Market Research Blog – Page 1888 – New Product Development

Rising Demand for Flavor Enhancement: Food Acidulants Market Analysis by 2034

The food acidulants market is reached USD 2,126.6 million in 2019. Demand for Food Acidulants registered a 4.9% Compound Annual Growth Rate from 2019 to 2023, indicating that the global industry would reach USD 2,727.4 million in 2024. Over the projection period (2024 to 2034), global sales of Food Acidulants are expected to exhibit a 5.4% CAGR, ultimately totalling a sales value of USD 4,614.8 million by the end of 2034.

The rising disposable income and growing demand for clean-label products and processed food are increasing the market share. Furthermore, the demand for food acidulants is fueled by the growing food industry, government initiative plans and emerging economies. In addition, the food and beverage manufacturers are fueling the market size by increasing the production of food acidulants during the forecast period.

One of the major factors helping to boost the food acidulants market size is the growing demand for healthy nutrition, citric beverage and preserved food among consumers. Moreover, the growing adoption of food acidulants by manufacturers is enhancing the taste of jellies, jams, cakes and pastries.

Adopting fumaric acid in several beverages to provide acidic flavor surges with the global market expansion.

Increasing demand for beverages among consumers all around the region is contributing to maximum revenue. Hence, the manufacturers are introducing several unique products to attract consumers and are increasing market trends during the forecast period. Moreover, the adoption of citric acid for desserts, syrups and exotic beverages is enhancing the market share. An increase in the trends of ready-to-eat food leads to the growing demand for food acidulants in the food sector.

The bakery and confectionery records a CAGR of 5.2% in the food acidulants market. The growing demand for cakes and pastries among children increases the demand for bakery and confectionery. Increasing demand for packed food and enhanced food shelf life drives the market expansion.

Powder Category is the most Sought-after in Foam Segment

The powder category leads the food acidulants market by occupying a CAGR of 5.6% during the forecast period. There is a growing demand for powder foam due to its better storage, ease of use and transport. The increasing consumer preferences are bolstering the demand for powder-form food acidulants.

Growing demand for nutritional diets for animals results in the increasing adoption of powder foam. The powder foam recorded a CAGR of 4.3% in its historical period from 2017 to 2022.

Who is winning?

The market is growing at a moderate pace due to the number of prominent leaders in the global market. The growing local and international companies are advancing the business with the global players. These players are strengthening their companies through unique and innovative product launches.

The growing technological advancement, research activities and adopting market strategies by prominent players are the major factors anticipated to fuel the market expansion during the forecast period.

In 2021, a US-based Company, KPS Capital Partners, acquired Tate & Lyle to expand their business in North America and Latin America.

Food Acidulants Market by Category

By Type:

Acetic Acid
Fumaric Acid
Citric Acid
Phosphoric Acid
Lactic Acid
Malic Acid
Tartaric Acid

By Foam:

Liquid
Powder

By Function:

Flavor Enhancer
Microbial Control
pH Control
Preservative
Others

By Application:

Bakery and Confectionery
Beverages
Dairy Food
Animal Nutrition

By Region:

North America
Latin America
Europe
South Asia & Pacific
East Asia
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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Soaring Demand for Healthy RTE Foods: Global Pulses Market Analysis by 2034

FMI finds the overall demand for pulses is estimated to be worth USD 78.0 billion in 2024 and is projected to reach a value of USD 135.2 billion by 2034, expanding at a CAGR of 5.7% over the assessment period of 2024 to 2034.

Pulses are a type of legume that includes beans, lentils, peas, and chickpeas. They are small, round, or oval seeds that grow in pods. Pulses are rich in protein, fiber, vitamins, and minerals, which makes them a healthy food option. Pulses are also important for the environment because they help improve soil health by adding nitrogen back into the ground.

Governments are providing financial assistance and other incentives to improve pulse output because they are a staple crop in many underdeveloped countries. In recent years, countries have launched a number of food initiatives focused at increasing pulse output.

Growing urbanisation, higher disposable incomes, and a strong desire for nutritious ready-to-eat and processed meals are driving growth. Furthermore, the concentration of a huge population base in India and China is increasing demand for nutritious food, leading to an increase in overall pulse production.

Pulses help to lower cholesterol and triglyceride levels in the human body. As a result, they are frequently consumed worldwide. In the short term, the coronavirus pandemic was predicted to create a minor delay. Despite a little slowdown caused by COVID-19, economic expectations remain generally optimistic.

As concerns over excessive meat consumption on human health dawn on consumers, they are seeking healthier alternatives. Resultantly, the market for pulses is witnessing a notable upsurge nowadays. Furthermore, the trend of healthy eating has augmented, with consumers hoping to strengthen their immunity by eating fiber, nutrient, and vitamin-rich foodstuffs. Therefore, growth prospects of the global pulses market appear largely optimistic throughout the 2020-2030 assessment period.

