Market Research Blog – Page 1655 – New Product Development

Vehicle Electrification Market Anticipated to Expand at 10.3% CAGR through 2032 | FMI Reports

The global vehicle electrification market is expected to grow at an impressive compound annual growth rate (CAGR) of 10.3% from 2022 to 2032. Valued at USD 72 billion in 2021, the market is driven by a growing emphasis on eco-friendly alternatives in the automotive sector.

Several factors contribute to the expansion of vehicle electrification, including increasing fuel prices and a surge in electric vehicle sales. Enhanced environmental awareness, stringent emission standards, and consumer demand for fuel-efficient vehicles further stimulate market growth. Additionally, government incentives such as tax breaks and subsidies are promoting vehicle electrification worldwide.

Technological advancements, like the development of e-axles in electric vehicles, also play a significant role in driving the market. The rising demand for lightweight, fuel-efficient vehicles further supports the growth of the vehicle electrification market.

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Key Takeaways from the Vehicle Electrification Market Report:

Demand for hybrid vehicles will propel market growth.
The electric power steering sub-segment will dominate the Asia Pacific market.
North America is anticipated to be the fastest-growing vehicle electrification market.
The U.S. will lead the North America vehicle electrification market.
Asia Pacific presents high growth opportunities for the vehicle electrification market.
Governments in South Korea, India, and China to promote electric vehicles. This will boost market sales in the region.
High battery costs, overheating, battery development, and total energy storage capacity of the battery are market challenges.

Competitive Landscape:
Bosch, Continental, Denso, BorgWarner, and Mitsubishi Electric are some of the key manufacturing organizations in the vehicle electrification market that are profiled in the full version of the report.

In a competitive market, these major organizations maintain extensive product portfolios and strong global distribution channels. These companies engage in strategic collaborations, contracts, and engagements; increase investments in new product development, and employ other expansion strategies to gain a competitive edge.

Major manufacturers in the vehicle electrification market include Bosch (Germany), Continental (Germany), Denso (Japan), BorgWarner (US), and Mitsubishi Electric (Japan). These companies have extensive product lines and strong global distribution networks. To maintain their market position, these companies employ strategies such as new product development, expansions, collaborations, and contracts and agreements.

ARBOC Specialty Vehicles, LLC (United States) and XL Fleet Corp. (United States) collaborated to electrify ARBOC Freedom low-floor buses.
Ford (United States) has acquired Electriphi (California), a company that provides charge management and fleet monitoring software.

Electric power steering (ESP) installation provides reduced fuel consumption and improved vehicle maneuverability. ESP accounts for 91% of installation in the Asia Pacific vehicle electrification market. Thus the ESP sub-segment will own the highest market share in the forecast period.

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Vehicle Electrification Market Segmentation:

Product Type:

Start/Stop System
Electric Power Steering (EPS)
Electric Air-Conditioner Compressor
Electric Vacuum Pump
Electric Oil Pump
Electric Water Pump
Liquid Heater PTC
Integrated Starter Generator (ISG)
Starter Motor
Alternator
Actuator

Degree of Hybridization:

Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
Hybrid Electric Vehicle (HEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Battery Electric Vehicle (BEV)
48 V

Region:

North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
Middle East & Africa

More Insights into the Vehicle Electrification Market Report:
In its latest report, FMI offers an unbiased analysis of the global vehicle electrification market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022 to 2032.

To understand the global market potential, growth, and scope, the market is segmented based on product type (start/stop system, electric power steering (EPS), electric air-conditioner compressor, electric vacuum pump, electric oil pump, electric water pump, liquid heater PTC, integrated starter generator (ISG), starter motor, alternator, actuator), degree of hybridization (internal combustion engine (ICE) & micro-hybrid vehicle, hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), battery electric vehicle (BEV) 48 v), and region.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Automotive Natural Gas Vehicle Market Forecast to Grow at 7% CAGR through 2032 | FMI Reports

The automotive natural gas vehicle (NGV) market, despite seeing sales growth in recent years, is still in its early stages. This market, encompassing vehicles that use either compressed natural gas (CNG) or liquefied natural gas (LNG) as fuel, is projected to grow at a compound annual growth rate (CAGR) of 7% from 2022 to 2032. Here is an overview of key aspects of the automotive NGV market:

Current Market Stage: Although sales have increased over the past three to four years, the NGV market is still in its infancy.
Growth Forecast: The market is expected to experience a significant growth rate of 7% CAGR over the next decade.
Fuel Types: NGVs primarily utilize two forms of natural gas—compressed natural gas (CNG) and liquefied natural gas (LNG).

This overview highlights the potential and the evolving nature of the automotive NGV market.

