Cosplay Clothing Market: Anticipated to Accumulate Revenue of US$ 8,656.2 Million by 2033, Fueled by Growing Demand for Costumes

Cosplay Clothing Market
Cosplay Clothing Market

The global cosplay clothing market is projected to reach a value of US$ 4,788.2 million in 2023. Over the period from 2023 to 2033, the market is forecasted to demonstrate a Compound Annual Growth Rate (CAGR) of 6.1%, resulting in total revenue of US$ 8,656.2 million by the conclusion of the period.

Costs linked with cosplay clothing are anticipated to pose challenges to the market in the forecast period. Additionally, the popularity of cosplay clothing is confined to certain regions and has yet to gain traction in the Middle East and other underdeveloped countries worldwide, which may impede market growth in the foreseeable future.

The cosplay clothing business has witnessed higher growth potential recently with the growing acceptance of cosplay as a pastime and a means of expression. The chance to transform into adored fictional characters has caught the interest of aficionados throughout the globe, increasing the need for real, top-notch costumes.

Over the years, cosplay meetings and conventions have grown in popularity, and their growing acceptability in popular culture is surging the sales of cosplay clothing. So, cosplay clothing has a thriving business with the increase of devoted fans who get together to meet others who share their interests. The need for creative and distinctive costumes is anticipated to offer more potential for industry firms to flourish.

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The expansion of social media platforms has also been a key factor in the growing demand for cosplay costumes in recent years. Cosplay participants now have the ability to display their complex costumes and act to a worldwide audience over the platforms like Instagram, TikTok, and YouTube.

Besides encouraging more people to participate in cosplay, greater exposure has also sparked a strong online community where members exchange ideas and product suggestions. So, prospective cosplay participants are more inclined to spend money on intricate and well-made costumes, fueling the expansion of the business. As a result, there are more customization possibilities available, meeting the unique requirements and tastes of cosplay participants.

Key Takeaways from the Cosplay Clothing Market Study Report

  • At 27.9%, the United States had a huge market share in 2022, demonstrating its substantial presence and industry domination in cosplay clothing production.
  • In Europe, the sales of cosplay clothing in Germany are higher, and it contributed to 2.7% of the global revenue share in 2022. However, the demand for cosplay clothing in the United Kingdom is growing at a faster rate and could witness a 17% CAGR through 2033.
  • With respective market shares of 4.7%, and 2.8%, Japan and Australia made a significant contribution to the global market despite having relatively lesser market shares.

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Key Player in the Cosplay Clothing Market

  • Rubie’s Costume Company
  • Xcoser International Costume Ltd.
  • Cossky UK
  • Yaya Han Elope, Inc.
  • RoleCosplay
  • Uwowo Cosplay
  • Cospa, Inc.
  • Disguise Inc.
  • Meikedress
  • Simcosplay
  • Madhulikadresswala
  • Siam Costumes

Recent Developments by the Cosplay Clothing Manufacturing Industries

The extensive Halloween shop in the country, Spirit Halloween, teamed up with Warner Bros. Consumer Products in January 2020 to introduce a line of authorized cosplay clothing from the DC Universe.

The Pokémon Company and American Greetings collaborated in February 2021 to produce a collection of officially sanctioned Pokémon cosplay outfits for kids. The Japanese cosplay business Cocos debuted a collection of eco-friendly cosplay outfits created from recycled materials in March 2022.

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Key Segments Profiled in the Global Cosplay Clothing Market

By Application:

  • Historical Dress
  • Video Game Costumes
  • Dance Costumes
  • Movie Costumes
  • Fantastical Dress
  • Modern Costumes
  • Other Applications

By Price:

  • Below US$100
  • US$ 100 to US$ 200
  • US$ 200 to US$ 300
  • US$ 300 to US$ 400
  • Above US$ 400

By End User:

  • Men
  • Women
  • Kids
  • Unisex

By Distribution Channel:

  • Convenience Stores
  • Specialty Stores
  • Online Retailers
  • Direct Sales
  • Other Sales Channel

By Region:

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

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.

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Global Jumbo Bags Market Analysis and Forecast for Bulk Packaging Solutions in Various Industries 2033 | FMI

Jumbo Bags
Jumbo Bags Market

In 2023, the global jumbo bags market would reach a value of US$ 6.1 billion. From 2023 to 2033, it would expand at a CAGR of 4.2%. By 2033, it would be valued at more than US$ 9.9 billion.

Plastic products have become a part of daily life worldwide. As a result, these are produced at a massive scale across the globe, opines Future Market Insights (FMI).

It is estimated that around 70% of all plastic products are converted into plastic waste in a short span. Improper plastic waste management is one of the key factors that causes severe soil and groundwater pollution.

Governments have taken initiatives and induced stringent rules & regulations for plastic waste management. Recycling of plastic is considered to be the next viable and technically feasible option. It aims to tackle issues presented by the ever-growing volume of plastic waste.

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Industries across Europe and North America prefer recyclable and recycled plastic packaging products. It is attributable to increasing awareness of proper management of plastic waste.

All these factors would offer ample amount of opportunities to prominent packaging manufacturers. They would design and manufacture highly recyclable jumbo bags.

Key Takeaways from Jumbo Bags Market Study

  • By end use, the chemicals & fertilizers segment would hold more than 45% of share in the forecast period.
  • Type C jumbo bags would reach US$ 1.4 billion by the end of 2033.
  • U-panel design of jumbo bags would expand at a CAGR of 0% in the next ten years.
  • By capacity, the 200 kg to 750 kg segment would show a BPS fluctuation of +140 bps by 2033.
  • South Asia and East Asia would together create incremental opportunities of US$ 1.2 billion in the forecast period.

