Market Research Blog – Page 1871 – New Product Development

Wrap-around Label Market is Projected to Reach US$ 13.8 Billion by 2033 | FMI

Global sales of wrap-around labels are estimated to be valued at US$ 8.8 billion in 2023 and are anticipated to reach US$ 13.8 billion by 2033. Sales are projected to expand at a CAGR of 4.9% over the forecast period between 2023 and 2033.

The global market for wrap-around labels expanded at a CAGR of 2.6% during the historical period. It reached a market value of US$ 8.3 billion in 2022 from US$ 7.1 million in 2018.

The growing e-commerce sector has increased the demand for packaging that is both efficient and less harmful to the environment. Consumers are encouraged to look for more enticing and eco-friendly choices, such as clear film labels on recyclable adhesives, clear substrates, and liner-free labels.

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Wrap-around labels can create an appealing look that can impact buyers’ purchasing decisions when they apply thoughtfully. As consumers shop in person and online, colors and packaging shapes attract their texture and added elements such as metallic and custom finishes such as embossing and foil stamping.

The demand for labels is expected to rise due to the growing requirement from significant end-use sectors, including pharmaceutical and food and beverage. A key competitive advantage is granted to the label in the pharmaceutical industry by the growing trend for serialization by pharmaceutical enterprises.

Manufacturers are embracing authentication and brand protection technologies with the increasing prevalence of imitation on the rise. Higher authorities in the world are mandating QR codes on the product packaging for track and trace mechanism that helps in the detection of substandard and altered products.

Several countries are enforcing strict regulations restricting the import and export of goods and commodities that do not have genuine labels. Governance authorities are also taking initiatives to increase awareness among buyers about counterfeiting. The actions taken by government bodies to control the creation of counterfeit product has constructed substantial growth prospects for the wrap-around label market.

Key Takeaways from the Wrap-around Label Market Study-

Shrink labels are leading the wrap-around label market, creating a financial potential of US$ 1,312.7 million by 2033.
Plastic is set to dominate the wrap-around label market with a 90% share in 2033.
Paper material segment is expected to record a CAGR of 4.8% during the forecast years and expand 1.6 times its current market value.
Digital printing is expected to gain US$ 1,205.5 million market value in 2023 and expand further at a CAGR of 5.0% by 2033.
Based on end-use, the food segment is projected to capture 29% of market share by 2033, recording a CAGR of 4.4%.

“The ability to accommodate complex shapes and sizes along with providing seamless and eye-catching branding solutions are highly desirable factors for packaging contributing to the wrap-around label market.”- says Ismail Sutaria (Lead Consultant, Packaging and Materials).

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Elevated Focus on Branding and Promotion of Products

Wrap-around labels provide a wealth of unique opportunities for branding and promotion, making them a sought-after choice for marketers aiming to create impactful packaging solutions. Wrap-around labels offer 360-degree branding opportunities and unique possibilities for attention-grabbing design.

Manufacturers design and implement effective product labeling using wrap-around labels to meet consumers’ needs for branding, promotion, or identification. Continuous warp labels are fit for a variable array of uses and offer an interesting aesthetic for consumer products.

Through digital printing capabilities, brands can easily create variations of wrap-around labels tailored to diverse regions, demographics, or seasonal campaigns. This level of customization allows brands to resonate with specific target markets, adapt to cultural preferences, and respond to local trends, further strengthening their market presence and relevance.

Competitive Landscape

Amcor plc, Huhtamaki Oyj, Fuji Seal International Inc., Avery Dennison Corp, and Klockner Pentaplast Group are a handful of the noticeable players in the market. The Tier 1 players hold 10 to 15% of the overall wrap-around label market.

Leading companies operating in the wrap-around label market are providing customized labeling solutions for meeting the specific needs of end-use industries. Companies are enhancing their product offering and expanding their geographical reach to gain the maximum market share. They are offering high-quality labels with advanced printing solutions to fulfill branding needs.

For instance,

In June 2023, Klockner Pentaplast Group announced the launch of its specially formulated fully recyclable vacuum film by collaborating with Dow Co. to maximize food protection.
In June 2022, Fuji Seal International Inc. announced the launch of resource recycling shrink sleeve labels for plastic bottles.
In November 2022, Multi-Color Corporation collaborated with Extrupet and Coca-Cola to bring recyclable shrink sleeve labels to the South African market.

Get More Valuable Insights into Wrap-around Label Market Study

Future Market Insights (FMI), in its new report, offers an unbiased analysis of the global market for wrap-around labels, analyzing historical demand from 2018 to 2022 and forecast statistics for 2023 to 2033.

