Market Research Blog – Page 16061 – New Product Development

Cultured Wheat Sales Soar as More Consumers Prefer Clean Label & Natural Products Amid COVID-19 Pandemic, Finds a New FMI Study

The cultured wheat accessible in the market is GMO-free, organic, all-natural, and Kosher certified. Gradually consumers are getting more cognizant of the food ingredients as well as prefer clean labels, chemical-free, and natural products. This is driving the sales of the cultured wheat market.

The various functionalities of cultured wheat are reduced consumption of yeast, easily spread out in a food matrix, clean flavor, environmentally friendly, and manageable. The benefit offered by cultured wheat is bringing forth its increased consumption in the food sector. The natural food preservatives are witnessing high demand, which creates a huge prospect for market growth.

New Developments & Product Innovations

FDA regulation says that Pr. freudenreichii along with other bacterias discovered in cultured wheat are generally regarded as safe (GRAS) microorganisms. Moreover, the EFSA (European Food Safety Authority) has incorporated them in the Qualified presumption of safety (QPS) list. The regulations moreover provide extended prospects to the market to develop its product portfolio with cultured wheat.

A rise in the sustainability trend is shifting market players to the manufacturing of animal-free and eco-friendly products. It is the best alternative for present industrial petrochemical-based calcium propionate preservative shielding the environment against toxic chemicals. In this way market players get prospects to fortify their production of food preservatives by providing consumers organic, natural, and sustainable cultured wheat.

For instance, Mezzoni Foods offers one of the most recognized cultured wheat products called Inhibit 1900CW which is extensively used as a shelf-life extender in salad dressing, cheeses, baked goods, and other products that fight against mold and gram-negative bacteria.

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COVID-19 Impact Analysis

Manufacturers are gearing up to adopt the new normal by evolving as the customer’s trends and need. Manufacturers are capturing growth prospects across all distribution channels, comprising e-commerce. COVID-19 outbreak has influenced companies to expand their product range available for customers buying online. Nestle Malaysia has conveyed strong confidence in its post-COVID-19 recovery amid e-commerce push.

Regional Insights

The increasing demand for bakery products particularly in the Asia-Pacific market as a result of westernization of food culture and growing disposable income is in addition boosting the market growth of the cultured wheat. Europe is anticipated to dominate the cultured wheat market as a result of the existence of a huge number of confectioners and bakers.

Competitive Landscape

Some of the major market participants in the global cultured wheat market are J&K Ingredients, Mezzoni Foods, BroliteProducts, DuPont Nutrition & Biosciences, Lima grain Ingredients along with others.

Limagrain Cereales Ingredients has presented Cereclean, a cultured wheat flour that offers an extended shelf life of the baked products. Bakers could list their products as clean label products by substituting this wheat with the chemicals they employ.

Cain has presented an advanced solution to a natural mold inhibitor called AlphaFresh. It is utilized to restore calcium propionate without adding up vinegar that is usually added in cultured wheat to prepare food preservative chemical-free.

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Window Coverings Sales to Expand at 4% CAGR Through 2030; COVID-19 Outbreak to Impact Demand, Directs Towards Attempting Digital Transformation

A rise in customers expending on interior decor owing to incessantly improving lifestyle and increment in buying power is fueling the window coverings market. Driven by the predominating trends, the spending on improving interior décor would rise. This is likely to generate demand for modern window treatments and different aspects of designing. Rising consumer concern regarding home decoration and UV rays protection will boost sales of window coverings over the assessment period.

Recent technological progressions in innovative designs and hardware of window coverings are boosting their sales. The window coverings market is anticipated to increase at a CAGR of 4% during 2020-2030.

New Developments and Product Innovations

Consumers are keen to see more automated options, in terms of the dominant trend in window treatments. Therefore, motorized blinds and shades and smart window coverings will foresee high demand. With producers presenting more features to enhance the energy efficiency, smart window covering may have an advantage over its contemporaries.

Companies have thus begun offering customization solutions to pull in more customers. They provide unique design, besides following measurements as indicated by consumer’s needs. Humble cotton and wood designs are also prevailing due to the higher demand for natural materials among consumers.