“Increasing demand for flexible packaging formats in the chemicals & fertilizers industry would push the market. Jumbo bags offer water-proof, versatile, and bulk packaging. Such ideal protection added with cost and space efficiency is provided by jumbo bags. It would bolster sales in the next ten years,” says an analyst.

Ability of Jumbo Bags to Reduce Transportation Cost Would Fuel Sales

Manufacturers have shifted toward flexible packaging. Inclination toward jumbo bags or bulk bags is due to better protection of materials that are transported. Ease of procurement would also push sales.

Empty jumbo bags can be easily stored due to their high flexibility. They can be transported even without pallets. They are low cost and can be conveniently handled.

On the other hand, filled jumbo bags have a low package-to-product weight ratio. Empty jumbo bags are compact and lightweight. It reduces transportation cost. Due to these factors, high preference for jumbo bags in bulk goods transportation is countered.

China, India, Bangladesh, and other emerging Asia Pacific countries are key producers of jumbo bags. But, consumption of these bags is low in these regions.

Rising economic growth and industrialization would propel demand. Need from industries to transport goods through low-cost flexible intermediate bulk containers would rise.

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Rising shift toward flexible packaging from rigid packaging would drive jumbo bags demand. Jumbo bags are used for transportation of chemicals & fertilizers, food & agriculture products, and cement in Asia Pacific.

Surging Price of Raw Materials and Labor Shortage May Hamper Production

Jumbo bags or flexible intermediate bulk containers are made from raw materials such as polypropylene and polyethylene. It is estimated that raw materials account for around 60 to 70% of the total manufacturing cost of jumbo bags. Fluctuation in prices and unavailability of raw materials are key constraints in maintaining competitive prices of jumbo bags.

Production of jumbo bags is a labor-intensive process. Lack of adequate skilled manpower hampers production of jumbo bags in emerging economies of Asia Pacific.

Jumbo bags manufacturing industry is an export-oriented sector. Fluctuation of the forex market leads to decreasing firm’s revenue from exports. It further affects the firm’s profitability. It is a leading restraint in the production of jumbo bags in emerging economies.

Competitive Landscape: Jumbo Bags Market

Berry Global Group, Inc., Greif Inc., Conitex Sonoco, AmeriGlobe L.L.C, PT. WIHARTA KARYA AGUNG, BAG Corp., Halsted Corporation, Intertape Polymer Group., Emmbi Industries Ltd., LC Packaging International BV, Rishi FIBC Solutions Pvt. Ltd., Langston Companies Inc., Jumbo Bag Ltd., Bulk Lift International, and Sackmaker J&HM Dickson Ltd. are prominent players in the jumbo bags market.

Get More Insights into Jumbo Bags Market Report

Future Market Insights, in its new report, offers an unbiased analysis of the global jumbo bags market, analyzing historical demand from 2015 to 2022 and forecast statistics for 2023 to 2033. The study reveals growth projections on the jumbo bags market on the basis of bag type (type a, type b, type c, type d), capacity (less than 200 kg, 200 kg to 750 kg, 750 kg to 1500 kg, above 1500 kg), design (u-panel bag, four side panel, baffle, circular/tabular, cross corner), and end use (building & construction, chemicals & fertilizers, food products & agriculture, pharmaceuticals) across seven regions.

About the Packaging Division at Future Market Insights

The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competition landscape through a unique dashboard view. Ranging from packaging materials, packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analyzed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.

Jumbo Bags Market Outlook by Category

By Bag Type:

  • Type A
  • Type B
  • Type C
  • Type D

By Capacity:

  • Less than 200 kg
  • 200 kg to 750 kg
  • 750 kg to 1500 kg
  • Above 1500 kg

By Design:

  • U-Panel Bag
  • Four Side Panel
  • Baffle
  • Circular/ Tabular
  • Cross Corner

By End Use:

  • Building & Construction
  • Chemicals & Fertilizers
  • Food Products & Agriculture
  • Pharmaceuticals

By Region:

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

About Future Market Insights Inc. (FMI)

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

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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Tableau Services Market Poised for 13.6% CAGR, Hitting US$ 2,183.2 Million by 2028

The tableau services market has witnessed remarkable growth in recent years, with revenues reaching US$ 896.1 million in 2021. According to projections, this growth is expected to continue its upward trajectory, with an estimated revenue of US$ 1,016.5 million in 2022 and a substantial leap to US$ 2,183.2 million by 2028. This impressive expansion signifies a robust CAGR of 13.6% between 2022 and 2028

These statistics highlight the increasing demand for Tableau services, emphasizing the software’s pivotal role in data analytics and visualization solutions across various industries. As organizations increasingly recognize the value of data-driven decision-making, the Tableau Services Market appears poised for sustained growth and innovation in the coming years.

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According to the FMI’s report, Changes in consumer behavior, robust product innovations, and expanding distribution networks continue to influence the growth of the Tableau Services market. FMI’s analysts rely on unique research methods and comprehensive data study of the current and upcoming trends of the Tableau Services market report and gather data from a wide range of primary and secondary sources.

Impact of COVID-19 on the Tableau Services Market:
With the onset of COVID-19, there has been a significant impact on the technology sector. Disruptions of the electronic supply chain and raw material supply have adversely impacted the technology industry. However, there has been a positive impact on the industry with the adoption of remote working. Rapid focus on integrating digital techniques and big data analytics in the IT services and technology industry is expected to result in a healthy outlook.

FMI’s recently published report has a chapter exclusively dedicated to COVID-19 impact analysis. This is intended to aid Tableau Services market stakeholders in deploying innovative strategies to overcome the challenges that are likely to affect the Tableau Services market.

Leading Key Players:

  • Tableau Software, Inc.
  • Perceptive Analytics
  • Accenture
  • Deloitte
  • Silicus Technologies, LLC
  • Bilytica
  • Interworks
  • Nabler
  • Vizual Intelligence Inc.
  • SA Technologies, Inc.