Types of NGVs: NGVs can include passenger cars, buses, trucks, and commercial vehicles that are powered by natural gas. They can be dedicated NGVs, which solely run on natural gas, or bi-fuel vehicles, which can switch between natural gas and gasoline/diesel.
Market Segmentation: The NGV market can be segmented based on vehicle type, fuel type (CNG or LNG), application (personal, commercial, public transportation), and geography (regions or countries with varying levels of NGV adoption).
Market Size and Growth: The NGV market size varies by region, influenced by factors such as government policies promoting alternative fuels, environmental regulations, availability of natural gas infrastructure, and consumer preferences. While still a relatively small segment compared to traditional gasoline and diesel vehicles, the NGV market has been experiencing steady growth, driven by increasing awareness of environmental issues and the benefits of natural gas as a cleaner alternative fuel.

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Key Players: Major automakers and manufacturers in the NGV market include companies such as Honda, Toyota, Volvo, Scania, Iveco, and Cummins, among others. These companies produce NGV models or offer conversions for existing vehicles to run on natural gas.
Technological Trends: Technological advancements in NGV technology focus on improving fuel efficiency, extending vehicle range, reducing emissions, and enhancing safety. This includes advancements in engine design, fuel storage systems, onboard diagnostics, and integration with hybrid and electric vehicle technologies.

Key Takeaways:

The Asia Pacific region accounted for more than 55% of the automotive natural gas vehicle market and is expected to maintain its lead with a significant CAGR.
China accounted for nearly a quarter of APAC passenger car sales.
The European automotive natural gas vehicle market is expected to grow throughout the forecast period.
Natural gas is abundant in the United States, and the country is the world’s lowest-cost producer.

Automotive Natural Gas Vehicle Industry’s Obstacles

Electric vehicles are gaining popularity in Europe and Asia-Pacific, posing a significant challenge to the automotive natural gas vehicle market expansion in these regions.

Due to their low operating and maintenance costs, electric vehicles help to shift consumer focus away from natural gas-powered vehicles and toward electric vehicles. This is now a significant impediment to the automotive natural gas vehicle market. The disruption in the mining and supply chain of natural gas caused by social issues such as riots and war in reserve lands creates a barrier to the automotive natural gas vehicle market growth.

Analyzing Demand for Automotive Natural Gas Vehicles from Asia Pacific

The Asia Pacific automotive natural gas vehicle market is expanding due to the province’s increased production and sales of passenger cars. Due to the development of natural gas infrastructure in countries, China is recognized as the largest adopter of NGVs.

China is expected to increase CNG and LNG usage due to massive infrastructure growth, and natural gas may help operators reduce operating costs. The government’s numerous incentives to encourage the use of natural gas serve as primary drivers of automotive natural gas vehicle market growth.

Competitive Landscape:

Ford Motor Company, Hondo Motor Company, Volkswagen, and Hyundai Motor Corp are the key participants in the global demand for automotive natural gas vehicles.

Companies emphasize providing technologically driven and advanced products to enhance their market offerings. To expand in the automotive natural gas vehicle market, the companies are also pursuing strategic initiatives such as regional expansions, acquisitions, mergers, partnerships, and collaborations.

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Key Segmentations Covered in the Automotive Natural Gas Vehicles Market Report

Fuel Type:

Compressed Natural Gas (CNG)
Liquefied Natural Gas (LNG)

Vehicle Type:

Passenger Vehicles
Commercial Vehicles

Region:

North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
Middle East & Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Insect-Based Pet Food Market to Surge to USD 3.4 Billion by 2033: Transforming Pet Nutrition with 10% CAGR | FMI

The insect-based pet food market is forecasted to garner revenue of US$ 3,448.5 million in 2033, up from US$ 1,341.0 million in 2023, advancing at a rate of 10% from 2023 to 2033.

The pet food industry is undergoing a significant transformation as more pet owners seek innovative and sustainable alternatives to traditional pet food products.

One emerging trend that has gained traction in recent years is insect-based pet food. With its numerous benefits for pets and the environment, insect-based pet food is making waves in the market.

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Pet owners increasingly embrace insect-based pet food as they become more educated about its benefits. The shifting consumer mindset towards sustainable and ethically sourced pet food has created a favorable environment for the growth of this market segment.

One of the primary challenges in the insect-based pet food market lies in navigating regulatory frameworks. As a relatively new industry, there is a need for clear guidelines and regulations regarding the sourcing, processing, and labeling of insect-based pet food products.

Establishing standardized protocols and ensuring compliance with existing regulations are crucial to build consumer trust and ensuring the quality and safety of these products.

Although the acceptance of insect-based pet food is growing, there is still a need to educate and create awareness among pet owners.

Overcoming the initial hesitation and addressing misconceptions surrounding insect-based ingredients require effective marketing strategies and transparent communication about the benefits and safety of these products.

Insects are highly efficient in converting feed into protein, requiring less land, water, and resources than traditional livestock farming. By utilizing insects as a protein source, the pet food industry can contribute to reducing the ecological footprint while meeting the nutritional requirements of pets.

The market offers an opportunity for continuous product innovation and diversification. Manufacturers can explore different insect species, such as black soldier fly larvae or mealworms, to create unique and nutritious pet food formulations.

