Market Research Blog – Page 16059 – New Product Development

Mobile Money Sales on an Upswing as more Customers Prefer Contactless Payments amid COVID-19 Pandemic

The growing requirements of SME have offered mobile money providers an opportunity to fortify their value proposal with the payment-as-a platform, which incorporates several financial institutions offering various third party services to the users. Intuitive mobile payment and mobile banking applications generate prospects for the mobile money market. The global mobile money market is projected to expand at more than 24% in 2020 with the implementation of digital payments providing safety amid a pandemic

Key Developments and Trends

Several users are opting for mobile payments with each buy, which has contributed to market expansion. The market has been more lucrative with the entry of unconventional and nonbanking players, such as the launch of Google Pay with an easy policy “Add a card”. It brought out instant cashback to users, making it a victorious scheme for luring new users every day.

The growth of mobile money, exceeding electronic banking, is additionally ascribed to the digitization of the economy, particularly in India. Research shows that mobile banking will see a 13-14% expansion Y-o-Y during 2020-2021.

The implementation of QR codes is the most technologically-progressed side of contactless payments. Rising acceptance for mobile point of sale (mPOS) is boosting the market growth. With mPOS, staff could see loyalty rewards, online browsing history, past transactions, and other things that assist staff to understand the customer’s need. These attributes have not only increased customer satisfaction but additionally assisted in the improvement of staff performance. Moreover, the growth of mobile wallets has been critical in boosting the mobile money market, whether it is grocery buys or money transfers.

Key Takeaways of Market Study

In terms of vertical, the BFSI industry is projected to foresee higher growth during the assessment period because of the growing acceptance of mobile banking by consumers.
The BFSI category is foreseeing 29.1% Y-o-Y from 2019 to 2020 caused by COVID-19 pandemic.

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Mobile Money Market: COVID-19 Impact Analysis

COVID-19 pandemic has had a noteworthy influence on the mobile money market as businesses and consumers are impelled to alter their buying habits. Since contactless payments have become important for buys, there has been a remarkable growth in the implementation of mobile wallets. Avoiding card and cash transactions to avert the COVID-19 spread have prompted many subscribers to try mobile wallets. COVID-19 crisis creates uncertainty each day it would lead users to be accustomed to digital payments, making mobile money imperative to each transaction.

Regional Insights

North America and the MEA regions prevailed in the mobile money market during 2019. The North America mobile money market is slated for incremental $ opportunity of around US$ 4.7 Bn during 2020-2030. The South Asia & Pacific market will be foreseeing an incremental $ opportunity at US$ 2.7 Bn during the forecast period. The regional market is anticipated to record a CAGR of 25% over the assessment period with growing sales of smartphones, government initiatives to backup cashless transactions, and digitization of economies. Growth in e-commerce would also boost mobile money usage.

Competitive Landscape

Partnership and collaboration with top players and acquirement of niche players are strategies adopted by the prominent mobile money solution providers. Some of the prominent companies operating in the market are Google LLC, Visa Inc., MasterCard Incorporated, One97 Communications Ltd, Western Union, Novatti Group Pty Ltd., Mahindra Comviva, Panamax Inc., Obopay, Telepin Software Services Inc., and Alepo.

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Importance of Hygiene and Sterilization to Push Medical Flexible Packaging Market Demand

The packaging sector assumes a significant job in the medical sector. Medical progressions and technological advancements in producing pharmaceuticals are probably going to boost the market development of medical flexible packaging. Medical flexible packaging extends the shelf life of the products and is lightweight, this keeps up the nature of the products which is foreseen to boost the market demand. This packaging is produced utilizing flexible materials which allow customization according to the size and shape of the product. This packaging incorporates labels, wraps, films, seals, pouches, and bags. Easy accessibility and economic cost are the variables that are probably going to expand the market demand.

