Market Research Blog – Page 3396 – New Product Development

Pet Food Processing Market: Projected to Reach US$ 9.1 Billion by 2034 with 4.0% CAGR, Fueled by Rising Pet Adoption and Demand for Nutrient-Rich Pet Food

The Pet Food Processing Marketis expected to be valued at US$ 6,684.4 million in 2024. In contrast, the 2023 value was marked at US$ 6,348.0 million. The market is expected to progress at a modest rate over the forecast period, with a CAGR of 4.0%. By 2034, the value of the market is forecasted to have inflated to US$ 9,112.7 million.

The need for pet food processing is growing along with rising adoption rates of pets and the subsequent demand for pet food. A growing number of pet owners are becoming knowledgeable about the benefits of specialized pet food and thus the demand is being churned for pet food processing. Further, the variety of pet food desired by pet owners is being fulfilled by pet food processing.

With rising pet adoption worldwide, markets related to pet food, including pet food processing, are set to be bolstered. With pet food acquiring new dimensions due to the inclusion of added flavors and non-meat ingredients, pet food processing is set to play a key role in ensuring there is enough diversity in pet food available. The market value for pet food processing is expected to reach US$ 9,112.7 million by 2034.

“The trend among pet owners is to treat the pet as a member of the family. Thus, the focus of pet owners is not just on nutrient-rich essential food. Pet owners are also buying bite-sized treats in the form of kibbles or biscuits for their pets. The manufacturing of pet treats represents a significant opportunity for pet food processing,” says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.).

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Key Takeaways from the Pet Food Processing Market

The pet food processing market is anticipated to be US$ 6,684.4 million in value in 2024.
Dry food is the most manufactured form in pet food processing. For 2024, dry pet food is expected to contribute to 65% of the market share.
Pet food processing predominantly produces dog food. Dog food is anticipated to account for 45% of the market share.
Japan is one of the most promising countries in the market. The CAGR for Japan over the forecast period is anticipated to be 6.0%.
China is another Asian country where significant growth is predicted. For the 2024 to 2034 period, the CAGR for China is pegged at 5.0%.
The market is expected to register a CAGR of 5.6% in Germany over the forecast period.

Competition Analysis of the Pet Food Processing Market

Improvement in processing facilities by establishing new plants or making improvements to existing ones is a key concern for many market players. Start-up culture is evident in the market. Many small-scale companies are being taken over by multinational giants, while others are looking for investments.

Following are the prominent companies in the market:

Buhler Holding AG
GEA Group
The Middleby Corporation
Andritz Group
Selo
Baker Perkins Ltd.
Purina

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Recent Developments in the Pet Food Processing Market

In December 2023, Nugape Pet Food was the recipient of a certificate from the International Featured Standards (IFS) highlighting the company’s commitment to safety and sustainability.
In November 2023, Bioriginal Food & Science Corp. acquired Softgel Co.
In August 2023, Chinese market player Gambol Pet Group raised funding to the tune of US$ 219.7 million after going public.

Key Segments

By Product Type:

Mixing & Blending Equipment
Forming Equipment
Baking & Drying Equipment
Cooling Equipment
Others

By Form:

Wet Food
Dry Food

By Application:

Dog Food
Cat Food
Fish Food

By Region:

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

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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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Breast Lesion Localization Market Poised for Growth at 4.1% CAGR by 2032 Driven by Early Cancer Detection and Technological Advancements

The global breast lesion localization market is expected to witness a steady climb at a Compound Annual Growth Rate (CAGR) of 4.1% from 2022 to 2032, the market is valued at US$ 256 million in 2022 and reaching a value of US$ 382 million by 2032, according to a recent report by Future Market Insights (FMI). This growth is primarily driven by the increasing prevalence of breast cancer, a surge in government investments in healthcare advancements, and the adoption of innovative technologies.

Breast cancer remains the most common form of malignancy affecting women globally. Alarmingly, it is also the second-leading cause of cancer-related deaths among women. Fortunately, a focus on early detection and improved screening methods is propelling the breast lesion localization market forward. Early diagnosis allows for more effective treatment plans, ultimately saving lives.

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Government initiatives play a crucial role in bolstering the market. Increased funding for research and development of diagnostic tools and therapies, along with efforts to enhance healthcare infrastructure, are creating a favorable environment for market expansion. Additionally, government-backed programs promoting early cancer detection further contribute to the rise in breast lesion localization procedures.

The integration of cutting-edge technologies like digital monitoring, artificial intelligence, and comprehensive healthcare platforms is significantly contributing to the growth of the breast lesion localization market. These advancements empower healthcare professionals to gain a deeper understanding of a patient’s condition, leading to more informed diagnoses and treatment plans.

However, the market does face certain challenges. The high cost of current localization systems and the lack of awareness regarding these procedures can be deterrents. Additionally, a shortage of qualified healthcare professionals trained in using these technologies can impede market growth. Addressing these challenges through upskilling initiatives and streamlining regulatory processes will be crucial for realizing the full potential of this market.