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COVID-19 Impact Analysis

COIVID-19 outbreak keeps on spreading worldwide; there are considerable impacts on product demand, consumer behavior, and logistics services, factory, and retail store accessibility. Retail technology investments would keep on reflecting digital transformation attempts, as retailers reserve capital for technology investments by bringing down expenditure on remodels and store openings.

Key Takeaways of the Market Study

Window treatments are an affordable option for smartening up home décor. Therefore, pocket-friendly window coverings are striking in the residential sector
Demand for remote access and automation makes motorized blinds and shades perfect for the commercial sector
The demand for eco-friendly and sustainable blinds and shades is growing. This will boost development prospects for the market
Motorized blinds and shades such as automated honeycomb shades to foresee surging demand.

Regional Insights

North America will rise on the latest trends of home décor, propelling the region to the front in the global market. Hospitality industry evolution in East Asia is pulling in prominent companies to transfer their focus to the region. Major companies will focus on presenting novel products in Latin America and the Middle East & Africa. The growth of the retail sector is boosting investment in these regions. Moreover, market participants are likely to focus on enhancing their distribution network to capitalize on prevailing growth prospects in Latin America and the MEA

Competitive landscape

A growing number of companies will focus on increasing their online presence. Through this, they plan to enter all over developing nations. To boost product infiltration, market participants are acquiring regional participants. Additionally, they are focusing on adopting active marketing campaigns and better advertising their products.

Mecho, In 2019, introduced SolarTrac 4.0 to provide a technologically-progressed automated window shading control system. This system is capable of building performance with the help of daylight management and developing maximize occupant.

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Favorable Government Regulations & Quick Extension of Cold Chain Facilities to Favor Transportation Condensing Units Market Growth

Spudding worries relating to the perishable food safety along with associated concerns have prompted a rise in the incursion of transportation condensing units in the cold chain. With widespread services and product portfolio, the need for transportation condensing units is foreseeing substantial development since they assist in monitor and manage the cold chain of extremely perishable, and temperature-sensitive products. Food brands are more and more leveraging trailers and trucks that are furnished with transportation condensing units to take advantage of the increasing need for frozen and chilled food products.

Key Takeaways from Market Research

The worldwide transportation condensing units market was estimated to touch close to US$ 2.3 Billion during 2018.
The worldwide market is projected to flourish at an estimated CAGR of 5.6% during 2018-2028.
South Asia and East Asia account for substantial development potential in the market.
Europe and North America will stay foremost regional markets.
Scroll compressors are majorly preferred compressors type in the latest transportation condensing units.

Production enterprises in China have started to prosper as of late. China has been a top supporter of the market based on animal and agricultural products, with a yearly estimation of above US$ 300 billion. The insufficiency of chilling facilities will additionally expand the extent of new prospects for infrastructural expansion, accordingly strengthening the requirement.

Transportation refrigeration units or transportation condensing units are provided with a remarkable portfolio of services and products, intended to help monitor and manage the cold chain of the most perishable, temperature-sensitive products, comprising pharmaceuticals, vaccines, and bioengineered and biologics drugs, notwithstanding a few industrial chemical classes.

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Expanding the establishment of transportation condensing units for long- and short-stretch applications on commercial and private carriers will keep on enhancing the market revenue.

The competition scene of the worldwide market is majorly consolidated, with the main two representing almost 90% of the all overall revenue produced. Vital efforts of most of the major players will stay concentrated in engineering enhanced designs of transportation condensing units, arranging sturdier product presentations, and keeping up a higher sustainability quotient. Steady efforts are likely to rise in the presentation of innovative technologies and materials to expand product life cycles.

Key market players are likewise centered around improving their creative abilities, for better geographic reach. Critically, sturdy dispersion network, powerful consumer management, along with novel service and product portfolios are probably going to stay the topmost developmental strategies of major players contending in the worldwide market. Besides, organizations will concentrate on the extension in global markets by the evaluation of demand patterns in different regional markets.