Landscape for the Pulses Market

Nestle SA, Groupe Danone, Reckitt Benckiser Group Plc (RB), Abbott Laboratories Inc., Vitasoy International Holdings Ltd, Inner Mongolia Yili Industrial Group Co Ltd., Coca-Cola Co, General Mills Inc., Blue Diamond Growers, Kikkoman Corporation, Dr. Schär AG/SpA, Lactalis Groupe, Valio Oy, Post Holdings Inc., and Monde Nissin Corp. among others are some of the major players in the global pulses market.

Market players can face stiff competition from alternative protein sources such as soybeans, hemp, flax, nuts, and oilseed. In most countries, the price of pulses is also phenomenally high limiting their consumption, particularly in developing economies.

This is generally attributed to the presence of interim entities who seek to profit from the pulses trade and commerce. However, nowadays, consumers rely on platforms such as Big Basket, Amazon, and Grofers to purchase pulses. Moreover, growth is largely being sustained by e-commerce channels, despite the significant presence of conventional retail outlets.

Key Segments in the Pulses Industry Report

By Product Type:

Dry Beans
Lentils
Faba Beans
Dry Peas
Chickpeas
Cowpeas
Bambara Beans
Pigeon Peas
Vetches
Others

By Nature:

Organic
Conventional

By Form:

Whole Pulses
Flour Pulses
Split Pulses

By End Use Application:

Business to Business
- Food & Beverage Industry
- Pharmaceutical Industry
- Cosmetic Industry
- Nutraceutical Industry
- Animal Feed Industry
Household Retail
- Store-based Retail
Hypermarkets or Supermarkets
Convenience Stores
Mass Grocery Retailers
Wholesale Stores
Departmental Stores
Food & Drink Specialty Stores
Other Retail Forums
- Online (e-commerce)
Food Service (HoReCa)
Institutional (Schools, Universities, etc.)
Others

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Explosive Growth in Vegan Diets: Plant-Based Chicken Market to Soar to USD 12.6 Billion by 2033

The plant-based chicken market is expected to record a CAGR of 18.4% from 2023 to 2033, from US$ 2,325.4 million in 2023 to US$ 12,601.0 million by 2033.

The world’s increased protein intake is the primary driver of the worldwide plant-based chicken business. Owing to the increased protein consumption, producers are more likely to offer consumers a selection of novel plant-based chicken products as an alternative to actual chicken. Plant-based chicken is gaining popularity since it tastes and looks like chicken pieces, nuggets, and steaks.

Several government restrictions prohibiting animal slaughter in various nations are assisting the global market’s growth. The global market for plant-based chickens is advancing due to increased concern over maintaining the ecosystem’s equilibrium. Rising per capita and disposable income in developing countries is likely to promote global market growth. Increasing affluence leads to a better quality of life, and in emerging countries, a high level of living has boosted the market consumption of plant-based chicken. As people’s health knowledge grows, consumer tastes are shifting away from animal products and towards organic products.

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This shift prompted the plant-based chicken business to broaden its menu and develop new items. Manufacturers have created appealing and eco-friendly food packaging in order to attract customers and expand their consumer base, consequently driving the global market growth.

This plausible link encourages customers to switch from animal products to herbal items. The increased popularity of organic products on social media and other print media is expected to drive the worldwide plant-based chicken market during the forecast period.

Key Points from the Plant-based Chicken Market

The market is expected to surpass US$ 12,601.0 million by 2033.
Growing concerns about animal cruelty, combined with the advent of the meat 2.0 revolution, are likely to provide the global plant-based chicken market the most traction in the coming decade.
Plant-based chicken market is expected to record a CAGR of 18.4% during the forecast period.
North America dominated the plant-based chicken market.

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Key Development in the Plant-based Chicken Market

July 2019 – Dunkin Donuts announced to serve breakfast sandwiches made with the Beyond Meat brand of meatless sausage products throughout Manhattan, New York.
October 2020 – Impossible Foods Inc. expanded its presence in the market in Canada with the introduction of its flagship product, the Impossible Burger. The product is offered in about 600 Sobeys family shops as well as through the retailer’s online grocery home delivery service.
September 2020 – Beyond Meat introduced its new product, Beyond Meatballs, in grocery stores across the United States. This product met consumer demand for nutritious and simple-to-prepare plant-based food.
September 2020 – Planterra Foods inked a three-year relationship with the NFL team Denver Broncos. As a result of this collaboration, the OZO brand was designated as the Denver Broncos’ Plant-Based Food Option.
September 2020 – Beyond Meat Food Co. Ltd., a subsidiary of Beyond Meat, signed a deal with Jiaxing (China) Economic and Technology Development Zone to design and develop manufacturing facilities.