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Tableau Services Market Segmentation:

By Service Type:

  • Consulting
  • Maintenance & Support
  • Data Preparation
  • Governance
  • Dashboard Development & Designing
  • Server Development

By Enterprise Size:

  • Small Enterprises
  • Medium Enterprises
  • Large Enterprises

By Vertical:

  • Technology
  • Healthcare
  • Automotive
  • Consumer Goods & Retail
  • Manufacturing
  • BFSI
  • Government
  • Media & Entertainment
  • Energy & Power
  • Others

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • SEA and other of APAC
  • Japan
  • China
  • Middle East and Africa (MEA)

About Future Market Insights (FMI):

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

Contact Us:        

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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
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Show drafts Spirits Market Poised for $90 Billion Growth by 2033: Rising Young Consumers & Evolving Distribution Drive Sales | FMI

spirits market
spirits market

The number of spirits market is anticipated to increase globally from around US$ 59.4 billion in 2023 to approximately US$ 90.3 billion by 2033, mostly as a result of the growing commercial potential and Western culture’s influence.

The global spirits market is projected to expand from an estimated US$ 59,408 million in 2023 to US$ 90,288.9 million by 2033 at a compound annual growth rate (CAGR) of 4%. The primary driver of this increase is the rise in alcohol intake, particularly among youth who are exposed to Western culture. Spirit sales are strong and have potential for expansion; in 2022, they brought in a total of US$ 57,123 million worldwide.

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As per various earlier market survey reports, the net worth of total spirits sold globally in the year 2022 stood at US$ 57,123 Million. In accordance with data from Future Market Insights (FMI), the global spirits market value is estimated to be around US$ 59,408 Million in 2023. Further, as per this market report, the market is projected to progress at a CAGR of 4% from 2023 to 2033. By following this moderate CAGR, the overall market value is projected to reach US$ 90,288.9 Million by 2033.

One of the main causes fueling the expansion of distilleries or the spirit industry is the rise in the number of alcohol consumers. The overall use of various types of spirits has increased, especially among young people, as a result of Western culture’s influence on developing countries.

Spirits sales have increased significantly in recent years thanks to a more sophisticated distribution system utilised by alcohol producers, such as internet merchants. In addition, the growth and introduction of new alcoholic beverage-serving pubs, restaurants, and hotels have enhanced their market trend.

The use of craft spirits has increased over the past several years for a variety of reasons, including the younger generation’s growing preference for premium alcoholic beverages. In order to broaden their product lines, craft spirit distillers are also focusing on developing new beverages using a variety of herbs, spices, botanicals, and fruits.

Key Takeaways:

  • The absolute increment of the overall market over the next ten years is anticipated to be US$ 30,881 Million.
  • The United States alone accounted for almost 32% of the total spirits consumed in the year 2022.
  • Germany follows the United States in sales and consumption of spirits and contributed to nearly 15% of the market revenue share in 2022.
  • The demand for spirits in the United Kingdom is higher than in any other country in Europe and could progress at a 6% CAGR through 2033.
  • The capacity for the production of spirits in China is higher than in other Asia Pacific countries and during the projected period it could register a CAGR of 6.5%.
  • India is another emerging country for both consumption and supply of spirits which is poised to progress at 4.6% CAR through 2033.
  • Japan was figured out to have contributed 1.2% in global sales of spirits in 2022 while the contribution of Australia was only 0.9%.
  • Among the different types of spirits, the whiskey segment dominates the overall market having a 28% revenue share in the year 2022.
  • Based on distribution channels, the indirect sales of spirit accrued revenue of 71% in 2022.

Competitive Landscape:

  • Diageo plc.
  • Pernod-Ricard SA
  • LVMH
  • Jose Cuervo
  • Patrón
  • Beam Suntory
  • Brown-Forman Corp.
  • Constellation Brands, Inc.
  • Remy Cointreau SA
  • Marnier Lapostolle SA
  • Belvedere SA
  • Berentzen-Gruppe AG.
  • William Grant & Sons
  • The Edrington Group
  • Kweichow Moutai Group
  • Wuliangye
  • Yanghe Brewery
  • Daohuaxiang
  • Luzhou Laojiao
  • Others

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A few of the top producers of spirits are concentrating on taking advantage of the potential presented by the quickly expanding market sectors.

Future business of the spirits industry could shift in favor of the suppliers due to the ongoing introduction of product lines according to local preferences. As bigger spirit producers like Suntory Holding and Pernod Ricard are attempting to capitalize on this, new partnerships are taking place in the market. Acquired regional partners get access to a wider consumer base, and are also permitted to continue operations entirely independently of the new parent company.

Key Segmentation:

By Product Type:

  • Vodka
  • Rum
  • Whiskey
  • Gin
  • Tequila
  • Other Spirits

By Category:

  • Mass
  • Premium

By Application:

  • Household
  • Commercial

By Distribution Channel:

  • Direct Sales Channels
  • Indirect Sales Channels
    • Hypermarkets or Supermarkets
    • Specialty Stores
    • Independent Retailers
    • Online Retailers

By Region:

  • North America Market
  • Latin America Market
  • Europe Market
  • East Asia Market
  • South Asia Market
  • Oceania Market
  • The Middle East & Africa Market

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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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

 Contact Us:

Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: 
sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Pet Shampoo Market: Valuation Set to Reach US$ 934 Million by 2032, Driven by Steady Demand Growth

Pet Shampoo Market
Pet Shampoo Market

The pet shampoo market is projected to achieve a valuation of US$ 517 million in 2022. With demand expected to increase steadily at a Compound Annual Growth Rate (CAGR) of 6% throughout the assessment period, the market is forecasted to reach US$ 934 million by 2032. The pet shampoo market holds a share of approximately 30% to 40% in the global pet grooming products market.