In conclusion, the breast lesion localization market presents a promising outlook, driven by the rising burden of breast cancer, growing government support for early detection programs, and the incorporation of advanced technologies. Overcoming current limitations will be essential for ensuring continued market expansion and ultimately saving more lives through early and effective breast cancer treatment.

Key Takeaways:

United States thrives at a CAGR of 3.9% between 2022-2032 and is expected to hold a market revenue of US$ 136 Million by the end of 2032.
Increasing breast cancer cases coupled with advanced diagnosis options while upgrading the healthcare system and their integration with latest technology like AI and IOT are fueling the growth in this region.
Breast Biopsy segment is the largest segment by the usage type and will hold the biggest portion of the market in the forecast period, thriving at CAGR of 3.5% through 2032. The growth of segments is attributed to easy removal and short time span and lower post-surgery impacts than the lumpectomy.
The UK, being the highest growing market globally, will hold US$ 18.2 Million by the end of 2032 as it thrives on a promising CAGR of 4.4% between 2022-2032

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Competitive Landscape:

Some of the breast lesion localization market competitors listed in the FMI’s study on Breast lesion localization market are Hologic Inc, Becton, Dickinson and Company, Merit Medical System, Leica Biosystems, Nussloch GmbH and Argon Medical Devices.

Recent Developments:

Hologic Inc has introduced LOCalizer, the wire-free breast lesion system that is designed to mark and guide non-palpable breast lesions using a miniature. This innovative technology pushes the market and increases the demand for breast lesion localization processes.
CMerit Oncology has upgraded its scout radar localization that helps in reducing the OR delays and targets the affected tissue and points it out, easing the surgery processes.

Key Segments:

By Type:

Wire Localization
Radioisotope Localization
Magnetic Localization
Electromagnetic Localization

By Usage:

Breast Biopsy
Breast Conservation (Lumpectomy)

By Region:

United States
United Kingdom
China
Japan
South Korea

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T: +1-845-579-5705
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Hydronic Underfloor Heating Market Value Rising to US$ 8,012.2 million by 2033

The hydronic underfloor heating market size is projected to cross US$ 4,390.4 million in 2023 and is estimated to attain a valuation of US$ 8,012.2 million by 2033. The hydronic underfloor heating market share is expected to thrive at a CAGR of 6.2% from 2023 to 2033.

Hydronic underfloor heating systems are renowned for being energy-efficient. They function by pumping warm water via pipes buried in the floor, which distributes heat equally across the space. Because it reduces temperature stratification in the room and prevents heat loss through ducts, this heating technology is more effective than conventional forced-air systems. Consumer interest in hydronic underfloor heating is rising as awareness of energy efficiency and sustainable living increases. This rising inclination is promoting market growth significantly.

Hydronic underfloor heating systems are increasingly being used in both new construction and retrofit projects, which is a key factor driving the market rise. Builders, builders, and homeowners are beginning to acknowledge the value and long-term advantages of this heating alternative, which is increasing demand for and supply of such systems in the market. Furthermore, improvements in installation methods, control systems, and materials have made retrofitting simpler and more affordable, enticing current homeowners to consider replacing their heating systems.

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Hydronic underfloor heating systems provide design freedom since they reside underneath the floor surface. Due to the absence of radiators or other visible heating components, homeowners and architects are given greater authority when designing interior spaces. Hydronic underfloor heating offers a practical heating solution while retaining a neat and uncluttered look, which is becoming increasingly popular with open-concept layouts and minimalist design trends.

Key Takeaways from Hydronic Underfloor Heating Market:

In 2018, the global market size stood at US$ 3,701.6 million.
The market expanded at a CAGR of 3.5% from 2018 to 2022.
In 2022, the global market size stood at US$ 4,243.1 million.
The United States captured 21.0% of global market shares in 2022.
India captured 7.2% of global market shares in 2022.
China captured 6.9% of global market shares in 2022.
The United Kingdom captured 5.5% of global market shares in 2022.
The residential segment under application captured 34.2% of global market shares in 2022.
The new installations segment acquired 56.2% of global market shares in 2022.

Recent Developments Observed by FMI:

In October 2022, Warmup unveiled a low-profile hydronic underfloor heating series. Warmup seeks to enhance and simplify the underfloor heating specification process.
Advanced work packing and heat mapping features were added to AnVent Electric plc’s software in November 2021. It launched software with integrated heat management system (HMS) design capabilities incorporating the client’s 3D plant modeling systems.