Key Takeaways:

The insect-based pet food market value reached US$ 1,289.0 million in 2022, with a CAGR of 6.9% from 2018 to 2022.
The market in the United States of America accounted for a 35% share in 2022 globally.
The United Kingdom insect-based pet food industry is projected to advance at an 8% CAGR from 2023 to 2033.
The market for insect-based pet food in Japan accounted for 0.7% of the market share in 2022.
India market for insect-based pet food is predicted to progress steadily with a CAGR of 9% during the projected period.

What is the Competition Landscape in the Insect-based Pet Food Market?

The competition landscape in the market is becoming dynamic as more players recognize the potential of this emerging industry. While the market is still relatively nascent, several companies have already established their presence and are vying for a competitive edge.

The presence and activities of various market players, including established companies and new entrants, influence the competitive landscape. These players compete for market share, brand recognition, and consumer loyalty through product innovation, pricing strategies, and marketing efforts.

Different companies’ range and diversity of insect-based pet food products play a crucial role in the competitive landscape. Companies differentiate themselves by providing unique formulations, flavors, and product variations that cater to specific pet dietary needs or preferences.

The competition is also influenced by changing consumer preferences, evolving dietary trends, and market dynamics. Companies that stay abreast of consumer demands, such as organic or grain-free options, and align their product offerings accordingly can gain a competitive advantage.

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Market by Category

By Nature:

Organic
Monoprotein
Conventional

By Source:

Crickets
Mealworms
Black Soldier Flies

By Product Type:

Kibble/Dry
- Extruded
- Baked
- Coated
Dehydrated Food
Treats and Chews
Freeze-dried Raw
Wet Food
Frozen
Raw Food
Powder
Freeze-dried Food

By Pet Type:

Cat
- Kitten
- Senior
Dog
- Puppy
- Adult
- Senior
Birds
Others

By Distribution Channel:

Store-based Retailing
- Hypermarkets/Supermarkets
- Convenience Stores
- Mom and Pop Stores
- Pet Stores
- Discounters
- Independent Grocery Retailers
- Drugstores
- Other Retail Formats
Online Retailers

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
The Middle East and Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Fat-Filled Milk Powder Market Set to Reach USD 8.8 Billion by 2033: Steady 6% CAGR Driven by Demand for Cost-Effective Dairy Alternatives

The global fat-filled milk powder market demand is expected to be valued at US$ 5 billion in 2023 and to reach a valuation of US$ 8.8 billion by 2033. The demand for fat-filled milk powder is estimated to grow at a steady 6% CAGR.

The fat-filled milk powder market is being driven by the growing demand for cost-effective dairy alternatives that maintain the same quality as full cream milk powder. The use of vegetable oils in manufacturing fat-filled milk powders makes them a functional alternative. The market is primarily driven by commercial-scale dairy product manufacturers who utilize the powders for the production of curd and yogurt, with the demand for probiotic dairy products further boosting growth.

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However, the increasing awareness of the adverse health effects of excessive fat consumption from dairy products is acting as a key restraint to market growth, with consumers seeking low-fat or fat-free alternatives to prevent health conditions such as obesity and diabetes. In addition, the rising popularity of plant-based dairy alternatives is also impeding the growth of the fat-filled milk powder market. As such, manufacturers must adapt to changing consumer trends and preferences and focus on developing innovative, healthy and sustainable products that meet the needs of consumers.

As per the Agriculture and Horticulture Department Board (AHDB), UK, Europe is one of the leading fat-filled milk powder manufacturers globally, and the region is expected to witness significant growth due to the increasing export of instant fat-filled milk powder to other regions. The rising trend of health-conscious dairy products is fueling the demand for fortified fat-filled milk powders in the region. In contrast, fat-filled milk powder manufacturers are expanding their product portfolio with fat-filled milk powders to cater to the growing demand.

On the other hand, Asia Pacific is expected to exhibit substantial growth attributed to the strong demand for a low-cost alternative to whole milk powder. The flourishing food and beverage industry in the region is responsible for the growth of the market. The increasing demand for affordable milk powders to manufacture products such as cheese, yogurt, and creams for the bakery industry is propelling the growth of the market in Asia Pacific.

Key Takeaways

The demand for affordable dairy-based ingredients enriched with vitamins and minerals is on the rise.
Fat-filled milk powder is a suitable alternative to creamy powder and is expected to see significant growth in demand.
The versatility of fat-filled milk powder makes it an attractive ingredient for a wide range of products in the dairy and bakery industry.
The growing trend towards health-consciousness is driving the demand for fat-filled milk powder in dairy products such as yogurt.
Fat-filled milk powder manufacturers are investing in the market and focusing on developing high-protein, nutritional products to meet consumer demand.
Fat-filled milk powder provides a cost-effective solution without compromising on overall quality.
The rise in demand for bakery and confectionery products containing protein and vitamins is expected to increase the consumption of instant fat-filled milk powder.