The pet shampoo market is growing mainly because with people learning ab In addition, as more people are expected to take up pets a situation which would make the market demand even much. Pet soap has been formulated for home pet’s skins which is less acidic compared to human skin. There are numerous kinds of shampoos for skins cases with different scent ion some scented and unscent. The fact that organic shampoo is containing no toxins period and will not cause any adverse effects benefits quite a number of pet owners.

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Increasing disposable income of pet owners will have a positive impact on the growth in the pet shampoo market. People spend more on premium products for the well-being of their pets as they consider them as a part of the family.

Pet shampoos are considered one of the essential products in the pet grooming market. The key driver pushing the demand for pet shampoos is the rising awareness of pet care and customized products offered by manufacturers.

“Rising preference for organic pet shampoos will create opportunities for key players operating in the market. In addition to this, high demand for premium pet grooming products will continue pushing sales in the market over the assessment period,” says an FMI analyst.

Key Takeaways:

  • Supermarkets /hypermarkets and pet care shops are expected to be the most preferred sales channel for pet shampoos.
  • Based on product type, sales of organic pet shampoos will continue gaining traction through 2032.
  • The U.S. will continue dominating the North America pet shampoo market over the forecast period.
  • China will account for a lion’s share in the East Asia pet shampoo market over the assessment period.

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Competition Landscape

Leading companies operating in the pet shampoo market are focused on consumers’ interests, and advertisements to gain a competitive edge in the market. They are also launching products at online sales channels to improve sales.

  • Petco Animal Supplies, Inc.
  • Earthwhile Endeavours, Inc.
  • Barklogic
  • Wildwash
  • Spectrum Brands Inc.,
  • Petkin Inc.,
  • General Nutrition Centers Inc.,
  • Innovacyn Inc.
  • earthbath
  • Himalaya drug company

are some of the leading players operating in the market profiled by FMI.

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Pet Shampoo Market by Category

Product Type:

  • Natural/Organic
  • Chemical

Treatment Type:

  • Cleaning Shampoo
  • Anti -Dandruff Shampoo
  • Anti-Itching Shampoo
  • Anti-fungal Shampoo
  • Anti – Bacterial shampoo
  • Others

Pet Type:

  • Dogs
  • Cats
  • Others

Price Range:

  • Premium
  • Medium
  • Economy

By Sales Channels:

  • Direct Sales
  • Pet care shops
  • Supermarkets/Hypermarkets
  • Commercial stores
  • Wholesalers/Retailers
  • Online Retailers
  • Other Sales Channel

By Region:

  • North America
  • South Asia
  • Europe
  • LEMEA
  • East Asia
  • Oceania
  • MEA
  • Latin America

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  

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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Dehydrated Vegetables Market to Surge to $159.6 Billion by 2033 Consumer Preference for Convenience & Long Shelf Life Options

dehydrated vegetables market 
dehydrated vegetables market 

By 2033, the  dehydrated vegetables market  is expected to have grown from its 2022 valuation of US$ 72.7 billion to US$ 159.6 billion. The market is anticipated to grow at a CAGR of 8% over the forecast period of 2023 to 2033.

It is projected that the market for dehydrated vegetables would grow from an estimated $72.7 billion in 2022 to $159.6 billion by 2033. The industry is growing at a very impressive rate. From 2023 to 2033, this growth is anticipated to reach an incredible 8% CAGR, fueled by consumers’ growing preference for dried veggies as quick and durable snack options. Thanks to modern technology, high-quality dehydrated vegetables can now be manufactured, meeting expanding demand and accelerating global sales growth.

Dehydrated vegetable sales are predicted to reach US$ 159.6 billion in value globally by 2033, up from an anticipated US$ 72.7 billion in 2022. From 2023 to 2033, the market is projected to develop at a compound annual growth rate (CAGR) of 8%.

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Foods that have been dehydrated last longer than other prepared foods. As a result, dried vegetables are swiftly becoming a popular snack item. In response to rising customer demand, businesses are utilising technology to produce dehydrated vegetables that can be consumed for a longer period of time, which is increasing sales globally.

Regulations in certain nations demand clean label labelling that include precise information on the individual components, origins, and processing methods in order to improve transparency throughout the entire food chain. Due to increased efforts by businesses to improve consumer perception of their goods, the dehydrated vegetable industry is growing faster than usual.

One of the main reasons why consumers choose to utilise dehydrated vegetables is the increased unpredictability in raw material availability, manufacturing, and pricing as a result of seasonal swings. The market for dehydrated vegetables is increasing as a result of the year-round increase in demand for goods manufactured using seasonal components.

The advantages of fresh veggies are completely preserved while only taking up a minimal amount of shelf space in these dehydrated vegetables. This enables transporting products containing food from one place to another easier for the food industry. The market for dehydrated vegetables is anticipated to grow in sales as a result of the transportation convenience.

Key Takeaways from the Market Study

  • Global dehydrated vegetables industry is expected to be valued at US$ 75.6 billion by 2023
  • From 2018 to 2022, the market demand expanded at a CAGR of 2.5%
  • North America is expected to acquire the leading market share, with the United States acquiring over 8% CAGR from 2023 to 2033.
  • By product type, the bean segment is expected to constitute a 41.2% market share in 2023.
  • On the basis of drying method, the vacuum segment is expected a 24.6% share in 2023.

“Owing to the increased shelf life along with the high nutritious value and ease of storage, these dehydrated vegetables are gaining traction.” remarks an FMI analyst.

Competitive Landscape

Prominent players in the dehydrated vegetable market are:

  • Fresno Cooperative Raisin Growers Inc.
  • Olam International
  • Dole Food Company
  • Naturex S.A.
  • Symrise AG
  • Mercer Foods, LLC
  • Chengde Shenli Food Co., Ltd.
  • Vkc Nuts Private Limited
  • Viva Bella Orchards Inc.
  • Kiantama
  • Sun-Maid Growers of California
  • Sunshine Raisin Corporation
  • Traina Dried Vegetable Inc.
  • Lion Raisins Inc.

