Market Research Blog

Consumers are currently enjoying unbridled access to information through digital and offline platforms. Consequently, they are rendered conscious, now more than ever before. Consumer’s purchase decisions often reflect their product knowledge and increasing desire to own technology driven home appliances.

The garment steamer market although not saturated yet is a highly competitive one. Frequent product launches and lower brand loyalty among consumers have compelled market players to maintain a competitive pricing for their products.

FMI observes a higher focus among manufacturers to make their products more user-friendly. They are offering easy operation modes, better convenience in maintenance, and portable and lightweight designs to woo consumers.

Consumer tendency for using products for different purposes has increased. This tendency could hamper growth prospects for the market. However, manufacturers are trying to use this very aspect to their benefit.

An increasing number of them are promoting the multi-purpose uses of garment steamers, which can be used for cloth steaming as well as drying. The inclusion of multiple features will enable the companies to tap into the prevailing trends.

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Driven by these factors, the global garment steamer market is expected to surpass US$ 1.4 Bn by 2020. FMI offers in-depth analysis of the garment steamer market in its report. Some of the key takeaways from the report are:

• An increasing number of companies are expected to capitalize on the trend of product premiumization. Targeting mass audiences is not enough for companies to sustain in the competitive market hence they are likely to leverage brand power to uptick sales
• Online platforms are expected to emerge as highly lucrative sales channels. Consumer inclination towards purchasing online to avail various offers will aid the expansion of the segment
• Behemoths such as Walmart Inc., Amazon.com, Inc., and others are likely to leverage their online presence as well as venture into offline sales. This could make competition prevailing in the market fiercer
• The demand in handheld garment steamer segment is expected to surge exponentially. The utility and efficiency of these products with regards to advanced features and easy storage will spur their sales
• Europe is expected to remain dominant garment steamer market through the course of the report’s forecast period

Who is winning?

Some of the key players operating in the garment steamer market Koninklijke Philips N.V., Groupe SEB, Panasonic Corporation, Electrolux AB, Jiffy Steamer Company, LLC, Bear Down Brands LLC, Pursteam Company, SALAV USA, MARYANT, INC., Reliable Corporation, Hamilton Beach Brands Holding Company, AICOK, Pro Breeze, Steamfast Company, Stanley Black & Decker, Inc., Conair Corp., Secura Inc., Epica company, LG Electronics, Godrej & Boyce Mfg. Co. Ltd., IFB Industries Ltd., Samsung Electronics, GE Appliances, Midea Group Co., Ltd., Shanghai Flyco Electrical Appliance Co., Ltd., Haier Group Corporation, and among others.

Garment steamer companies are investing in product innovation and technology, expanding their footprints, and launching new products to cater to the growing demand in the market. This will allow companies to increase their brand awareness and will help them gain competitive advantage. The market is therefore witnessing a slew of launches. Some of these are:

• In 2020, PurSteam launched its newest portable/handheld garment steamer.
• In 2019, AICOK launched its upright garment steamer, BG525 with adjustable pole from 81.9cm/ 32in to 165cm/ 64.9in.
• In 2019, Panasonic Corporation launched upright garment steamer, NI-GWE080 with a fabric board for stability of ironing.

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Get Valuable Insights into Garment Steamer Market

Future Market Insights, in its new offering, provides an unbiased analysis of the global garment steamer market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the garment steamer market based on the product type (handheld/portable garment steamer & upright/non-portable garment steamer), power (below 750 watt, 750-1000 watt, 1000-1500 watt, 1500-2500 watt, and 2500 watt & above), water tank capacity (Below 500 ml, 500 ml- 1 litre, 1-2 litre, 2-3 litre, 3-4 litre, and 4 litre & above), material (plastic, anti-lock braking system (ABS), metal, aluminium, stainless steel, cast iron, and ceramic), price range (economy/ mid-range, and premium), end-user (commercial and household), sales channel (direct and indirect) across seven major regions.