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Key Segment

Product Type:

Burger Patty
Crumbles & Grounds
Sausages
Hot Dogs
Nuggets
Bacon Chips
Deli Slices
Chunks & Tips
Shreds
Cutlet
Strips, Tenders, & Fingers
Meatballs (Meatless)

Source:

Soy-based Protein
Wheat-based Protein
Pea-based Protein
Canola-based Protein
Fava Bean-based Protein
Potato-based Protein
Rice-based Protein
Lentin-based Protein
Flax-based Protein
Chia-based Protein
Corn-based Protein

Distribution Channel:

Retail
- Hypermarkets/Supermarkets
Convenience Stores
Specialty Food Stores
- Online Retail
- HoReCa (Food Service Sectors)

Region:

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

About Future Market Insights (FMI)

Smart Fitness Market is Expected to Reach a High Valuation of US$ 46,934.8 Million by 2033: Future Market Insights, Inc.

The global smart fitness market is projected to reach USD 46,934.8 million by 2033, growing at an annual rate of 12.4% from 2023 to 2033. This growth is driven by the increasing popularity of smart fitness devices, which offer features like heart rate monitoring, workout tracking, distance measurement, and calorie counting.

The COVID-19 pandemic has accelerated the adoption of smart wearables as people become more health-conscious. As a result, digital fitness is gaining traction worldwide. Currently, smart fitness gadgets make up about 30% of the global digital fitness device sales.

More individuals are turning to at-home fitness, which is fuelling demand for wearable devices equipped with modern technology to improve individual performance and exercise. As a result, consumer interest in smart fitness trackers and smart fitness band watches is increasing.

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Sales of smart fitness devices in the United States are predicted to grow at an outstanding CAGR throughout the forecast period. Because of the broad consumer base and the presence of significant competitors, the demand for smart fitness is expanding in the United States.

Key Takeaways from the Smart Fitness Market Report:

Between 2023 and 2033, sales in India are expected to grow at an excellent rate of roughly 18.5% CAGR.
In 2022, the smartwatches segment held a 20.1% share of the overall market.
South Asia is expected to grow rapidly in the market, with a CAGR of almost 18% over the forecast period.
The market increased at a CAGR of 10.3% over the last five years (2018 to 2022).
Smart fitness demand in Japan and South Korea is expected to expand at a CAGR of 13% and 15%, respectively, between 2023 and 2033.

Competitive Landscape:

According to a news published on June 1, 2023, English Premier League football player Harry Kane is currently the newest athlete to put money in OxeFit, an at-home fitness gadget powered by machine learning. The company, OxeFit has already raised more than US$ 45 million in total capital, and its sales have climbed 200% year over year.
Based on an article released on May 1, 2023, The Exercise Coach in Virginia is being promoted as the state’s foremost AI-enabled gym. The Virginia smart studio employs bio-adaptive robotic exercise gear that produces and adapts workouts based on a person’s level of fitness.

Leading Key Players:

Fitbit
Pebble Inc.
Adidas
Samsung Electronics
Sony Corporation
Shanda Group
Nike Inc.
Xiaomi
Garmin International
Jawbone

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More Valuable Insights:

Future Market Insights, in its new offering, presents an unbiased analysis of the global smart fitness market presenting a historical analysis from 2018 to 2022 and forecast statistics for the period of 2023 to 2033.

The study reveals essential insights By Component (Smart Accessories, Strength Training Equipment, Cardiovascular Equipment), Smart Accessories (Smart Watches, Smart Bands, Activity Trackers, Heart Monitor, and Pedometer), and region.

Smart Fitness Market Segmentation:

By Component:

Smart Accessories
Strength Training Equipment
Cardiovascular Equipment
Cross-training Equipment

By Smart Accessories:

Smart Watches
Smart Bands
Activity Trackers
Heart Monitor
Pedometer
Sleep Quality Monitor

By Region:

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

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Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
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T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Surging Demand for Plant-Based Nutrition: Global Vegan Protein Powder Market to Hit USD 9.07 Billion by 2033

According to Future Market Insight, the Global Vegan Protein Powder Market will reach US$ 9.07 billion by 2033, registering a CAGR of 7.4%. This anticipated growth signifies a remarkable upsurge from its projected worth of US$ 4.63 billion in 2023.

There has been a significant increase in people adopting vegan and vegetarian diets worldwide. Ethical considerations, environmental concerns, and personal health benefits motivate individuals to embrace plant-based lifestyles. As a result, the demand for plant-based protein powders has skyrocketed. Plant-based protein powders offer a convenient and accessible source of Protein without relying on animal-derived ingredients.

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The increasing desire for protein supplements to enhance well-being and promote good health greatly contributes to expanding the vegan protein supplement market. The fast-paced nature of modern lifestyles and busy schedules have led to a higher demand for convenient protein sources. Moreover, vegan protein powders offer a suitable alternative for individuals who are lactose intolerant or have other dietary restrictions.

Given their high amino acid content, protein powder supplements are also gaining popularity among fitness enthusiasts seeking muscle development. Vegan protein powders have recently gained considerable popularity among athletes and fitness enthusiasts. These powders are derived from plant-based sources such as peas, rice, hemp, soy, and other legumes. They offer a convenient and effective way to increase protein intake, which is crucial for muscle repair and growth.

