Market Research Blog – Page 3226 – New Product Development

Food Acidulants Market Set to Reach US$ 4.5 Billion by 2033, Fueled by Rising Demand for Processed Foods and Enhanced Flavor

The food acidulants market is valued at US$ 2.6 billion in 2023 and is estimated to reach a value of US$ 4.5 billion by 2033, registering a CAGR of 5.4% during the forecast period.

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.

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The adoption of fumaric acid in various beverages, imparting an acidic flavor, is fueling the expansion of the global food acidulants market. The increasing consumer demand for beverages globally, along with manufacturers introducing innovative products, is driving market trends during the forecast period. Citric acid’s adoption in desserts, syrups, and exotic beverages is further enhancing market share, particularly with the rising popularity of ready-to-eat food.

Bakery and Confectionery Sector Highlights:

Robust Growth: The bakery and confectionery sector is witnessing a Compound Annual Growth Rate (CAGR) of 5.2% in the food acidulants market.
Child-Centric Demand: Increasing demand for cakes and pastries, especially among children, is a key driver for the bakery and confectionery segment.
Packaged Food Surge: The growing demand for packed food and the desire for extended food shelf life are contributing significantly to market expansion.

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Powder Category Dominance in Foam Segment:

Leading Category: The powder category leads the food acidulants market with a CAGR of 5.6%, driven by its better storage, ease of use, and transport.
Consumer Preference: Increasing consumer preferences for powder-form food acidulants are bolstering demand, especially in the foam segment.
Animal Nutrition Boost: Growing demand for nutritional diets for animals is increasing the adoption of powder foam, recording a CAGR of 4.3% in the historical period from 2017 to 2022.

Key Market Insights:

Market Valuation: The food acidulants market is projected to reach US$ 4.5 Billion by 2033.
Global Growth: Witnessing a CAGR of 5.4%, the global market is expected to see substantial growth during the forecast period.
Regional Dynamics:
- United States: Anticipated to grow at a CAGR of 3.8% through 2033.
- India: Significantly uplifting with a CAGR of 6.0% during the forecast period.
- United Kingdom: Expected to grow at a CAGR of 4.5% over the forecast period.

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.

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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 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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Soaring Demand Propels Aircraft Hydraulic Systems Market to US$ 25.9 Billion by 2034 at 11.8% CAGR

The aircraft hydraulic system market is projected to reach US$ 12.6 billion by 2024. The sales of aircraft hydraulic systems are expected to witness a strong CAGR of 11.8% from 2024 to 2034. By 2034, the demand for aircraft hydraulic systems is anticipated to reach a valuation of US$ 25.9 billion.

Regional Outlook

Asia Pacific is a prominent contributor to the global aircraft hydraulic system market due to extensive aerospace production centers in nations like China and Japan.
As airlines in the region increase their fleets to accommodate the expanding passenger numbers, Asia Pacific’s robust economic expansion and rising demand for air travel are boosting the market.
Defense contractors are looking for dependable and high-performing solutions for various aircraft platforms, which boosts demand for modern aircraft hydraulic systems. The region’s concentration on military aviation and defense applications stimulates the demand for aircraft hydraulic systems.
Europe’s focus on environmental sustainability impacts the market, as there is an increasing need for fuel-efficient and environmentally friendly hydraulic systems that comply with strict aviation requirements.

“Due to the growing need for air travel, the airplane hydraulic system market is expected to rise steadily. There are opportunities for aircraft hydraulic system market expansion as the increasing focus on safety regulations and fuel economy spurs innovations.” – Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)

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The aircraft hydraulic system market is driven primarily by increased air traffic and a rise in new aircraft deliveries. The demand for improved aviation hydraulic systems on new aircraft encourages the adoption of aircraft hydraulic systems, which reduce weight and lower end-user operating and maintenance costs.

Growth Stimulators

Rising interest in using commercial airplanes
Increasing global air traffic
OEM aircraft deliveries are increasing
The expansion of low-cost airlines and the rise in passenger volume
Hydraulic systems technological developments

Market Constraints for Aircraft Hydraulic Systems

The aviation hydraulic system market struggles with obstacles like stricter regulations, a greater emphasis on fuel efficiency, and an increasing adoption of electric power systems. Market obstacles include the necessity for constant innovation to satisfy changing safety regulations, the possibility of system malfunctions, and the need for lightweight substitutes. Defense budget changes are influenced by the economy and market growth of aviation hydraulic systems, leading to a dynamic environment that challenges long-term growth.