Medical flexible packaging provides different advantages, for example, less space usage, ease in shipment and product protection while shipment and storage which diminishes the shipments and warehousing cost. This builds the total cost proficiency for the producers. The packaging forestalls the danger of contamination. The packaging is water-resistant and gives a smooth completion which forestalls particles that may taint the packaging. Additionally, the development of the worldwide pharmaceutical market is probably going to expand the expense on medical products which is probably going to directly affect the market. Hygiene assumes a prevalent job in the medical flexible packaging to protect the interests of the end-clients. Sterilization has become fundamental to keep the medical products clean and expand its shelf-life. This is projected to push the market need for medical flexible packaging.

The increasing populace, expanding disposable income and spending on healthcare facilities are probably going to affect the overall market development positively. The Healthcare sector is quickly developing as healthcare is a huge part of a nation’s monetary development and marker for social security facilities.

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Key Takeaways from Market Study

The Healthcare sector is foreseen to develop because of the ascent in chronic ailments. Also, improvement and accessibility of healthcare facilities all over the world are anticipated to support the market need for medical flexible packaging.
North America is projected to lead the worldwide market inferable from medical devices and pharmaceutical makers in the region. The market has maximum market shares of medical products.
The APAC is anticipated to have a higher development pace attributable to the development in the medical sector. Government aid and economic outlook are probably going to affect the use of healthcare facilities in the region, which is projected to fuel the utilization in the region.
Expanding populace, the expansion in chronic ailments, and the existence of an enormous number of producers in the region build the need for medical flexible packaging which is foreseen to emphatically affect the market.

COVID-19 Impact Assessment Tracker

COVID-19 Impact Analysis of Market

The COVID-19 pandemic ensures difficulties for organizations around the world. The requirement for medical products will endure because of the ascent in the figure of infections. Recipients of the epidemic are probably going to be makers of fundamental medical supplies to battle the disease. Huge numbers of these products are low-margin disposables, for example, standard assessment clinical supplies, PPEs, gloves, wipes, and masks. The decrease in the manufacturing limit is probably going to compel the flexibly because of disruptions of the supply chain. This is probably going to support the market need which is safe to use and convenient.

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Marine Fuel Injection System Sales to Expand at 3% CAGR Through 2029; Ceased Production Due to COVID-19 Pandemic Challenges Market Growth

Growing usage of vessels such as sailboats, recreational boats, luxury yacht, and personal watercraft is estimated to drive the global marine fuel injection system market during the assessment period.

Sea transport holds 90% of the overseas trade worldwide, owing to its low cost and economical nature in contrast to different modes of transport. With rapid technological industrialization and advancement, seaborne trade keeps on moving on an upward swing. This market growth will fuel the demand for shipping containers, and as a result, boost the marine fuel injection system market. Additionally, steady growth in the vessel fleet in line with increasing demand for maritime transport services is anticipated to eventually boost the market.

The global marine fuel injection system market size was projected to touch US$ 4.8 Bn in 2019. The global market is anticipated to expand at a CAGR of 3% during the conjectured time frame, 2019-2029.

Marine Fuel Injection System Market: New Developments and Product Innovations

Various regulatory and environmental concerns, such as IMO’s (International Maritime Organization) technical regulations necessitates to enhance new ships efficiency by 10% and accomplish 20% CO2 diminution per Ton/km. Rising environmental concerns are compelling shipping companies to concentrate on fuel efficiency. Additionally, strict regulations authorize marine engine producers to stress on novel engine technologies, such as advanced fuel injection systems. Simultaneously, end users will focus on extending their fleet with low carbon emissions and advanced vessels.

Companies such as Robert Bosch GmbH and Delphi Technologies are working towards bringing down the number of exhaust gas particulates to meet more and stricter future global emissions standards.

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COVID-19 Impact Analysis

The outbreak of COVID-19 has impacted the supply chain attributable to the disruption inaccessibility of auto components. The majority of the components is imported from China and is sold in the aftermarket; this will impact the aftermarket segment in addition to the maintenance and repairs markets.

Key Takeaways of the Market Study

Based on application, the Personal watercraft & sailboats is anticipated to reach US$549Mn during 2019-2029

Based on engine type, the 4-stroke engine will gain noteworthy traction over the assessment period.

Based on Engine capacity, up to 2000 HP will foresee higher growth trailed by 2000-10000 HP segment in the global market, mainly due to its higher demand in the market. Therefore, producers are focusing on this segment to keep up their competitive foot in the market.