The increasing popularity of plant-based milk alternatives has significantly contributed to the rising demand for vegan protein powders. Soy milk, almond milk, and pea milk are widely consumed as substitutes for dairy milk and have gained popularity. Plant-based milk alternatives are often perceived as healthier than dairy milk due to their lower saturated fat content and potential health benefits associated with the plant-based ingredients.

Soy protein isolate is a high-quality, easily digestible protein with a neutral flavor. Pea protein powders are another good source of plant-based Protein. They don’t contain gluten and have minimal carbs. These factors make these alternative protein powders a popular choice among vegan consumers.

Vegan protein powders have expanded their reach through various distribution channels. They are readily available in health food stores, supermarkets, online platforms, and specialized vegan stores. E-commerce has created opportunities for established brands and emerging start-ups to reach a wider customer base. Online platforms offer convenient access to a variety of vegan protein powders, facilitating ease of purchase for consumers. This increased accessibility has significantly boosted the Market. It has made vegan protein powders easily accessible to a wider range of consumers.

The vegan protein powder market has seen successful marketing campaigns and endorsements by influential individuals. Celebrities, athletes, and fitness influencers have endorsed vegan protein powders. These endorsements have raised awareness and highlighted the benefits of vegan protein powders. They have managed to attract the interest of a broader range of viewers. Marketing efforts have played a pivotal role in promoting the growth of the vegan protein powder market.

Manufacturers continuously innovate to improve vegan protein powders’ taste, texture, and nutritional profiles. They are also introducing new flavors and incorporating additional functional ingredients, such as probiotics and superfoods, to enhance the overall health benefits.

In response to the growing demand for personalized nutrition, certain companies in the vegan protein powder market have started offering products tailored to the individual’s specific needs. This personalization considers factors such as age, gender, and fitness goals to provide a more customized and targeted protein supplement.

Key Takeaways from the Vegan Protein Powder Market

The United States held a 17.2% share of the global vegan protein powder industry in 2022.
India is expected to have strong growth in the vegan protein powder industry, with a CAGR of 4.7% during the projected period.
In 2022, Japan had a 4.8% share of the vegan protein powder industry globally.
China’s vegan protein powder industry is expected to flourish speedily, registering a CAGR of 10.2% over the forecast period.
Germany accounted for 6.2% of the global vegan protein powder industry in 2022.

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Competitive Landscape in the Vegan Protein Powder Market

Key players are actively expanding their product portfolios, focusing on research and development to improve taste and texture and investing in sustainable sourcing practices. They also employ innovative marketing strategies to reach a broader consumer base and capitalize on the growing demand for plant-based protein options. Additionally, these companies are forging strategic partnerships with retailers and health-conscious influencers to increase brand visibility and establish themselves as leaders in the rapidly growing vegan protein powder industry.

Recent Developments by Key Players

In June 2023, Synthite introduced two exciting new products to the Market. One of them is Just Plants, a plant-based dairy alternative, and the other is Protein, a plant-based protein drink powder.

In August 2021, Ascent, a rapidly growing sports nutrition company in the United States, unveiled a new range of organic plant-based protein powders to promote muscle health and enhance athletic performance.

Top Companies in Vegan Protein Power Market

Archer Daniels Midland Company
AGT Food and Ingredients
Cargill Inc.
A&B Ingredients
Ingredion Incorporated

Vegan Protein Powder Market Segmentation

By Source:

Soy
Wheat
Pea
Others

By Flavors:

Unflavored
Chocolate
Vanilla
Strawberry
Blueberry
Others

By Application:

Food Processing
Nutritional Products
Animal Feed
Household (Retail)
Others

By Distribution Channel:

Direct Sales
Hypermarkets/Supermarkets
Specialty Stores
Pharmacy & Drug Stores
Online Stores
Others

By Regional Outlook:

North America (United States, Canada)
Latin America (Brazil, Mexico, Peru, Argentina, Chile, Rest of LATAM)
Europe (EU-4, United Kingdom, BENELUX, Nordics, Eastern Europe, Rest of Europe)
East Asia (China, Japan, South Korea)
South Asia & Oceania (India, Thailand, Indonesia, Malaysia, Australia, Rest of South Asia & Oceania)
Middle East & Africa (GCC Countries, Northern Africa, South Africa, Turkey, Rest of MEA)

About Future Market Insights (FMI)

Herbs and Spices Market Poised to Reach USD 244.1 Billion by 2034 with a 3.6% CAGR, Driven by Consumer Shift to Natural Flavors and Health Benefits

The global herbs and spices market share is estimated to be US$ 171,563.1 million in 2024 increasing from US$ 167,874.1 million in 2019. FMI expects the global herbs and spices industry to grow at a 3.6% CAGR through 2033 to reach US$ 244,124.7 million by 2034.