Key Takeaways

The reservoirs segment in the product category is likely to accelerate at a CAGR of 11.6% from 2024 to 2034.
In the fluid type category, the vegetable-based segment is expected to develop at a CAGR of 12.1% between 2024 and 2034.
The United States aircraft hydraulic system market is projected to surge at a CAGR of 12.1% by 2034.
The United Kingdom airplane hydraulic system market is likely to develop at a CAGR of 13% through 2024.
China sales of aircraft hydraulic systems are expected to surge at a CAGR of 12.6% until 2034.
South Korea aircraft hydraulic system industry is anticipated to boost at a CAGR of 14.0% by 2034.
Japan aircraft hydraulic system market is expected to exhibit a CAGR of 13.3 by 2034.

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Competitive Landscape

Due to the growing need for dependable and effective aircraft hydraulic systems, several aircraft hydraulic system vendors are competing intensely. Moreover, leading aircraft hydraulic system companies consistently prioritize technological innovations, research and development, and strategic alliances to attain a competitive advantage.

Global economic conditions, regulatory changes, and advancements in aeronautical engineering are some of the factors that impact the competitive dynamics of the aircraft hydraulic system industry.

Vital Aircraft Hydraulic System Manufacturers

Arkwin Industries, Inc.
Eaton Corporation plc
HYCOM
Liebherr-International Deutschland GmbH
Moog Inc.
PARKER HANNIFIN CORP
Safran S.A.
Senior plc
Triumph Group
Woodward, Inc.

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Key Segments

By Product:

Reservoirs
Pumps
Valves
Hydraulic fuses
Accumulators
Actuators
Others

By Fluid Type:

Vegetable-based
Mineral-based
Synthetic-based

By Wing Type:

Fixed Wing
Rotary Wing

By End User:

Airforce
General Aviation
Commercial Aviation

By Region:

North America
Europe
Asia Pacific
The Middle East Asia
Latin America

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

About Future Market Insights (FMI)

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

Contact Us:

Nandini Singh Sawlani

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705

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Website: https://www.futuremarketinsights.com
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Herbs and Spices Market Poised to Reach US$ 244 Billion by 2034, Driven by Increasing Utilization in Food Industry

The herbs and spices market size is forecast to grow at a CAGR of 3.6% between 2024 and 2034. The market is expected to incline from US$ 171,563.1 million in 2024 to US$ 244,124.7 million by 2034 end. The accelerating utilization of herbs and spices in food items is fueling market expansion.

The Herbs and Spices market is not just about flavor; it’s a journey through global culinary diversity. Traditionally used for fragrance, flavor, and food preservation, these culinary treasures are witnessing a surge in demand. Ethnic food exploration, a quest for high-quality food experiences, and the rise of veganism are driving market expansion.

Emerging Trends in Dried Herbs and Spices Application

Increasing demand for unique aromatic food experiences by today’s customers is boosting food experimentation by recipe developers.
Remarkable interest in global and ethnic food, which reinforces curiosity about flavor mixes and spices
Growing awareness regarding the medicinal and physiological benefits of herbs and spices, such as antiviral and antibacterial properties
Ant-aging trend proposes that food can be used as a medicine; for instance, by incorporating cholesterol-lowering herbs and spices in their diets.

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Key Takeaways:

China’s Culinary Dominance: The China herbs and spices market is set to lead globally, poised to generate a substantial revenue of US$ 36.7 Bn by 2034, fueled by rising consumer expectations and enhanced manufacturing capabilities, with a steady CAGR of 4%.
South Korea’s Flavorful Ascent: South Korea emerges as the fastest-growing economy in the global herbs and spices market, showcasing a notable CAGR of 5.5%. The trend is attributed to an increasing number of consumers exploring global cuisines through traditional sauces.
Japan’s Culinary Accent: In Japan, herbs and spices play a role in uplifting cooking, acting as flavor enhancers. The Japan herbs and spices market is anticipated to reach US$ 7 Bn by 2034, exhibiting a CAGR of 4%.
Herbs Take Center Stage: Herbs, with their associated health benefits, witness heightened demand, showcasing a robust CAGR of 3% for the forecast period.
Food Segment Flourishes: Herbs and spices find increased inclusion in the food segment, fueled by global consumption patterns and the emergence of new food stores. The segment is poised to grow at a CAGR of 3.4%, reflecting the culinary exploration trend worldwide.

