Market Research Blog

The U.S. automotive and aircraft leather aftermarket is projected to reach a valuation of US$ 7.8 Bn in 2021. Rising demand for high-quality, lightweight, and durable leather for automotive and aircraft interiors is expected to push sales at 3.6% CAGR, with the market valuation reaching US$ 11.1 Bn in 2031.

[284 Pages Report] The cargo bike tire market value is projected to grow at 12.2% CAGR between 2021 and 2031 and market volume is expected to grow at a CAGR of 11.6% over the forecast period.

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Key factors driving the cargo bike tire market are higher life-span offered by cargo bikes, rise in the number of miles being ridden by cargo bikes each year, increasing concern towards safety and maintenance, and technological advancements to offer better grip and performance of tires.

As city streets keep clogging up at a rapid speed, cargo bicycles have emerged as one of the most productive and advantageous methods of transportation for cargo firms. Driven by this the sales of cargo bikes will pick up pace globally and this trend will continue through the course of the forecast period.

Steered by implementation of stringent emission control norms, the market players are focusing in on the production of electric cargo bike. Various players working in the cargo bike tire industry are expected to expand their product portfolio in the forthcoming years.

Key Takeaways from Market Study

• By product type, tubeless tire are anticipated to account for sales of more than 60% in the global market.
• Three wheeled cargo bikes held a market share of about 45% in terms of cargo bike type in the market.
• By region, Europe is projected to hold more than 65% of the global market.
• Tubeless tire is projected to be the fastest growing segment in terms of product type, exhibiting a CAGR of 12.7%
• The 26 inches tires segment is projected to account for 38% of the market based on tire size.

Cargo Bike Tire Market Competitive Landscape

The market has been described as slightly fragmented globally. Some of the leading market participants include Cheng Shin Rubber Ind., Goodyear Tire & Rubber Company, Ralf Bohle GmbH (Schwalbe), Trek Bicycle Corp., Hutchinson, Zhongce Rubber Group Company Limited, Michelin Group, Trelleborg Group, Continental AG, Kenda Tires, PT. Inustri Karet Deli, WTB, Vittoria S.p.A., Ralson Tyres, Metro Tyres, Mitas, Panaracer Corporation, HWA Fong Rubber Co., Ltd. (Duro Tires) and others.

Key organizations are investing in research and development to offer better products to expand their market share. A few organizations working in the cargo business, including DHL, UPS, and Amazon plan to test the capability of cargo bikes in New York City, and have introduced a test case program to minimize traffic congestions in specific parts of Manhattan.

Cargo Bike Tire Market Projection

Cargo bike tires will witness a large increase in demand due to rising cargo bike sales and increasing number of people choosing for environmentally friendly e-bikes. Manufacturers are also being influenced by environmental regulation to develop products that adopt technology improvements.

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Key Market Segments Covered

Product Type

• Tube
• Tubeless

Tire Size

• Below 20”
• 20”-24”
• 26”
• 27.5”
• Others

Cargo Bike Type

• Two-Wheeled
• Three-Wheeled
• Four Wheeled

Sales Channel

• OEM
• Aftermarket

Region

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East & Africa

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About the Automotive Division of FMI

The automotive division of FMI offers a novel approach and innovative perspective in the analysis of the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery across the manufacturing sector and distinctive analysis about the installed base, consumables, replacement, USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders, and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.

Sales of global manometry systems are expected to reach US$ 157.3 Mn in 2020. As per Future Market Insights, revenues for manometry systems are expected to reach US$ 279.6 Mn, expanding at a 5.4% CAGR over the forecast period (2021-2031).

Rise in number of people aged 65 years and older is expected to be the major factor boosting the growth of the manometry system market. In 2018, According to the U.S. Census Board people older than 65 years represent around 13% of the total population; this percentage is expected to reach 20% by 2031.

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Rising cases of constipation, fecal incontinence, anorectal pain, pelvic floor dyssynergia and hirschsprung’s among older population is increasing the adoption of manometry systems. Demand for these systems helps evaluate patients and provides many useful data regarding anorectal function and indicates the prognosis of treatment, particularly in the management of sphincter injuries.

Rising demand for non-invasive equipment is driving the demand for manometry system. These systems are non-invasive diagnostic procedure that can detect pressures and sensation in the anus and rectum. With this, they indicate whether the patient’s pelvic function is normal without incision into the body or removal of tissue and has low risks, and complications.