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Key Players in the Global Market

Uponor Corporation
Honeywell International Inc.
Amuheat
REHAU AG
Eberle by Schneider Electric
Mitsubishi Electric Corporation
Robert Bosch GmbH
Danfoss
Warmup
H2O Heating Pty. Ltd.
Hunt Hunting
Hurlcon Hydronic Heating
Polypipe
Schluter Systems
Warmboard Inc.
Daikin

Market Segmentation

By Facility:

New Buildings
Retrofit

By Application:

Residential
- Single-family
- Multi-family
Industrial
Commercial
- Education
- Healthcare
- Retail
- Logistics & Transportation
- Offices
- Hospitality
- Others

By Region:

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

About Us

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Contact:

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200 Continental Drive,
Suite 401, Newark,
Delaware – 19713, USA
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Pet OTC Medication Market: Anticipating an Impressive Valuation of US$ 14,210.2 Million by 2033

The global market for over-the-counter (OTC) medication for pets is positioned for significant expansion, with an estimated value of US$ 9,170 million in 2023. This market demonstrates a strong and steady trend, with an expected Compound Annual Growth Rate (CAGR) of 4.5% projected to continue until 2033.

With steadfast growth projections, it is anticipated that the global market share for pet OTC medication will reach a remarkable valuation of US$ 14,210.2 million by the year 2033.

The world’s pet medicine market will keep growing because some important things are pushing it forward. One of the main reasons this market is growing fast is because more and more people around the world are adopting pets. People who have pets are very careful about their pet’s health, looking for easy and simple solutions to keep them well.

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Key Market Trends and Highlights

The global pet OTC medication market is expected to witness steady growth over the assessment period.
A key driving factor behind this growth is the rising trend of pet adoption worldwide.
Pet owners are increasingly recognizing the importance of maintaining their pets’ health and well-being.
This heightened awareness among pet owners is playing a significant role in fueling the growth of the pet OTC medication market.
As a result, pet owners are seeking convenient and effective healthcare solutions for their furry companions.
The market also presents promising opportunities for expansion, especially in emerging economies.
In low and middle-income countries, where the trend of pet ownership is gaining momentum, the demand for pet OTC medications is expected to soar.
This surge in demand is anticipated to create new avenues for market growth in these regions.

Key Players Are:

Ceva Santé Animale Co.
Elanco Animal Health Inc.
Boehringer Ingelheim International GmbH
Zoetis Inc.
Merck & Co., Inc.
Virbac SA Co.
Bayer AG
IDEXX Laboratories Co.
Covetrus Inc.
Dechra Pharmaceuticals PLC
Vetoquinol SA
Phibro Animal Health Co.
Kyoritsuseiyaku Co.
Krka, d. d., Novo Mesto
Sequent Scientific Ltd.
Heska Co.
Eco Animal Health Group

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Key Takeaways from the Market Study

Based on application, fleas & ticks are expected to dominate the market obtaining a market share of 43.1% by 2033.
Based on form, the chewables & tablets are likely to attain a market share of 30% by 2033.
The pet OTC medication market size rose at 3.46% CAGR between 2018 and 2022.
France is estimated to reach US$ 7,120 million by 2033 and dominate at a market share of 3.7% by 2033.
India is projected to experience significant growth, with a current valuation of US$ 4,821.2 million and an expected market share of 1.6%.

“The growing number of pet adoptions and increasing awareness regarding pet health are the determinants of revenue growth of the global pet OTC medication market”, comments a Future Market Insights analyst.

Competitive Landscape

There are several key market players operating in the pet OTC medication market industry. These market players aim to follow expansion strategies, inclusive of collaborations, mergers and acquisitions, and exploration of regulatory approvals.

Some of the new developments are-

In February 2023, Merck explored and utilized technologies including 3D printing, AI & machine learning (ML), big data, connected care, blockchain, cloud, IoT, virtual & augmented reality, wearable tech, and genomics. These technologies help to accelerate drug discovery and development, improve supply chain efficiency, and ensure consistent product quality.
In June 2023, Mars, announced the successful completion of Mars’ acquisition of Heska. Heska is now part of Mars Petcare’s Science & Diagnostics division, enabling broad coverage across diagnostics and technology while accelerating research and development and expanding access globally to pet healthcare solutions.
In January 2023, Heska Corporation, a leading global provider of advanced veterinary diagnostic and specialty products and solutions, announced the completion of the acquisition of 100% of the shares of MBio Diagnostics, Inc. d/b/a LightDeck Diagnostics.

Pet OTC Medication Market by Category

Pet Type:

Dogs
Cats
Birds
Fish and Reptiles
Small Pets
Others

By Application:

Fleas & Ticks
Allergies
Pain Relief & Arthritis
De-wormers
Others

By Form:

Chewables & Tablets
Capsules & Ointment
Sprays
Others

By Sales Channel:

Pet Specialty Stores
Veterinary Clinics
Drug & Pharmacy Stores
Online Retail
Others

By Region:

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

About the Consumer Product Division at Future Market Insights

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

Author

Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.

Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.

About Future Market Insights (FMI)

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

Contact Us:

Nandini Singh Sawlani

Allergen-Free Food Market to Exceed US$ 102 Billion by 2034 with 7.4% CAGR, Driven by Rising Prevalence of Food Allergies

The allergen free food market size is likely to be worth US$ 50,365.7 million in 2024. The market is projected to reach a valuation of US$ 102,699 million by 2034. The sales of allergen free food are anticipated to expand at a CAGR of 7.4% through 2034. The demand is primarily driven by the increasing prevalence of global food allergies and intolerances among consumers. Factors such as changing dietary preferences, rising awareness about allergen-related health issues, and stringent food safety regulations are contributing to the heightened demand for allergen free food products.