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News Featuring Market Developments by Companies Providing Herbs and Spices:

In December 2020, McCormick & Company Inc. unveiled that it has acquired FONA International, LLC, which is a leading producer of clean and natural flavors. The latter caters to diversified consumer base from various application segments like beverage, food, and nutritional markets. The complete acquisition was worth US$ 710 million.

In May 2021, Olam Food Ingredients (“OFI”) revealed that it has acquired Olde Thompson, a leading US private label manufacturer of spices and seasonings. The acquisition was completed at Enterprise Value of US$ 950 million.

Herbs and Spices Market by Category
Product type:

Herbs
Spices
Paprila (Hot Pepper)
Cumin

End Use:

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

Form:

Powder & Granules
Flakes
Paste
Whole/Fresh

Sales channel:

Direct
Indirect
- Store-based Retailing
- Online Retail

Nature:

Organic
Vegan
Natural
Non-GMO
Conventional

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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 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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Imitation Whipped Cream Market Poised to Reach US$ 2.15 Billion by 2034, Driven by Growing Demand for Health-Conscious Consumers and Dairy-Free Food Trends

By 2024, the market for imitation whipped cream sales of artificial food preservatives hold a current valuation of US$ 1.24 billion in 2024. The demand could rise and equate to a market valuation of US$ 2.15 billion, expanding at a CAGR of 5.6% by 2034.

The plant-based food alternatives offer a softer and smoother texture than their conventional peers and can be infused with natural seasonings such as fruit and spices. The demand for imitation whipped cream is developed in confectionery producers by infusion with plant-based food alternatives.

According to the report, the rising demand for imitation whipped cream in the food and beverage industry will fuel market growth. The report offers a comprehensive market overview, covering prevailing trends and opportunities. It also highlights key growth drivers and restraints to offer refined forecasts on growth opportunities.

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Imitation whipped cream is produced using either vegetable oils or plant-based milk and is then spray-dried to achieve change them into a powder form. Imitation whipped cream in the powdered form has the highest economic contribution due to its higher shelf life, which has an impact on the choice of consumers as well as the retailers that sell the product.

Imitation whipped cream is easily storable and does not require any additional efforts. Consisting imitation whipped cream in supermarkets is also easier and more cost-effective as these non-dairy creamers have an extended life. Thus, the value of imitation whipped cream is higher in the global market.

It includes in-depth insights into the imitation whipped cream market. Some of these are:

The estimated value of the market was at US$ 1.24 Bn in 2024. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
Asia Pacific excluding Japan recorded high growth in the global imitation whipped cream market in the year 2020.
Imitation whipped cream markets Europe and North America will remain lucrative through the forecast period.
Conventional imitation whipped cream is expected to remain the dominant segment in terms of the nature of imitation whipped cream.
Players in the market are likely to focus on research and development to find new sources to make plant-based whipped cream and imitating whipped cream frosting.

“Rising popularity of plant-based ingredients in the food and beverage industry is anticipated to drive the imitation whipped cream market. It is also expected to benefit from increasing preference for coffee and ready to drink beverages among millennial. Changing consumption habits, coupled with focus on health and wellness will steer growth in favour of the market,” said a lead analyst at FMI.

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Shifting Consumers’ Preferences towards Plant-Based Dairy Alternatives

The dairy-usage among the consumers has persisted due unavailability of adequate options in dairy-alternatives and the need for nutrients that only dairy can fulfil. But the change of trend has been observed in recent as producers are coming with a wide range of products in dairy alternatives with variations in color, base and type of these products. Dairy products are preferred more traditionally and manufacturers cannot experiment much with them. With millennial and present-day consumers looking for more options in dairy products, imitation whipped cream market may gain impetus. The variety of imitation whipped cream recipe is plenty. It can be used in different food and beverage preparations, which is a key factor enabling growth in the market.

Dip in Demand Likely as Restaurants and Food Chains Remain Shuttered due to COVID-19

The global food industry is significantly affected by the COVID-19 outbreak, which has resulted in temporary closures of restaurants and food chains. Hence, HoReCa running out of businesses, it could be a major setback for imitation whipped cream market. Nonetheless, the market will pick up once operations in food service industry resumes. Until then, lockdown and preventive measures imposed across nations may curb growth prospects for the market.