The study reveals market growth projections on the global wrap-around label market based on material (paper, plastic), product (stretch label, shrink label, cut and stack label, roll feed label, pressure sensitive label), printing technology (rotogravure printing, flexographic printing, offset printing, digital printing, letterpress printing, thermal printing), and end-use (food, beverages, pharmaceutical, cosmetics and personal care, chemicals, home care and pet care, other consumer goods).

About the Packaging Division at Future Market Insights (FMI)

The packaging division at Future Market Insights (FMI) provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials and packaging machinery to packaging designs & formats, Future Market Insights (FMI) has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations.

With a repository of 1,000+ reports, the team has analyzed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.

About Future Market Insights Inc. (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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Retro-Reflective Labels Market: A CAGR of 12% and Reach at a US$ 17 Billion by 2032

The retro-reflective labels market is projected to register a CAGR of 12% during the forecast period, up from US$ 4.87 Billion in 2021 to reach a valuation of US$ 17 Billion by 2032.

The retro-reflective labels market is experiencing notable growth, driven by various factors such as increasing safety regulations, technological advancements, and sustainability efforts. Below are five key trends, future outlook points, and a concluding thought on the market:

Key Trends

Safety and Compliance: Retro-reflective labels are crucial for enhancing safety and compliance in industries like transportation, logistics, and manufacturing. These labels improve visibility in low-light conditions, reducing the risk of accidents and ensuring regulatory adherence.
Technological Advancements: Innovations in microprismatic and glass bead technologies have significantly improved the performance and durability of retro-reflective labels. Additionally, advances in printing techniques allow for high-resolution and customizable labels, meeting specific industry requirements.
Sustainability Focus: With increasing environmental awareness, manufacturers are developing eco-friendly retro-reflective labels using recyclable materials and non-toxic adhesives. This shift towards sustainable practices is attracting environmentally conscious consumers and businesses.
Adoption in Emerging Markets: Rapid infrastructure development in emerging economies is driving demand for retro-reflective labels. Expanding road networks, industrial facilities, and construction projects in these regions are key growth drivers for the market.
Smart Label Integration: The integration of smart technologies such as QR codes, RFID tags, and NFC chips into retro-reflective labels is creating new opportunities. These smart labels offer additional functionalities like real-time tracking and inventory management, appealing to advanced logistical and industrial applications.

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Future Outlook

Expansion into New Applications: Beyond traditional sectors, retro-reflective labels are finding applications in healthcare for marking medical equipment and in retail for promotional purposes. These new applications will contribute to market growth.
Global Standardization: The push for global safety standardization is expected to increase the adoption of retro-reflective labels. As more countries align their regulations with international norms, the market for these labels will expand, particularly in industries with stringent safety requirements.
Increased Investment in R&D: Ongoing investment in research and development is likely to yield innovative retro-reflective materials and manufacturing processes. This will enhance product performance and open up new market segments.
Collaboration and Partnerships: Collaborations between manufacturers and technology providers will drive the development of advanced retro-reflective labels. Partnerships will facilitate the integration of new technologies and expand the market reach.
Consumer Awareness and Demand: Growing consumer awareness about the benefits of retro-reflective labels, particularly in terms of safety and sustainability, will drive market demand. Companies that effectively communicate these benefits will gain a competitive edge.

Conclusion

The retro-reflective labels market is set for substantial growth, propelled by safety needs, technological advancements, and sustainability efforts. The future outlook is bright, with expanding applications, global standardization, increased R&D, and strategic collaborations driving the market forward. As industries continue to prioritize safety and environmental responsibility, the demand for innovative and high-quality retro-reflective labels will remain robust.

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Plant-Based Butter Industry Outlook: Market Segmentation, Technological Advancements and Projections to 2030

The growing popularity of plant-based butter has led to specialty brands experimenting with new flavors and sources. A new study by Future Market Insights concurs with positive consumer sentiment on plant-based butter, estimating market to grow nearly 7% y-o-y in 2021. Sales of vegan foods and beverages have gone up significantly owing to increased health awareness among consumers, especially in terms of effects from the consumption of animal-based products. The broader gains in the plant-based food category have rubbed off on varied categories, with plant-based butter sales gaining significant traction.

As per the Food Industry Association, around 30% of households are home to vegan, vegetarian, flexitarian, or pescatarian consumers. This trend is creating opportunities for growth for plant-based butter manufacturers. Demand for plant-based butter can also be attributed to the growing consumer preference for clean-label, natural foods, which is pushing dairy producers to develop and launch vegan alternatives.