The use of herbs and spices in convenient meals is growing because of their rich aroma taste and many health advantages., as consumers are now aware of the negative effects of artificial chemicals, they are gravitating toward foods and drinks that include real herbs and spices.

The sales of herbs and spices are being driven by the shifting preferences of consumers toward low-sugar food items and an increased curiosity about unique flavors. The need for herbs and spices has been fueled by a rise in the use of processed food items like sauces, dressings, and condiments.

The market is likely to witness considerable growth in sales of herbs and spices in the powder and granule form. The direct sales channel is expected to account for over 50% of the market share for herbs and spices, and it is anticipated to continue growing steadily during the forecast year.

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Key Takeaways from the Herb and Spice Market Study Report

The herb and spice industry in the United States is anticipated to register the most lucrative CAGR of 5.9% through the forecast years.
In Europe, Germany is expected to witness the most promising CAGR of 4.2% in sales of herbs and spices through 2034.
Demand for herbs and spices is projected to increase at a rate of 4% per year till 2034 in China.
India is likely to hold the most lucrative market for herbs and spices in Asia thriving with a CAGR of 4.3% between 2024 and 2034.

Competitive Landscape for the Herb and Spice Market Players

The overall market is highly diversified and competitive owing to the presence of several market players at different levels. Key participants in the herbs and spices industry have extended their distribution networks, broadened their product offerings, and boosted production capacity as a result of acquiring small and medium-sized businesses.

“Quick-serve restaurants are anticipated to play a crucial role in the market growth of herbs and spices in the coming days. QSRs frequently employ dried herbs in their preparation and include sachets of dried herbs for customers to add to their dishes.” – says a lead analyst at FMI

Recent Developments by the Herb and Spice Industry Participants

In November 2022, Spice Story, an ethnic food company, expanded into the offline market by partnering with Jayanti Herbs and Spice. Spice Story was a direct-to-consumer business with 1200 physical storefronts with plans to open 15000 outlets by March 2023. The firm is expected to benefit from Jayanti Herbs & Spice’s 23,000-strong distribution network of contemporary, multi-brand retail locations, including national and regional chains.

In November 2022, Bart Ingredients introduced a variety of 19 herb and spice refill cartons into Morrisons. The cardboard boxes, which included items like smoked paprika, pink Himalayan salt, bay leaves, and black peppercorns, were delivered to 422 of the retailer’s locations. According to Bart Ingredients, these boxes are “92% lighter” than conventional glass jars and help to cut down on transportation-related emissions.

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Key Players Profiled in the Herb and Spice Market Report

Givaudan S.A
Kerry Group Plc.
Ajinomoto Co., Inc.
Firmenich SA
Takasago International Corporation
Olam International
Archer Daniels Midland Company
Robertet SA
Sensient Technologies Corporation
Kalsec Inc.
McCormick & Company, Inc.
Symrise AG
Frutarom Industries Ltd
Synthite Industries Ltd
International Taste Solutions Ltd.

Key Segments Covered by Herb and Spice Industry Survey Report

By Product Type:

Herbs
Spices
Paprika (Hot Pepper)
Cumin

By End Use:

Food
- Sauces, Dressings, and Condiments
- Bakery and Confectionery
  - Bread/Cakes
  - Biscuits
  - Snacks
  - Candies
  - Other Baked Goods
- Dairy Products
  - Flavored Milk
  - Cheese or Cheese Products
  - Butter Ice Creams
  - Other Dairy Products
- Snacks & Savory Products
- Processed Food
- Soups
- Flavored or Infused Oils
- Other Foods
Beverage
Food Service
Retail Sales

By Form:

Powder & Granules
Flakes
Paste
Whole or Fresh

By Sales channel:

Direct Sales
Indirect Sales
- Store-based Retailing
- Online Retail

By Region:

North America
Latin America
Europe
East Asia
South Asia and Pacific
Middle East and Africa (MEA)

About Future Market Insights (FMI)

Internet of Everything Market is Poised to Increase at a Healthy CAGR of 15.2% from 2023 to 2033 | Future Market Insights, Inc.

The Internet of Everything (IoE) market is estimated to be worth USD 1.2 billion in 2023 and is projected to be valued at USD 5.0 billion in 2033. Between 2023 and 2033, the market is expected to register a growth rate of 15.2%. The rapid increase in the number of connected devices, including smartphones, sensors, wearables, and IoT devices, is expected to boost the IoE growth during the forecast period.

The proliferation of 5G, and technological advances in telecommunication, and increased use of machine learning artificial intelligence (AI) are anticipated to drive the market growth. The growing application of IoE in healthcare drives the market growth during the forecast period. IoE is improving patient care through remote monitoring, telehealth, and wearable devices. It allows healthcare providers to offer more accessible and efficient services.

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The growth of urban populations and the growing need for smarter, more sustainable cities boost the market demand. IoE is used in smart city initiatives, improving urban services, transportation, energy management, and public safety.