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Competitive Landscape

The competitive landscape in the fat-filled milk powder market is constantly evolving, with established players and startups alike competing for a larger share of the market. With increasing consumer demand for affordable and healthy dairy-based ingredients, there is a growing trend towards innovation and sustainability in the food industry. This has led to a proliferation of startups leveraging technology and innovation to develop niche products and differentiate themselves from established players. Vegetable fat-filled milk powder has also grown in popularity.

This trend towards innovation and competition is expected to drive increased product differentiation and pricing pressure and ultimately benefit consumers by providing a wider range of affordable and high-quality dairy-based ingredients. As a result, established players must continue to invest in research and development and stay ahead of the curve by adapting to changing consumer trends and preferences. Meanwhile, startups must continue to develop innovative products and utilize technology to create a unique value proposition that resonates with consumers.

Key Segments

By Product Type:

Fat Filled Milk Powder 26%
Instant Fat Filled Milk Powder 26%
Fat Filled Milk Powder 28%
Instant Fat Filled Milk Powder 28%

By Distribution Channel:

Supermarkets and Hypermarkets
Convenience Stores
Department Stores
Specialty Stores
Online

By End Use:

Dairy Products
Bakery Products
Confectionaries
Ice Cream
Others

By Region:

North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East & Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact US:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube

Cheese Market Forecast: Projected to Exceed USD 160.0 Billion by 2033, According to Future Market Insights, Inc. Report

The cheese market is expected to expand from US$ 95.0 billion in 2023 to US$ 160.0 billion by 2033.

Demand for processed cheese, such as Cheddar, Parmesan, and Romano, has increased in recent years due to factors such as the product’s improved shelf life, the appealing flavor profile of processed cheese, and the versatility it provides at a lower price point than other types of cheese in the market.

Processed cheese is used in local cuisines, in addition to its normal use in fast food products due to its distinct flavor profile. Furthermore, the rise of private labels in developing nations, as well as the demand for western cuisine, have increased the demand for processed cheese.

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With increased internet penetration, the global online market for purchasing food items, including cheese, has grown significantly in the previous three to four years. Moreover, this category has drawn a few vertical specialists, such as Amazon, Walmart, Carrefour, and others. They are contending for a significant portion of the online cheese industry, while riding the rising tide of e-commerce growth. Because of the increased global demand for processed cheese, the product is being produced in more places than ever before.

Key Takeaways:

The cheese market is expected to expand at a CAGR of 5.4% during the forecast period 2023 to 2033.
Rising demand for vegan cheese, as well as increased sales of cheese for home applications, are expected to drive the market throughout the forecast period.
North America dominated the cheese market.

Key Developments

In March 2021, Dalter Alimentari Spa debuted a new cheese cut, new cheese matchsticks, a market-exclusive cut designed to deliver great results. This product meets the requirements of the food manufacturing and food service industries. It is commonly used as an ingredient in ready meals, salads, soups, and sauces, as well as fillings and stuffing.
Glanbia completed the acquisition of Foodarom in August 2020. (Germany). Glanbia’s capabilities in tastes and nutritional solutions were strengthened as a result of the acquisition.
In June 2022, Land O Lakes Cheese released Land O Lakes Shredded Cheese, a cheese line that includes seven cheese products in the grocery store’s dairy case section, in Wisconsin, United States. The cheese supply chain begins with Wisconsin farmers, who provide milk that is sent to the Land O’Lakes Kiel, Wisconsin plant where the cheese is made.
In May 2021, Arla Foods, a Danish dairy cooperative, invested around US$ 8.2 million in the construction of a new cheese production facility in Japan. Arla announced plans to develop two extra ripening warehouses, new cheese machinery, and a new drainage room at Troldhede Dairy in West Jutland, its home market.
Heritage Foods entered the cheese product market in February 2021, introducing processed and mozzarella cheese. Heritage says that its processed cheese and mozzarella cheese are made from 100% cow milk. The company’s freshly announced cheese products were touted to possess a naturally occurring cheesy flavor suited for ingestion by people of all ages.
The Kraft Heinz Company announced in November 2021 that it had completed the sale of some assets in its global cheese business, as well as the licensing of certain trademarks. This was done for a Groupe Lactalis affiliate for a total of roughly $3.3 billion. This amounts to roughly US$ 3.2 billion in cash consideration.
Kraft Heinz is going to launch vegan cheese singles in three flavors in October 2022. This year, Kraft Heinz and food tech firm NotCo may release a dairy-free version of traditional Kraft singles American cheese slices. This is one of the first goods to be released as a part of their collaboration.