The rising prevalence of food allergies and intolerances among consumers is a significant driver for the allergen free food industry. Increasing awareness about these conditions has led to a growing demand for products that cater to specific dietary requirements.

Shifting consumer preferences towards healthier and cleaner eating habits drives the demand for allergen-free foods. Consumers are seeking out products with cleaner labels, free from common allergens such as gluten, dairy, nuts, and soy. One major restraint is the higher cost associated with producing allergen-free products compared to their conventional counterparts. This cost factor often translates to higher consumer prices, limiting market penetration.

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Ensuring the safety and quality of allergen-free products presents challenges for manufacturers. Cross-contamination risks during production processes and supply chain management require stringent protocols and investments in specialized facilities and equipment. Moreover, advancements in food technology and ingredient innovation offer opportunities to improve the taste, texture, and nutritional profile of allergen-free products. Manufacturers can leverage these innovations to enhance product offerings and gain a competitive edge in the market.

One of the latest trends in the allergen free food industry is the emergence of plant-based alternatives to common allergens. Ingredients such as almond milk, coconut flour, and chickpea-based products are gaining popularity as substitutes for dairy, wheat, and soy. There is a growing trend towards cleaner and simpler ingredient labels, with consumers seeking products made from natural and minimally processed ingredients. This trend aligns with the broader movement towards clean eating and transparency in food labeling, driving innovation in allergen-free product formulations.

“There are significant opportunities for growth in the allergen free food industry. Expansion into new markets and segments, such as allergen-free snacks, baked goods, and beverages, presents lucrative opportunities for manufacturers to diversify their product portfolios.” – Nandini Roy Choudhury, Client Partner at Future Market Insights

Key Takeaways from the Allergen Free Food Market:

The United States’ allergen free food industry is poised for substantial growth, with a projected CAGR of 8.6% through 2034.
Germany’s allergen free food industry is anticipated to experience robust expansion, boasting a CAGR of 10.3% through 2034.
Italy’s allergen free food industry is expected to witness steady growth, with a projected CAGR of 8.3% through 2034.
France’s allergen free food industry is set to soar, with a forecasted CAGR of 11.4% through 2034.
The United Kingdom’s allergen free food industry is positioned for remarkable expansion, with an expected CAGR of 12.6% through 2034.
The conventional allergen free food segment dominates the industry with a share of 86.1% in 2024.
Edible oil emerges as a dominant segment, with a share of 21.5% in 2024.

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Competitive Landscape of the Allergen Free Food Market

Companies in the allergen free food industry strive to innovate and differentiate their products to meet the diverse dietary needs of consumers with food allergies and sensitivities. They invest heavily in research and development to formulate allergen-free products that are safe, delicious, and nutritious, leveraging advanced technologies and ingredient-sourcing methods to maintain a competitive edge.

Strategic partnerships play a crucial role in shaping the competitive landscape of the allergen free food industry. Collaborations between food manufacturers, allergen-free certification organizations, and retail partners ensure the credibility and accessibility of allergen-free products.

Companies forge alliances with organizations to obtain certifications and endorsements that validate the safety and quality of their products, enhancing consumer trust and brand reputation. Moreover, partnerships with supermarkets, health food stores, and online platforms enable companies to expand their market reach and distribution networks.

Market leaders invest in robust marketing campaigns to raise awareness about their allergen-free product offerings and differentiate themselves from competitors. They leverage various channels, including social media, digital advertising, and influencer partnerships, to communicate their brand message effectively and engage with consumers.

Recent Developments in the Allergen Free Food Market

Abbott Laboratories has introduced a new product called Alimentum Ready-to-Feed, a hypoallergenic baby formula free of cow’s milk protein, soy, maize, and gluten. The medication is intended to aid newborns who have severe food allergies or colic-related to protein sensitivity.
Kellogg Co. acquired Chicago Bar Company LLC, which manufactures RXBAR protein bars that are gluten-free, soy-free, and dairy-free, and have no added sugar, artificial flavors, or preservatives. Kellogg’s assortment of nutritious and portable snacks has grown due to the purchase.
Nestle recently acquired a controlling share in Terrafertil, a Latin American firm that manufactures and distributes organic and vegan foods including goldenberries, quinoa, chia, and chocolate. The purchase will increase Nestle’s footprint and range in the rapidly expanding plant-based and allergen free food category.