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Who is winning?

Some of the key players operating in the imitation whipped cream s market are Kraft Heinz Company, Rich Products Corporation, Nestlé S.A, Danone, Trader Joe’s Company, Kerry Group, and more tier two players.

Due to the rising popularity of plant-based food, manufacturers of whipped cream are improving their product offerings. Along with this, they are focusing on technical developments in production technology. Besides these, they are adopting strategies such as merger and acquisitions and collaborating with local/ regional producers across the emerging market to expand their global footprint. These companies are mainly focusing on catering to meet the ongoing trend in the millennium.

The global imitation whipped cream market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.

Nature

Organic
Conventional

Form

Powder
Liquid

Product Type

Soy Creamer
Almond Creamer
Oat Creamer
Coconut Creamer
Rice Creamer
Cashew Creamer
Coffee Creamer
Vegetable Cooking Cream
Other Product Types

End-Use

HoReCa/Food Service
Food & Beverage Processing
- Food Premixes
- Soups and Sauces
- Beverage Mixes
- Coffee Mixes
- Tea Mixes
- Bakery Products and Ice Cream
- RTD Beverages
- Others
  - Infant Food
  - Prepared and Packaged Food
Household/Retail

Sales Channel

Direct Sales
Indirect Sales
- Modern Trade
- Convenience Store
- Departmental Store
- Online Retailers
- Specialty Store
- Other Sales Channel

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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Spice Oils and Oleoresins Market Set to Surpass US$ 3.5 Billion by 2033, Fueled by Growing Demand in Food and Beverage Sector

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.

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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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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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India Casino Tourism Market Aims for US$ 20,458 Million by 2032 | FMI

The India casino tourism market is predicted to reach US$ 5,567 Million in 2022. As per the report, sales are estimated to grow at a strong 13.9% CAGR, with the market valuation reaching US$ 20,458 Million by 2032.

Many people, especially those who enjoy gambing, make long trips to various casino locations. Several travellers go to Las Vegas, Nevada, which is the world’s gambling capital. Indian gamblers travel to Indian states where gambling is permitted. In addition to the attraction of the game, the chance to leave the comfort of home, visit a new casino location, and make memories are other factor contributing to the expansion of casino tourism in India.

One of the countries without a clearly defined gambling law is India. It has a gaming law, however it is out of date. In the end, each state of India is permitted to control its own gambling laws. Only three Indian states have legalised physical gambling, land-based gambling establishments such as brick and mortar casinos. They are Sikkim, Goa, and Daman which saw the impact of casino tourism on the economy, though some other Indian states are also taking it into consideration. In India, the casino tourist industry is still expanding quickly. Casino tourism in India has reached new heights because of the popularity of online gaming sites. Casino travel is extremely popular in India.

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The astonishing technological advancements that online casinos regularly experience have a direct impact on the volume of players and the money made. Therefore, it is reasonable to predict that the actual contribution of the gambling sector to the economy as a whole will keep increasing.

Key Trends in India Casino Tourism Market

In recent years, India has emerged as an enticing destination for casino tourism, blending vibrant cultural experiences with the allure of high-stakes gaming. As the industry undergoes dynamic transformations, several key trends are shaping the landscape of the India Casino Tourism Market.

Regulatory Shifts and Legalization: The most pivotal trend revolves around regulatory changes and the gradual acceptance of casino operations in select states. With Goa leading the charge, other regions are considering similar moves, fostering an environment conducive to the growth of casino tourism. As legal barriers crumble, new opportunities arise for both domestic and international visitors seeking a thrilling gaming experience.
Integrated Resorts and Entertainment Complexes: The paradigm is shifting from standalone casinos to integrated resorts that offer a holistic experience. These complexes combine luxurious accommodations, world-class dining, entertainment shows, and gaming facilities under one roof. This trend caters to a diverse audience, making casino tourism an attractive option for families, business travelers, and leisure seekers alike.
Digital Transformation and Online Gaming: The rise of online gaming platforms has complemented the traditional brick-and-mortar casinos. The digital shift allows enthusiasts to indulge in casino games remotely, providing a convenient and accessible alternative. This synergy between physical and online gaming experiences is redefining the industry and expanding the market reach beyond geographical constraints.