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Cheese Market by Key Segment

By Nature:

Organic Cheese
Conventional Cheese

By Source:

Dairy-based Cheese
Plant-based Cheese

By Product Type:

Mozzarella
Cheddar
Pepper Jack
Parmesan
Gouda
Other

By Form:

Block
Cube
Shreds
Slice
Spread
Powder
Sticks

By End Use:

Food and Beverage Industry
HoReCa
Household Retail

By Sales Channel:

B2B
B2C
- Modern Trade
- Convenience Stores
- Traditional Grocery Stores
- Specialty Stores
- Online Retail
- Other Retail Formats

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact FMI:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Vegan Butter Market to Surpass USD 4.78 Billion by 2033, According to FMI Forecast

The global vegan butter market is forecasted to expand at 5% CAGR over the estimated period as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 2,870 million in 2023.

The vegan butter industry is propelling forward with the surging demand for oats-based vegan butter as witnessed via the B2C sales channel. High demand for oats-based vegan butter can be attributed to the popularity of the associated product like oat milk.

Surging orientation toward vegan and clean-label products is fueling the sales of vegan butter. Brands like Miyoko’s Creamery are working toward certifying and labeling their vegan butter products as ‘non-GMO’, ‘gluten-free’, and ‘soy-free’. Labeling is done to gain large traction, thus improving overall sales of plant-based butter.

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Within the bakery industry, vegan butter is being perceptibly used at a large scale now. This evolution in the ingredient choice has been dictated by the surging health-wary consumers, who are seeking bakery items made of vegan butter.

Flavored vegan butter has also been gaining widespread traction, as evident with the increasing number of merchants introducing their line of flavored plant-based butter. Manufacturers require to focus on technological upgrades over the forecast period to:

Enhance manufacturing processes
Sales monitoring
Packaging and design
Product variety for business expansion

Geographically, North America is a large market for vegan butter, representing a significant proportion of global consumption. The United States leads the regional market and the global market.

Growth in Asia Pacific region can be accorded to consumer discernment regarding the health and wellness benefits of vegan goods and heightened demand for a vegan diet among the young generation. India, as per FMI’s latest statistics, is projected to expand at 6.5% from 2023 to 2033.

Top Highlights from the FMI’s Analysis of the Vegan Butter Market:

The United States vegan butter industry garnered a 22.4% market share in 2022.
Germany’s share in the global vegan butter industry was 6% in 2022.
The United Kingdom is anticipated to expand from 2023 to 2033 with a CAGR of 5.5%.
Japan’s market contributed a value share of 2.9% in 2022.
India’s vegan butter industry is projected to register a prominent CAGR of 6.5% over the forecast period.
China’s vegan butter industry is forecasted to expand at 3.8% CAGR over the estimated period.
Based on source, the oat milk segment acquired a 26.9% market share in 2022.
Based on flavor, the unflavored segment represented 63.5% of the global market in 2022.
Under the category of sales channel, the B2C segment garnered 78.4% of the overall market in 2022.

Innovation Watch: New Developments in the Market

In September 2019, Country Crock® made moves along with the plant-based food movement by introducing Country Crock® Plant Butter, a new dairy-free plant butter, that is similar in taste to dairy butter. The product is made of plant-based oils and enriched with oils like almonds, avocados, and olives. The product is certified by Plant Based Foods Association (PBFA) as kosher, gluten-free, and plant-based, making it appropriate for vegan diets.
In July 2020, Flora, a margarine brand, announced that it is going 100% vegan. Following this announcement, the company introduced the Flora Plant range of 100% vegan butter. The block butter consists of palm, rapeseed, and sunflower oil. The wrapping material of this butter block is 100% biodegradable.

Key Players Operating in the Market

Wayfare Food
Chobani LLC
Miyoko’s Creamery
Milkadamia
Prosperity Organic Foods, Inc
Conagra Brands Inc.
Upfield Foods
Premier Organics
Forager Project
wildCREAMERY (Wildbrine®)
Others

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Vegan Butter Market by Category

By Source:

Rice Milk
Oat Milk
Soy Milk
Corn Milk
Almond Milk
Pea Milk
Cashew Milk
Coconut Milk
Hemp Milk
Flax Milk
Others

By Flavor:

Unflavored
Flavored
- Cocoa/ Chocolate
- Cinnamon
- Banana
- Coconut
- Grape
- Hazelnut
- Lemon
- Peanut Butter
- Raspberry
- Strawberry
- Vanilla
- Other Flavors

By Sales Channel:

B2B
- Hotels
- Restaurants
- Cafes
B2C
- Hypermarkets /Supermarkets
- Convenience Stores
- Mom and Pop Stores
- Discount Stores
- Food & Drink Specialty Stores
- Independent Small Groceries
- Online Retail
- Others Retail Formats

By Application:

Bakery Industry
Confectionery Items
Dairy Industry
Dietary Supplements
Household Pantry
Hotel, Restaurant, and Retail Chains
Others

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
The Middle East & Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Organic Spices Market Forecast: 4.5% CAGR Growth to Surpass USD 17 Billion by 2033

The organic spices market is likely to thrive at an average CAGR of 4.5% between 2023 and 2033. The market is anticipated to cross a share of US$ 17.0 billion by 2033 while it is anticipated to be valued at US$ 10.9 billion in 2023.