Regional Insights

The Asia Pacific excluding Japan is a major region in the shipbuilding sector. Nations, such as South Korea is likely to create significant demand in approaching years, while China is likely to keep up the firm pace in growth terms. APEJ will hold a significant volume and value share of the global market over the forecast period. Western Europe is estimated to reflect high-value growth in the market.

Competitive landscape

Mid-size participants are switching their focus to emerging markets for strategic growth, which will remain a major trend in the market. Market Participants are focusing on technological progressions to meet future customer needs and keep up their market position.

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Laser Safety Glass Market Sales to Expand at Remarkable 10% CAGR through 2029; COVID-19 Outbreak to Impact Demand till Pandemic Subsides: FMI

Laser safety glasses absorb/filters or lessen the light transmission of a specific wavelength. It is utilized for self-protection from internal factors such as medical, industrial, weapons training, logistics, and R&D. In the military, laser safety glasses shield the user from enemy laser attacks. It is extensively utilized in the healthcare sector, mainly in dermatology and dentistry. In addition, it is utilized in the metal fabricating processes such as additive manufacturing, engraving, 3D printing, welding, and cutting. Thus, increasing usage of laser machines in several end-use sectors is driving growth of the laser safety glass market.

In a recent market study published by Future Market Insights (FMI), the global laser safety glass market is anticipated to expand at a remarkable CAGR of 10% during the assessment time frame of 2019-2029. Stringent government regulations concerning the personal protection equipment usage would remain vital in boosting the demand for laser safety glass.

Recent Developments in Laser Safety Glass Market

With the advancement in laser technology, sales of glass laser safety eyewear will grow at a robust CAGR through 2029. The laser protective face shields category will reflect a noteworthy value CAGR of 12% during the projected period. Some other innovative laser safety glasses include polycarbonate laser safety glass, thin-film glasses, and intense pulse light (IPL) safety glasses.

Laser technology has advanced over the years, as a result of continuous R&D activities. Market players are also focusing on providing unique personal protection and secure eyewear which offers safety.. With rising implementation of these advanced technologies, end-use industries are opting for advanced glass laser eyewear rather than its conventional counterparts such as polycarbonate laser safety glass and are creating an incremental prospect in the laser safety glass market.

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COVID-19 Impact Analysis

The production of laser safety glasses is affected mainly by the COVID-19 outbreak. As a result, a majority of the manufacturing operations is delayed, and the market players are confronting short-term operational issues. Moreover, the COVID-19 outbreak has directed towards lack of site access and supply chain constraints.

The market players operating in the laser safety glass market are uvex group, 3M, Honeywell International Inc., Thorlabs, Inc., and Phillips Safety Products, Inc., which are likely to hold 30% of the global market value and generate revenue of over US$ 50 Mn.

Majority of the companies are depending on online sales of laser safety glass. Companies such as the uvex group, and Philips Safety Products are offering discounted coupons as part of their promotional campaigns. A few other market players functioning in the market include Kentek Corporation, Univent Optical Technologies, Laser Safety Industries, Global Laser Ltd., NoIR Laser Company LLC, and VS Eyewear. Moreover, market players are targeted towards M&A with international or regional players.

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Insulated Thermal Box Liners Sales Soar as More Consumers Prefer “Green” Alternatives; Production Halts Amid COVID-19 Outbreak Due to Shortage of Resources & Staff: FMI

Insulated thermal box liners are gaining traction for application in low distance transport of cold storage products owing to the high initial cost of refrigerators, low maintenance, and durability, and heavyweight of the machinery. These effective and economical solutions for transport and cold storage purpose is pulling in consumers and driving the insulated thermal box liners market during the forecast period of 2018-2028.

Insulated Thermal Box Liners Market: Key Developments & Innovations

The aluminum layer insulated bubble box liners is one of the prominent development in the market. Aluminum is an excellent moisture barrier, shielding the product’s contents from water. The bubble wrap protects the product from any physical impacts, and the entire combination of aluminum and air bubbles assists in protecting the product from environmental heat.

