends, demand is expected to surge, driving the market to a valuation of USD 16,992.56 million by 2034, with an impressive CAGR of 22.24%.

Governments are increasingly facilitating the adoption of electric vehicles (EVs) through sustainability-focused policies. As EVs gain popularity, the demand for EV charging cables is also rising. With sustainability becoming a top priority for many, the shift towards electric cars—and by extension, EV charging cables—is accelerating.

The market features a range of EV charging cables, including those with rapid and ultra-fast charging capabilities, designed to deliver high current efficiently.

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Key Takeaways

The implementation of electric vehicles is expanding in several countries all over the world with heavy investments in research and development in this sector. Numerous countries including the Netherlands, France, India, and Canada have launched various campaigns in order to encourage the adoption of electric vehicles. Automakers in the automotive sector are given by the state fixed quotas, tax breaks, subsidies, and rebates.
For purchasing purposes, entitlements are conveniently available for customers. Such considerations have caused a spike in the global production and sales of electric vehicles. In order to ensure the smooth functioning of vehicles, the surging inventory of electric vehicles necessitates the establishment of power grids and charging terminals.
The major factor driving growth in the EV charging cables market is the development of these vehicles which has resulted in advancements in electric vehicle charging technology and significant investments by automakers in electric vehicles.
Several organizations develop EV charging cables to make sure quick charging terminals are available for vehicles. Tesla has approximately 1600 supercharging stations available all over the North American region. This propels the development of charging infrastructure, resulting in propelling the global EV charging cable market.

Competitive Landscape

Key EV charging cable providers are rapidly adopting various marketing strategies including new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration in order to increase sales and raise the interest of potential buyers to create a massive customer base and gain a competitive edge in the global EV Charging Cables market.

Key Companies Profiled

OSRAM Licht AG, Phoenix Contact, DYDEN Corporation, Prysmian S.p.A., TE Connectivity, Leoni AG, Aptiv, Tesla Inc., Huber & Suhner AG, Eland Cables, Coroplast, BRUGG Group, BESEN Group.

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Key Segments covered in the EV Charging Cables Industry Survey

By Power Supply:

AC Charging
DC Charging

By Product Type:

Mode 2 Charging Cables
Mode 3 Charging Cables

By Voltage Capacity:

16 Amp
32 Amp

By Application:

Private Charging
Public Charging

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East and Africa

More Insights into the EV Charging Cables Market

Asia Pacific EV charging market is expected to dominate the global market landscape. In 2019, the Asia Pacific EV Charging Cables Market was worth US$ 255 Million. Owing to the largest number of transactions and production of electric vehicles in this region, the Asia Pacific region is projected to dominate during the forecast period.

Due to the accelerated adoption of electric vehicles, China is considered the market’s largest contributor. Among several other countries, China is a dominant market leader in electric vehicle charging stations. As per the FMI analysis, China’s EV exports are anticipated to skyrocket over the next few years. In 2020, China generated a revenue of 1.5 million by selling EVs.

North America is the second largest EV charging cables market because of the widening quantity of electric vehicle customers in this region. Despite the COVID-19 challenges, the majority of the North American countries are expected to boost product sales and exports in 2020. The United States is considered a prominent player, providing opportunities for electric vehicle parts.

North America is accounting for a massive market share of 25.7% of the global EV charging cables market. Because of several technological advancements such as fast charging cables, type-2 connecter plugs, and so on have offered leading players in the market an opportunity to expand their horizons.

Europe’s EV charging cables market is expected to witness lucrative growth opportunities backed by the surging adoption of electric vehicles in this region as a result of escalating regulations on vehicle emissions in this region. Europe is accounting for a market share of 31.8% of the global EV Charging Cables market.

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.

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