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Key Takeaways Global plant-based butter market to exhibit CAGR exceeding 7.5% through 2030 Soy-milk based butter held nearly 40% share in 2020 Online retail distribution to register relatively faster growth, aided by benefits in terms of consumer engagement US to remain the largest market, pegging North America to surpass US$ 200 Mn in 2020“The plant-based butter market is a nascent phase and is being increasingly viewed as a high-potential product in the dairy alternative industry, as a healthy alternative to conventional fatty food products, which will aid growth in the market for the foreseeable future,” says a FMI analyst.

Covid-19 Impact AnalysisThe covid-19 pandemic has resulted in substantial changes in the dietary preferences of consumers around the world. Concerns over transmission of the virus through animal based products has aided the adoption of plant-based alternatives.

Also, plant-based butter can be sourced from oat milk, rice milk, corn milk, soy milk, pea milk, almond milk, coconut milk, cashew milk, flax milk, and hemp milk among others, allowing for a wider flavor range. While demand from the food service sector is likely to drop owing to lockdown restrictions, home consumption with sales through online sales is expected to rise.

The prospects of the plant-based butter market has widened since early 2020. As per the Good Food Institute, sales of plant-based foods surpassed that of animal based alternatives since the advent of the crisis, and will continue through the forecast period.

Who is Winning?The plant-based butter market is competitive and characterized by the presence of small and mid-scale players. Leading manufacturers are effectively leveraging demand for natural, clean label products, with the aim of geographic expansion and widening product portfolios for long term growth.

Some of the leading players in the plant-based butter market include Conagra Brands Inc., Upfield Foods, Miyoko’s Creamery, Wayfare Food, Prosperity Organic Food Inc., Lyrical Foods Inc., Califia Farms, Premier Organics, Naturli Foods, Ekogram-the real food, Wildfriend Foods, The J.M. Smuker Co., The Leaviet Corp., Milkadamia, among others.

More Valuable Insights on Plant-based Butter Market

Source

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

Distribution Channel

B2B Hotels Restaurants Cafes B2C Hypermarket/Supermarket Convenience Stores Specialty Stores Mom and Pop Stores Discount Stores Food & Drink Specialty Stores Independent Small Groceries Online Retail Others

Region

North America (U.S. & Canada) Latin America (Mexico & Rest of LATAM) Europe, Middle East & Africa Asia Pacific (Greater China, South East Asia, Japan, India, South Korea, Australia, New Zealand)

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Frequently Asked Questions

How will the plant-based butter market expand through 2030?
Which is the largest plant-based butter market?
How is COVID-19 impacting the plant-based butter growth projections?
Which are some of the prominent market players?

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Clean Label Pectin Market to Hit USD 221.8 Million by 2033, Growing at 6% CAGR

The clean label pectin market was projected to generate US$ 118.89 Million in 2022. The market will grow at a CAGR of 6% from 2023 to 2033, reaching a value of US$ 221.8 Million because of shifting customer preferences for natural ingredients in cuisine.

Plants produce pectin, a soluble fiber material that is found in the cell walls of plants. The main sources of its extraction are citrus fruits, cherries, apricots, apples, oranges, and carrots. Rising concerns about health and increased use of organic, healthy raw materials to produce consumable goods are predicted to boost the industry in the near future. The primary raw materials used to create industrial goods are dried citrus peel and powdered apples, which are offered in white as well as light brown colors.

The market for clean-label pectin is projected to increase as food and beverage manufacturers become more aware of pectin’s numerous advantages, such as its capacity to increase shelf life, reduce cooking times, and enhance texture and color. The sector is growing because consumers prefer natural flavors and plant-based ingredients like pectin derived from fruit versus gelatin made from animals. Pectin suppliers are working to give clean-label ingredients to those who make processed food.

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Pectin is regarded as a safe food product by several federal food agencies. Its chemical composition and usage are governed by several food additive laws. The Scientific Committee for Food has authorized pectin and amidated pectin as acceptable daily intakes in the European Union.

Key Takeaways:

The global clean label pectin market is expected to be valued at US$ 124 Million by 2023
From 2018 to 2022, the market demand expanded at a CAGR of 2.2%
The United States market for clean label pectin is projected to account for about 20.3% of the global market share.
China to experience a 6.5% CAGR and India with a 7.7% CAGR from 2023 to 2033.
By product type, the high methoxyl pectin was estimated to acquire a 54.4% share in 2022.
By source, the pectin sourced from oranges occupied a market share of 60.6%.

“The market for clean label pectin is expected to grow considerably over the forecasted period because of the growing popularity of convenience meals and growing awareness of health issues.” suggests an analyst at FMI.