Foremost participants in the worldwide market will likewise plan on fortifying associations with local market operators and distribution partners, in addition to others over the distribution and supply network. Taking a gander at the quick development of the retail landscape, a few organizations are additionally putting resources into setting up tie-ups with an assortment of retail channels. A few of the main organizations are likewise increasing investments in the advancement of cutting edge hybrid-electric transportation condensing units, as indicated by FMI’s report.

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Sulphur Bentonite Market Value to Reach US$ 280 Mn by 2029, Uptake by End-use Industries Limited by Coronavirus Outbreak: FMI

Sulphur Bentonite is a sulphatic fertilizer comprising bentonite clay and sulphur. With 90% existence of sulphur in these fertilizers, it is most prominent amid other groups of sulphated fertilizers. Sulphur bentonite acts as a micronutrient utilized for boosting soil quality and crop yields. Additionally, it assists in chlorophyll synthesis and is a foremost element in oilseed manufacturing.

Sulphur bentonite boosts soil acidity for alkaline soils, boosts nitrogen usage, phosphate, and micronutrient consumption. It moreover improves the growth rate of roots, consecutively; the plant extracts the highest amount of nutrients from the soil, augments oil content of groundnuts together with other oilseeds, and enhances quantity and quality of pulses. This makes sulphur bentonite more effective because of supplying sulphur to Crops.

Future Market Research (FMI) in its latest published report reveals that the application of sulphur bentonite in cereals and oilseeds is anticipated to jointly attain market revenues surpassing US$ 100 Mn towards the end of the forecast period. Sulphur bentonite sales will be boosting the yield of vegetables & fruits and trees, turf, and lawn would witness modest development towards 2029 end.

The study further reveals that the global sulphur bentonite market has recorded a valuation of US$ 164 Mn in 2018 and is anticipated to reflect a promising growth, reaching an estimation of US$ 280 Mn by the end of the assessment period, 2019 – 2029.

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Constant Sulphur Deficiency in Cultivating Lands to Push Market Growth

After potassium, phosphorus, and nitrogen, sulphur is counted as the fourth essential ingredient for plants. Several studies keep on revealing the sulphur deficiency all over the globe in the agricultural sector, especially in fast emerging Asian markets such as India and China. With cultivating land soils confronting constant sulphur deficiency, the probability for the consumption of sulphur bentonite is likely to be on an upward trend during the assessment period because of its rich sulphur content. Growing crop production regions committed to rice, rapeseed, soybean, wheat, grapes, and sunflower ensures affirmed demand for sulphur bentonite from Asian markets. Prominent producers of sulphur bentonite are aiming APAC for setting up novel production plants. The advancing foreign and local investment landscape in the agriculture sector would additionally boost the market growth of sulphur bentonite.

COVID-19 Impact Analysis

At present, the world markets are majorly influenced by the COVID-19 pandemic. China being one of the largest producers and consumers of sulpher bentonite in APAC nations has seen a drastic downward trend since the COVID-19 outbreak. The outbreak has also resulted in restrictions on travel and price hikes which caused disruptions in the supply chain.

Some of the major players functioning in the sulphur bentonite market are National Fertilizer Limited, Tiger-Sul Inc., Coromandel International Limited, NEAIS, Sohar Sulphur L.L.C, Coogee Chemicals Pty Ltd., Deepak Fertilizers and Petrochemicals, H Sulphur Corp, Montana Sulphur & Chemical Co., Galaxy Sulfur, LLC, Zafaran Industrial Group Company, Devco Australia, and ABU DHABI FERTILIZER INDUSTRIES CO. W.L.L.

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Respiratory Pathogen Testing Kits Sales Surges Due to Increment in Research Funding for Respiratory Diagnostics; Demand Propelled by Global Outbreak of Coronavirus

Respiratory pathogen testing kits sales are expected to see a staggering growth due to mandatory workplace testing, particularly in high-risk occupations along with growth in funding for respiratory diagnostics. The global respiratory pathogen testing kits market is anticipated to record a CAGR of over 5% in 2020.