“Tourist states of India are taking constant efforts to enhance the gambling experience for travellers. While the country provides a potential market for online gambling as India is one of the countries with maximum internet penetration which will help in the growth of India casino tourism market.” Says an FMI analyst.

Key Takeaways:

Based on Game type, Slot Machines followed by 3 card game are predicted to account for a dominant share of Gamblers in the market through 2032.
In terms of age group, demand in the age group 35-50 years will continue gaining traction through 2032.
Nearly 8 million tourist visit India to experience gambling in casinos every year.
Based on type of tourist, Domestic tourists will continue to grow in the forecasted period.

Who is winning?

Leading players in India Casino Tourism Market are Guide India Tour, India Travel Tours, Casinota, Casino Tours, Tripadvisor, TourRadar, Akshaya india Tours and Travels Ltd., Kesari Tours Pvt Ltd., among others.

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India Casino Tourism Market by Category

By Game Type, India Casino Tourism Market is segmented as:

3 Card Poker
American Roulette
Blackjack
Casino Stud Poker
Dice
Punto Banco
Others

By Casino Type, India Casino Tourism Market is segmented as:

Commercial
Tribal
Limited Stakes
I-gaming

By End Users, India Casino Tourism Market is segmented as:

Gambling Enthusiasts
Social Exuberant
Dabblers
Lottery Loyalists
Unengaged Audience

By Age Group, India Casino Tourism Market is segmented as:

18-25 Years
25-35 Years
35-50 Years
50-65 Years
65 Years and Above

By Tourist Type, India Casino Tourism Market is segmented as:

Domestic
International

By Consumer Orientation, India Casino Tourism Market is segmented as:

Men
Women

By Tour Type, India Casino Tourism Market is segmented as:

Independent Traveler
Package Traveler
Tour Group

About Future Market Insights (FMI)

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

Contact Us:

Nandini Singh Sawlani

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Market Size: Advanced Gear Shifter System Market to Reach US$ 41.2 Billion by 2034

The global advanced gear shifter system market is poised to cross US$ 17.7 billion in 2024 and is likely to attain a valuation of US$ 41.2 billion by 2034. The advanced gear shifter system market size is projected to expand at a CAGR of 8.8% from 2024 to 2034.

Key Takeaways from the Advanced Gear Shifter System Market Report

The automatic shifter segment is predicted to develop at an 8.4% CAGR through 2034.
The solenoid actuator segment is expected to thrive at an 8.4% CAGR through 2034.
The market size in the United States is projected to increase at a 9.1% CAGR through 2034.
The market in the United Kingdom is anticipated to develop at a CAGR of 10.0% through 2034.
The market size in Japan is estimated to surge at a 10.3% CAGR through 2034.
The market size in South Korea is expected to thrive at an 11.1% CAGR through 2034.

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The deliberate effort to maximize effectiveness and efficiency is demonstrated by incorporating AI into modern gear-shifting systems. Automakers are using AI algorithms to dynamically modify shift patterns in real time in response to driving circumstances, driver behavior, and vehicle data. In addition to improving driving dynamics and fuel efficiency, this clever integration places manufacturers at the forefront of the application of cutting-edge technologies, enhancing market differentiation and brand perception in a sector that is being increasingly shaped by technological advancement.

Given the increased emphasis on energy conservation, certain gear changer systems provide feedback on energy regeneration during braking. By providing information regarding the amount of energy recovered during deceleration, the integration of this feature encourages environmentally beneficial driving practices. This smart approach appeals to consumers who value energy-efficient driving and is in line with the industry’s sustainability aims.

Gear shifting systems have the chance to integrate flawlessly with autonomous driving technologies as they become more prevalent. Switching between manual and automated driving modes can be facilitated by gear shifters, giving consumers a more seamless experience. Businesses that set the standard for these connections can establish themselves as leaders in the quickly developing autonomous car industry.

“Strategic alliances, customer-focused innovation, and regulatory compliance are necessary for growth in the advanced gear shifter system market. Continuous research and development is vital, as is flexibility in important markets such as North America, Europe, China, Japan, and South Korea. Sustained growth necessitates staying on par with market trends,” – Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)

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Competitive Landscape

The advanced gear shifter system market is exceptionally competitive, with prominent automotive suppliers such as ZF Friedrichshafen AG, Continental AG, and BorgWarner Inc. using worldwide reach and R&D efforts. Innovative firms, such as Kapsch Components and Varroc Group, use cutting-edge technology to disrupt markets.