Market Segmentation

Product Type

• Handheld/ Portable garment steamer
• Upright/Non-Portable garment steamer

Power

• Below 750 Watt
• 750-1000 Watt
• 1000-1500 Watt
• 1500-2500 Watt
• 2500 Watt & Above

Water Tank Capacity

• Below 500 ml
• 500 ml- 1 Litre
• 1-2 Litre
• 2-3 Litre
• 3-4 Litre
• 4 Litre & Above

Material

• Plastic
• Anti-Lock Braking System (ABS)
• Metal
• Aluminium
• Stainless Steel
• Cast Iron
• Ceramic

Price Range

• Economy/ Mid-Range
• Premium

End User

• Households
• Others
• Commercial
  • Hotel & Restaurants
  • Hospitals
  • Long Term Care Centers

Sales Channel

• Direct
• Indirect
  • Supermarkets/Hypermarkets
  • Convenience Stores
  • Independent Small Stores
  • Discounted Stores
  • Online Sales Channel
  • Others

For in-depth insights, Download a PDF Brochure – https://www.futuremarketinsights.com/reports/brochure/rep-gb-7883

Region

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• MEA

Rising initiatives by various governments worldwide to ensure food security are expected to sustainably drive demand for artificial insemination in animals. Besides this, demand for genetically superior quality cattle breed will have a positive impact on the market.

Increasing consumption of animal protein and demand for high-quality milk and dairy products will fuel the demand for animal artificial insemination procedures between 2021 and 2031.

Global meat production has increased in the past several years and is estimated to increase from 218 million tons to 376 million tons by 2030. According to the Organization for Economic Co-operation and Development (OECD), the U.S. meat consumption was on average of 35kg per capita in 2020.

There also has been an increase in per capita consumption of milk and milk products. According to the OECD and FAO, in 2020, the global per capita dairy consumption of milk and dairy products was estimated at 113.7 kg. Also, it is estimated that this number is expected to increase by 44% by 2029.

The rise in consumption of animal proteins and milk products has made dairy farmers and livestock breeders to focus on obtaining genetically better breed for large-scale productions. This also is expected to boost the growth of the animal artificial insemination market.

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Key Takeaways from Animal Artificial Insemination Market Study

• Despite restricted growth amid pandemic crisis, the demand for artificial insemination is expected to witness a small push and thus, is expected to rise nearly 5.4 % CAGR between 2021 and 2031.
• Growing awareness regarding animal health and growth in per capita animal expenditure are the key factors attributable for the rising demand of artificial insemination process.
• The U.S. accounted for the largest share of 93% of the North America animal artificial insemination market through the forecast period.
• In 2021, Germany led the Europe animal artificial insemination market, followed by France and U.K., accounting for more than 20% and 15 % respectively.
• China is the fastest-growing market in East Asia, exhibiting a 7.4% CAGR through 2031.

“Research and development initiatives by governments coupled with advancements in biotechnology and animal science will offer lucrative growth opportunities for animal artificial insemination market,” said a FMI Analyst.

Advancements In Biotechnology and Animal Sciences To Offer Growth Opportunities

Artificial insemination (AI) in animals has transitioned from being just a novel method to impregnate the female to be an advanced technique used for improving the livestock by protecting it from various infectious diseases.

Greater focus on innovation coupled with advancements in biotechnology to avoid animal diseases is expected to create a favorable platform for the development of artificial insemination products, especially, in high-income economies such as the U.S., U.K. Germany. Artificial insemination (AI), Embryo transfer (ET), in-vitro fertilization (IVF), and somatic cell nuclear transfer are some of the emerging technologies in this space.

Continued investments in research towards genetic improvements could improve the breeding quality of animals using artificial insemination procedures, hence providing opportunities for market growth.

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Who is Winning?

The global market is set to expand due to the growing demand for animal services and the rising prevalence of animal diseases. To expand their product offerings, leading players within the market are focused on expanding by pursuing mergers, acquisitions and collaboration as one of their key growth strategies. Also, this would allow the key players to strengthen their presence in the region as well as global markets.

Some of the leading players in the global animal artificial insemination market include but are not limited to Boehringer Ingelheim, Elanco Animal Health, Zoetis Inc., Merck & Co., Inc., Swine Genetics International, Revival Animal Health Inc., Jorgensen Laboratories Inc., Agtech Inc., ABS Global, Inc., Continental Plastic Corporation, and IMV Technologies.