Though the molecular diagnostic procedure has come out as a significant part of the research in the life science sector, high expenses involved in operating molecular process (particularly by private laboratories) can constrain market growth, especially in the developing economies

Key Developments & Product Innovation

Antigen testing, rapid molecular assays, immunofluorescence assays, RT-PCR, and vital culture are the diagnostic tests accessible to detect viral and bacterial infections in the current circumstances. “PathoDetect Covid-19 Qualitative PCR kit” manufactured by India-based Mylab, operates on the theory of RT-PCR. The kit is anticipated to detect infection in 2.5 hours (in contrast to 7.5 hours taken earlier). This aspect is likely to catalyze the respiratory pathogen test kits demand in India and the other nations of APAC; as more infections can be detected in less time (seeing the growing number of cases and density of population in this region).

In wake of Covid-19, the Australian government declared a USD 1.68 billion package comprehensive of respiratory clinics’ network (a new Medicare item to help tele-consultations and communications campaign) in March 2020. The Covid-19 pandemic directed the Russian Direct Investment Fund (RDIF) to produce 500,000 test kits with its partners in March 2020. The manufacturing has augmented to 2.5 million kits per week afterward.

COVID-19 Impact Analysis

COVID-19 outbreak is adversely affecting the overall mental health of individuals, resorting them to unhealthy habits. This could impact the respiratory tract and boost the demand for more testing kits. As such, the market would foresee sizable expansion with the addition of post-COVID-19 modifications apart from the present respiratory deformities.

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Respiratory Pathogen Testing Kits: Regional Insights

Europe and the U.S. keep on to be the most lucrative respiratory pathogen testing kits markets worldwide. They jointly hold about 55% of the market share and are projected to keep on with the same trait in the assessment period. Besides Covid-19 and the other subsisting fungal infections /bacterial/viral; a sedentary lifestyle in both these regions is fueling the market.

The APAC market is additionally picking up; with several local participants engaging in the production of respiratory pathogen testing kits to supply to the rising cases of Covid-19. Moreover, growing economies in the APAC market have been due to gastrointestinal tract infections since low-income groups have a propensity to pay less consideration to dietary hygiene. Another booster for the market is air pollution. According to IQAir, over 20 of the most polluted nations in the world belong to the APAC region. The uncontrollable inhalation of sulfur dioxide and carbon monoxide induces choking of the respiratory tract; thus causing a rise in respiratory pathogen testing kits demand.

Competitive Landscape

A few companies operating in the global market are –

America

Abbott Laboratories
Thermo Fisher Scientific
Becton, Dickinson, and Company
Danaher Corporation

Europe

bioMérieux Inc.
Hoffmann-La Roche Ltd.

Asia Pacific

MyLab
Altona Diagnostics

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Real-Time Bioprocess Raman Analyzer Market to Exhibit Twofold CAGR During 2018-2028; COVID-19 Outbreak Impacts supply of Medical Products: FMI

Real-time bioprocess Raman analyzer market has foreseen a notable growth owing to increasing demand for Raman spectroscopy in offering real-time data. The global market is projected to reflect a twofold CAGR during the estimated period 2018-2028.

Real-Time Bioprocess Raman Analyzer Market: Key Developments

Raman spectroscopy is utilized to offer the molecular fingerprint of biomedical analysis and bioprocessing. Rapid technology advancement allowed its utilization in examining chemical compounds in biopharmaceutical companies. Other aspects such as varying government regulations to enhance the quality of pharmaceuticals have directed towards the positive market expansion. For instance, the FDA initiated a PAT project to support the biopharmaceutical companies to implement the novel technologies. Real-time bioprocess Raman analyzers are employed to examine multiple elements in cell culture medium and assist in the simultaneous forecast of culture parameters. The real-time measuring of chemical components in bioprocess solutions has directed towards a rise in the implementation of Raman spectroscopy by the producers. All these aspects act as a probable driver in mushrooming growth of the market.

Emerging technologies, such as enhanced transmission and reflection Raman, and novel approaches to utilize available technologies, broaden the scope of Raman spectroscopy in pharmaceutical production, and now Raman spectroscopy is effectively integrated into statistical process control, continuous manufacturing, and real-time release testing.