Insulated thermal box liners take up less space and ensure tight seal through adhesive strips. FDA approved high-quality foil provides greater control and insulation of temperature ranges that help in retaining the desired temperature for several days. Additionally, manufacturers can manufacture custom sizes to meet users’ needs.

In case of transportation and storage of cosmetic and pharmaceuticals products, the insulated thermal box liners are blended with ethylene polyamide (PA) and vinyl alcohol (EVOH) materials to get rid of the odor and other barrier properties.

Consumer’s preference for “green” alternatives is encouraging market players to introduce eco-friendly packaging solutions. To reduce environmental impact, companies such as ThermoPod have introduced super-insulated temperature control packaging liners and protective mailers, formulated with completely biodegradable components. Sealed Air Corporation a prominent packaging company has brought in extremely sustainable insulated thermal box liners prepared of paper fibers and kraft paper. It is formed by recycled paper and offers cushioning to the main product with the padding to protect products from any physical impacts.

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COVID-19 Impact Analysis

Despite development prospects, the market has slackened because of the COVID-19 outbreak. Amidst the outbreak, the market players are confronting issues such as keeping their manufacturing facilities entirely functional owing to a shortage of resources and staff.

Key Takeaways from Market Research

Insulated bubble box liners will gain large market shares, as it takes less effort and space for the transport.
However, the paper pad box liners foresee lesser demand, due to insufficient insulation offered.
The food & beverage industry will account for over half of the market share all through the estimated period.
The pharmaceutical industry is estimated to attain a higher annual growth rate during the forecast period

Competitive Landscape

The insulated thermal box liners market players are categorized into three-level tier structure, Tier I( offering huge product portfolio catering to global demand), Tier II (offering multiple packaging solutions focusing on the regional market), and Tier III ( offering a narrow range of product, serving domestic demand). As the market is fairly competitive, the key players are coming up with innovative products such as sustainable packaging solutions to remain relevant.

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E-tailing Sales Soars as Need for Safe Shopping Goes up Amid COVID-19 Pandemic, Finds a New FMI Study

Continuous developments and advancements of e-commerce platforms incorporated with technologies such as analytics, ML, and AI enable the e-tailing market to broaden its reach. The global e-tailing market is anticipated to account for a valuation of US$ 45,561.7 Bn towards 2030 end. The market is projected to record a CAGR of 14% over the assessment period, 2020-2030. This expansion is likely to be an outcome of sturdy logistics and remarkable use of AI which presents precise consumer sentiment to recognize demand patterns.

Key Developments

In the approaching months, the majority of shoppers would prioritize safety, making solutions providers of e-tailing a vital part of the shopping experience. From luxury to grocery brands, e-tailing is set to capture the global market with social distancing becoming the new normal.

E-tailing market players are constantly centered on the growth of consumer-centric e-tailing platforms with the choice of regional language Chabot and instructions for uninterrupted assistance. The growth of intuitive e-tailing interfaces for fast navigation and searches has acted as a vital role in growing stronger for a few players.

Analytics is the driving force for the huge accomplishment of e-tailing companies that smartly cater to customer’s inclinations by structuring the gathered data to sell the best products, at the best costs, provided by best brands in a significant way.

Amazon is an early adopter of AI technology for business productivity. It has positioned AI to interpret the consumer’s willingness to purchase a particular product to allowing cashless delivery transactions. Companies are anticipated 10-12% of their complete research R&D expenditure on AI abilities and blockchain to advance market penetration, by 2030 end.

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COVID-19 Impact Analysis

COVID-19 outbreak has negatively hit the non-essential goods sales on e-tailing shopping portals. Conversely, it has also highlighted these vendor’s roles, to ascertain safe shopping by safe door-to-door delivery and permitting fewer crowds in shopping areas. Therefore, in the approaching months, coronavirus will highlight a positive insight of e-tailing vendors, encouraging their part in the overall economy.

Key Takeaways from Market Study

The E-Tailing solutions market is projected to touch a market valuation of around US$ 12 Bn in 2020.
The ability to tailor deliveries and services to the requirements of the customers has gained the e-tailing solutions market an exceptional response.
Based on vertical, the food and beverages category is anticipated to hold around 30% of e-tail, mainly driven by the sale of groceries, towards the end of 2030.