The wave of organic food items including spices being in trend is fueling the sales of organic spices in the marketplace. Furthermore, the fresh flavors with no chemicals mixed are liked by the end-users.
Expanding restaurant and hotel businesses with changing tastes and enhanced culinary flavors are creating a high demand for organic flavors as they enrich the food.
The government’s support of organic farming and organic products for the better health of its citizens leads to soil-friendly agricultural practices. Thus, business enthusiasts adopt organic spices.
Extensive research and development programs along with social media influences are thriving the sales of organic spices. Furthermore, the conservation of rare spices through organic farming is fueling the demand for organic spices.
Higher consumption of food items like soups, sauces, condiments, and dressings requires fresh spices like pepper and cumin. Therefore, the demand for organic spices is expected to rise in the future.

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Key Points

The United States market leads the space in terms of market share and CAGR. The market is anticipated to cross a value of US$ 3.4 billion by 2033. The regional market is expected to thrive at a CAGR of 4.3% between 2023 and 2033. The growth is attributed to the expanding restaurant businesses, growing organic farming, and frequent social media trends.
The Chinese organic spices market is another significant market in the Asia Pacific. It thrives at a CAGR of 3.9% during the forecast period. The market is likely to reach a value of US$ 2.4 billion by 2033. The excessive growth is attributed to the famous Chinese cuisines requiring fresh spices and conventional spice farming methods.
Powder and granules are likely to thrive in the form category as it is the most common and convenient form of mixing spices in food while cooking. It is expected to thrive at a CAGR of 4.2% during the forecast period.
The direct sales segment is expected to top the distribution channel category with a CAGR of 3.8% between 2023 and 2033. The growth is attributed to easy availability and bulk consumption.

Competitive Landscape

The key competitors are focused on increasing the organic content while expanding the distribution channels. Key competitors also merge, acquire, and partner with other companies to increase the supply chain and distribution channel. The key players in the market are SunOpta Inc., Organic Spices Inc., Live Organics, Unilever, and S&B Foods Inc.

For Instance:

SunOpta Inc. has introduced its agreement to sell its global ingredients segment to Amsterdam commodities. The company is likely to participate in the 25^th annual ICR conference.
Organic Spices Inc. has started producing organic spices through different procedures like steam treatment, and dry heat methods. The company also works on renewable energy and green business model.

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Key segments

By Product Type:

Ginger
Turmeric
Basil
Cumin
Cinnamon
Clove
Pepper
Garlic

By Form:

Powder & Granules
Flakes
Paste
Whole/Fresh

By End User:

Food
Beverage
Food Service
Retail

By Distribution Channel:

Direct
Indirect
- Store-based Retailing
Hypermarket/Supermarket
Convenience Stores
Traditional Grocery Retailers
Food & Drink Specialty Stores
- Online Retail

By Region:

North America
Latin America
Europe
Asia Pacific (APAC)
The Middle East & Africa (MEA)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Lithium Ion Battery Separator Market Projected to Reach USD 3.26 Billion by 2032, Growing at a 7.2% CAGR

The global lithium ion battery separator market is expected to reach an evaluation of USD 3,256.7 million, with sales growing at a healthy CAGR of 7.2% from 2022 to 2032. The target market was valued at USD 1,624.9 million in 2022. The accelerated shift from fuel-based to zero-emission electric vehicles along with the rapid growth of automobiles, storage systems, and consumer electronics are responsible for the steady growth of the market during this observation period.

Battery cells with abnormal heat generation are separated by a lithium ion battery separator which shuts down the battery mechanism. These separators facilitate ion transport while preventing short circuits which increases battery reliability as it prevents physical contact between the anode and cathode. This aspect encourages higher demand for lithium ion battery separators.

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Historically, the market for lithium ion battery separators recorded a moderate CAGR of 5.3% from 2016 to 2021. It is expected that the market will recover and grow at a restored growth rate of 7.2%. This market is heavily influenced by advancing battery technology. The advancement of battery technology has led to a sharp incline in the need for better separator designs. This is because battery technology relies heavily on separators to maintain efficiency and reliability which, in turn, invites greater research and development efforts in this field as the current separators do not meet standards. Hence, the lithium ion battery separator market is expected to undergo robust growth in the upcoming years.

The implementation of stringent government regulations regarding carbon emissions has resulted in a gradual shift from fuel-based to lithium-ion batteries for various industrial and automobile applications by manufacturers. Consequently, remunerative opportunities have opened up for the lithium ion battery separator market. Additionally, an upsurge in the consumption of smartphones, tablets, and electronic items also supplements the growth of the lithium-ion battery separator market. The introduction of electronic drivetrains and plug-in hybrid electric vehicles has led to the automobile sector focusing on the production of lithium ion battery separators. Though all of these factors invite growth for the market, it also faces certain restraints. Difficulty in transportation, availability of separators with poor resistance which results in the shutdown of batteries, and safety concerns are certain factors that will likely impede the growth of the lithium-ion battery market.