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Key Segments

By Nature:

Organic
Conventional

By Product Type:

Beverages
Chocolate
Processed Meat & Poultry
Others
Edible Oil
Frozen Meals
Tofu & Seitan
Tempeh
Processed Milk Products
Mayonnaise
Tortilla
Natto
Snacks
Pasta
Infant Formula
Bakery Products
Cereals & Grains
Flour Mixes
Dairy and Dairy Products

By Form:

GMO Free
Sugar Free
Gluten Free
Lactose Free
Dairy Free
Meat Free
Preservatives-Free
Caffeine-Free
Soy Fee
Nuts Free
Others

By Sales Channel:

Modern Trade
Specialty Stores
Convenience Store
Direct-to-Customer Channels
Online Retailers
Other Sales Channel

By Region:

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

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Flow Diverters Market Poised for Explosive Growth, Reaching US$ 1.3 Billion by 2032, According to Future Market Insights

The global flow diverters market is on track for remarkable growth, with revenues anticipated to reach a staggering US$ 1.3 billion by 2032. This projection comes from a recent report by Future Market Insights, which forecasts a compelling Compound Annual Growth Rate (CAGR) of 15.3% over the next decade.

The market’s potential is further underscored by its impressive starting point. In 2021, the flow diverters market is estimated to have generated US$ 273 million in revenue. This robust foundation sets the stage for an absolute revenue potential of US$ 992.9 million over the next ten years.

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Flow Diverters Revolutionize Neurovascular Treatment:

Flow diverters have emerged as a game-changer in the treatment of intracranial aneurysms, a serious threat to patients suffering from neurovascular disorders. These mesh-like devices are implanted within blood vessels to divert blood flow away from the aneurysm, promoting natural healing and significantly reducing the risk of rupture.

This innovative technology offers distinct advantages over traditional approaches like surgical clipping or endovascular coiling. Studies have shown that flow diverters deliver improved clinical results, making them a compelling option for both patients and healthcare professionals.

Market Growth Driven by Innovation and Rising Awareness:

Several factors contribute to the anticipated surge in the flow diverters market. These include:

Advancements in Technology: Continuous advancements in flow diverter design and materials are improving their efficacy and expanding their application range.
Increased Aneurysm Prevalence: The incidence of cerebral aneurysms is on the rise, creating a greater demand for effective treatment solutions.
Growing Awareness: Heightened awareness among healthcare professionals regarding the benefits of flow diverters is driving wider adoption of this technology.

Key Takeaways from the Market Study:

Global Flow Diverters market is expected to reach a valuation of US$ 1.3 Billion by growing at a CAGR of 3% for the next 10 years.
The current worth of Global Flow Diverters Market is US$ 273 Million and is expected to offer an absolute dollar opportunity of US$ 992.9 Million in coming 10 years.
Flow Diverters of greater than 5 mm is expected to be the largest contributor in the market. Revenue through this segment is projected to grow at a CAGR of 13% during the forecasted period.
North America is likely to maintain its dominant position in the market while growing at a CAGR of 7% for the period between 2022 and 2032.
The US holds the largest market share in the market with the absolute dollar opportunity of US$ 301 Million during the period between 2022 and 2032.

The COVID-19 epidemic had only a minor influence on the flow diverter industry because a large number of elective brain surgeries were postponed, and demand is expected to pick up once restrictions are lifted. As a result, the pandemic had no long-term impact on the market, comments a Future Market Insights analyst.

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Competitive Landscape:

Players in Flow Diverters market are concentrating their research efforts on addressing the shortcomings of present therapy techniques. Their huge success in treating brain aneurysms has motivated them to pay more attention to flow diverters. With the diverse portfolio of products in hand, industry players can capture a considerable percentage of the market. These businesses are strategically forming alliances and making acquisitions to update their clients with cutting-edge technological advancements.

Some of the key players operating in the Global Flow Diverters market are Medtronic, Stryker Corporation, MicroVention, Inc. (Terumo Corporation), BALT Extrusion SA, MicroPort Scientific Corporation, Penumbra Inc., Phenox GmbH, Acandis.

Below mentioned are some recent developments in the Flow Diverters Market:

In Feb 2022, Stryker Corporation acquired Vocera Communications, a leader in digital care coordination, to accelerate its digital aspirations, advance its innovations and enable safer patient care.
In April 2021, Medtronic received US FDA approval for the Pipeline Flex Embolization Device, an advanced Flow Diversion Therapy with shield technology.

More Insights Available:

Future Market Insights, in its new offering, presents an unbiased analysis of the Flow Diverters market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of product type (2-3 mm, 3-4 mm, 4-5 mm, >5 mm Flow Diverters) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).

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Market Segments Covered In Flow Diverters Market Analysis:

By Product Type:

2-3 mm Flow Diverters
3-4 mm Flow Diverters
4-5 mm Flow Diverters
>5 mm Flow Diverters

By Region type:

North America
Latin America
Europe
APAC
MEA

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Vegan Flavor Market Poised to Reach US$ 14.4 Billion by 2033 with 4.8% CAGR, Fueled by Sustainability Trends

The market for vegan flavors is most likely to incline at a CAGR of 4.8% from 2023 to 2033, as per the latest Future Market Insights report. According to the study, the global vegan flavor market is anticipated to reach a valuation of US$ 14,406.1 million by 2033, up from US$ 9,021 million in 2023.