Strategic alliances, particularly with automakers and technology suppliers, are commonly improving product compatibility and innovation. Geographical placement in important automotive markets and adherence to demanding regulatory standards are essential elements in determining competitive strategies in the dynamic market.

Key Players in the Advanced Gear Shifter System Market

ZF Friedrichshafen AG
BorgWarner Inc.
Continental AG
Kapsch Components
Varroc Group
Stoneridge, Inc.
Dura Automotive Systems
Silafrica Automotive (Pty) Ltd.
Ficosa International SA
Kostal Group

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Advanced Gear Shifter System Market Segmentation

By Technology:

Automatic Shifter
Shift-By-Wire (SBW)

By Component:

Solenoid Actuator
Electronic Control Unit (ECU)
CAN Module
Others

By Vehicle Type:

Light Duty Vehicle
Commercial Vehicle
Electric Vehicle Type
Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific (APAC)
Middle East & Africa (MEA)
Japan

Author

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)

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

Contact Us:

Nandini Singh Sawlani

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705

For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Citrus Pulp Market to Reach US$ 287.2 Million by 2033, Driven by Rising Demand for High-Quality Animal Feed and Versatile Applications in Food, Beverage, and Packaging Industries

The citrus pulp market is anticipated to be worth US$ 180.97 million in 2023 and US$ 287.2 million by 2033. Citrus pulp demand is anticipated to maintain a constant CAGR of 5.9%.

The demand for natural and healthy ingredients is increasing as consumers become more health conscious. Citrus pulp feed is a natural and organic ingredient that contains high levels of fiber, making it a popular choice for health-conscious consumers. In addition, it is low in fat and calories, which makes it an attractive ingredient for weight management products. As the demand for natural and healthy ingredients continues to rise, the citrus pulp market is expected to grow.

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Sustainability is becoming a key concern for companies and consumers alike. Citrus pulp feed is a sustainable ingredient that can be used in a variety of applications, including animal feed, food and beverage products, and packaging. It is a by-product of the citrus juice industry, which helps to reduce waste and promote sustainability. As companies and consumers become more conscious of sustainability, the demand for citrus pulp is expected to increase.

Demand for Citrus Fiber Is Growing as Many People Try to Buy Products Free from Harmful Ingredients.

Since scientists have discovered citrus fibers’ health benefits, manufacturers have been adding them to several products to boost sales of citrus pulp. Citrus fiber is used in a wide variety of foods and beverages, including to fruit juices and yoghurts, salad dressings, condiments, sauces, baked goods, meats, and soups. Researchers have found that citrus fiber has numerous health benefits, including the prevention of cancer, improvement of heart health, digestion, stress relief, and skin tone. Polyphenols, vitamin C, and flavonoids are just few of the bioactive compounds found in citrus fiber that contribute to its health benefits. As clean-label foods and drinks become the norm, consumers are looking to our clients for cutting-edge solutions to meet their needs. Companies that sell citrus fiber tout not only its health advantages, but also its potential to replace eggs and oil, clean label, and its contribution to sustainability by making productive use of post-processed citrus that would otherwise be thrown away.

The rising demand for naturally derived cosmetics is prompting several players in the citrus fiber market to emphasize their continued investment in ingredient innovation for broad cosmetic and personal care applications. Furthermore, the rising interest in natural remedies is driving up demand for citrus ingredients in all sorts of cosmetics. Citrus fibers, which are essential for enhancing the body’s metabolism and digestion, have been seeing a rise in popularity as consumers become more concerned about the safety of the food they eat. Citrus fiber’s inclusion in a wide variety of products across sectors reflects the growing clean label movement’s emphasis on the importance of using ingredients with few or no artificial ingredients.

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Key Takeaways:

The availability and demand for citrus pulp around the year, owing to the presence of several citrus fruit juice production facilities, is aiding the long-term prospects of the industry.
Europe market holds a predominant position, accounting for over 30% of the global market share, driven by demand from consumers in the United Kingdom, Germany, and France.
The demand for orange-based citrus pulp is expected to account for a significant market share through the end of the forecast period.
The market is facing challenges related to contaminants and counterfeit products, and fluctuations in yield due to environmental factors.
The demand for citrus pulp in the bakery products segment is estimated to remain the prominent in the near future, driven by growing applications in confitures and fresh fruit pastries.
Citrus pulp feed is used in various end-use applications, including bakery, sauces and seasonings, meat and egg replacement, personal care, and pharmaceutical offerings, among others.
The growing demand for convenience foods is expected to bolster fast growth in the snacks and meals segment.