The proliferation of consumer IoT devices, such as smart speakers, home automation systems, and wearables, and increased consumer awareness and familiarity with IoE concepts propel the growth of the market. Increasing government investment in IoE projects to improve public services, infrastructure, and overall quality of life for citizens is further fueling the market growth.

Key Takeaways

From 2018 to 2022, the Internet of Everything (IoE) market demand expanded at a CAGR of 12.8%
Based on application, the smart cities segment is expected to account for a market share of 56.6% during the forecast period.
Global Internet of Everything (IoE) demand in Germany is predicted to account for a value share of 6% from 2023 to 2033.
In the United States, the market is expected to account for a CAGR of 1 % between 2023 and 2033.
A growth rate of 14.6% is estimated for the healthcare segment over the forecast period.
China is projected to expand by a value CAGR of 14.5% between 2023 and 2033.
By 2033, India’s Internet of Everything (IoE) market is anticipated to record a CAGR of 14.8% during the forecast period.

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Competitive Landscape

To grow their market share, increase profitability, and stay competitive in the Internet of Everything (IoE) market, players have used new product launches and business expansion as key strategies. Some of the recent developments in the market are discussed below.

Cisco is a major player in the IoE space. The company has been developing IoE solutions for industries like healthcare, manufacturing, and smart cities. They have also been working on enhancing their networking and cybersecurity capabilities to support IoE deployments.
GE has been involved in the Industrial Internet of Things (IIoT) space, using data analytics and machine learning to optimize industrial processes, improve asset performance, and reduce downtime.
Microsoft provides various cloud and IoT services through Azure, enabling businesses to develop and deploy IoE solutions. They have been expanding their partnerships and offerings in the IoE ecosystem.

Valuable Insights Available

Future Market Insights offers an unbiased analysis of the global Internet of Everything (IoE) market, providing historical data from 2018 to 2022 and forecast statistics between 2023 and 2033.

To understand opportunities in the Internet of Everything (IoE) market, the market is segmented based on component(IoE Hardware, IoE Software, Services), Network Technology (Wi-Fi, Bluetooth, NFC, Others ), Applications (Smart Homes, Mobile & Wearable Devices, Connected Cars, Smart Cities, Others) Verticle (BFSI, Manufacturing, Transportation & Logistics, Healthcare, IT & Telecom, Retail, Energy & Utility, Others) and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, the Middle East, and Africa).

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Internet of Everything Industry Survey

By Component:

IoE Hardware
- Sensors
- RFID Tags
- Smart Devices
- Others
IoE Software
- Data Management
- Device Management
- Connectivity Management
- Others
Services
- Professional
  - Consulting
  - Implementation
  - Support & Maintenance
- Managed

By Network Technology:

Wi-Fi
Bluetooth
NFC
Others

By Application:

Smart Homes
Mobile & Wearable Devices
Connected Cars
Smart Cities
Others

By Vertical:

BFSI
Manufacturing
Transportation & Logistics
Healthcare
IT & Telecom
Retail
Energy & Utility
Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
Middle East and Africa

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Rising Demand in Food & Beverage: Spice Oils and Oleoresins Market to Hit USD 3.57 Billion by 2033

According to Future Market Insights (FMI), the spice oils and oleoresins market may reach an overall valuation that is expected to surpass US$ 1,674.40 million in 2023. The market is expected to record a CAGR of 7.9% between 2023 and 2033. By 2033, the market is estimated to reach a valuation of US$ 3,567.2 million.

Significant Aspects Driving the Growth of the Market:

Oleoresins are used to create aromas, fragrances, and various cosmetic items. They are ideal for creating hair loss lotion, cologne, perfumes, and other cosmetics due to their consistency, texture, and fragrances.
They have multiple uses as they are considered anti-inflammatory, antioxidant, and used for treating cancer. Hence they are utilized in the pharmaceutical sector as a component of medications, medicinal soaps, and other products. Thus, these factors are expected to drive the growth of the market for cosmetics and medicines.
Analgesic properties of chili oleoresins help in the reduction of free radicals in the body thus making them useful in medicinal applications. Over the course of the projection period, the market is projected to be driven by all these important aspects.
The expanding consumption of organic foods and beverages has raised the need for organic spices, such as natural spice oils, oleoresins products, etc. The spice oils market and the oleoresins market are expected to experience significant growth in the coming years.
Sales of plant-based snacks, dips, spreads, sauces, creamers, cheese, and other foods and beverages are rising as consumers prefer the taste of spice oil as well as they are also interested in clean-label and vegan products. Thus, creating multiple prospects for the market.

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Key Takeaways from Market Study

The spice oils and oleoresins market is expected to reach an overall valuation of US$ 1,674.40 million in 2023.