Animal Artificial Insemination Market by Category

Product type

• Insemination Equipment
  • Catheters
  • Micromanipulation Pipettes
  • Insemination Gun
• Artificial Insemination Syringe
• Insemination Sheath
• Artificial Insemination Applicator
• Reagent Media
  • Bovine Media
  • Equine Media
  • IVF Media
• Thawer
• Accessories
• Artificial Insemination Kits
• Others
• Artificial Insemination Straws

Animal Type

• Canine
• Feline
• Swine
• Bovine
• Equine
• Ruminant

Procedure Type

• Semen Collection Procedures
  • Artificial Vagina
  • Electrostimulation
• Insemination Procedures
  • Recto Vaginal
  • Spectrum
  • Vaginal

End Users

• Animal Hospitals
• Animal Clinics
• Animal Breeding Centers
• Others

For in-depth insights, Download a PDF Brochure – https://www.futuremarketinsights.com/reports/brochure/rep-gb-10831

Region

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

The report also forecasts that the market will surpass a valuation of ~US$ 2.8 Bn by the end of 2021. As per FMI, rapid technological advancements and presence of application programming interface (APIs) have created prospects for banking-as-a-service (BaaS) platforms. These technologies have become essential in improving economic competitiveness, thereby propelling the market growth.

Over the past few years, BaaS has emerged as a new and innovative way for banks and third parties to collaborate in order to provide customers with digital-only banking products and services and enhanced customer experiences. BaaS has caused a shift in the way that banks and third parties work together and has huge advantages for both the incumbent players and those starting out in the financial services industry.

Increased competition has led to increased innovation in the banking space which in turn has led to improved digital experiences for customers. Customers have greater choice than ever before when it comes to what financial products and services they use.

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Key Takeaways: Banking-as-a-Service (BaaS) Platform Market

• By solution, the banking as a service platform segment is anticipated to account for the leading share in the global demand for banking-as-a-service (BaaS) platform during the forecast period. However, the banking as a service APIs segment is estimated to grow at a robust CAGR of 17.1% through 2031.
• By enterprise size, the integration of BaaS platform in small & mid-sized organizations is anticipated to increase at a CAGR of 16.6% between 2021 & 2031, while large organizations are currently dominating the market share.

• The adoption of banking-as-a-service (BaaS) platform by fintech corporations is expected to rise at maximum pace. As per FMI, demand in this segment will increase by a CAGR of 18.2% between 2021 and 2031.
• Europe is expected to lead the market followed by North America in 2021. South Asia & Pacific is anticipated to emerge as the fastest growing region between 2021 & 2031.
• The market in Japan is expected to progress at a CAGR of 17.9% through 2031.
• In the U.K., sales are expected to increase at a CAGR of close to 16% over the next ten years.

 “Fintechs and digital banks have been encroaching on incumbent institutions in the banking game and disrupting traditional business models — but by moving into the BaaS space. Tech-savvy legacy banks can turn this looming threat into an opportunity” says FMI analyst.  

COVID-19 Impact Analysis on Banking-as-a-Service (BaaS) Platform Market

The outbreak of COVID-19 has led to more usage of banking components because remote working and social distancing have helped digital banking gain a huge customer base. COVID-19 has been a defining moment for digital transformation, as financial institutions that invested strategically & financially in the digitalization process over the past decade, have been better prepared to navigate these shifts and respond to the crisis.

The market has witnessed a significant growth previously, but due to the unexpected COVID-19 outbreak, the market will witness additional growth in 2020, owing to the rising demand for seamless banking transactions. This growth will be majorly driven by changing customer behavior, increasing focus of the people from visiting bank branches to online access of bank services.

Hence, implementation of banking-as-a-service (BaaS) platform would be highly valuable during the COVID-19 period due to several factors such as rising use of electronic transactions amid pandemic crises, and to enable stress-free banking activities.

According to a 2020 World Bank survey, the fintech market has continued to help expand access to financial services during the COVID-19 pandemic—particularly in emerging markets—with strong growth in all types of digital financial services except lending. On an average, Fintech firms reported around 11% growth in volume of digital payment transactions, in H1,2020 as compared to H1,2019. Fintech innovations are helping reduce the cost of providing services, making it possible to reach more people, and reducing the need for face-to-face interactions, essential for keeping up economic activity during the pandemic.

Thus, the demand for banking-as-a-service (BaaS) platform is estimated to grow around 11.6% to 13.8% Y-o-Y from 2019 to 2021.

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Rapid Shift towards Embedded Finance

More and more nonbank companies are offering financial services, such as bank accounts or wallets, payments, and lending. Today, companies of all types and levels of maturity—including retailers, telcos, big techs and software companies, car manufacturers, insurance providers, and logistics firms—are considering and preparing to launch embedded financial services to serve business and consumer segments.