Competitive Landscape:

Prominent players in the clean-label pectin market are:

Herbstreith & Fox Group
B&V SRL
Naturex S/A
Compania Espanola de Algas Marinas S.A
Cargill Inc.
Kraft Heinz
CP Kelco
E.I DuPont De Nemours and Company
DSM Andre Pectin company limited
Lucid Colloids Ltd.
Silvateam s.p.s

Some key developments:

In March 2022, CP Kelco presented a new set of solutions to aid the advancement of research in the rapidly increasing area of plant-based meat substitutes.
Utilizing cutting-edge techniques, plant-based burger and sausage replacements can resemble eating animal meat. For the purpose of creating plant-based burger as well as sausage substitutes and aiding in the delivery of a meat-like eating experience, the new range of solutions comprises ingredient possibilities that are derived from nature and are cleaner label friendly.

More Valuable Insights Available:

Future Market Insights offers an unbiased analysis of the global clean label pectin market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the clean label pectin market, the market is segmented on the basis of clean label pectin by product (high methoxyl, low methoxyl), source (citrus food, apple, pear, plum, banana, others), application (plant-based products, dairy products, jams, others) and across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).

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Key Segments:

By Product Type:

High Methoxyl
Low Methoxyl

By Source:

Citrus Food
Apple
Pear
Plum
Banana
Others

By Application:

Plant-Based Products
Dairy Products
Jams
Others

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East and Africa

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Citrus Yogurt Market Projected to Reach USD 3.4 Billion Globally by 2033: FMI Report

According to a recently published FMI study, the global citrus yogurt market is projected to grow at a CAGR of 4% from 2023-2033, reaching US$ 3,403.0 million. As of 2023, the market is likely to reach a valuation of US$ 2,202 Million.

From 2018 to 2022, market demand for Citrus Yogurt expanded at a 2.0% value CAGR, concluding at US$ 2,117.20 million. The report, published by FMI, predicts that the citrus yogurt market will experience significant growth in the next few years, driven by factors such as increasing consumer demand for healthy and nutritious food, growing popularity of plant-based and non-dairy alternatives, and rising awareness of the health benefits of citrus fruits.

The Asia-Pacific region as the fastest-growing market, with increasing demand for citrus-flavored yogurt products and the availability of a wide range of citrus fruits.

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Key Takeaways from the Market Study

FMI projects the global Citrus Yogurt industry to expand at a 4% value CAGR by 2033
The global Citrus Yogurt market is expected to garner a market value of US$ 3403.0 Million
United States is expected to grow at a CAGR of 4.6% in the assessment period 2023-2033.
U.K. is expected to grow at a CAGR of 5.3% in the assessment period 2023-2033.
The hypermarkets/supermarkets segment is expected to hold the largest market share for Citrus Yogurt in the forecast period 2023-2033.

“The citrus yogurt market is set to experience robust growth due to the rising demand for healthy and nutritious food products. The market players are introducing new and innovative citrus yogurt products to cater to the changing consumer preferences.” says the FMI analyst.

Competitive Landscape

The citrus yogurt industry is highly competitive, with several well-established players and many emerging companies vying for market share. Some key developments are as follows:

In September 2021, the latest news from General Mills Inc. was their announcement of the acquisition of Tyson Foods’ pet treats business, which includes popular brands such as Nudges, True Chews, and Top Chews. This acquisition is part of General Mills’ strategy to expand its pet food business and offer a broader range of pet products to consumers.
In February 2021, Daiya Foods Inc. is that they announced the launch of their new line of dairy-free yogurt alternatives. The new products are made from a blend of coconut cream and pea protein and come in four different flavors: vanilla bean, strawberry, peach, and blueberry.

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Key Segments Profiled in the Citrus Yogurt Market Industry Survey

By Product Type:

Dairy
Non-Dairy

By Form:

Drinkable
Spoonable

By Nature:

Organic
Conventional

By Distribution Channel:

Food Service (HORECA)
Hypermarket/Supermarket
Convenience Store
Food and Drink Speciality Stores
Online Retail
Others

By Region:

North America
Latin America
Europe
Asia Pacific Middle East & Africa

About the Food & Beverages Division at Future Market Insights

The food & beverages team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.

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.

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Algae Fats Market Forecasted to Reach USD 484.5 Million by 2033, Says Future Market Insights, Inc.

The global algae fats market is expected to reach a market valuation of US$ 297.7 million in 2023, accelerating with a CAGR of 5% from 2023 to 2033. The growing demand for algae-based products in various industries such as food, animal feed, and biofuel is driving the growth of the algae fats market.

One of the key drivers of the algae fats industry is the growing demand for sustainable and plant-based products. Algae fats are considered to be a healthier alternative to animal fats and are rich in essential fatty acids such as omega-3 and omega-6. Furthermore, the increasing awareness about the environmental impact of traditional animal-based fats and oils is also driving the demand for algae fats as they are considered to be eco-friendly.