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COVID-19 Impact Analysis

The disruptive outcomes of the COVID-19 have put enormous stress on the global supply of medical products, escalating the risk of insufficiency. The manufacturing across several regions and industries in China are gradually resuming since late February after the outbreak. However, the U.S. medical devices, and pharmaceutical producers, who source directly and indirectly from China, are now facing high supply shortages risks. These risks are primarily due to restricted operational capacity in China and the manner in which manufacturing resumption will be prioritized.

Regional Insights of Market Study

North America is prevalent in the global market primarily because of a high incursion. The USA, in North America, is mainly dominating the market because of the supportive government regulations. In the APAC region, the economic conditions are poised to drive the growth of the market to new heights. The European market is the quickest growing region owing to high research & development investment in the biopharmaceutical industry. Expansion in the MEA region is significantly less when contrasted to the other regions.

While, North America will keep up its spot in the market, although, Future Market Insights projected that developed economies for example Australia to have the maximum growth rate in the market.

Competitive Landscape

The global market has existence of some participants which have a large market share in emerged nations operating at the country level. There are vast prospects for the unexploited markets all over the world owing to probable advantages of real-time bioprocess Raman analyzer. The key market players are primarily centered on research & development to pick up the development pace because of a restricted number of producer.

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Psychobiotic Supplements Sales to Surge Due to Growing Consumer Awareness; Consumption by Consumers Limited by Coronavirus Outbreak

The increasing awareness of wellness and health is fueling the psychobiotic supplements market. Psychobiotics regulate neurotransmitters and proteins, including gamma-aminobutyric acid, serotonin, glutamate, and BDNF (brain-derived neurotrophic factor), which act as an important role in regulating cognitive function, neural excitatory-inhibiting balance, mood, memory learning, and processes. This beneficial attribute of psychobiotic acts as an important role in triggering the requirement for the global psychobiotic supplement market.

Key Developments

Manufacturers are discovering new ways to explore the gut-brain axis, as it might help regulate behavioral and mood disorders. Novel applications for psychobiotic are being developed by manufacturers to gain a competitive advantage. Recently, Bened Biomedica collaborated with European health firm Beopanax to supply a new psychobiotic product, PS128 strain, to new regions, claiming that it could induce a range of mental health benefits.

COVID-19 Impact Analysis

The US FDA, in the face of the COVID-19 crisis, declared that it is descaling GMP inspections as well as is forfeiting certain FSMA prerequisites. On the other hand, market players are limiting to limit panic buying and offered a dedicated one-hour shopping window for the vulnerable and elderly. The players are also taking steps to reassure their consumers of its enhanced hygiene controls and inform of novel measures to ascertain customers could get the health products that are higher in demand amid this fast-developing COVID-19 pandemic.

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Key Takeaways of the Market Study

Based on the application, the market is fragmented into dietary supplements, infant formula, specialty nutrients, nutritional supplements, and food supplements.
Based on Form, the market is fragmented into tablets, capsules, liquid, and powder.
In terms of distribution channels, the market is categorized into online retail, specialty stores, supermarkets/hypermarkets, store-based retail, pharmacies & drugstore, and others.

Regional Insights

North America accounts for the highest market share as several health-conscious consumers are growing rapidly. The healthy lifestyle awareness and nutritious food are rising in APAC, it is likely to foresee maximum growth during 2020-2030.

In the US, nutritional supplements directed as psychobiotic supplements are likely to stay dominant throughout the assessment period. The rising inclination towards preventive healthcare care, an extensive product range, and a growing awareness of its use will support the sales of the psychobiotic supplement.

The Asia Pacific is slated to expand at a rapid pace and will see a sturdy growth rate over the assessment period. Expanding population, together with the standard of living and rise in disposable income, is likely to augment regional demand for psychobiotic supplements. Higher demand from nations like China and India will boost market growth.

Competitive Landscape

Market players are focusing on innovating psychobiotic supplements products with new packaging, special diet needs, and forms. Producers are launching gluten-free and vegan psychobiotic supplements because of which the need for psychobiotic supplements is increasing from vegan and health-conscious consumers.

The psychobiotic supplements market is highly competitive and diverse. Market players are increasingly expending on R&D exercises to produce unique and new psychobiotic supplements products.