Key Takeaways:

In 2022, the North American lithium ion battery separator market accounted for 25.4% of the global market share.
The lithium ion battery separator market in Europe accounted for 19.8% of the overall market share in 2022.
By material type, the polyethylene (PE) segment held about 37.26% of the global market share in 2022 and will continue similar growth during the assessment period.
Based on thickness, the 25μm segment will generate higher demand for the market.

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Competitive Landscape

Asahi Kasei Group, Natrion, Gellec, SEMCORP, TEIJIN Limited, Entek International LLC, and Targray Technology International Inc., among others, are some of the key players in the lithium ion battery separator market profiled in the full version of the report.

In a competitive environment, leading market players are focusing on product development, innovation, and the launch of novel products. These companies also employ various expansion tactics to gain a competitive edge. For instance, in September 2022, the Mark Cuban-backed solid-state battery manufacturer launched the LISIC278 separator for traditional pouch cells.

More Insights into the Lithium Ion Battery Separator Market

In its latest report, FMI offers an unbiased analysis of the global lithium ion battery separator market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. This report presents a ten-year sales forecast and insights into market drivers, restraints, and opportunities. For a complete understanding of the global market potential, growth, and scope, the market is segmented on the basis of material, temperature, thickness, and region.

According to the reports, based on segmentation, the 25μm category will dominate the global marketplace. This segment will create greater demand for the market as this is the ideal thickness that is capable of transporting lithium ions while maintaining its mechanical attributes. In terms of material, the polyethylene segment will account for a significant portion of the market share. Based on region, the lithium ion battery separator market in North America will demonstrate impressive growth. In 2022, the target market in this region held about 25.4% of the global market share. The strong presence of leading battery manufacturers and battery separator organizations as well as the advancement of EV manufacturers in the US will drive the growth of the lithium ion battery separator market in North America. Europe, too, contributes to the global growth of the lithium ion battery separator market.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Reactive Hot Melt Adhesive Industry Set to Surge at 8.2% CAGR, Reaching USD 4.1 Billion by 2034

The reactive hot melt adhesive market is projected to be worth USD 1.9 billion in 2024, with expectations to reach USD 4.1 billion by 2034. This industry is set to surge at a robust CAGR of 8.2% from 2024 to 2034, driven by increasing demand across various sectors due to its superior bonding properties and versatility. The market growth is attributed to advancements in adhesive technologies, rising applications in automotive, packaging, and electronics industries, and a growing trend towards sustainable and eco-friendly adhesive solutions.

A prominent driver lies in the increasing emphasis on sustainability and environmental consciousness. With growing awareness of climate change and environmental degradation, manufacturers and consumers alike are seeking adhesives that minimize ecological footprints. Reactive hot melt adhesives, known for their low VOC emissions and reduced environmental impact, are gaining traction as eco-friendly alternatives.

Advancements in manufacturing processes and materials are propelling market growth. Innovations in polymer chemistry and adhesive formulations are enabling the development of adhesives with enhanced performance characteristics, such as improved strength, flexibility, and heat resistance. These advancements are expanding the application scope of reactive hot melt adhesives across various industries, including automotive, electronics, packaging, and construction.

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A crucial driver is the increasing demand for customized adhesive solutions tailored to specific application requirements. As industries evolve, the need for adhesives capable of bonding diverse substrates under varying conditions becomes paramount. Key players in the market are investing in research and development to create bespoke adhesive formulations that address these complex challenges, driving demand and fostering innovation.

The rise of ecommerce and digitalization is transforming supply chain dynamics, prompting adhesive manufacturers to streamline production processes and optimize distribution networks. The shift towards just in time manufacturing and rapid prototyping necessitates adhesives that offer quick curing times and superior bond strength, driving the adoption of reactive hot melt adhesives in fast paced production environments.

Key Takeaways from the Reactive Hot Melt Adhesive Market Report

South Korea is at the forefront of the reactive hot melt adhesive market, with an anticipated CAGR of 10.2% by 2034.
The United Kingdom anticipates a CAGR of 9.3% by 2034.
The United States is expected to experience a surge with a CAGR of 8.5% until 2034.
Polyurethane is poised for significant growth, expecting a CAGR of 8.0% in 2024.
High temperature recorded a CAGR of 7.8% in the global reactive hot melt adhesive market in 2024.

“The reactive hot melt adhesive market is poised for substantial growth, driven by increasing demand across diverse industrial sectors,” says an FMI analyst.

How are Key Players Revolutionizing the Reactive Hot Melt Adhesive Market?

In the ever evolving landscape of adhesives, key players are reshaping the reactive hot melt adhesive market through innovation and strategic partnerships. Leveraging advanced technologies, these industry leaders are enhancing product performance, durability, and environmental sustainability. By investing in research and development, they are creating formulations that meet diverse application requirements across industries such as automotive, construction, and electronics.