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Despite the growing demand, the algae fats industry faces several challenges. One of the key restraints is the high production cost of algae fats. The technology for large-scale production of algae fats is still in its nascent stage, and the production process requires a significant investment in infrastructure, equipment, and technology. Additionally, the limited availability of suitable land and freshwater resources for algae cultivation is also a significant restraint for industry.

Opportunities and Trends Hovering the Algae Fats Industry

The algae fats industry presents significant opportunities for growth and innovation. One key opportunity is the development of new products and applications for algae fats. Algae fats are already being used in various industries, such as food, animal feed, dietary supplements, and biofuels. However, the industry can further explore new applications such as cosmetics, pharmaceuticals, and industrial lubricants. Furthermore, the increasing investment in R&D activities and technological advancements can lead to the development of new and cost-effective production processes.

The algae fats industry is witnessing several trends that are expected to shape the market in the coming years. One of the key trends is the increasing adoption of algae-based biofuels. Algae-based biofuels are considered to be a sustainable and eco-friendly alternative to traditional fossil fuels. Furthermore, the growing demand for algae-based dietary supplements and functional foods is also a key trend in the industry. The use of algae fats in the animal feed industry is also expected to witness significant growth due to the increasing demand for high-quality and sustainable animal feed products.

Key Takeaways from the Algae Fats Market:

With an estimated market share of roughly 55% in 2023, the food-grade sector is likely to dominate the industry.
In terms of end-use, the dietary supplement sector is predicted to have the greatest market share in 2023, accounting for around 45% of the market.
The animal feed segment is another prominent market segment, with a market share of roughly 30% projected in 2023.
The algae fats industry in the United States dominated the global market in 2022, accounting for 22.9% of the total.
In 2022, Germany’s algae fats industry held a 3.6% share.
The algae fats industry in India is predicted to grow at the fastest rate of 20.1% between 2023 and 2033.
The algae fats industry in China is predicted to grow at a 5.0% CAGR between 2023 and 2033.
From 2023 to 2033, the algae fats industry in the United Kingdom is predicted to grow at a 6.7% CAGR.

How Industry Players are Revolutionizing the Competitive Landscape?

The algae fats industry is highly competitive, with several key players vying for market share. Some of the leading companies in this market include Corbion, TerraVia, Royal DSM, Archer Daniels Midland Company, and BASF SE. These companies have established themselves as leaders in the industry by offering a wide range of products and solutions to meet the growing demand for algae fats.

Corbion, for instance, has a strong presence in the food and beverage industry, with a portfolio that includes algae-based ingredients such as AlgaPrime DHA. TerraVia, on the other hand, has a focus on sustainable products and solutions, with its flagship product, AlgaWise, being a high-performance oil with a low environmental footprint.
Royal DSM is another key player in the algae fats industry, with a broad portfolio of products for various applications. The company has a focus on innovation, with ongoing research and development efforts to improve the sustainability and functionality of its products.
Archer Daniels Midland Company is a leading supplier of ingredients for various industries, including the food, beverage, and animal feed sectors. The company offers a range of algae-based ingredients, such as omega-3 oils, which are used in dietary supplements, infant formulas, and other applications.

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Algae Fats Market: Segmentation

By Type:

Food Grade
Feed Grade

By End Application:

Biofuel
Dietary Supplement
Animal Feed

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Global Window Air Conditioners Market is anticipated to be worth USD 61.79 billion by 2034 with moderate CAGR of 5.7%

The global window air conditioner market is expected to grow significantly in the coming years. According to Future Market Insights, the market is anticipated to be worth USD 35.49 billion in 2024, expanding at a CAGR of 5.7% between 2024 and 2034. The market is further expected to reach a value of USD 61.79 billion, providing a sizable window of opportunity for industry participants to expand their business. The steady growth of the global window air conditioner market can be attributed to several factors, including growing urbanization, technological improvements, and the rising demand for home cooling solutions. With the increasing global temperatures and humidity levels, air conditioners are now recognized as necessary rather than luxury goods. This is expected to drive the market’s growth further in the coming years.

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The introduction of more sophisticated air conditioning units, including those with inverters and air purification systems, is also expected to impact the global window air conditioner market positively. One of the main factors driving development and creating demand for smart air conditioners is the growing popularity of smart devices. These devices can transform traditional remote-controlled air conditioners into smart gadgets, which has led to the rising demand for smart air conditioners.

Furthermore, improving housing standards increases the demand for minuscule room air conditioners, while high-powered window air conditioners are expected to grow moderately due to rising permit rates for malls, offices, and industries. Window-type air conditioners are gaining popularity in residential settings, providing market players with lucrative opportunities to expand their market share. With urbanization expected to boost sales in the forthcoming decade, the global window air conditioner market is poised for significant growth in the years to come.