Regional Insights

North America is anticipated to gain an incremental $ prospect of 7.4 Bn over the conjecture period, 2020-2030. Conversely, East Asia’s incremental $ a prospect is likely to be at 10.7 Bn as the region has a growing population base. Moreover, the region will witness sizeable progress due to growing investments in promoting online shopping.

South Asia & Pacific region accounts for one-third of the global market as the population base stays uncontested. The persistent internet penetration, enhanced connectivity, and increasing pool of tech-savvy populations have made a big share in the market.

Competitive Landscape

Some of the major companies operating in the e-tailing market are Salesforce.com, Inc., Shopify Inc., Digital River, Inc., Oracle, BigCommerce Pty. Ltd., WooCommerce, eComchain, Adobe, VTEX, Elastic Path Software Inc., Skava, Sitecore, SAP, Kentico Software and Wix.com, Inc.

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Eco-friendly Labels expected to boost the Growth of Continuous Inkjet Inks During 2020-2030; Coronavirus Outbreak to Impacts Supply Chain till Outbreak Subsides

Expansion in globalization and trade has increased the demand for continuous inkjet inks. These inks are known to sustain in harsh weather conditions when utilized for labeling any type of packaging. This has led to an increase in higher sales of continuous inkjets inks across several brands of food, beverage, electronics & electricals, pharmaceuticals, and other verticals.

The expansion trend of the continuous inkjet inks market is anticipated to be upward. The global market is expected to touch the market valuation of more than US$ 488.6 Mn towards 2030 end, reflecting a CAGR of 4.7% over the assessment period (2020-2030)

Key Developments & Product Innovations

Labels have exhibited their significance in the development and augmentation of a brand. This has encouraged the manufacturers to push their products to fit the requirements of their end-users. Needham Ink, in 2018, declared novel halal marking inks that indicated that the company is set to fortify its market in Islamic nations such as GCC and other Islamic Asian nations.

Additionally, Squid Inks, in March 2020, launched a variety of mineral oil-free inks that discharge less odor and offer surety of no harm to the printers. The no mineral label might aid the company to fit the criteria of a few novel markets, opening new roads for entry into markets.

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Key Takeaways of Market Study

Food sector will be the foremost end-users of the market and is slated to hold 39.8% in the global market through 2030
As a substrate, glass is anticipated to record a CAGR of 6.1% over the projected period 2020-2030
Water-based inks anticipated to account for almost 50% of the global market, and touch slightly above US$ 220 Mn by 2030.
Pharmaceuticals category amid the other end-use industries likely to hold 22.9% of the market share.

COVID-19 Impact Analysis

The businesses all over the globe are experiencing challenges and losses due to the global COVID-19 pandemic. Regionally, the US holds a noteworthy uptake of continuous inkjet inks. Conversely, the devastating impact of COVID-19 on this region has decelerated packaging activities, affecting the inks sales.

Europe is the second-majorly affected region by COVID-19 outbreak and the second-biggest user of continuous inkjet ink. United Kingdom, Spain, Germany, France, and Italy being the most effected nations are poised to undergo sluggish growth till circumstances get in control. However, import-export disruptions because of the pandemic situation have limited the accessibility of raw material supply which is the biggest challenge for companies.

Regional Insight

North America expected to expand by 1.4X throughout 2020-2030. Absolute $ prospect in the North America market is estimated to be the US $ 28 Mn during the forecast period. East Asia is expected to have an incremental prospect of US$ 61.5 Mn during the forecast period with the presence of abundant ink producers.

Competitive Landscape

The major participants contribute around one-fourth of the global market. Market participants are coming up with ink solutions, for instance, UV curable inks for the inkjet printers. Inkjet Inc., in July 2018, presented a novel category of UV invisible printer which has a particular invisible ink, which could be recovered a lot faster. Such innovations are ideal for OEM graphics that could be inked without hindering products to avert forging.

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PP homopolymer Market Pegged at US$ 76.67 Bn Value Pool in 2026; Supply Chain Disruption Due to COVID-19 Challenges Rapid Market Growth

PP homopolymer offers good weldability and chemical resistance and offers a higher strength to weight ratio. Due to its vast application base, PP homopolymer is a huge volume of commodity material. The global uptake of PP homopolymer was recorded at 42.0 Mn metric tonnes in 2015. The global PP homopolymer market is estimated to be valued at US$ 76.67 Bn towards 2026 End, registering a CAGR of 5.5% in terms of sales revenue during the assessment period (2016–2026).

New Developments & Product Innovations

To abide by several environmental and government regulations, automobile producers worldwide are focused on reducing carbon emissions from automobiles and PP homopolymer acts as an important role here. Usage of PP homopolymer direct towards decreased vehicle weight, accordingly boosting its fuel efficiency. To capitalize on the prospects in the market, companies are presenting new PP homopolymer grades to boost their market share globally.

COVID-19 Impact Analysis

The COVID-19 outbreak is causing economic hardship and widespread concern for communities, businesses, and consumers across the globe. The pandemic has resulted in several challenges in key regions such as supply chain disruption, fall in demand due to uncertainty in the capital markets, and the global economy. Workforces are encountering the risk of infection, and governments are beginning to impose movement restrictions and both add an unpredictable aspect to the outbreak.

Companies are required to upgrade their typical contingency plans that earlier help then to enable operational effectiveness following events such as power outages, cyber incidents, and natural disasters, among others.

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Key Takeaways of Market Study

In terms of processing technology, the injection molding category is estimated to account for the highest market value share during the projected period and is likely to generate total incremental prospects of US$ 14.62 Bn during 2016-2026
A rise in demand for injection molded products for appliances, personal care, home care, and other applications will be a major reason for the category’s growth by 2026.
In terms of the end-use, the packaging category is projected to dominate the global market during the conjectured time frame owing to higher demand in Western Europe and North America. This category is likely to generate total incremental prospects of US$ 15.16 Bn towards 2026 end.
Rise in consumption of PP homopolymer – especially for flexible packaging utilized in the food & beverage sector is likely to fuel the growth of the packaging category in the global market.

Regional Insights

The APEJ region is likely to dominate the global market based on value and record a CAGR of 5.8% during the assessment period. The Middle East and Africa(MEA) region are projected to foresee a CAGR of 5.4% over the assessment period, making the region the second biggest market based on CAGR.

Competitive Landscape

Market players are presenting new grades of PP homopolymer to address different regulatory and technical requirements for several end-use industries. Some of the market players are focused on introducing new PP homopolymer grades for several applications to boost their brand value. Top market players are also increasing their manufacturing capacities to fortify their product portfolio and attain a bigger market share.

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Power Tools Sales to Expand at 6% CAGR Through 2030; Halted Production Due to COVID-19 Pandemic Challenges Rapid Market Growth

The power tools market prospect stays optimistic with firm market fundamentals projected to sustain momentum. In case it is integrated connectivity, battery performance, design, and ergonomics, innovations in this field are keeping the producers on the hooks. The global power tools market is slated to record a CAGR of 6% during the forecast period of 2020-2030.

Key Developments & Product Innovation

Rising preference for electric power tools among the consumers is anticipated to influence market players to broaden their product portfolio. Companies such as Milwaukee and Bosch have presented on new battery platforms that have solutions for innumerable problems encountered by end-users based on durability and charging. Based on wireless transmission of switching magnetic fields, inductive charging is a novel technology that is at present only presented by Bosch.

Key Takeaways of Market Study

The global market will foresee higher implementation in the industrial sector, therefore, prompting the market to attain an estimation of US$ 58.2 Bn by 2030.
Based on end-use, the DIY/individual trend has proliferated during the COVID-19 crisis as individuals are increasingly buying these tools to do minor household jobs.
Power tools are seeing increased implementation in the automotive sector. With the power tools ability to execute heavy-duty tasks, for example, metal sheets cutting, producers in the automotive sector are taking advantage of these for increased sales

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Impact of COVID-19 on the Market

The power tools market is amid near-term variations with halted production and sluggish demand at production facilities. The first half of 2020 has foreseen a considerable drop in both volume and value for power tools, due to the outbreak of coronavirus in China, one of the biggest production hubs for power tools.