Key Product Offerings:

  • Dehydrated food items are offered by Harmony House Foods. Their finest goods have a shelf life of between twelve and twenty-four months.
  • Their items are of a high caliber and are well-kept. Fruits, dehydrated vegetables, soup bases, legumes, vegetable proteins, and many more items are among their offerings. Their fresh, organic, and GMO-free dried vegetable and fruit products allow clients ease in their health.

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More Valuable Insights Available

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

To understand opportunities in the dehydrated vegetable market, the market is segmented on the basis of dehydrated vegetables market by product (carrot, onions, potatoes, broccoli, beans, peas, cabbage, mushrooms, tomatoes), by form (minced & chopped, powder & granules, flakes, slice & cubes, others), by nature (organic and conventional), by end-use (food manufacturers, foodservice, retail), by drying method (air drying, spray drying, freeze drying, drum drying, vacuum drying), by distribution channel (store-based retailing, hypermarkets/, supermarkets, convenience stores, food and drink specialty stores, online retail) and across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).

Key Segments Profiled in the Global Dehydrated Vegetables Market :

By Product Type:

  • Carrot
  • Onions
  • Potatoes
  • Broccoli
  • Beans
  • Peas
  • Cabbage
  • Mushrooms
  • Tomatoes

By Form:

  • Minced & Chopped
  • Powder & Granules
  • Flakes
  • Slice & Cubes
  • Others

By Nature:

  • Organic
  • Conventional

By End Use:

  • Food Manufacturers
  • Foodservice
  • Retail

By Drying Method:

  • Air Drying
  • Spray Drying
  • Freeze Drying
  • Drum Drying
  • Vacuum Drying

By Distribution Channel:

  • Store-based retailing
  • Hypermarkets/ Supermarkets
  • Convenience Stores
  • Food and Drink Specialty Stores
  • Online retail

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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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

 Contact Us:

Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: 
sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Thermal Insulation Packaging Market is Anticipated to Cross a Value of US$ 274.8 Billion by 2033 | FMI

Thermal Insulation Packaging Market
Thermal Insulation Packaging Market

The thermal insulation packaging market is anticipated to expand its roots at a steady CAGR of 13.5% between 2023 and 2033. The market is expected to have a market share of US$ 274.8 billion by 2033 while it is likely to be valued at US$ 77.4 billion in 2023

  • The higher expansion of food outlet and their chain in emerging economies, higher adoption of comfort food, and online food delivery platforms fuel the market growth. Furthermore, the guaranteed assurance of drug safety through travel and time is transforming the market dynamic.
  • Increased travel activities post-pandemic, people taking homemade food outside for picnics and outings are also adopting thermal insulation packaging. The pharmaceutical brand on the other side uses thermal insulation packaging for the drugs that require a certain temperature to be kept in.
  • The government programs, enhanced packaging lines, and sustainable materials used for the insulation are adding value to the market’s success. Alongside this, the extended research and development facilities for producing environmentally friendly and affordable packaging solutions are ongoing.
  • The expanding pharmaceutical sector is expected to fuel the market growth as it applies insulation to vaccine kits, solutions, chemicals, and even drugs. As temperature control signifies the quality and stability of the drug, the vendors are adopting the best possible thermal insulation solution for their drug.

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Key Points

  1. The United States market leads the thermal insulation packaging market in terms of market share in North America. The United States region held a market share of 26.3% in 2022. The growth in this region is attributed to the expanding pharmaceutical giants, enhanced drug packaging, and the restoration of the packaged food market. Though, the North American region also held a significant share of 30.5% in 2022.
  2. Germany’s thermal insulation packaging market is another significant market in the European region. The market held a market share of 9.0% in 2022. The growth is attributed to higher drug imports, chemical, and medical research facilities. European region amounted to a total market share of 33.6% in 2022.
  3. The Indian thermal insulation packaging market thrives at a CAGR of 14.6% during the forecast period. The growth is attributed to the large facilities for vaccine production and packaging, higher exports, and the blooming FMCG sector.
  4. Chinese Thermal insulation packaging market also thrives at a CAGR of 11.9% between 2023 and 2033. The growth is caused by the extension of research facilities.
  5. Based on packaging type, the cold storage segment held the leading market share of 60.0% in 2022. The growth is attributed to the increased adoption of it by pharmaceutical and FMCG brands.
  6. Based on application type, the food and beverage segment lead the market as it held a leading market share of 54.5% in 2022.

Competitive Landscape

The key vendors focus on applying sustainable materials, custom solutions, and clear-label packaging solutions. 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 Developments

  • Sonoco ThermoSafe has launched its different temperature control packaging solutions. Such as parcel solutions, pallet solutions, rental solutions, and even insulated shippers. The company caters to regions like North America, Europe, Asia Pacific, and South America.
  • Sofrigam SAS has added its track and trace service for the various pallet and parcel shippers. The brand also uses reusable containers for higher sustainability.

Key Segments Covered

Packaging Type:

  • Passive Packaging
    • Single-use or One-way Use Packaging
    • Multiple Use or re-usable Packaging
  • Active Packaging
    • Reefer trucks and Containers
    • Active Pallet Containers
  • Cold Storage
    • Refrigerators
    • Freezers

Insulation Material:

  • EPS
  • PUR
  • VIP
  • PCM
  • Others

Temperature Range:

  • Less than -40°C
  • -20 to -40°C
  • -1 to -20°C
  • 0 to 10°C
  • 10 to 25 °C

Application:

  • Food and Beverage
  • Pharmaceuticals
    • Vaccines
    • Blood Banking
    • Others
  • Others

Key Regions Covered:

  • North America
    • United States
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • 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)

About Future Market Insights Inc. (FMI)

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

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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Dryer Sheets Market Set to Reach a Valuation of US$ 19 Billion by 2032: Significant Growth Projected in Consumer Industry

Dryer Sheets Market
Dryer Sheets Market

The dryer sheets market, valued at US$ 12 billion in 2021, witnessed a year-on-year increase of 5.8% to reach US$ 12.7 billion. It is anticipated that from 2022 to 2032, the market will experience significant growth, with a Compound Annual Growth Rate (CAGR) of 4.11%, reaching a valuation of US$ 19 billion.

Today, scents are an inseparable part of hygiene. While consumers purchase household cleaning products, they ensure that they are pleased with the smell of the product. Consequently, many dryer sheet companies have shifted towards R&D activities to create new formulas for making unique odors from dryer sheets.

Dryer sheets impart fabrics with ‘wearable softness’ and pleasant scent. Dryer sheets are cationic surfactants that provide an electrically conductive chemical layer on the fabric that keeps it soft and releases static cling. Therefore, they extend the life of the fabric. Also, dryer sheets are used to provide a subtle and airy fragrance in suitcases, bags, drawers, and washing machine when clothes are being washed. Dryer sheets are used to eliminate dust off the surface of computer screens and window blinds.

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Growth Drivers:

  1. Increasing Demand for Convenience: Busy lifestyles and a growing preference for convenience products are driving the demand for dryer sheets. Consumers seek products that simplify laundry routines, and dryer sheets offer a hassle-free way to soften clothes, reduce static, and add fragrance in one step.
  2. Rising Awareness of Fabric Care: With a greater emphasis on fabric care and extending the life of garments, consumers are increasingly recognizing the benefits of using dryer sheets. These products not only soften clothes but also help prevent wrinkles and reduce drying time, thereby contributing to fabric preservation.
  3. Expanding Urbanization and Apartment Living: Urbanization and the rise in apartment living translate to smaller living spaces and limited access to outdoor drying areas. Consequently, there’s a higher reliance on dryers for laundry needs, spurring the demand for dryer sheets as a complementary product to improve the drying process and garment quality.
  4. Innovation in Product Offerings: Continuous innovation in dryer sheet formulations, such as eco-friendly options, allergen-free variants, and enhanced fragrance profiles, is attracting consumers looking for specific benefits or features. Manufacturers are responding to evolving consumer preferences by introducing new product lines tailored to different needs and concerns.
  5. Growing Disposable Income: Increasing disposable income levels in emerging markets enable consumers to spend more on discretionary items like dryer sheets. As disposable incomes rise, consumers are willing to invest in products that offer convenience, quality, and enhanced fabric care, thereby propelling the growth of the dryer sheets market.

Which are Some Prominent Drivers Spearheading Dryer Sheets Market Growth?

  • Washing machines have become essential household appliances worldwide, leading companies in the laundry care market to introduce innovative solutions like dryer sheets compatible with washing machines for superior laundry outcomes.
  • Prominent players in the dryer sheet market are adopting new marketing strategies to influence consumer purchasing decisions, enhancing market growth.
  • The introduction of new dryer sheets with innovative features and consumer awareness campaigns is expected to drive growth in the dryer sheets market.
  • Increasing demand for fabric softeners such as dryer sheets, which eliminate static cling and provide a fresh scent, contributes to market expansion.
  • Rising consumer demand for long-lasting dryer sheets with biodegradable properties that enhance fabric lifespan, reduce wrinkles, and offer other benefits is fueling growth in the market.

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Why is Asia-Pacific Emerging as an Opportunistic Dryer Sheets Market?

Japan and China are expected to drive the global dryer sheets market in Asia Pacific. The market is expected to grow to US$ 10 Billion by the end of the analysis period.

China will continue to be one of the fastest-growing markets in this cluster of regional markets. The Asia-Pacific market, led by countries such as Australia, India, and South Korea, is expected to reach US$ 2.8 Billion by 2032.

How is North America Contributing to the Growth of the Dryer Sheets Market?

The dryer sheets market in North America is expected to be worth US$ 3.15 Billion by 2022. North America is expected to dominate the global dryer sheets market. It is made up of a large area that has been developed and where people live with a high standard of living. As a result, the region stands out among the others.

Market Competition

Some of the key participants present in the global Dryer Sheets market include

  • AkzoNobel N.V.
  • Asahi Glass Co. Ltd.
  • Dow Chemical Company
  • Gujarat Alkalies & Chemicals Ltd.
  • Ineos
  • Solvay S.A.
  • Shin-Etsu Chemical Co. Ltd.
  • Tokuyama Corporation

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Key Segments Covered in the Dryer Sheets Industry Survey
By Pack:

  • 10 to 50 Pieces Dryer Sheets Pack
  • 50 to 100 Pieces Dryer Sheets Pack
  • 100 to 150 Pieces Dryer Sheets Pack
  • 150 and Above Dryer Sheets Pack

By Price Range:

  • Low Priced Dryer Sheets
  • Medium Priced Dryer Sheets
  • High Priced Dryer Sheets

By Sales Channel:

  • Dryer Sheets Sales via Supermarkets/Hypermarkets
  • Dryer Sheets Sales via Convenience Stores
  • Dryer Sheets Sales via Online Stores
  • Dryer Sheets Sales via Independent Small Stores
  • Dryer Sheets Sales via Other Sales Channels

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  

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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Pump and Dispenser Market is Projected to Reach US$ 14,732.1 Million by 2033 | FMI

Pump and Dispenser Market
Pump and Dispenser Market

The global pump & dispenser market value is projected to expand from US$ 9,173.1 million in 2023 to US$ 14,732.1 million by 2033. Over the assessment period, global pump & dispenser demand is predicted to rise at a CAGR of 4.9%.

Several factors are expected to stimulate the growth of the pump & dispenser market. These include rising demand for easy and better dispensing systems from cosmetics & personal care, home care, automotive, and other industries.

Pumps and dispensers have emerged as the most economical and efficient solution for home care, cosmetics & personal care, and pharmaceutical industries. The rising adoption of pumps and dispensers as a better and more cost-effective dispensing system for liquid cosmetics and personal care items heavily contributes towards market growth.

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Increasing requirements for convenient packaging among consumers is another prominent factor expected to drive demand for pumps and dispensers. Apart from this, the lightweight and easy dispensing feature of these packaging solutions helps in using varied contents like viscous & semi-viscous liquids such as creams, lotions, perfumes, and others.

Convenient use and affordable pricing of pumps and dispensers, with the availability of lotion & cream pumps, crimp dispensers, and trigger pumps, will further boost the market. Subsequently, the growing preference for better dispensing systems for cosmetic and personal care products is impacting sales growth.

The rising adoption of pumps and dispensers in the packaging market as a better and more cost-effective dispensing system for liquid cosmetics and personal care items contributes to the market growth. This is attributable to the less expensive production cost of these dispensers, which makes them highly attractive to manufacturers of the above-mentioned products.

Other factors that will drive demand for pumps and dispensers and foster market growth include:

  • Increasing penetration of e-commerce
  • Development of innovative printing technology to improve the aesthetic appeal of the product
  • Growing emphasis on hygiene and easy product availability
  • Usage of environmentally friendly materials for the production of pumps and dispensers
  • Introduction of more appealing, sustainable, and convenient pumps and dispensers

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Key Takeaways from the Global Pump and Dispenser Market-

  • The global pump & dispenser industry value is set to total US$ 14,732.1 million in 2033
  • Based on material, the plastic segment is estimated to hold over 83% of the market share in 2023.
  • By product, the mist spray pump category is poised to register a higher CAGR of 3% through 2033.
  • By end-use, the cosmetics & personal care segment will likely hold 1/3rd of the market share by 2033.
  • Sales in the United States are poised to expand at 3% CAGR between 2023 and 2033.
  • China is set to register a CAGR of 3% during the assessment period.
  • Demand in India is anticipated to increase at a 7% CAGR through 2033.

“By focusing on growing their production capacities and market presence, prominent companies in the pump and dispenser market will gain sufficient income. Further, prominent end-users are inclined to implement more attractive and sustainable pumps & dispensers, which are estimated to accelerate market growth in the years to come,” says Senior Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).

Manufacturers to Target Luxury & Premium Packaging for Cosmetics and Perfumes

Pumps and dispensers used in the beauty and personal care industry are mostly made from plastic components that feature a steel spring, which allows the product to be dispensed. Most of the plastic components in the dispensers can be recycled, but the presence of the steel spring in the assembly makes the recycling process difficult. This has generated the demand for mono-material pumps and dispensers, which will make the recycling process easy.

Several companies and brands are coming up with innovative mono-material pumps in the market. Increased focus on sustainability is expected to generate an accelerated demand for mono-material pumps.

Growing concerns over environmental damage have given a boost to the PCR pumps and dispensers. The increased number of regulations imposed by the government and the changing preferences of consumers are leading to increased demand for mono-material pumps.

Who is Winning?

Silgan Holdings Inc., AptarGroup, Inc., Rieke Corporation, DARIN CO., Ltd, Richmond Containers CTP Ltd, TAPLAST S.r.l., Frapak Packaging B.V, PKP Plastic Products Inc., UNICOM International Ltd, are few pump & dispenser manufacturers listed in the report. The tier 1 players hold 15% to 20% of the overall pump & dispenser market.

Key companies are concentrating on developing new innovative pumps and dispensers with user-friendly features. They also use strategies like mergers, partnerships, acquisitions, and distribution agreements to solidify their market positions.

Recent developments:

  • In September 2021, Silgan Holding Inc. acquired Unicep Packaging to expand its precision dosing dispensing capabilities.

Key Companies Profiled        

  1. Silgan Holdings Inc.
  2. AptarGroup, Inc.
  3. Rieke Corporation
  4. DARIN CO., Ltd
  5. Richmond Containers CTP Ltd
  6. TAPLAST S.r.l.
  7. Frapak Packaging B.V.
  8. PKP Plastic Products Inc.
  9. UNICOM International Ltd
  10. Weltrade Pty Ltd
  11. TYH Container Enterprise Co., Ltd
  12. Zhejiang Sun-Rain Industrial Co., Ltd
  13. ScopeNEXT Ltd

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Global Pump and Dispenser Market Outlook by Category

By Material:

  • Plastic
    • Polyethylene (PE)
      • HDPE
      • LDPE
    • Polyethylene Terephthalate (PET)
    • Polyvinyl Chloride (PVC)
    • Polypropylene (PP)
    • Others
  • Metal
  • Glass

By Product:

  • Trigger Pumps
  • Lotion & Cream Pumps
  • Mist Spray Pump
  • Bottle Top
  • Crimp Dispenser
  • Burette
  • Others

By Application:

  • Body Lotions
  • Hand Care Lotions
  • Reagents
  • Perfumes & Deodorants
  • Liquid Soap
  • Shampoos & Conditioners
  • Others

By End-use:

  • Cosmetics & Personal Care
  • Homecare
  • Pharmaceutical
  • Chemicals & Fertilizers
  • Laboratories
  • Automotive
  • Others

By Region:

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

About Future Market Insights Inc. (FMI)

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

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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Electronic Equipment Repair Service Market: Expanding at a 6.3% CAGR by 2033, Driving Growth in Consumer Industry

Electronic Equipment Repair Service Market
Electronic Equipment Repair Service Market

From 2018 to 2022, the electronic equipment repair service market experienced robust growth, with a high Compound Annual Growth Rate (CAGR) of 5.7%. In terms of value, the market surged from US$ 97,460.3 million in 2018 to US$ 121,654.4 million in 2022, indicating significant expansion.

The electronic equipment repair service industry is projected to be augmented by strengthened semiconductor manufacturing. To cite an example, President Joe Biden approved the CHIPS and Science Act of 2022 in August 2022. The purpose of this legislation was to bolster local chip manufacturing. The legislation was backed by a total of US$ 53 billion in funding.

Growing importance of refurbished electronic business is projected to be a principal driver for the industry in focus. HyperXchange, which is a refurbished electronics brand, revealed FY2022 to 2023 growth in businesses. The brand cited that increasing demand for refurbished electronics, mainly mobile phones and laptops has led to business growth.

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Over the forecast period, the industry is also projected to witness a surge in concern pertaining to e-waste generation. This is projected to complement the market dynamics in the following years.

Heightened awareness about the role of medical electronics to operate successfully is projected to augment product sales. These are specially designed to find out about health problems. Additionally, they are suitable for imaging systems and medical procedures. Increasing adoption of this equipment is expected to increase the demand for electronic equipment repair services.

In emerging economies, a surge in the execution of production-related incentive schemes and other such conducive policies is projected to augment the market. In line with this, smart electronics manufacturers are also seen concentrating on their footprint expansion.

Business Growth Drivers in the Electronic Equipment Repair Service Market:

  1. Increasing Adoption of Electronic Devices: With the proliferation of electronic devices in both consumer and industrial sectors, there’s a growing demand for repair services. The more devices in circulation, the higher the likelihood of malfunctions or breakdowns, driving the need for repair services.
  2. Technological Advancements: As electronic devices become more sophisticated, repair services require specialized knowledge and skills. This creates opportunities for repair businesses to offer high-value services for complex repairs, driving growth in the market.
  3. Environmental Awareness: There’s a growing trend towards sustainability and reducing electronic waste. Repairing electronic devices instead of replacing them aligns with this trend, leading to increased demand for repair services and contributing to market growth.
  4. Cost Savings: Repairing electronic equipment is often more cost-effective than replacing it with new devices, especially for businesses or individuals looking to extend the lifespan of expensive equipment. This cost-saving aspect drives demand for repair services.
  5. Regulatory Changes: Regulatory initiatives promoting repairability and product longevity, such as Right to Repair legislation, can stimulate growth in the repair service market by providing consumers with more options for repairing their devices rather than replacing them.

Industry Restraints in the Electronic Equipment Repair Service Market:

  1. Rapid Technological Obsolescence: Constant advancements in technology can render older electronic devices obsolete quickly, reducing the demand for repair services for certain types of equipment and limiting growth opportunities.
  2. Lack of Manufacturer Support: Some manufacturers design products in ways that make them difficult to repair, either by using proprietary components or restricting access to repair manuals and parts. This lack of support can hinder the effectiveness of repair services and limit market growth.
  3. DIY Repair Trends: The availability of online tutorials and DIY repair kits has empowered some consumers to attempt repairs themselves instead of seeking professional repair services. This trend can reduce the demand for repair services and pose a challenge to businesses in the industry.
  4. Competitive Landscape: The electronic equipment repair service market can be highly competitive, with numerous independent repair businesses and authorized service providers vying for market share. Intense competition can put pressure on pricing and margins, impacting profitability and hindering growth.
  5. Global Supply Chain Disruptions: Events such as natural disasters, geopolitical tensions, or pandemics can disrupt the global supply chain, leading to shortages of repair parts and components. These disruptions can hamper the ability of repair businesses to fulfill customer demands and limit market growth.

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Top Highlights from the FMI’s Analysis of Electronic Equipment Repair Service Market:  

  • Europe is projected to account for a prominent market share, gaining a sizeable 27.7% market share in 2022. Within the region, Germany enjoyed a 7.8% market share in 2022. The United States is projected to expand at 6.1% CAGR over the forecast period.
  • North America follows after Europe, clinching a market share of 23.5% in 2022. The United States reported a 19.4% market share in the same year.
  • The Asia Pacific is reckoned to expand at a robust pace. FMI has estimated China and India to attain a CAGR of 11.8% and 10.5%, respectively.
  • On the basis of end use, the residential segment is projected to grab a total of 61.2% market share.
  • Based on product type, consumer electronics is anticipated to hold a 76.3% market share over the estimated timeline.

Glad Tidings: A Closer Look at the Key Developments in Electronic Equipment Repair Service Market

  • In March 2023, European Union proposed a new rule, forcing companies to repair old products for up to 10 years of the product’s lifecycle. The new rule is going to empower consumers with the right to repair. Heavy electronics also fall under this rule, including television, and washing machine, etc. Consumers can get it repaired by the company even after the sales guarantee expiry.
  • In April 2023, Mobile Tech Lab announced that it is going to focus on repair, not replacement. The Manitoba-based tech retailer is going to repair various consumer electronics including tablets, computers, televisions, etc.
  • LG Electronics gave permission to Dayton Appliance Parts (DAP) to circulate LG repair parts from DAP’s site in three states in August 2022.
  • In November 2020, the European Parliament voted for a new policy to introduce compulsory labeling for electronics with repairability ratings. This initiative aims to boost consumer confidence while shopping for electronics and electricals. France announced that it is going to observe repairability tags for laptops, smartphones, and other electronics.

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Key Segments

By Product Type:

  • Consumer Electronics
  • Computer Related Products
  • Others

By End Use:

  • Residential
  • Industrial or Commercial

By Region:

  • North America
  • South America
  • Europe
  • Asia Pacific
  • The Middle East & Africa

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  

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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