The spice oil and oleoresin market in Germany is expected to record a CAGR of 7%
The spice oil and oleoresin market in China is expected to reach a valuation of US$ 567.18 million by 2033. The market is expected to record a CAGR of 7% over the forecast period.
The spice oil and oleoresin market in Spain is expected to record a CAGR of 5.4%

Competitive Landscape:

Companies look for inorganic growth strategies, such as alliances, global expansion, and mergers and acquisitions, in order to maintain a competitive position in the market. Major players in the global spice oil and oleoresin market are concentrating on launching cutting-edge goods that meet the needs of consumers in order to increase their operational presence in various regions of the world.

Some of the Key Players in the Spice Oil and Oleoresin are:

Young Living Essential Oils Ltd.
Reckitt Benckiser Group Plc (RB)
Symrise AG
Givaduan AG
Greenleaf Extractions Pvt. Ltd.
Indian Spice Oil Industries
Synthite Industries Ltd.
Universal Oleoresins Pvt. Ltd.

Recent Developments:

The well-known Dutch oil company Ultra International B.V. operates in important regions and has offices in Singapore, the United States, Australia, India, and the Middle East. The company uses medicinal plants including eucalyptus, coriander, cumin, and cloves to create various kinds of oils.
A well-known producer of essential oils, DoTERRA International LLC, entered the South American market in September 2019. The company produced therapeutic essential oils using oleoresin. This innovation has made the best medicinal oils that are easily accessible to customers in South America.

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Key Segments

Product Type:

Spice Oils
Oleoresins

Distribution Channel:

B2B/Direct
B2C/Indirect

Nature:

Organic
Conventional

Application:

Food & Beverages
Bakery & Confectionery
Beverages
Dressings & Condiments
Sauces, Spreads & Soups
Cosmetics and Personal Care
Skin Care
Hair Care
Toiletries.
Aromatherapy
Pharmaceuticals
Household
Dietary Supplements
Foodservice
Industrial

Region:

North America (United States & Canada)
Latin America (Mexico, Brazil, Peru, Argentina & Rest of Latin America)
Europe (EU-4, BENELUX, Nordic Countries, Russia, Poland & Rest of Europe)
South Asia (India, Thailand, Indonesia, Malaysia, and Rest of South Asia)
East Asia (China, Japan & South Korea)
Oceania (Australia & New Zealand)
Middle East & Africa (GCC, Northern Africa, South Africa & Rest of MEA)

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Unlocking the Potential: The Lupin Protein Market Driven by Health Trends and Versatile Applications

The lupin protein market is estimated to be worth USD 103.3 Million in 2024. It is projected to reach USD 167.2 million by 2034, reflecting a CAGR of 4.9% over the assessment period 2024 to 2034.

The market for lupin protein has been increasing at a fast pace, owing primarily to its adoption in the food industry, given its fiber and low-fat profile, and the enhanced demand from consumers who are increasingly health-conscious and looking for plant-based alternatives. With wide-ranging applications in snacks and meal replacement, this lupin protein has created for itself a space as a superfood ingredient.

The presence of amino acids makes the lupin protein one of the healthiest consumables. Apart from that, being a rich source of protein also makes it quite popular amongst the health-conscious people. Moreover, these are rich in fiber as well, which makes it a popular ingredient amongst those who are into weight loss.

Furthermore, an increase in the adoption of veganism and vegetarianism has led to an increased consumption of plant-based products. Consequently, people have started adopting lupin protein products in order to make up for protein deficiency. This is might surge the demand for lupin protein products during the forecast period.

Over the past few years, the demand for clean label products has sky-rocketed. This is owing to the rising consumer awareness regarding consuming genuine products. The lupine protein products generally come with clean label, which represents a huge scope for the market.

Apart from that, the adoption of lupin protein products ensures that not much environmental degradation is done. In the first place, it eliminates the cases pertaining to animal slaughter for fulfilling nutritional requirements, which leads to carbon emission. Secondly, the lupin seeds can be grown on a fairly fertile soil. All these factors indicate that not much amount needs to be invested.

Of late, there has been an increasing demand for gluten-free products, which can be attributed to the side effects associated with gluten consumption. The lupin protein products have proved to be healthy alternative for the gluten products, which showcases a myriad of opportunities for the market.

However, there have been a few cases of side effects that have been linked to the consumption of lupin products. This might hamper the market growth during the forecast period.

Thus, the FMI researchers are of the view that, “the ability to provide requisite levels of protein and fiber, coupled with the increase in the number of vegans and vegetarians, and a plenty of other factors are expected to surge the lupine protein market share during the forecast period.”

Competitive Landscape

The key players operating in the market are investing massive amounts in the technological upgradation. The intention is to scale up the production at a time when the demand for lupine protein-based products is surging. Apart from that, there are also massive investments being made on the R&D aspect of the business.

In October 2022, Barentz International acquired Viachem, which is a specialty distributor of life science ingredients and speciality chemicals.