As animal cruelty and its adverse environmental impact become more widely perceived, key players in the vegan flavor industry benefit from huge market potential. Consumers are making healthy lifestyle choices as a result of increased awareness regarding health and wellness. The popularity of vegan foods and ingredients has increased as a result of this trend. Lactose malabsorption affects around 68% of the global population, as reported by the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), resulting in a rise in dairy alternatives, such as vegan milk, cheeses, yogurts, ice creams, and frozen desserts.

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In recent years, advances in food science and technology have made it possible for vegan flavors to mirror the taste and texture of their animal-derived counterparts, making them more appealing to a wider range of consumers. Food manufacturers and restaurants have expanded their vegan offerings to cater to the growing demand for vegan flavors, making it easier for consumers to discover and try vegan options. Vegetarianism, veganism, and flexitarianism have gained traction over the past few years, with more people adopting plant-based diets. Therefore, vegan flavors are in high demand in various food and beverage products.

Key Takeaways from the Market Study

From 2018 to 2022, the vegan flavor market demand expanded at a CAGR of 2%.
Based on the source segment, the fruit segment accounts for a CAGR of 80.7% market share.
Based on form, the liquid segment is expected to hold a market share of 59.8%.
United States to emerge as a promising vegan flavor market, capturing a market share of 26.4%.
Between 2023 and 2033, the beverage industry is expected to hold a market share of 53.7%.

“Expanding demand for plant-based product and exotic flavors for healthy and ethical consumers to drive demand for vegan flavors,” Nandini Roy Choudhury, Client Partner at Future Market Insights

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Competitive Landscape

Most of the global vegan flavors market is made up of large-scale international companies and local businesses. Manufacturers of food & beverages are trying to meet their diverse flavor requirements by offering customized flavors. It specializes in vegan flavors, such as organic and natural food products, to meet the needs of vegan food manufacturers. Vegan flavor companies are smaller operations, export more products, and provide vegan flavors.

In January 2023, Magnum UK expands its vegan ice cream selection with new flavours. A new product line of vegan and minis multipacks will feature Sunlover and Starchaser, two new Double flavors. A milk chocolate and caramelized corn coating coat Starchaser, which includes popcorn, caramel ice cream, and caramel sauce. As opposed to the sunlover, the sunlover is coated in white chocolate and desiccated coconut, and it contains mango and passionfruit sauce beneath.
In July 2023, two legendary Philadelphia food brands, HipCityVeg, and The Franklin Fountain, join forces to make one of the best vegan ice cream flavors around: HipCityVeg is releasing an exclusive vegan ice cream flavor. HipCityVeg’s Rittenhouse and Suburban Square locations will offer free ice cream on National Ice Cream Day, July 16.

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Know More about What the Vegan Flavor Market Report Covers

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

To understand opportunities in the vegan flavor market, the market is segmented based on source, form, application, and sales channel industry type across six major regions.

Vegan Flavor Market Segmentation

By Source:

Vegetables
Fruits
Algae
Herbs & Spice
Fusion

By Form:

Powder
Blended
Liquid
Oil
Others

By Application:

Bakery Products
Confectionery Items
Dairy & Desserts
Processed Food
Beverage Industry
Dietary Supplements
Pharmaceutical Industry
Others

By Sales Channel:

B2B / HoReCa
B2C
- Hypermarkets /Supermarkets
- Convenience Stores
- Food Specialty Stores
- Online Retail
- Other Retail Formats

By Region:

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

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Pet Apparel Market: Sales Projections Expected to Reach at a 5.5% CAGR by 2033

According to recent findings from Future Market Insights (FMI), the pet apparel market is valued at approximately US$ 5,115.5 million in 2023. The market is expected to witness significant growth, reaching US$ 8,738 million by 2033. This growth trajectory is forecasted to occur at a Compound Annual Growth Rate (CAGR) of 5.5% from 2023 to 2033.

Certain dog breeds, like Labradors and golden retrievers, may experience discomfort when wearing stylish outfits during play or other activities. This has led to a growing demand for comfortable and adaptable clothing options, creating new opportunities for market growth in the pet apparel industry. Additionally, the rising popularity of holiday celebrations has contributed to increased demand for festive costumes for cats and dogs, such as hats, Santa outfits, and other accessories, thereby expanding the overall size of the pet apparel market.

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A global study on pet gear found that it fulfils practical and decorative purposes, keeps pets safe from the elements, and enhances their appearance. The sector is expected to grow gradually as a result of an increase in pet ownership and pet owners’ preference for luxury clothes.

According to the research report, the growing demand for fashionable, environmentally responsible clothing made from recycled or plant-based materials is driving the pet apparel industry. Additional factors contributing to the market’s growth are the popularity of festive costumes and the need for comfortable clothing.

Key Takeaways

India’s pet apparel market is anticipated to record a 4.3% CAGR by 2033, driven by rising pet ownership and awareness of pet fashion trends.
The United Kingdom pet apparel market is predicted to register a CAGR of 4.9% by 2033 as pet owners prioritize comfort and style for their furry friends, fueling demand for chic pet attire.
China’s pet apparel industry is expanding at an estimated 5.5% CAGR, driven by a rising middle class and their preference for providing their pets with fashionable and useful clothing alternatives.
Australia’s pet apparel industry is expected to expand at a CAGR of 3.8% as owners look for ways to show off their style while shielding their cherished pets from changing weather conditions.
Japan’s pet apparel industry is expanding at a 4% CAGR, propelled by the country’s great passion for animals and commitment to ensuring that its four-legged friends are well-dressed in stylish and useful clothing.

“Growing trend is driven by a desire among pet owners to provide comfort and style to their beloved animals, with a particular focus on seasonal and functional clothing. This burgeoning market offers ample opportunities for businesses to cater to this niche by offering a diverse range of pet apparel.”

Competitive Landscape

Large multinational firms with broad product portfolios, well-known brands, and huge distribution networks dominate the market, including Petco, PetSmart, and Amazon. These businesses make use of their economies of scale and long-standing connections with suppliers to provide pet owners with affordable prices and a variety of options.

Smaller specialty firms that focus on particular areas of the pet apparel market are growing in this industry. To set themselves apart from more established competitors, these businesses frequently emphasize distinctive designs, premium materials, and individualized customer experiences. They cater to certain customer preferences, such as eco-friendly or handmade goods, or they target particular pet breeds.

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Key Companies Profiled:

Pet Factory Company
ABO Gear
Body Glove Pet
Good2Go
Hip Doggie
Moshiqa
Petstock
Hunter International GmbH
Insect Shield
MILK&PEPPER
Bedhead Pajamas Inc.

Recent Developments

Major Dog Clothing introduced its first line of dog clothing in 2021, which was developed and manufactured in Australia to promote local employment and open manufacturing.
To launch its first-ever dog brand in 2023, Tommy Hilfiger partnered with Kanine Pets World Limited on June 14, 2022. The collection may include a range of clothing, accessories, and home products. The collection consists of every variation of the red, white, and blue hues typical of the fashion retailer.

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Global Pet Apparel Market by Category

By Product Type:

Coats
Jackets
Shirts & Tops
Sweaters & Hoodies
Others

By Material Type:

Cotton
Polyester
Lenin
Others

By Pet Type:

Dogs
Cats
Others

By Sales Channel:

Supermarket/Hypermarkets
Wholesalers/Distributors
Direct sales
Pet Specialty Stores
Online Retailers
Other Sales Channel

By Region:

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

Author

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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Nandini Singh Sawlani

India Shape Memory Alloy Market Projected to Reach US$ 286.7 Million by 2032 with 13.2% CAGR

The india shape memory alloy market is anticipated to reach a valuation of US$ 286.7 million by the end of the assessment period. Significant traction from the aerospace, biomedical, and construction industries are expected to drive growth in the India shape memory alloy market. During the course of the forecast period, the market is anticipated to have a strong growth rate at a CAGR of 13.2% owing to constant development activities in the application segments.

Key shape memory alloy market participants in India are devoting a reasonable portion of their earnings to research and development activities in order to develop new products, cut costs, and look into new market niches. Mainstream uses of shape memory alloys are in biomedical, aerospace, and automotive components.

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Such applications would necessitate ongoing product innovations to satisfy changing needs of the aforementioned industries. To meet the stringent requirements of these end-use industries and gain a competitive edge in the market, several manufacturers are likely to invest in research and development activities.

The market for shape memory alloy in India is also projected to be significantly affected by demographic factors, macroeconomic factors, and certain innovation factors, including research and development in metals & alloys.

Based on these factors, a lot of investment has been done in developing shape memory alloys for suitable end-use applications. These types of activities in the market are expected to bring in high growth prospects in the India shape memory alloy market in the forecast period, says Future Market Insights.

Key Takeaways from the India Shape Memory Alloy Market Study

The India shape memory alloy market is projected to witness a high CAGR of 2% between 2023 and 2033.
During the historical period between 2018 and 2022, the shape memory alloy market showcased a moderate CAGR of 8%.
Based on material, the nickel-titanium (nitinol) segment is estimated to create an incremental opportunity of more than US$ 183.6 million in the next ten years.
By application, the wire and tubes segment is likely to generate the lion’s share in the India shape memory alloy market.
West India is projected to hold more than one-third of the India shape memory alloy market.

“Ongoing development of infrastructure development projects such as land connectivity programs, civil infrastructure projects, and water conservation initiatives in India would push sales of shape memory alloys in the next ten years. Key companies are likely to invest in enhancing their production processes to strengthen their positions,” says a lead analyst at Future Market Insights.

Competitive Landscape

According to estimates, the shape memory alloy market in India is well-consolidated, with leading companies likely to hold more than 50% of the market. The makers of shape memory alloys highlighted in the complete version of the research are Mishra Dhatu Nigam Ltd (MIDHANI), SAES Getters, Johnson Matthey, Nippon Seisen Co. Ltd., and Daido Steel.

Key players are concentrating on boosting their distribution networks to raise their presence across the nation and expanding their production capacity to satisfy the rising demand. They want to achieve as much market traction as possible in addition to the same. Leading companies are also making leading investments in product innovation for their current product lines.

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Get More Insights into the India Shape Memory Alloy Market Report

In its latest report, Future Market Insights offers an unbiased analysis of the India shape memory alloy market, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033. To understand the global market potential, growth, and scope, the market is segmented based on material (nickel-titanium, copper based, Fe-Mn-Si), component (ingots, sheets, blocks, wires & tubes, pipes), end-use industry (biomedical, aerospace & defense, automotive, building & construction, consumer electronics & home appliances), application (wires & tubes, motors/actuators/transducers, valves, pipes, sensors), and region.

About Future Market Insights (FMI)

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

Contact Us:

Nandini Singh Sawlani

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Fish Feed Market Set to Reach US$ 163.5 Billion by 2033 with 3.5% CAGR, Fueled by Shift Towards Alternative Feeds and Biotechnological Innovations

According to FMI, fish feed market is expected to reach US$ 116,480 million by 2023. It is estimated that the market is poised to reach US$ 163,530 million between 2023 and 2033, representing a CAGR of 3.5%.

Fish feed is a mixture of basic materials, additives, and additional supplements acquired from natural or synthetic sources and fed to farmed fish. With the support of the UK Seafood Innovation Fund (SIF), Rare Earth Global, a grower of industrial hemp for sustainable products and the organization behind the initiative, has received funding of over £260,000 to conduct a two-month evaluation of feed quality as part of a research and development project. Scottish salmon farmers conducted a feasibility study last year on the use of hemp seeds in their diet.

Fish is thought to provide about 15% of the protein ingested per capita by individuals all over the world. Low carbon footprint, high per-unit yield, and unique protein content have increased fish consumption, which is helping to expand demand for fish feed because marine feed is in short supply.

The fish feed markets also include fish feed created for various purposes, such as aquarium fish feed, which is meant for ingestion by pet fish kept in aquariums or ponds. The market for ornamental fish feed, food for colorful fish is maintained as pets in a limited setting such as an aquarium. Hence, Fish feed manufacturers have varying compositions of fish feed ingredients for different markets to broaden their consumer base.

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Continuous research and development in fish nutrition and feed technology has led to the creation of feed compositions that are more economical and efficient. Demand is expected to rise as farmers seek for cost-saving strategies and better production results.
In order to reduce the impact on the environment, sustainable aquaculture methods are becoming more and more crucial. By utilizing properly sourced feed ingredients, fish farming operations can lessen their ecological imprint.
Fish of different species have varying nutritional needs. The need for fish feed is being driven by the development of specialized feeds to fulfill the dietary requirements of farmed fish, such as carp, shrimp, catfish, tilapia, and salmon.

Key Takeaways from the Market Study

By 2032, the global market for fish feed is predicted to reach US$ 1,58,000 million.
In 2022, the United States held 25.8% of the global fish feed market.
According to industry estimates, fish feed demand is expected to rise at an average CAGR of 8% between 2022 and 2032.
In 2022, the market for fish feed grew by 6.7% in China.
Towards the end of 2022, Japan was responsible for 4.4% of the global market.
Germany accounted for 13.1% of the global fish feed market in 2022.
The fish feed market recorded a CAGR of 1.6% between 2018 and 2022.

“Plant-based fish feed will continue to be popular as the market for sustainable and organic fish feed grows in the market. Intensified fish farming practices and growing awareness of health and nourishing foods to grow the market.” Nandini Roy Choudhury, Client Partner at Future Market Insights

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Competitive Landscape

A growing number of companies are collaborating with other companies and forming strategic partnerships in order to grow their fish feed businesses. A growing number of fish feed market players are investing heavily in research and development, developing new products, expanding their geographical reach, and forming strategic partnerships.

On April 2023, ICAR-Central Inland Fisheries Research Institute, Barrackpore signed an agreement with Glaucus Agrochem Pvt Ltd for the usage of the floating fish feed “CIFRI Cagegrow”. For a period of five years, ICAR-CIFRI has granted a nonexclusive license for manufacturing and selling its floating fish feed Cagegrow in India. ICAR’s commercial arm, Agrinnovate India Ltd, completed the commercialization process.
On August 2023, Kerala varsity produced fish feed from organic waste. As part of its experimental fish meal production project, Kerala Fisheries and Ocean Studies University (KUFOS) is using organic waste to produce fish meals. A black soldier fly larvae-based project is being developed to produce the organic waste protein needed for fish feed production.

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Know More about What the Fish Feed Market Report Covers

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

To understand opportunities in the fish feed market, the market is segmented based on product type, form, end-use application, and distribution channel industry type across six major regions.

Market Segmentation

Product Type:

Plant Based
Fish & Fish Products
Microorganism

Form:

Pellet
Granules
Flakes
Sticks
Powder

End Use Application:

Commercial
Household

Distribution Channel:

B2B
B2C
- Store based
- Online retail

By Region:

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

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