To meet the rising demand for embedded finance, financial institutions are increasingly offering banking as a service (BaaS)—bundled offerings, often white-labeled or cobranded services that nonbanks can use to serve their customers. With the acceleration of digitization, including automation and APIs, banks can scale BaaS faster, putting embedded finance within reach for more companies considering it. This is further estimated to fuel up the banking-as-a-service (BaaS) platform market growth prospects in the near future.

Banking-as-a-Service (BaaS) Platform Outlook by Category

By Solution:

• Banking as a Service Platform
• Banking as a Service APIs
• Services
  • Payment Processing Services
  • Digital Banking Services
  • KYC Services
  • Customer Support Services
  • Others

By Enterprise Size:

• Small & Mid-sized Organizations
• Large Organizations

By End User:

• Banks
• FinTech Corporations
• Investment Firms
• Others

For in-depth insights, Download a PDF Brochure – https://www.futuremarketinsights.com/reports/brochure/rep-gb-13992

By Region:

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

Globally, more than 1 billion individuals are overweight or obese and the numbers continue rising. This high prevalence of obesity will drive demand for obesity management products and services in the long term.

According to the World Health Organization (WHO), approximately 1.9 billion adults were overweight and 650 million adults were obese. Whereas 38.3 million children under 5 years of age were either overweight or obese in 2019. One in three adults in North America is obese. In the U.S., 80 million adults and 12.7 million children suffer from obesity.

Furthermore, there has been an increase in the per capita healthcare expenditure, especially in developed countries, with better reimbursement policies. People are now inclined towards out-of-pocket expenditure healthcare. Personal health, grooming, and concerns over social discrimination are leading people to take obesity management consultations.

However, the unprecedented pandemic crisis has had a significant impact on the obesity management market due to a slump of patient footfall in hospitals and clinics. Preference is now being given to the treatment of COVID-19 patients, limiting resources for anti-obesity consultations and related drugs or surgeries.

Also, there has been a halt in clinical trials for weight management drugs. However, with the availability and commencement of the COVID-19 vaccination, the clinical trials are resuming and are anticipated to pick up pace during the forecast period. Also, the adoption of telehealth and in developing countries is likely to bode well for the future of the market in the long term.

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Key Takeaways from Obesity Management Market Study

• Bupropion and Naltrexone will reflect register faster growth at a CAGR of 8.4%, owing to an increase in the preference for combination therapy in weight management.
• Gastric sleeve surgery will account for over 40% of the market throughout the forecast period owing to benefits of simplicity and time-efficiency.
• The U.S. will lead the North America market with a share of over 64% in 2021, driven by continuing diet and lifestyle issues prevalent in the country.
• Germany followed by Russia are leading markets in Europe, reflecting CAGR of over 6% through the end of 2031, driven by improvements in public health programs.
• Japan dominates the East Asia market, accounting for 49% value share in 2021, with government awareness programs contributing to growth.

“The rapidly increasing obesity cases and the resultant chronic diseases have triggered concern among patients and healthcare professionals. The COVI-19 crisis has alarmed people, as overweight people are at higher risk of acquiring SARS-COV2. This consciousness may help in encouraging obesity management uptake through 2021 and beyond,” says the FMI analyst.

Key Participant Insights

Prominent players in the Obesity Management Market are focusing on collaborations, mergers & acquisitions for global expansion and enhanced opportunities focused on emerging economies thereby, enhancing their market presence.

The key market players covered by FMI include GlaxoSmithKline Plc., VIVUS, Inc., Novo Nordisk A/S, Currax Pharmaceuticals LLC, Cheplapharm Arzneimittel GmbH, Bausch Health Companies Inc., and Takeda Pharmaceuticals, Inc.

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Obesity Management Market by Category

By Drug Type:

• Bupropion and Naltrexone
• Orlistat
• Lorcaserin
• Phentermine and Topiramate
• Liraglutide

By Surgery Type:

• Gastric Bypass Surgery
• Adjustable Gastric Banding Surgery
• Gastric Sleeve Surgery
• Duodenal Switch Surgery
• Others

By Distribution Channel:

• Hospitals Pharmacies
• Retail Pharmacies
• E-commerce

Region:

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

For in-depth insights, Download a PDF Brochure – https://www.futuremarketinsights.com/reports/brochure/rep-gb-587