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Postage Stamp Paper Sales Soar as Government Generates Revenue via its Sales; Uptake by End Users Limited by COVID-19 Outbreak: Future Market Insights

The postage stamp paper market is anticipated to grow on the backdrop of developing postal services all over the world. It is widely used for various purposes such as judicial, non-judicial, postal services and personal interest (collection). The philatelists and stamp collectors understand the importance and uniqueness of postage stamp paper. This trend of individuals gathering postage stamp paper is anticipated to propel the need for the postage stamp paper during the conjectured time frame, 2018-2028.

Moreover, it proffers protection against fraud in postal delivery services. It is used in legal services to execute processes lawfully. Postage stamp paper is used as a payment method rather than cash transaction amid judicial work, to avoid forgery. Additionally, the government generates revenue via the postage stamp papers sale. These variables will drive the postage stamp paper market over the projected period.

New Developments & Product Innovations

To counter the increased incidences of the forgery, market players such as Tullis Russell, rely on TR security stamp paper to detect if anyone attempts to forge their stamps. The company expertly manufactures postage stamp paper in an entirely secure environment, operative enough to hold up the constantly evolving world’s postal systems, to stay ahead of the forgers.

Furthermore, to address the risk of physical damage or deterioration, manufacturers are now using water-activated and self-adhesive applications, excellent perforation, and lay flat attributes. With progressions in technologies market, players can now print under adhesive or silicone, creates better micro text quality, affixing foils and holograms, and use security inks

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COVID-19 Impact Analysis

Considering the nature of the COVID-19 outbreak, any exchange of physical documents appears to be difficult. The physical stamping of instruments has become obsolete, during this unprecedented period. This circumstance has triggered the usage of the internet. However, the growing use of electronic stamps in the market will hamper the postal stamp paper market in the approaching year. In addition, the facility of e-stamping could be only availed in some selected states/UTs

Regional Insights

Asia Pacific excluding Japan (APEJ) market is anticipated to lead the global market. It is due to the use of postage stamp paper in nations such as China and India with a robust network postal network. The APEJ market will foresee an above-average growth pace during the following decade. Western Europe and North America regions are projected to foresee sturdy growth during the projected period due to the rising trend of e-stamps in the regional market. The Middle East and Africa market is anticipated for higher growth during 2018-2028. A few countries in the Africa region will drive the demand because of the lack of technology in the market.

Competitive landscape

A few of the major companies operating in the global market are UPM Raflatac, Tullis Russell, Security Papers Limited, Goznak, Adminware Corporation, BN Paper Company, Kaizen Metal Forming Private Limited, Glatfelter, Stamped Paper Co., FNMT-RCM, and Seaman Paper Asia.

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Medical Tray Sealer Sales Surge Due to Rapid Growth of Class II Medical Devices; Manufacturing Activities Take a Downturn Amid COVID-19 Outbreak: FMI

A medical tray sealer enables an efficient and fast pack output with gentle tray management. These are utilized to seal blister packs and medical thermoform trays. The built-in safety and precision controls feature present in the sealers forestalls bad sealing.

The global medical tray sealers market is projected to record a remarkable CAGR during the assessment period (2018-2028). A few factors responsible for the expansion of the market include no rattling and shaking of the machine, no prerequisite for nut bolts to loosen, enhancement of product manufacturing, easy to uphold, and accuracy.

These sealers are majorly used to pack class II medical devices, which is directing towards the rapid growth of class II medical devices. This, in turn, is anticipated to reflect a positive growth on the global market during the assessment period.

Medical Tray Sealer Market: Key Developments and Innovations

In medical tray sealing, per-unit cost, operator safety, speed, and balancing high precision are all vital for a fast pack output. To fulfill these needs, Belco Packaging Systems, one of the prominent manufacturers, have recently introduced BM2030-PC Medical Tray Sealer. The system offers a temperature alarm circuit, ensuring sealing at the right temperatures. This feature alerts the operator of any temperature disparity, thus offering optimum control and speed.

Atlas Vac Machine provides innovative designs in medical tray sealers. The manufacturer applies powder coatings on the frames and other structural portions while sealing. This gives a cost-effective and clean surface that would endure for a long time. Technologies such as UDI compliance, barcode scanners, and RFID tool verification are accessible in these sealers.