Competitive Landscape:

The citrus pulp market is highly competitive and fragmented, with several key players vying for market share. Some of the leading companies in the market include:

Fiberstar, Inc.
Cargill, Inc.
Commodity Specialists Company
Agrifiber Products, Inc.
DuPont de Nemours, Inc.
Ingredion, Inc.
Tereos Group
CP Kelco U.S., Inc.
Florida Food Products, LLC
Ceamsa

The market is characterized by intense rivalry among players, with strategies such as product innovation, mergers and acquisitions, and strategic partnerships being employed to gain a competitive edge. Moreover, market players are focusing to expand their production capacities to cater to the growing demand for citrus pulp from various end-use industries.

The market is also witnessing the entry of new players, which is further intensifying the competition. This is expected to drive innovation and result in the development of new and advanced products in the market. Overall, the competitive landscape of the citrus pulp market is expected to remain highly dynamic and competitive in the coming years.

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Key Segments

Nature:

Organic
Conventional

Source:

Oranges
Tangerines/Mandarins
Grapefruit
Lemon and Lime

End Use:

Bakery
Desserts and Ice-Creams
Sauces and Seasonings
Meat and Egg Replacement
Beverages, Flavorings, and Coatings
Snacks and Meals
Personal Care
Pharmaceuticals
Others

Distribution Channel:

Supermarkets/Hypermarkets
Convenience Stores
Departmental Stores
Specialty Stores
Pharmacy/Drug Stores
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 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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HEVs Reign Supreme: Electric Vehicle Battery Market to Reach US$ 21.3 Billion by 2033

The global electric vehicle battery market is set to strengthen its market hold at a promising CAGR of 8.5%, while it is forecast to hold a revenue of US$ 21.3 Billion by 2033. The market is valued at US$ 9,402.3 million in 2023.

According to a research of the electric vehicle battery industry, the hybrid electric vehicle (HEV) category will account for more than 70% in 2022. The dominance of HEV over PHEV and BEV in the electric car industry makes them the most important market for electric vehicle batteries. Hybrid electric vehicles are popular because its twin-powered engine, which combines an internal combustion engine and an electric motor, reduces fuel consumption.

Inadequate charging outlets and the fragility of single-battery cars have hampered the demand for PHEVs and BEVs. Hybrid electric cars are predicted to be the most profitable category in terms of value and volume in the electric vehicle battery market throughout the forecast period.

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Top Highlights from the FMI’s Analysis of the Electric Vehicle Battery Market:

The United States electric vehicle battery industry is expected to attain a 28.7% market share in 2023. The dominant share of the country reflects the high establishment of the market and great prospects for future growth.
Germany is expected to hold a 15.1% market share in 2023. The country is expected to attract key players from across the globe to expand its sales and drive product innovation.
Japan contributes 5.3% to the global market. The regional market offers excellent potential for key participants’ growth.
Australia’s share in the market is as low as 1.4%. However, the country is expected to offer growth prospects to businesses that venture out.
China is expected to expand robustly over the forecast period at a 9.6% CAGR.
The Indian market is anticipated to expand at a CAGR of 9% in the forecast period.
Under the battery type category, lead acid is expected to record a market share of 45.7% in 2023.
Passenger cars are expected to hold a 22.2% market share in 2023.

Key Developments in the Market

CATL collaborated with Ford in February 2023 to develop a battery plant for EVs in the United States Michigan city. As a part of the agreement, Ford is expected to own the new unit of CATL. CATL is also predicted to assist Ford in accelerating the development of batteries.
Clarios’ Optima introduced an all-new lithium-power sport battery line in November 2022. The line focuses on enhancing batteries for personal watercraft, motorcycles, utility task vehicles (UTV), snowmobiles, and all-terrain vehicles (ATVs).
Honda Motor Company declared the development of a lithium-ion battery plant for EVs in the United States with the LG Energy Solution Ltd. in August 2022. The total investment in the project has been US$ 4.4 billion. The companies aim to develop about 40 GWh of batteries yearly to be exclusively used in North America’s Honda and Acura electric vehicles.