Key Takeaways from the Window Air Conditioners Market

The United States’ Window Air Conditioners industry is projected to experience a CAGR of 3.1% through 2034.
Window air conditioners market in the United Kingdom is expected to demonstrate a CAGR of 2.1% through 2034.
The Window Air Conditioners industry in Japan is anticipated to see a CAGR of 7.4% through 2034.
The Indian Window Air Conditioners sector is expected to showcase a CAGR of 10.5% through 2034.
The Window Air Conditioners market in China is expected to display a CAGR of 9.7% through 2034.

Competitive Landscape of the Window Air Conditioners Market

The global window air conditioner market is influenced by various players, including manufacturers, distributors, retailers, and service providers. Manufacturers invest in research and development, introducing new technologies and designs to cater to consumer preferences. They focus on improving energy efficiency and cooling performance, incorporating smart features like Wi-Fi connectivity, remote control, and voice activation. Distributors and retailers ensure product availability and visibility across various channels, using marketing strategies to boost consumer awareness and drive sales during peak seasons.

Service providers increase customer happiness and product longevity by offering dependable and effective services. They work along with regulatory agencies to guarantee the sustainability, dependability, and safety of products. In order to modify their company models and tactics, market participants continuously track trends and customer behavior. Their combined efforts influence the global window air conditioner market, stimulating growth, rivalry, and innovation while catering to a range of customer demands.

Key Companies in the Window Air Conditioner Market

Daikin Industries, Ltd.
Mitsubishi Electric Corporation
Panasonic Corporation
LG Electronics Inc.
Gree Electric Appliances, Inc. of Zhuhai
Samsung Electronics Co., Ltd.
Hitachi, Ltd.
Whirlpool Corporation
Haier Group Corporation
Electrolux AB
Carrier Global Corporation
And More…

Recent Developments in the Window Air Conditioners Market

Expanding access to air conditioners for low-income and medically vulnerable individuals and strengthening heat response and health emergency support, the Province of British Columbia launched a new initiative in June 2023 to protect people during extreme heat emergencies.
The premium S Series, R Series, and T Series household air conditioners from Mitsubishi Heavy Industries Thermal Systems, which provide comfort features and energy efficiency, were among the 22 new models the company unveiled in March 2023 for the Japanese market.

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More Insights into the Window Air Conditioners Market

Among various regions, Asia Pacific, excluding Japan, is predicted to propel at an impressive growth rate because the region is often considered a price-sensitive market. Furthermore, rising mercury levels in countries such as India, and rising disposable income among the populace, may cater to the regions’ large window air conditioners market share.

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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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Wall Covering Product Market to Expected to Reach USD 54,478.1 Million by 2034

The wall covering product market value is expected to rise from USD 35,758.4 million in 2024 to USD 54,478.1 million by 2034. This market is analyzed to surge ahead at a CAGR of 4.3% over the next decade.

The increasing global population is creating a demand for more housing. This is raising the activity for residential construction which translates to a greater demand for wall coverings in renovations and new buildings.

Growing desire for personalized interiors is fueling demand for wall coverings with distinct textures, designs, and even customizable options serving this trend. Additionally, constant innovation in wall coverings, like the introduction of fire retardancy, easy installation, water resistance, and even air-purifying properties, are making wall coverings an attractive option for homeowners.

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Manufacturers are developing eco-friendly wall coverings from natural fibers, recycled materials, and with minimal environmental impact during production. Thus, appealing to the environmentally conscious consumers.

“Players are investing in innovation to influence market trends over the forecast period. Additionally, players can be seen developing user-friendly apps to assist customers in visualizing the final look of their selected wall covering product.” says an analyst of Future Market Insights.

Key Takeaways from the Wall Covering Product Market Report

The wall covering product market expanded at a CAGR of 4% from 2019 to 2023.
Based on type, the wallpapers segment is expected to attain a value share of 39.2% in 2024.
By application, the residential sector is predicted to account for a valuation of 45.8% in 2024.
Demand for wall covering products in India and China is predicted to remain moderate over the forecast period. India is expected to register a CAGR of 6.2% over the forecast period. China is projected to expand at a CAGR of 5.7% over the estimated period.
The United States is predicted to experience a CAGR of 2.5% over the forecast period.
Germany is anticipated to register a CAGR of 2.9% through 2034.

Competitive Landscape

Key players are developing wallpapers with innovative patterns, textures, and capability for custom printing to meet the consumer demand for unique and customized spaces. Further, manufacturers are developing wall coverings from natural fibers, and recycled materials, and even integrating improved air quality features.