Lupin Protein Market Segmentation

By Product Type:

Protein Isolates,
Protein Concentrates,
Flour,
Other Product Types

By Nature:

Organic,
Conventional

By End Use:

Food Processing (Bakery & Confectionary, Dairy Replacements, Functional Foods, Infant Foods, Meat Alternatives, Other Food Applications),
Animal Feed (Cattle, Poultry, Swine, Pet Food, Aquafeed),
Nutraceuticals,
Sports Nutrition,
Infant Nutrition

By Processing Type:

Dry Processing,
Wet Processing

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
MEA

About Future Market Insights (FMI)

Chemical Recycling Service Market Predicts USD 149.24 Billion by 2034, Growing at 25.8% CAGR | FMI Reports

In 2023, the global chemical recycling service market was valued at USD 13.78 billion. Between 2024 and 2034, this market is expected to experience rapid growth at a noteworthy CAGR of 25.8%, projecting a total market value of USD 149.24 billion by 2034, up from USD 15.71 billion in 2024.

The adoption of chemical recycling services is primarily driven by increasing awareness of environmental issues and evolving consumer preferences. A key concern is the accumulation of plastic waste, which conventional recycling methods struggle to manage due to contamination challenges and limitations in processing certain types of plastics.

Modern consumers are becoming increasingly mindful of the environmental impact of their purchases, leading to a rising demand for more sustainable alternatives. This shift is reshaping market dynamics, prompting businesses to invest in innovative solutions that offer enhanced sustainability and environmental benefits.

Consumers are favoring products and packaging that are recyclable, renewable, or biodegradable, posing challenges for companies to integrate sustainable practices across their supply chains, including adopting advanced recycling technologies like chemical recycling.

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Chemical recycling services hold significant promise in transforming plastic waste management towards a more circular and sustainable economy, aligning with consumer preferences for environmentally responsible products.

Governments worldwide are initiating efforts to transition towards a circular economy, which prioritizes resource efficiency, minimizes waste generation, and promotes the reuse, recycling, and regeneration of materials. Chemical recycling aligns closely with these principles by enabling the recovery of valuable resources from waste materials that would otherwise be discarded.

By addressing the growing issue of plastic pollution through the reuse and recovery of plastic waste, chemical recycling reduces reliance on virgin resources sourced from oil and gas. This not only conserves natural resources but also mitigates greenhouse gas emissions and alleviates pressure on landfill capacities.

Government-led initiatives promoting the shift to a circular economy provide strong incentives for adopting chemical recycling technologies. By addressing environmental concerns, navigating regulatory shifts, and unlocking economic opportunities, these programs foster widespread acceptance of innovative recycling solutions and pave the way for a more sustainable future.

“The future growth potential of chemical recycling services is promising, driven by increasing environmental concerns, regulatory pressures, and the need for sustainable waste management solutions. These are likely to fuel investment, innovation, and adoption of advanced recycling technologies.” – says FMI analyst.

Key Takeaways from the Report-

The global market for chemical recycling services is projected to thrive at 25.4% CAGR through 2034.
By technology, the pyrolysis segment is expected to grow by 17.2% CAGR through 2034.
By product, synthetic crude oil is projected to thrive at 16.9% CAGR through 2034.
The global market for chemical recycling services is anticipated to reach a total valuation of US$ 15.71 billion by 2024.
Western Europe is expected to account for a significant share of about 49.6% in 2034
The United States industry is projected to thrive at 26% CAGR from 2024 to 2034.
Demand in India is predicted to rise at 28% CAGR through 2034.

Competitive Landscape

The global chemical recycling service market is fragmented, with leading players accounting for about 25% to 30% share.

The global chemical recycling service market is fragmented, with leading players accounting for about 25% to 30% of the share. Agilyx, BASF, Chevron Phillips, ExxonMobil, Honeywell, Lyondellbasell, Dupont Teijin Films, Mitsubishi Chemical, Nova Chemicals, Shell, SK Global Chemical, Sumitomo Chemical, Arcus, BiologiQ, Braskem, Covestro, Eastman, Evonik, Forell Pomini, GreenMantra, Interseroh, Licella, Phigenesis, Quantafuel, and Renew ELP (UK) are the leading companies that provide chemical recycling services.

Recent Developments-

In February 2024, Covestro, LyondellBasell, and Invest-NL announced a collaboration to invest 13 million euros in Pryme, a firm creating cutting-edge chemical recycling solutions. Through this partnership, Pryme’s technology for turning mixed plastic waste into premium circular feedstock will be commercialized more quickly.
Reliance was the first company in India to employ chemical recycling in December 2023 to turn plastic waste-based pyrolysis oil into circular polymers that have earned the ISCC-Plus certification for sustainability and carbon footprint.

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Chemical Recycling Service Market Segmentation

By Technology:

Feedstock Recycling
Purification
Depolymerization

By Product:

Feedstock Recycling
Purification
Depolymerization

By Region:

North America
Latin America
Western Europe
Eastern Europe
East Asia
South Asia & Pacific
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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