Further, rising government initiatives and funding supporting the development of product is boosting the demand for manometry system market.  Initiatives undertaken by government to enable and boost the ecosystem for the indigenous medical device industry is also stimulating market growth.

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Key Takeaways from Manometry System Market Study

• By product, system sheath & catheters is expected to account for the largest share of 55.0% in 2021.
• In terms of portability, stand-alone system will hold for the largest share of 55.4% in 2021 on the back of its enhanced sensitivity to provide accurate diagnosis of condition
• By end user, hospitals accounted for the largest share of 37.9% in 2021 owing to the rising demand for hospital stay that is short-term and increasing number of gastrointestinal processes.
• North America is expected to hold largest share of 38.9% in 2021 with the U.S. leading the market during the forecast period.

“As demand for manometry systems is rising due to high prevalence of gastrointestinal diseases, key players are engaging in product development that is technologically advanced for faster approvals. This is expected to give the key players a competitive edge in the industry, generating revenues,” says the FMI Analyst

Who is Winning?

Some of the leading manufacturers of manometry system market are focusing on product launch collaboration and partnership strategies for global expansion objectives, thereby, enhancing their market presence.

Several joint ventures, agreements, and loan licensing procedures have influenced the market. The government of developing economies has taken several reforms to develop the market by regulating it to bring out more transparency and by allowing foreign investments in the industry.

New Product launches & approvals have emerged as key growth strategy adopted by the leading players in the manometry system market. Followed by this, acquisition was the second most key strategy adopted by the industry players. By adopting these strategies, it helped the company to expand their regional presence as well as product offerings.

For instance,

• In October 2021, “UROTECH GmbH subsidiary of Medi-Globe Group’s provided detailed information on a new clinical study for using the Magnetic Black-Star® (MBS) in paediatric urology. The MBS was an innovative product of the UROTECH GmbH, which is used in stent placement as well as stent removal of children by without performing the surgeries using the stent’ magnetic tip.”
• In May 2020, RMS Medical Devices, proudly announced it’s the acquisition of QUICKORE products for BENELUX. With this new acquisition, RMS Medical Devices adds another premium technology to its Radiology portfolio.
• In October 2020, LABORIE Medical Technologies enters into strategic partnership with Urotronic to support regulatory approval of Optilume™, a drug-coated balloon (DCB) technology for use in urethral strictures and benign prostatic hyperplasia (BPH).

• In August 2021, Medtronic Announced the FDA Approval of Next-Gen TAVR System for the treatment of symptomatic severe aortic stenosis. Next-Gen TAVR System is a self-expanding transcatheter aortic valve replacement, which is designed to enhance ease-of-use and predictable valve deployment throughout the procedure.

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The key market players covered by FMI include EB Neuro S.p.A, MEDSPIRA, Medtronic, Medica S.p.A., RMS Medical Devices, MARQUAT Génie Biomédical, Diversatek Inc., Dentsleeve International Ltd., LABORIE, Prometheus Group, Smart Medical Group, Synectics Medical Limited, Medovations Inc., Sierra Scientific, and Urotech Gmbh.

The global grass fed beef market is forecast to reach a valuation of US$ 11.6 Bn in 2021, opines FMI in a recent market analysis.  With the favorable demand outlook, sales are expected to grow at a 4.4% CAGR in terms of value, reaching US$ 17.9 Bn in 2031.

Consumers across North America and Europe consider beef as one of the primary sources of food. Buyers in these regions are aware of organic certifications and labeling of these products and the advantageous effects over conventional food products. As a result, demand for grass fed beef is expected to grow in North America and Europe over the forecast period.

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Globally, consumers are getting inclined towards convenient yet healthy foods that require less preparation time. This has resulted in increasing sales of processed meat products. Grass fed beef offers exceptional quality and nutritional benefits over conventional grain fed beef products, which is driving its applications in the food service sector.

High price for grass fed beef is restricting acceptance of the product among the middle-class population, however, increasing focus on healthy living and rising disposable income are boosting sales of grass fed beef.

In response to growing demand for beef-based products, manufacturers are introducing various product lines, such as ground beef, steak beef, angus beef, which can further have wide ranges of applications in food industries, such as, dairy, confectionery, and bakery items. This is expected to continue providing tailwinds to grass fed beef over the assessment period.

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“Innovative packaging with moderate labelling of grass fed beef products is expected to spur demand for grass fed beef among consumers and the foodservice industry. Apart from this, unique product design, improved product visibility with adequate information offered by market players will continue bolstering sales of grass fed beef through 2031,” says an FMI analyst.