Multivac Inc., prioritizes the safety of the operator, in addition to the economic aspects. Multivac tray sealers are designed to address an extensive range of customers’ safety conceptions, and they could be controlled reliably and simply, due to their intuitive operating concept. The manufacturer’s consistent high pack quality, reproducibility as well as its hygienic design ensures maximum process reliability is achieved. Moreover, the intelligent dye system offers minimum waste and optimal level of film consumption.

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COVID-19 Impact Analysis

COVID-19 (Coronavirus) pandemic, has swept up the world with withering results. While efforts are taken to contain its spread, the global market has to adapt to new restrictions around supply chain disruption and confront short term operation issues. The effects of this are being faced in every market including medical tray sealer.

Regional Insights

North America holds the majority of market share in the global market since there are the maximum number of market players. The region is projected to expand at a steady pace because of the increasing use of medical tray packaging for class II devices such as catheters, diagnostic kits, syringes, etc. Europe is anticipated to be the second biggest market during the assessment period.

Medical Tray Sealer Market: Competitive Landscape

Manufacturers are engaged in research and development activities to provide durable, flexible, efficient, and particularly cost-effective systems. The makers are designing products and trays individually catering to customer’s specific requirements and feedback along with operating costs and investment. Thus, every tray sealer fits seamlessly into existing or new production environments.

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CBD Oil Sales to Record a CAGR of Over 30% by 2029; COVID-19 Outbreak to Generate Growth Prospects

The CBD oil market is anticipated to witness rapid growth due to approvals by some major reputed international organizations. This, in turn, is widening its applications over diverse sectors. The global CBD oil market is expected to record a CAGR of over 30% during 2020-2030. In 2019, the CBD oil market size was less than US$ 200 Mn, FMI in its recent report indicates that the market is providing an incremental prospect of over US$ 200 Mn.

Unlike other sectors where the market share of online sales is slated to rise during the forecast period, the CBD oil market will record a paradox trend. The market demand in the short-term assessment period might foresee a modest shift to brick and mortar.

New Developments and Product Innovations

FDA acknowledges the potential prospects that cannabis or cannabis-derived compounds might offer and recognizes the considerable interest in these possibilities. Though FDA is aware that a few market players are marketing products comprising cannabis and cannabis-derived compounds in manners that breach the FD&C Act (Federal Food, Drug, and Cosmetic Act) and that might put the safety and health of customers at risk. Committed to protecting the public health, FDA sends warning letters to companies for illegally selling CBD products that claimed to treat, diagnose, prevent, or cure severe ailments, such as cancer.

COVID-19 Impact Analysis

The COVID-19 outbreak has lead companies to face a significant reduction in consumption in addition to supply chain disruption. However, at-home consumption has increased, which historically generates the highest margin.

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Key Takeaways of the Market Study

In terms of application, the non-pharmaceutical sectors are poised to grow at 1.5 times higher than the average sector growth over the assessment period

In the beauty sector, one-tenth of CBD oil would be utilized for skincare product formulation by 2030 end.

Regional Insights

Consumers in Europe and North America predominate CBD oil consumption with more than ¾ of CBD oil produced globally, either in direct, ingredient, or supplemental form. Apart from Europe and North America, Asia presents lucrative prospects, yet only a few companies are legally open for production, marketing, and sales of CBD based products counting CBD oil.

Japan is identified as one of the potential nations exhibiting prospects for nations eying market development outside of Europe and North America. In the MEA Region, Israel came out as a promising market intended for the above-average growth rate, globally.

Competitive Landscape

The CBD oil market is mainly lead by well-established companies. The companies are focusing on obtaining certifications such as clean- Label, and Possession of Certificate of Analysis (COA) claims to gain a competitive edge. With various key participants trying to make CBD oil more available and focusing on becoming certified by international organizations, FMI expects the market to expand exponentially during the forecast period.

Moreover, the majority of the companies providing CBD oil such as CBD one Ltd., Pure Kana, and Premium Jane are making their products accessible via e-commerce websites to reach more customers.

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