Competitive Landscape

LG Chem Ltd, BYD Company Limited, Panasonic Corporation, Tesla Motors, Inc., Samsung SDI Co, Ltd, and Narada Power Source Co., Ltd, among others, are some of the prominent players in the electric vehicle battery market profiled in the full version of the report.

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Key Segments

By Battery Capacity:

Less than 20 kWh
21-40 kWh
More than 41 kWh

By Vehicle Technology:

HEV
PHEV
BEV

By Vehicle Type:

Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Others

By Battery Type:

Lithium Ion
Lead Acid
Nickel Hydride
Others

By Region:

North America
Latin America
Asia Pacific
MEA
Europe

Author

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

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

Contact Us:

Nandini Singh Sawlani

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

Automotive Brake Systems & Components Market to Hit US$ 109,862.1 million by 2033, Driven by Safety Demands of Advanced Vehicles

The automotive brake system & components market size is projected to be valued at US$ 69,403.5 million in 2023 and is expected to rise to US$ 109,862.1 million by 2033. The automotive brake system & components market sales are expected to capture a significant CAGR of 4.7% during the forecast period.

The automotive brake system & components market plays a crucial role in ensuring the safety and performance of vehicles. As vehicles become more advanced and sophisticated, the demand for efficient and reliable braking systems continues to grow.

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The primary purpose of automotive brake systems is to enable controlled vehicle deceleration and stopping. These systems convert kinetic energy into heat energy through friction, effectively bringing the vehicle to a halt. The components involved in the brake system include brake pads, rotors, calipers, drums, shoes, and hydraulic systems.

The acceptance and demand for luxury vehicles are on the rise. Luxury vehicles often require advanced braking systems to provide enhanced safety and performance features. As consumers increasingly prioritize comfort and safety, the demand for high-quality brake systems in luxury vehicles is growing.

Stringent safety regulations imposed by governing bodies across the globe are driving the adoption of advanced braking technologies. These regulations aim to improve vehicle safety standards and reduce accidents on the roads.

Moreover, the increasing use of disc brakes in commercial vehicles contributes significantly to the market’s expansion. Disc brakes offer improved braking performance, durability, and heat dissipation compared to traditional drum brakes. As commercial vehicles carry heavy loads and operate in demanding conditions, the adoption of disc brakes is gaining momentum, driving the market’s growth.

The OEM (Original Equipment Manufacturer) segment dominates the automotive brake system & components market with a market share of over 35.2%. This is driven by increasing consumer demand for improved vehicle control and safety and the growing adoption of passenger cars. The OEM segment is expected to surpass revenues of US$ 31,679.8 million by the end of 2022.

The passenger car segment is the market’s most preferred type of vehicle, with a value share of 43.5%. The rising adoption of braking systems and components in passenger cars, coupled with factors such as high disposable income and a growing focus on safety, fuels the demand for passenger cars.

The preference for advanced automotive systems, including safety features like ABS, is driving market growth. The United States market is estimated to surpass revenues of US$ 12,751.6 million by the end of 2022.

Japanese automakers are focusing on research and development to introduce cutting-edge innovations in the automobile industry. Brake component manufacturers in Japan emphasize product innovation to meet the high consumer demand and advance production techniques. The market is anticipated to be valued at around US$ 8,633.9 million in 2022.

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Key Companies Profiled

Continental AG, ZF Friedrichshafen AG, Delphi Automotive PLC, Valeo S.A, Federal-Mogul Holdings Corporation, Nissin Kogyo Co. Ltd, Hitachi Astemo, Ltd., Akebono Brake Industry Co Ltd., Magneti Marelli S.p.A, Mando Corporation, Brembo S.p.A.

Key Segments Covered in Automotive Brake System & Components Market Analysis

By Sales Channel:

OEM
- Drum Brake
- Disc Brake
Aftermarket
- Brake Booster
- Master Cylinder
- Drum Brake
  - Drum
  - Brake Shoe
  - Wheel Cylinder
- Disc Brake
  - Rotor
  - Caliper
  - Brake Pad

By Vehicle Type:

Passenger Car
LCV
HCV

By Region:

North America
Latin America
Europe
East Asia
South Asia and Pacific
Middle East & Africa

Author

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

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

Contact Us:

Nandini Singh Sawlani