Players are innovating wall coverings with functional enhancements like soundproofing, moisture resistance, and even fire retardancy to serve specific needs. The increasing eCommerce surge has made online sales a key focus. Industry players are also developing user-friendly online stores and providing features like virtual design tools to assist customers in visualizing the final look.

Key Players Are:

ADFORS, Architonic, A.S. Création Group, Brewster Home Fashion, Asian Paints Limited (APL), Marazzi Group, Walker Greenbank PLC, Benjamin Moore & Co., Ahlstrom-Munksjö Oyj, Nippon Paint Holdings Co. Ltd, J. Josephson Inc., and Grandeco Wallfashion Group

Latest Developments Shaping the Wall Covering Product Market

Asian Paints, a competitor in the coatings and home decor market, introduced the latest collection of wallpapers in January 2023. The new collection featured unique designs and sustainable materials, serving the expanding consumer demand for such home décor options. The company also improved its app functionality by integrating augmented reality features. Thus, allowing customers to visualize various wallpaper options before making a purchase.
York Wallcoverings revealed a series of collaborations with world-recognized designers in January 2023. These collaborations include the creation of exclusive wallpaper collections, uniting traditional craftsmanship with modern aesthetics. These collections are made with advanced materials and printing techniques. Thus, showcasing the company’s commitment to blending artistic expression with high-quality manufacturing standards.

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Key Segments For Wall Covering Products Market

By Type:

Tiles
Fabric coverings
Wallpapers
Paints
Wood coverings

By Application:

Residential
Commercial

By Distribution Channel:

Direct
Indirect
Hypermarket/Supermarket
Specialty Stores
Independent Stores
Online Store
Others

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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Tumble Dryer Market Anticipated to Reach a Market Share of USD 20.14 Billion in 2032

Due to the growing need for energy-efficient electric dryers, the tumble dryer market is likely to register a CAGR of 2.6% during the forecast period. It is anticipated to reach a market share of USD 20.14 Billion in 2032 from USD 14.8 Billion in 2021.

The demand for tumble dryers is on the rise due to several factors including the growing middle-class economy, improved discretionary income levels in developing nations, increased labor expenses, busy lifestyles, and the availability of various home appliances at competitive prices.

Furthermore, with the advent of digitization, consumers have become more tech-savvy and possess a better understanding of how to utilize and derive benefits from modern products, leading to increased sales of tumble dryers.

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Furthermore, the rise of smart homes is assisting in the development of devices that are able to get connected to a user’s smartphone and monitored remotely. Tumble dryers are a very popular product in the home appliance industry, and sales of tumble dryers have an impact on the entire tumble dryer market share. In addition, with an immense increase in the sales of tumble dryers, a steady pace is witnessed in the condenser dryer segment as well. As they are easier to install than vents, people are more inclined to adopt and purchase them.

Key Takeaways

Consumers have been excessively selecting energy-saving dryers over the recent years which is increasingly assisting them to avoid energy waste and save more money on utility bills. Furthermore, promoting manufacturers to release a slew of energy-efficient dryers on the market and improve sales of the tumble dryer.
Modern energy-efficient dryers are equipped with moisture sensor bars that successfully detect the level of dampness within the load in order to prevent over-drying and energy waste. In addition to that, government agencies are offering various kinds of discounts for ENERGY STAR-certified tumble dryers, resulting in an increase in demand for tumble dryers in the coming years.
Since consumers are actively drawn to new and advanced technologies with western culture, producers are actively searching for opportunities in order to introduce change within the tumble dryer market during the assessment period.
Such advanced technology is making the products zealous in their efforts in saving electricity, which gives rise to the demand for tumble dryers. Over the projection period, this one essential element creates a critical opportunity for the tumble dryer market to gain momentum among its target audience and promotes sales of the tumble dryer.
Some of the prominent key players have recently introduced a washer-dryer set combined with ultra-noise reduction technology which further increased the demand for tumble dryers over the recent years.
Manufacturers are actively strategizing on energy-saving solutions and inculcating new technological advancements to the current prototype. Furthermore, the incorporation of a heat pump in the tumble dryers is some of the factors that are contributing to the growth of the tumble dryer market share.

Competitive Landscape

The dominant players operating in the global tumble dryer market and contributing a significant tumble dryer market share. The market is also known for being fragmented due to the fierce competition and the presence of major market players scattered all over the world.

Several key players in the global tumble dryer market have incorporated modern electric dryers combined with novel features that come with the potential to transform the appliance’s future in the marketplace. Such dominant companies come with capabilities that allow customers to monitor and manage their appliances using their smartphones, which attracts customers and boosts sales of the tumble dryer.