Key Takeaways:

• Demand for processed grass fed beef is expected to remain high over the forecast period.
• Sales of frozen grass fed beef are projected to rise at a steady pace, as it doesn’t loss moisture and remains safe for consumption when opened.
• Sales of grass fed beef through indirect channels are expected to gain traction as online retailing becomes mainstream.
• Applications of grass fed beef in the food service sectors are anticipated to account for a dominant share.

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Competitive Landscape

Some of the leading companies offering grass fed beef are JBS Foods®, Tyson Foods, Australian Agricultural Company Limited, Hormel Foods Corporation, Cargill, Inc., ANZCO Foods, Conagra Brands, Inc., Creekstone Farms Premium Beef, LLC, Sysco Corporation, and others.

Key players in the global grass fed beef market are  focusing on merger and acquisitions with different other small and mid-level brands to expand their distribution channels and production facilities. Players are also launching new and innovative products to gain a competitive edge in the market. For instance, players like Verde Farms and Pre Brands are focusing on labelling new products in order to meet customer demand. Top players like Creekstone are collaborating with supermarkets, stores and online retailers to improve sales.

As per a recent market analysis by Future Market Insights (FMI), sales of spirulina extract are projected to grow at a 14.6%, reaching a valuation of US$ 42 Mn in 2021.

Rising applications of nature-ingredients in food products, coupled with growing preference for clean-label products among health-conscious consumers are anticipated to provide tailwinds to spirulina extract sales over the forecast period.

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In addition to this, high demand for natural food coloring in candy and confectionary industries will continue spurring demand for spirulina extract.

Apart from the food industry, spirulina extract is being widely adopted in fertilizers and animal feed. Spirulina fertilizers are loaded with nutrients, seaweed extract, amino acids, plant growth promoters, macronutrients, and micronutrients.

A combinations of these ingredients can potentially assist healthy development of crops, and improved yield. These fertilizers are easy to use, reduce salt content in the soil and stimulate the production of soil bacteria enzymes, which is further driving applications of spirulina extract in fertilizers.

Spirulina extract is also used in personal care and cosmetics industry to add non-toxic coloring agents in makeup products such as eyeshadows, eyeliners, and lipsticks. The emulsifying and antioxidant properties of spirulina are also propelling its applications in skincare products such as moisturizers, serums and cleansers.

As per FMI, North America will emerge as one of the most lucrative markets for spirulina extract. Growth can be attributed to the presence of a robust food & beverage and personal care industry, along with increasing advancements in color handling technology used in food and beverages.

“Growing demand for alternative meat protein among vegan and health conscious consumers, coupled with high demand for clean labels ingredients in pet food, will continue driving sales of spirulina extract over the forecast period,” says the FMI analyst.

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Key Takeaways:

• Sales of conventional spirulina extract are projected to grow at a 14.0% CAGR through 2031.
• The candy and confectionary segment is anticipated to hold 24.8% of the total spirulina extract market share.
• The U.S. will emerge as an attractive market, holding 86.5% of the North America spirulina extract market share.
• Germany will continue exhibiting high demand for spirulina extract, with sales growing at a 12.6% CAGR through 2031.
• Demand for spirulina extract in China is anticipated to rise at a 16.7% CAGR over the forecast period.
• The spirulina market in India is expected to expand at a 16% CAGR, placing the country as a lucrative market.
• Japan and South Korea are projected to hold 18.7 and 5.7 of the total spirulina extract market share in 2031.

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Who is Winning?

Some of the leading companies offering Spirulina Extract are Royal DSM, Algene Biotech, BASF, FMC Corporation, Chr. Hansen A/S, Cyanotech Corporation, Dohler Group, , DDW – the Color House, Japan Algae Co., Ltd, DIC Corporation- Earthrise Nutritionals, Fiorio Colori S.p.A, Naturex SA, Solazyme, Aller Aqua,  C.B.N. Spirulina Canada Co., Ltd, Hydro Linea Biotech, and Sensient Technologies Corporation and others.

Companies operating in the global Spirulina extract market are investing in intensive research and development, along with mergers and acquisitions to improve their product portfolios. For instance:

• In June 2020, DIC Corporation declared that wholly owned subsidiary DIC Lifetec Co., Ltd., who manufactures and sells DIC Spirulina, has introduced a liquid version of its Linablue® naturally derived blue food coloring.