Their commitment to customer centric solutions fosters collaborative approaches, driving efficiency and cost effectiveness. Through a combination of technical expertise and market insight, key players are revolutionizing the reactive hot melt adhesive market, paving the way for enhanced productivity and superior bonding solutions globally.

Product Portfolio

With a legacy of innovation, Henkel offers a diverse portfolio of adhesive technologies for various industries. From household to automotive applications, their solutions prioritize performance and sustainability, driving customer success worldwide.
B. Fuller delivers adhesive solutions that bond products reliably and efficiently. With a focus on quality and durability, their extensive range caters to diverse industrial needs, ensuring superior performance across sectors.
Bostik Inc. specializes in smart adhesive solutions, designed to meet the evolving demands of modern industries. Their cutting edge products ensure strong, reliable bonds across applications, fostering innovation and enhancing productivity for businesses globally.

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Key Players in the Global Reactive Hot Melt Adhesive Market

Henkel
H. B. Fuller
Bostik Inc
3M Company
Beardow & Adams
Novamelt
Jowat
Avery Dennison
DOW Corning
Kleiberit

More Insights Available

Future Market Insights offers an unbiased analysis of the reactive hot melt adhesive market, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.

To understand opportunities in the reactive hot melt adhesive market, the report is segmented on the basis of Resin Type (Polyurethane, Polyolefin and Others), Type (High Temperature and Low Temperature), Substrate (Plastic, Wood and Others), Application (Automotive & Transportation, Doors & Windows, Furniture & Upholstery, Lamination, Textile, Assembly and Others), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East & Africa).

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Vegan Egg Market Valuation Set to Surpass USD 3.49 Billion by 2033, According to FMI

The global vegan egg market is forecast to expand at 6% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 1,973 million in 2023.

The market is stimulated by the increasing cognizance of vegetarian plant-based food. Plant-based eggs, meat, and milk are some common novel products that have found high acceptance in the market. These products are replete with essential nutrients, and flavor, and are identical to their animal-extracted counterparts, in terms of the taste profile. The plant-based solutions can be easily consumed by vegans or vegetarians. The inclusion of vegan eggs in the diet ensures a healthy lifestyle and high nutritional intake.

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People are increasingly becoming vegan due to the alarming situation of animals and the environment. The livestock that is eventually consumed by non-vegetarians, contributes to the greenhouse effect via social standing and rearing. The greenhouse gases that are imparted from livestock agriculture like cow farming ultimately raise the overall temperature. The heightened demand for animal meat leads to the aggressive practice of animal farming. Therefore, a surge in vegan food consumers reduces the practice of animal farming, resulting in lessened greenhouse gas emissions.

Over the forecast period, the market is expected to be positively influenced by technological advances. Yielding effective production, upscale packaging, and design, extending product offerings, sales monitoring, and effective operational maintenance.

Top Highlights from the FMI’s Analysis of the Vegan Egg Industry:

The United States vegan egg industry acquired 34.5% of the global market in 2022.
In Europe, Germany and the United Kingdom have surfaced as the key markets. Germany took hold of 16.5% market share in 2022. The United Kingdom is projected to speed up and register a CAGR of 5.6% over the forecast period.
In Asia, China and India are the key vegan egg markets. China is projected to expand at a CAGR of 7.8%. India is forecast to register CAGR of 6.7% in the forecast period.
Japan gained 1.4% of the entire market share in 2022.
By product type, powder grabbed the maximum market share of 39% in 2022.
Based on nature, the organic segment acquired a 22% market share in 2022.
Under the end-user category, bakery products gained a 24% market share in 2022.

Market Update: Recent Key Innovations

Nestlé, in October 2021, extended its reach with its portfolio of plant-based food and introduced plant-based substitutes to shrimp and eggs. These alternatives offer people a delectable and wholesome option that is ethically and sustainably produced. The plant-based eggs and shrimps were launched under the Garden Gourmet vEGGie brand. The brand supports vegan, soy protein, and omega-3 fatty acids, and was also acknowledged with Nutri-Score A in Europe.
Eat Just, which is a California-situated plant-based product developer, in April 2022, got consent from European Commission to introduce its product offering in Europe. The company aims to extend its footprints in the region and provide scramble, folded, and sous egg bites.
Evo Foods united with Ginkgo Bioworks to debut animal-free egg products in May 2022. Owing to this alliance, the firms aim to introduce animal protein substitutes that complement consumer tastes. In recent years, consumers are influenced by the surging demand for animal-free food substitutes.

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Vegan Egg Market by Category

By Product Type:

Powder
Liquid

By Nature:

Organic
Conventional

By End-use Application:

Food Processing Industry
- Bakery & Confectionery
- Creamy Sauces
- Ice cream & Frozen Desserts
- Mayonnaise
- Noodles & Pasta
- Salad Dressings
- Others
Food Service Providers
Retail/Household
- Convenience Stores
- Discount Stores
- Modern Trade
- Grocery Stores
- Online Retail
- Specialty Stores
- Wholesalers
- Other Sales Channel

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
The Middle East and Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.