With significant promotional activities across all the categories, the total sales of home appliances have increased by approximately 9% in 2016, resulting in surging demand for tumble dryers across the globe. Furthermore, tumble dryers experienced the highest year-over-year increase, with value sales increasing by 12%.

Key Players Are:

Alliance, American Dryer, Pellerin Milnor, Miele Professional, Electrolux Professional, Maytag, Dexter Laundry, GIRBAU, Schulthess, Renzacci, Haier, Samsung, LG, Danube, ASKO and Whirlpool

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More Insights into the Tumble Dryer Market

On the basis of sales of the tumble dryer and revenue growth, North America is anticipated to create lucrative growth opportunities over the forecast period by accounting for the maximum tumble dryer market share in the tumble dryer market. Changing weather patterns and an increase in the use of smart home products in the home.

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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Smart Lock Market Set to Achieve 14.90% CAGR, Expected to Reach US$ 13,611.40 Million by 2033

In 2022, the smart lock market size was projected to be US$ 2,996.70 million. By the end of 2023, the industry is likely to reach a valuation of US$ 3,404.70 million. Throughout the forecast period, the global market for smart locks is expected to achieve a 14.90% Compound Annual Growth Rate (CAGR), reaching a size of US$ 13,611.40 million by 2033.

IoT Integration: The growing integration of smart locks into larger Internet of Things (IoT) ecosystems enables centralized control and automation. This allows users to create networked smart environments for their homes or buildings.
Voice Control and Remote Monitoring: With capabilities like voice control and remote monitoring, users can conveniently manage their smart locks from anywhere using smartphone apps.
Mobile Phone Friendly: Smart locks offer ease of use by allowing users to manage them remotely via smartphone apps. Users can grant access to guests and receive real-time notifications, enhancing convenience and security.
Guest Access Management: Smart locks enable users to grant access to guests remotely, eliminating the need for physical keys and providing added flexibility in managing access to their properties.
Real-Time Notifications: Users receive real-time notifications on their smartphones, allowing them to stay informed about any activities or security events related to their smart locks, enhancing peace of mind and security.

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Key Takeaways from the Market Analysis

Throughout the projected period, the smart lock market in the United States is predicted to expand at a 90% CAGR.
From 2023 to 2033, the smart lock market in the United Kingdom is expected to develop at a CAGR of 9.20%.
During the forecast period, the smart lock market in Germany is anticipated to rise at a CAGR of 10.90%.
The smart lock market in China is anticipated to expand at a rate of 90% CAGR between 2023 and 2033.
During the forecast period, the smart lock market in India is anticipated to evolve at a 70% CAGR.
By 2023, the biometric lock market share is predicted to reach 80% of the global market shares.
The Wi-Fi category is projected to gain 9% of the global market in 2023.
The residential segment is likely to account for 2% of the global market in 2023.

Competitive Landscape

Smart locks are part of the fully smart home ecosystems being developed by numerous industry leaders. In order to give users a more convenient way to embrace their products, they are trying to create gadgets and applications that are interoperable and function together effortlessly.

In order to gain the trust and appeal of the consumers to those who are security-conscious, businesses are investing in cutting-edge security features and technologies. Adoption of smart locks depends on these features, which include biometric authentication techniques, encryption protocols, as well as proactive security measures to thwart unwanted access and hacker attempts.

Key Developments

In 2022, Yale Assure Lock® 2, the brand-new flagship line of smart locks from Yale Home, was launched. Reimagined with the newest advancements in smart home technology, it offers easy, everyday access to every home. The series, which was designed with both style and security in mind, features a brand-new, streamlined, and compact design and gives every model access to the finest of Yale’s intelligent features for the first time.
Level Home Inc. unveiled Level Lock+, the newest model in their premium line of smart locks, in 2022. Once the home key has been registered to Apple Wallet, Level Lock+, an exclusive to Apple, easily incorporates Apple’s house keys technology. Owners may now securely lock and enter their homes by only pushing the Level Lock+ button on their iPhone or Apple Watch.

More Valuable Insights Available

Future Market Insights offers an unbiased analysis of the global smart lock market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the global smart lock market, the market is segmented on the basis of product type (biometric lock, electronic / sensor lock, remote control lock, pin code reader lock), technology (bluetooth, wi-fi, Z- wave), price range (economical, mid-range, premium) and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East & Africa).

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About the Consumer Product Division at Future Market Insights

The consumer product domain at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.

Segmentation Analysis of the Smart Lock Market:

By Product Type:

Biometric Lock
Electronic / Sensor Lock
Remote Control Lock
Pin Code Reader Lock

By Technology:

Bluetooth
Wi Fi
Z Wave

By Price Range:

Economical
Mid Range
Premium

By Region:

North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
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.

Contact Us: