Market Research Blog – Page 3424 – New Product Development

Whiskey Market Expected to Surpass US$ 270 Billion by 2033 with 12% CAGR, Investors Flock to Capitalize on Rising Demand and Shift in Consumer Preferences

The whiskey market is anticipated to expand its roots at a steady CAGR of 12% between 2023 and 2033. The market is projected to have a market share of US$ 270.09 billion by 2033 while it is likely to be valued at US$ 84.3 billion in 2023

– The restored beverages business along with the growth of alcohol drinkers and the advent of non-alcoholic whiskey is fueling the market growth. Furthermore, the new strain of millennials drinking high amounts of whiskey, beer, and vodka is also flourishing the market growth.

– New restaurants and eateries serving alcohol along with online delivery options are pushing end-users to intake whiskey often. The local whiskey blends, premium whiskeys, and an increased in bars are expected to gain traction in the market.

– Emerging economies like China and India are boosting the global market as alcohol consumption in these two nations is proliferating. It is due to the higher economic activity, developing businesses, and rising per capita income that has pushed individuals to add alcohol to their lifestyle.

– Higher import of premium whiskey increased and production facilities in India, China, and the United States have a key role in the market’s success. Alongside this, the higher online and offline promotion of whiskey fuels the market growth.

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Key Points

The United States market leads the whiskey market in terms of market share in North America. The United States region held a market share of 33.5% in 2022. The growth in this region is attributed to the increased consumption among millennials.
Germany’s whiskey market is another significant market in the European region. The market held a market share of 9.1% in 2022. The growth is attributed to the higher whiskey brands, local whiskey flavors, and higher tourist attractions.
The Indian whiskey market thrives at a leading CAGR of 14.5% during the forecast period. The market’s growth is attributed to more young people drinking along with the expanded production facilities.
The alcoholic segment leads the alcoholic type of segment as it held a leading market share of 89.7% in 2022. The growth is attributed to the higher alcohol-based whiskey consumption for partying and casual drinking.
Based on product type, the bourbon whiskey held a market share of 26.8% due to its premium whiskey properties and enhanced taste.

Competitive Landscape

The key vendors work on the premium flavors, colors, and distillation process. The companies also work to set up new product lines in emerging economies to enhance the supply chain. The players also work on enhanced supply chains and higher affordability. Companies collaborate to expand their supply chain. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.

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Recent Market Development

Beam Suntory has increased the sales of these whiskeys in India with different versions of Teacher’s, Bowmore, and other bands.
Belvedere has introduced its single malt scotch whiskey Balvenie in new 12-year-old double wood, 21-year-old port wood, and classic versions. The company has also launched its special 30-year-old rare marriages Balvenie which is a premium whiskey.

Key Segments Covered

By Beverage Type:

Alcoholic Whiskey
Non- Alcoholic Whiskey

By Product Type:

Bourbon Whiskey
Scotch Whiskey
Malted Whiskey
Rye Whiskey
Corn Whiskey
Blended Whiskey
Other Whiskey Types (Wheat, Spirit, etc)

By Flavor:

Unflavored
Flavored
- Citrus,
- Honey
- Caramel
- Cider
- Apple
- Others

By End User:

HoReCa
Household Retail

By Sales Channel:

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

Key Regions Covered:

North America
- United States
- Canada
Latin America
- Brazil
- Mexico
- Rest of Latin America
Europe
- Germany
- The United Kingdom
- France
- Spain
- Russia
- Rest of Europe
Japan
Asia Pacific Excluding Japan
- China
- India
- Malaysia
- Singapore
- Australia
- Rest of Asia Pacific Excluding Japan (APEJ)
The Middle East and Africa
- GCC Countries
- Israel
- South Africa
- The 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:

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Compound Horse Feedstuff Market to Reach US$ 11.8 Billion by 2033 with 4.5% CAGR, Growth Offering Equestrian Industry Expansion

The global market for compound horse feedstuff is estimated to be valued at US$ 9,354.7 million in 2023. From 2023 to 2033, global demand for compound horse feedstuffs is likely to soar at 4.5% CAGR. Total market value at the end of 2033 is projected to reach US$ 11,797.3 million.

Rising popularity of equestrian sports and increasing demand for high-nutritional animal feeds are key factors driving the market.

The equine industry represents a multi-billion industry that is continuously thriving. The equine industry is vital for the economies of various countries. This includes the United States, the United Kingdom, Ireland, Australia, and others.

Expansion of the equine industry globally in turn is creating high demand for compound horse feedstuff and the trend is expected to continue through 2033.

Rising popularity of horse racing and the usage of horses in Olympic and equestrian games are likely to create lucrative opportunities for compound horse feedstuff manufacturers.
Horses require a high amount of nutrients in their feed to enhance their work capacity. Consumption of products such as compound feedstuff improves health and performance of horses. Hence, owners are showing a keen interest in feeding their horse compound feeds. This in turn is boosting the market.

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Additional ingredients could benefit by increasing the functional properties of the feed. Therefore, researchers are developing innovative ingredients for use in compound feed to increase its nutritional value.

For instance, Lecithin or Phospholipids are naturally present compounds of plants and animals that are incorporated into compound horse feedstuff. The ingredients aid the healing of ulcers, enhance memory, and offer other health benefits as well.

“Rising popularity of equestrian sports globally is likely to elevate compound horse feedstuff demand. To capitalize on emerging opportunities, manufacturers need to develop specialized feed formulations that meet the specific nutritional requirements of horses, while also keeping up with changing consumer trends and regulatory requirements.” – says a lead analyst at Future Market Insights (FMI)

Key Takeaways from the Report:

The global compound horse feedstuff market is forecast to reach a market valuation of US$ 11,797.3 million by the end of 2033.
Based on ingredient, cereals segment is anticipated to reach a valuation of US$ 4,478.9 million by 2033
By form, pellets segment is likely to thrive at 3.5% CAGR, reaching a valuation of US$ 4,634.1 million by 2033.
The United States compound horse feedstuff market value is expected to reach US$ 3,840.6 million by 2033.
The compound horse feedstuff market in China is projected to reach a valuation of US$ 1,411.4 million by 2033.
Compound horse feedstuff demand in India is estimated to surge at 5.0% CAGR through 2033.

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Who is Winning?

Natura Tartufi, The Compound Horse Feedstuffs Co. d.o.o., Compound Horse Feedstuffs Northwest, Black Boar Compound Horse Feedstuff, LLC, Ramelli Corporation, Wiltshire Compound Horse Feedstuffs Limited, NORCINERIA LUCANA, The Compound Horse Feedstuff & Wine Co., Passione Toscana, La Maison Plantin, Arotz Foods, S.A., Katankura, LES FRERES JAUMARD, Pecan Ridge Plantation, SAVITAR TARTUFI SRL, Tartufi Morra and others are the few leading compound horse feedstuff manufacturers profiled in the report.

These players are aiming at expanding their portfolios by developing new products. They also use strategies such as agreements, advertisements, partnerships, acquisitions, and mergers to stay relevant in the market.

For instance,

Allen & Page offers proper non-genetically modified horse feed to follow up on the non-GMO trend.
Purina Strategy Healthy Edge (2020): This feed from Purina is designed to provide balanced nutrition for active and athletic horses. It contains a blend of fibers and fats to support digestive health and provide sustained energy.

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Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global compound horse feedstuff market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.

The study incorporates compelling insights on the compound horse feedstuffs market based on product type (performance, senior/old, professional, mare & foal, and others), form (pellets, crumbles/cubes, and powder/mash), and ingredient (cereals, supplements, cakes/meals, and others), across various regions.

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Melatonin Market to Surpass US$ 217.9 Million by 2033 with 8.2% CAGR, Rising Demand for Natural Sleep Supplements and Health Benefits

The global melatonin market is expected to reach a valuation of US$ 98.5 million in 2023. The global market is forecast to rise at 8.2% CAGR during 2023 to 2033. By 2033, the overall market valuation is expected to reach US$ 217.9 million.

One of the key factors that drive the growth of the melatonin market is the expansion of the dietary supplement industry in developing countries. The dietary supplements industry in regions such as North America and Europe is highly mature. It supports the manufacturers of melatonin in promoting market growth in other regions.

For instance, in countries with an emerging urban population such as India, China, and Brazil, and regions such as the Middle East, there is a growing demand for supplements.

Growth opportunities in the melatonin industry owing to growing supplement consumption in Middle East and Asia-Pacific are prompting manufacturers to set up production units in these regions. Due to this, countries such as China have emerged as the leading producers and exporters of melatonin.

Growing preference for natural and gerbil remedies, including sleep aids. Melatonin, being a naturally occurring hormone, is viewed as a safe and non-addictive option compared to others. This is expected to further drive demand through 2033.

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As people become more aware of the importance of sleep and the prevalence of sleep disorders, the demand for melatonin as a sleep aid has increased. It helps in regulating the sleep cycle, making it a popular choice among individuals struggling with insomnia and other sleep-related issues.

In today’s fast-paced and stressful lifestyle, several individuals experience high levels of stress and anxiety. Melatonin supplements are used as a natural remedy to promote relaxation and improve sleep quality.

Another factor that promotes demand is people with shift work and jet lag. People who work night shifts or frequently travel across time zones often face challenges in maintaining a sleep schedule. Melatonin is used to adjust sleep patterns and alleviate symptoms of jet lag.

Key Takeaways from the Report:

The global melatonin industry is estimated to be valued US$ 98.5 million in the year 2023.
The United Sates is set to worth at US$ 64.7 million in the North America market by 2033.
China is anticipated to surge at 10.0% CAGR in the Asia Pacific market between 2023 and 2033.
In terms of product type, powder/tablet segment is anticipated to soar at a CAGR of 8.2% over the projection period of 2023-2033
By nature, synthetic division is poised to hold about 94.4% shares in the global market.

“Growing trend towards natural and plant-based products, will fuel growth in the market. Manufacturers are focusing on developing innovative and sustainable solutions that cater to this demand.” – says a lead analyst at Future Market Insights (FMI)

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Who is Winning?

Robinson Pharma, Inc, Wellona Pharmaceutical, Molekula Group, Ebrator Biochemicals, Neurim Pharmaceuticals Ltd., Xi’an Gaoyuan, Flamma Group, Sisco Research Laboratories, Superior Supplement Manufacturing, Shaanxi Yuantai Biological, Vita Actives Ltd., Ankaim Inc, Nutraland USA, Inc., Spectrum Laboratory Products, Inc. and Doyin Group are key melatonin manufacturers in the melatonin market.

These companies are focussing on expanding portfolios by launching new products to remain competitive in the market.

These companies are also emphasized on the quality and purity of their products to build trust among consumers. They are also establishing partnership with retail chains, pharmacies, and online platform to ensure availability.

Key companies are also collaborated with healthcare providers to sell their products through prescription channels

For instance,

In 2020, Nutraland USA, Inc. introduced a new product to the market – melatonin made from a plant-based treatment type. The product has been certified as vegan-by-Vegan Action, thus catering to the growing demand for plant-based and cruelty-free products among consumers.
In April 2023, a new medication initiative by Celmatix Inc. that targets melatonin receptors beyond of the CNS (central nervous system) has been unveiled.
In October 2022, BudPop has unveiled a range of flavor-infused melatonin gummies that also contain CBN to help with sleeplessness and relaxation.

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Get More Valuable Insights

Future Market Insights (FMI) has released an objective assessment of the global market, presenting past demand data from 2018 to 2022 and projecting forecast statistics for the 2023 to 2033 period.

The study includes captivating understandings on the melatonin market based on product type (powder/tablets and liquid), nature (natural and synthetic), and treatment type (dietary supplements, pharmaceuticals), across various regions.

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Canthaxanthin Market to Reach US$ 245.3 Million by 2033 with 6.9% CAGR, Rising Demand for Natural Colorants and Health Applications

Canthaxanthin Market

In 2023, the size of the global canthaxanthin market is anticipated to surpass a valuation of US$ 125.9 million. It is anticipated to expand even more between 2023 and 2033 at a CAGR of 6.9%. By the end of 2033, it’s expected to reach US$ 245.3 million.

The growth of the convenience and processed food sectors is one of the vital factors anticipated to fuel growth in the global canthaxanthin industry. Demand for canthaxanthin is probably going to increase as the sector grows in numerous emerging nations throughout the world.

Different foods gain brilliant color from canthaxanthin, which increases their visual attractiveness to consumers. This capability has allowed its use to be broadened to include baked items, dairy products, confections, and beverages.

“There is a growing demand for natural pigmentation solutions in the food and cosmetic sectors. In order to meet this growing demand, canthaxanthin manufacturers need to engage in innovations and strategic partnerships,” – says a lead analyst at Future Market Insights (FMI).

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It is well-liked in the cosmetic sector since it has skin tanning and bronzing effects. Canthaxanthin has become a highly sought-after ingredient in cosmetic formulations as a result of the growing trend toward getting ingredients from natural and sustainable sources.

Canthaxanthin has rising uses in the pharmaceutical and nutraceutical sectors in addition to its use in the food and cosmetics sectors. Researchers are interested in it owing to its antioxidant characteristics and potential health benefits, including its ability to protect against oxidative stress and preserve eye health.

Canthaxanthin has a wide range of uses in several sectors, which has inspired producers to adopt a combination of technologies to meet the rising demand from various end users. For instance, purification processes and contemporary filtration techniques help regulate contaminants and pollutants, producing a high-quality finished good.

Key Takeaways:

The global canthaxanthin industry expanded at a CAGR of 5.3% from 2018 to 2022.
China canthaxanthin market is expected to reach a valuation of around US$ 30.3 million by 2033.
The United States canthaxanthin industry is projected to witness a 6.9% CAGR from 2023 to 2033.
The United Kingdom canthaxanthin market is anticipated to surge at a 4.8% CAGR in the next ten years.
Based on nature, the synthetic canthaxanthin segment is expected to hold a significant market share of 83.7% in 2033.

Competitive Landscape:

Canthaxanthin manufacturers would focus on developing new and improved formulations, enhancing the quality and purity of their products. They can also find innovative ways to incorporate canthaxanthin into various applications. This could involve research and development efforts to optimize production processes or explore new applications for canthaxanthin in different sectors.

Manufacturers might also explore new geographical markets or target specific customer segments to expand their customer base. This could involve entering new regions or countries where canthaxanthin demand is growing. They could also target sectors that have a high potential for canthaxanthin usage such as food, pharmaceuticals, or cosmetics.

Collaborating with other companies in the value chain such as suppliers, distributors, or end users, can be a strategy to strengthen market presence. A few manufacturers might form partnerships to improve supply chain efficiency, enhance distribution networks, or gain access to new markets.

For instance,

DSM is a global science-based company that specializes in health, nutrition, and sustainable living solutions. DSM Nutritional Products, a subsidiary of DSM, is involved in the production and distribution of a wide range of nutritional ingredients, including canthaxanthin. They offer canthaxanthin products for various applications such as food, beverages, dietary supplements, and animal nutrition.
BASF is a multinational chemical company headquartered in Germany. It is a leading supplier of chemicals, plastics, performance products, and agricultural solutions. BASF offers a diverse range of products, including canthaxanthin, which is used in the food & beverage sector for colouration purposes. It provides canthaxanthin products that comply with regulatory requirements and meet high-quality standards.

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Key Companies Profiled:

Allied Biotech Corporation
BASF SE
DSM
ROHA (A JJT Group Company)
Sensient Colors LLC.
Divi’s Laboratories Limited.
Zhejiang NHU Company Ltd
Zmc Gmbh
NOVUS INTERNATIONAL
Healtheway Xi‘an Biotechnology Co.Ltd
Guangzhou Juyuan Bio-Chem Co., Ltd.
Lemnaceae Fermentation Inc
Biosynth
Emd Millipore Corporation
FOODCHEM
INDOFINE CHEMICAL COMPANY MS
POLIFAR GROUP LIMITED
HSF Biotech
Other Players (On Additional Requests)

Canthaxanthin Market Categorization:

By Nature:

Natural
Synthetic

By End Use:

Beverage
- Alcoholic Beverages
- Carbonates (Carbonated Soft Drinks), Energy Drink
- Juice Based Drinks
- Milk Drinks & Milk Alternatives
- Sports Drinks
- Flavored Water, Enhanced Water, Sparkling Waters
Bakery
- Snacks & Cereal
- Breakfast Cereal
- Bread
- Cakes & Pastries
- Cookies & Biscuits
- Crackers & Savory Snacks
Candy / Confectionery Dairy
Meat, Poultry, Fish, & Eggs
Sauces, Soups, & Dressings
Seasonings
Dietary Supplement
Pharmaceuticals
Pet Food

By Region:

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

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Beetroot Supplement Market to Reach US$ 317.9 Million by 2033 with 8.3% CAGR, Rising Demand for Natural Health Products

According to Future Market Insights (FMI), the United States beetroot supplement market value is expected to increase from US$ 143.5 million in 2023 to US$ 317.9 million by 2033. Over the projection period (2023 to 2033), sales of beetroot supplements in the United States are likely to rise at 8.3% CAGR.

Growth in the market is driven by a desire for healthier lives and increasing awareness about the health advantages of beetroot supplements.

As there is an ongoing trend of preventative healthcare in the United States, demand for plant-based vitamin supplements such as beetroot products is expected to rise at a healthy pace.

A large portion of the United States population is showing interest in consuming plant-based supplements to enhance their immunity and reduce the risk of disease development. This in turn is expected to bolster beetroot supplement sales.

Leading market participants in the United States are building a farm-to-producer approach to provide fresh, organic, non-GMO, vegan, and gluten-free products. This is positively impacting the market expansion.

The United States gym industry is playing a pivotal role in promoting the adoption of beetroot supplements citing the benefits of detoxification, hormone balance maintenance, nutrient density increase, brain health support, and blood sugar level balancing.

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In response, United States supplement ingredient manufacturers are investing significantly in the market, producing beetroot powders and power gummy supplements without compromising the taste.

Likewise, the evolving consumer environment has seen a shift from basic to specialized meals, with consumers preferring branded, fortified, global cuisine, and ethically eaten foods. Due to this companies are introducing “better-for-you” products and calcium-fortified variations to assist consumers in proactive health management.

Companies are also offering healthful products without sacrificing taste. Introduction of beetroot supplements with exotic flavors will elevate demand in the market.

Consumer education is critical for establishing appropriate consumer involvement, and digitized ecosystems with D2C delivery models have also been established to meet this demand.

“The market for beetroot supplements is expanding rapidly due to rising customer interest in natural products. To cater to these demographic, manufacturers need to focus on product innovations to offer different formats and flavors to attract a larger consumer base.” says a lead analyst at Future Market Insights (FMI).

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Key Takeaways from the Report:

Between 2018 and 2022, beetroot supplement sales in the United States grew at 7.1% CAGR.
The United States beetroot supplement market is anticipated to reach US$ 317.9 million by 2033.
Total beetroot supplement demand in the United States market is likely to rise at 8.3% CAGR through 2033.
Based on form, powder segment is expected to reach a valuation of US$ 101.8 million in 2033.
By packaging, bottle segment is anticipated to hold a significant market share of around 48.5% of the United States market in 2033.
By distribution channel, store-based retailing segment is forecast to exhibit a CAGR of 7.6% through 2033.

Who is Winning?

Simple Life Nutrition, Force Factor, HumanN, KOS, Horbaach, Bulk Supplements, Koyah, Peak performance nutrition, BioBeet® -Triquetra, Bronsonvitamins are key manufacturers of beetroot supplements across the United States mentioned in the report.

These companies are expanding their product portfolios by launching new products. They are also employing strategies such as advertising, partnerships, acquisitions, agreements, and mergers to expand their footprint. For instance,

In 2021, to enhance overall brain health and cognitive function, SuperBeets® Memory & Focus Chews was launched by HumanN.

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Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the United States beetroot supplement market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.

The study incorporates compelling insights on the United States beetroot supplements market based on claim (vegan and regular), packaging (bottle, can, jar, and sachet), distribution channel (store-based retailing (dollar stores, grocery stores, mass merchandiser, club stores, convenience store, forecourt retailers, drug store and pharmacies, and others) and online retailing (company website and gross merchandiser), and form (liquid, powder, capsule, tablet, and gummies) across the United States.

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Rising Demand and Natural Trends Propel Citrus Solvents Market: Anticipated to Reach US$ 2.70 Billion by 2033 with 5.5% CAGR

The global market for products manufactured with Citrus Solvents Market is anticipated to reach US$ 1.5 billion in 2022. The appeal of natural products is the main factor driving the market. With a CAGR of 5.5% from 2023 to 2033, it is anticipated to have produced US$ 2.7 billion by 2033.

The substance is used in a variety of industrial fields, primarily as a degreaser, paint thinner, scent, as well as insect repellant. These are also a common component in many products for home care. Home cleansers with citrus solvents are being introduced by a number of market participants, which is anticipated to boost company sales.

In place of artificial solvents, citrus solvents are also employed in personal care products. It provides certain qualities like antioxidants and scent, which raises the product’s worth. Additionally, they are employed as cleaning agents in a variety of sectors. For instance, the coating and paint industry uses it as a thinner.

These items are biodegradable and include solvents that are found in nature. Its primary constituent is citrus oil. It possesses distinctive chemical characteristics and pleasant citrus aromas that are employed in a variety of chemical applications. They are principally employed in the production of secondary cooling fluids as well as solid paints.

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Key Takeaways from the Market Study

The sales of citrus solvents increased at a CAGR of 3.9% between 2018 and 2022.
In terms of market share in 2023, the organic nature category is anticipated to command a 39.2% share.
In 2023, industrial and household cleaners are anticipated to hold a 31.2% value market share.
In 2023, direct sales will have a 58.2% market share when compared to other sales channels.
The United States’ market share in North America is predicted to be 89.6% in 2023 and to increase to 91.2% in 2033.
In 2023, Brazil is anticipated to have a 42.1% value market share.

Competitive Landscape

Mergers and acquisitions, as well as the introduction of new products, are among the primary techniques used by market participants to achieve convergence and enhance their offers. Cost reduction and increased market presence in specialized applications are the main objectives of major industry participants.

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Prominent players in the citrus solvents market are:

Lemon Concentrate S.L.
Citrosuco S.A.
Louis Dreyfus Company B.V.
Sucocitrico Cutrale Ltd.
Peace River Citrus Products
Archer Daniels Midland Company
Norkem Group
Citrus Oleo
Mentha & Allied Products Ltd.

Some key developments of the leading companies in this market are:

The primary business of Lemon Concentrate is the distribution and marketing of all varieties of fruit juice concentrations to the food and beverage processing sector on a global scale.
The business started as a joint venture involving two extremely specialized businesses that produced processed tropical, citric fruits as well as fruit concentrates. LemonConcentrate is a reputable supplier of lemon, orange, and clementine goods with more than 50 years of expertise in the food processing along with fruit concentrates industries.

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Key Segments Profiled in the Global Citrus Solvents Market

By Nature:

Organic
Conventional

By Application:

Insecticides
Industrial & Domestic Cleaners
Paints and Coatings
Skin and Hair Care
Printing Ink
Others

By Sales Channel:

Direct Sales
Modern Trade
Specialty Store
Mono Brand Store
Online Retailers
Other Sales Channel

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East and Africa

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India Culinary Tourism Market Envisions US$ 182,525.90 Million Value by 2033 | FMI

In 2023, the market for culinary tourism in India is anticipated to be worth US$ 23,028.91 million. Future Market Insights projects that India’s culinary tourism industry will grow at an astounding 23% CAGR between 2023 and 2033.

Increasing adoption of social media platforms by key players to advertise more about Indian cuisine is expected to drive the market. Foreign tourists are attracted to India to experience and learn more about the richness of the country. They are also aiming to relish the authenticity of local dishes.

Also, restaurants in the country are striving to innovate traditional dishes by turning them into vegan or vegetarian due to high demand globally. Increasing need to gain elaborate information about first-hand culinary cultural customs among foreign tourists is also set to drive tour companies to conduct cooking classes with natives in India.

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Key Takeaways: India Culinary Tourism Market

Based on activity type, the food festivals segment is anticipated to dominate the India culinary tourism market.
By booking channel, the online booking segment is set to lead the India culinary tourism market and is estimated to grow at a CAGR of ~6.0% by 2032.
By age group, the 26-35 years segment is likely to generate lion’s share in the India culinary tourism market.
In terms of tourist type, the domestic segment is estimated to grow at a fast pace in the forecast period.
Based on tour type, the package traveler segment remained at the forefront in the India culinary tourism market in 2021.

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Key Players

Koninkljike DSM N.V
Zhejiang Xinhecheng Co Ltd
BASF Se
Fermenta Biotech Ltd
PHW Group
Synthesia
Bio-Tech Pharmacal
McKinley Resources Inc
Taizhou Hisound Pharmaceutical Co Ltd
Stabicoat Vitamins

Competition Landscape: India Culinary Tourism Market

Leading players in the India culinary tourism market are focusing on initiating promotional strategies and launching advertising campaigns about popular tourist destinations in India to improve sales.

About Travel & Tourism Division at Future Market Insights

The travel & tourism team at Future Market Insights provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients worldwide. With a catalog of more than 500 reports pertaining to the latest statistics and analysis from the travel & tourism industry, the team is happy to help with every business intelligence research and consulting requirement.

India Culinary Tourism Market Outlook by Category

By Activity Type:

Culinary Trials
Cooking Classes
Restaurants
Food Festivals
Others

By Booking Channel:

Phone Booking
Online Booking
In-Person Booking

By Tourist Type:

Domestic
International

By Tour Type:

Independent Traveler
Package Traveler
Tour Group

By Consumer Orientation:

Men
Women
Children

By Age Group:

15-25 Years
26-35 Years
36-45 Years
46-55 Years
66-75 Years

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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Stacker Crane Market Anticipating 7.9% CAGR by 2033

The global stacker crane market is predicted to register a CAGR of 7.9% over the forecast period, according to FMI’s analysis. The industry’s market value is anticipated to increase from US$ 1.1 billion in 2023 to US$ 2.4 billion by 2033 end.

Over the projection period, the stacker crane business is expected to increase at a healthy rate. Stacker crane demand is expected to be supported by industrial growth and globalisation in emerging economies. Lucrative opportunities in developing countries are enticing more foreign manufacturers to expand their businesses.

Many industries, including food and beverage, retail, pharmaceuticals, and automotive, are increasing their worldwide footprint through expanding into new markets. Furthermore, different economic rewards are motivating them to expand their reach. These industries’ distribution and logistics networks are being strained by the increasing demand for their products. As a result, demand for stacker cranes is increasing, as is the need for automated warehouses in a variety of end-use sectors.

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The industry is also witnessing heightened demand for storage robots, which are a type of stacker cranes. The increasing demand for these stacker cranes can be attributed to their agility and capacity while removing or storing products from the rack. Moreover, the automated pallet shuttle is also gaining huge popularity. Growing demand for this electric shuttle as it expedites the pallet unloading and loading is anticipated to propel the market development.

Key Highlights of the Stacker Crane Industry:

The United States is projected to be a significant stacker crane market in the forecast period as well. The country is estimated to attain a market valuation of US$ 850.3 million by 2033, expanding at a CAGR of 7.7%.
In Asia Pacific, China is predicted to reach US$ 172.2 million by 2033. The market is anticipated to register a 7.3 CAGR over the forthcoming years. Strong demand for stacker cranes in automatic high-bay storage facilities is contributing to market growth.
Japan is expected to emerge as a substantial market over the upcoming years. The market is predicted to attain US$ 140.8 million by 2033, exhibiting a CAGR of 6.4% over the forecast period. The increasing retrofitting and upgrading of existing stacker crane systems are projected to yield market growth.
Growing preference for consumer goods is augmenting the demand for stacker cranes. The consumer goods segment is projected to register a CAGR of 7.1% over the next 10 years.
Rising demand for single-column stacker cranes is expected to be favorable for market growth. Over the upcoming years, the single-column stacker crane segment is expected to exhibit a CAGR of 7.4%.

News Featuring Market Developments by Key Players of Stacker Crane Market:

In November 2020, Doosan Logistics Solutions Co., Ltd entered into an agreement with Chinese autonomous mobile robot maker Geek+ to supply logistic robots for Geek+ in South Korea.
In June 2021, Toyota Motor partnered with Swisslog Holding AG to execute an automation system, such as Swisslog’s Carry Pick, for its storage and order-picking services, at its Kentucky unit.

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List Encompassing Key Players

KION GROUP AG
Doosan Corporation.
Ssi Schaefer
Swisslog Holding AG
Murata Machinery, Ltd.
Hyster-Yale Materials Handling, Inc.
Jungheinrich AG
MITSUBISHI LOGISNEXT CO., LTD.
TOYOTA INDUSTRIES CORPORATION
Vanderlande Industries B.V.

Key Segments

By Operation Type:

Semi-automatic
Automatic

By End-use Industry:

Consumer Goods
E-commerce/Retail and Wholesale
Pharmaceutical
Automotive
Others

By Application:

Autostart
Early Baggage Storage
Sortation System
Robotized Order Preparation

By Type:

Single Column
Double Column

By Region:

North America
Latin America
Europe
Asia Pacific
The Middle East and Africa

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:

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
Browse latest Market Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs

Geo-Tourism Market Primed to Achieve US$ 1,258.9 Billion by 2033 | FMI

As per a new report released by Future Market Insights (FMI), the geo-tourism market is estimated to reach US$ 737.0 billion in 2023. It is projected to cross US$ 1,258.9 billion by 2033. It would expand at a CAGR of 5.5% from 2023 to 2033.

Geo-tourism in the market has created a new niche for businesses. It is adding up to new trends along with the previous ones in this context.

While geo-parks exist commonly in places, it is creating an example of sustainable development in local areas. Geo-tourism is becoming broader by including a wide range of niche tourism. These include eco-tourism, cultural, and rural-tourism.

To sustain, preserve, and enhance the geographical aspect of a certain place is what geo-tourism stands for. It preserves an area’s culture, its rich aesthetics, and its heritage.

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Geo-tourism holds multiple scopes for growth and economic development in the tourism sector. It is promoted through geo-marketing, which is a concept in trend these days.

Geo-tourism displays those geological features which has begun billions of years ago. Governments are becoming more aware of the global heritage in countries. They have started to realize their economic potential concerning geo-tourism.

For instance, there is a project for the establishment of a national geo-park in Kutch. It is establishing the start of geo-tourism in India. The country has a rich geological heritage, several of which are still to be developed for tourists.

Advancement in infrastructural development of geo-heritage and geo-sites can be observed in the next ten years. There is potential for countries to become a part of the geo-park network on a global level.

It also has the potential to create enormous job opportunities. It would lead to huge revenue collection through geo-tourism, which will increase the respective GDP.

However, this is an area in terms of future growth opportunity. It needs to be worked upon through the support and encouragement of various communities. With the involvement of government, the field will soon become more established in the next ten years.

Key Takeaways from the Geo-Tourism Market Study

Students between the age group of 16 to 25 prefer geo-tourism and geological site visits.
Based on booking channel, online channels are preferred by 3% of the travelers for bookings at geo-tourism sites.
Based on nationality, domestic travel is preferred more than international travel worldwide.
India geo-tourism market would hold a share of around 7% by 2033.
China geo-tourism market would capture a share of about 9% in 2033.

Competitive Landscape: Geo-Tourism Market

The geo-tourism sector has seen numerous players. They are outlining a variety of tactics to take a sizable market share. The landscape of the worldwide market is quite competitive.

Connected systems have been created with businesses such as McLennan to make the process go smoothly. Real-time data optimization would benefit from it. As a result, it is replacing all of the handwritten data and preventing chaos.

Supplier support networks are expanding globally. Their relationships with direct suppliers are productive. Tourism promotion and growth are top priorities for market players. Their tactics are being successfully put into practice.

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Leading players in the global geo-tourism market are:

National Geographic Expeditions
Gondwana Eco Tours
Seacology
Myths and Mountains
Global Basecamps

Geotourism Market Outlook by Category:

By Direct Suppliers:

Airlines
Hotel Companies
Car Rental
Train
Tour Operators
Government Bodies

By Indirect Suppliers:

Online Travel Agency (OTA)
Traditional Travel Agencies
Travel Management Companies (TMCs)
Corporate Buyers
Aggregators

By Age:

Under 15
16 to 25
26 to 35
36 to 45
46 to 55
Over 55

By Demographic:

Male
Female
Kids

By Nationality:

Domestic
International

By Booking Channel:

Phone Booking
Online Booking
In-Person Booking

By Tour Type:

Individual Travel
Professional Groups
Group Travels

By Tourism Type:

Sustainable Tourism
Urban Geo-Tourism
Rural Geo-Tourism
Natural Tourism
Eco Geo-tourism
Others

By Region:

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

About Future Market Insights (FMI)

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

Contact Us:

Nandini Singh Sawlani

Electrical Digital Twin Market Value Surpasses to US$ 3,342.7 Million by 2033

The industrial landscape is undergoing a digital revolution, and electrical systems are no exception. Electrical digital twins (EDT) are emerging as a transformative technology, creating a virtual replica of a physical electrical system. This digital counterpart offers unprecedented insights, improves operational efficiency, and paves the way for a future of predictive maintenance and optimized performance.

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Current Scenario: A Spark of Innovation

The Electrical Digital Twin Market is still in its early stages but is experiencing significant growth. Several factors are driving this adoption:

Growing Complexity of Electrical Systems: Modern electrical systems are increasingly complex, with interconnected components and sophisticated control systems. EDTs provide a holistic view of these systems, aiding in better management and troubleshooting.
Focus on Predictive Maintenance: Early detection of potential problems in electrical systems minimizes downtime and maintenance costs. EDTs can analyze data and predict equipment failures before they occur.
Enhanced Safety: EDTs can simulate various scenarios and identify potential safety hazards before they materialize in the real world.
Integration with Industrial IoT: The rise of the Industrial Internet of Things (IIoT) generates vast amounts of data from sensors embedded in electrical systems. EDTs leverage this data for real-time monitoring and analysis.

Benefits of Electrical Digital Twins:

Improved Operational Efficiency: EDTs enable simulation and optimization of electrical system performance, leading to reduced energy consumption and improved overall efficiency.
Enhanced Decision-Making: Data-driven insights from EDTs empower operators to make informed decisions regarding maintenance, upgrades, and system optimization.
Reduced Downtime: Predictive maintenance capabilities offered by EDTs minimize downtime and ensure system availability.
Improved Safety: Virtual testing and simulation through EDTs help identify potential safety risks before they occur in the real world.

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Future Scope and Opportunities:

The future of EDTs is bright, with exciting opportunities on the horizon:

Advancements in Artificial Intelligence (AI): Integration of AI will enable EDTs to learn from historical data and predict potential issues with even greater accuracy.
Closed-Loop Optimization: EDTs can evolve into closed-loop systems, suggesting real-time adjustments to optimize performance based on data analysis.
Focus on Standardization: Standardization of data formats and communication protocols will facilitate easier implementation and interoperability of EDTs across different systems.
Cloud-Based Solutions: Cloud computing could make EDTs more accessible and scalable, particularly for smaller businesses.