Restriction on discretional spending and stalled projects is a negating requirement in the construction industry. As manufacturing resumes and begins to hit an even keel, producers will limit their reliance on mainstream end-uses to other areas to endure the widespread uncertainty.

Regional Insights

Post-COVID-19, the expansion of the power tools market is poised to be the maximum in the APAC region. With the recommencement of production and trade in China, companies will also target nations such as India for reduced dependency on supply chains and re-shoring to China. Until now the low cost of China produced power tools was keeping up the competition scenario. This will vary in the aftermath of the COVID-19 situation as impacted regions look at bringing down their reliance on China

Competition Landscape

One of the top players, Stanley Black and Decker is in the global market offering its solutions for storage, several power tools, as well as related accessories. For example, its pro coping saw and retractable utility knives not only offers a reformed grip and additionally quicker blade replacement.

Specializing in heavy-duty tools, Robert Bosch GmbH has raised demand expectations in the industrial and construction sector. Bosch’s GKS 235 Turbo Professional circular saw has a robust motor that has a sturdy structure. Moreover, it has durable operability in innumerable applications.

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Plant-Based Yogurt Sales Soar as More Consumers Prefer Plant-based Products amid COVID-19 Pandemic, Says FMI in a New Study

The growing popularity of the vegan lifestyle and the significant downside of commercial animal agriculture is directing the companies to invest in plant-based yogurts and consecutively driving the plant-based yogurt market. The global plant-based yogurt market is anticipated to surpass a market valuation of US$ 5.0 Bn by 2030, recording a CAGR of 10% during the forecast period, 2020-2030.

Key Developments & Product Innovation

Plant-based yogurt manufacturers are conducting several studies for innovation in texture, taste, and flavors. They are preparing yogurt from various new bases, such as oat or hemp to exclusive flavors like blueberry and mango.

Lyrical Foods, Inc., earlier in 2020, set up two innovative plant-based products, which incorporate Kite Hill Blissful and Kite Hill Sour Cream Alternative. The former is a coconut milk-based yogurt, while Kite Hill Sour Cream is produced with a mix of coconut milk and almond milk.

European manufacturer, Springfield Creamery, Inc., in 2019, established oatmilk plant-based yogurts that are gluten-free and present billions of probiotics per serving, it comprises 30-50% less sugar as compared to competitors brands.

The demand for plant-based products and ingredients is rapidly growing in the food & beverage sector, the non-dairy yogurt market will foresee significant expansion. Apart from this, the rising occurrences of health issues related to dairy products, rising flexitarian, and vegan population, and rising animal welfare concern is boosting the market prospects.

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Key Takeaways of the Market Study

Based on flavors the global market includes raspberry, blueberry, vanilla, peach, and strawberry among others. Among these, the strawberry flavor will expand at the highest 14.7% CAGR during 2020-2030.
Customers are witnessing organic plant-based yogurts as a healthy and nutritious alternative to conventional yogurts. Organic yogurts are anticipated to foresee a higher CAGR of 13.1% throughout the assessment period. Customers are getting more aware of a healthier lifestyle. Consequently, they favor eating healthy and expending more on functional food as compared to medical treatments.

COVID-19 Impact analysis

Growing focus on wellness and health amid customers because of the COVID-19 outbreak is projected to boost the market for plant-based yogurt in the approaching years.

Regional Insights

Europe and North America keep on to be the majorly lucrative markets for plant-based yogurt particularly and plant-based products in general. Changing dynamics nevertheless is favoring expansion in East Asia. The regions are projected to stay dominant in the global markets. Partnerships and acquisitions by big giants would offer substantial momentum to the market all over these regions. The increasing health awareness among customers is essential to the veganism growth in the APAC market. Inevitably this will bolster development prospects for the market

Competitive Landscape

The biggest market share stays with top companies, which generally belongs to the U.S. and Europe. Companies are expanding their product portfolio by increasing their operations to other regions by fortifying their distribution channels. Multinational companies are centering on the extension of their production facilities, acquiring local players, and partnerships that will go together with their product offerings.

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