Market Research Blog – Page 3596 – New Product Development

Rising Demand for Healthier Alternatives Lupin Protein Market Expected to Grow at 4.9% CAGR, Reaching USD 159.7 Million by 2033

The lupin protein market is anticipated to expand at a 4.9% compound annual growth rate from 2023 to 2033. By 2033, the market is anticipated to arrive at a US$ 159.7 million valuation. In 2023, the market is projected to be valued US$ 98.8 million.

Since lupin protein contains amino acids, it’s one of the healthiest foods available. Because of its higher protein content, those who value their health also pick it. Because they contain a lot of fibre, those who are attempting to reduce weight also favour them.

Plant-based products are being used more frequently, and vegetarianism and veganism are becoming more and more popular. Customers are starting to buy lupin protein supplements to meet their needs for protein. Consequently, there might be a rise in demand for goods containing lupin protein within the anticipated time frame.

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Key Takeaways:

Market Projection: The lupin protein market is anticipated to grow at a robust 4.9% CAGR from 2023 to 2033, reaching a valuation of USD 159.7 million by 2033, compared to USD 98.8 million in 2023.
Health Benefits: Recognized as one of the healthiest foods due to its amino acid-rich composition, lupin protein is gaining popularity among health-conscious consumers. Its high protein and fiber content make it a preferred choice for those aiming for weight loss.
Plant-Based Trend: With the increasing popularity of vegetarianism and veganism, there is a rising demand for plant-based products, leading to a surge in lupin protein supplements to meet protein needs.
Clean Label Demand: The market witnesses a growing demand for clean-label products, with lupin protein-containing items gaining traction due to clear labeling practices, contributing to market expansion.
Environmental Sustainability: Lupin protein products are environmentally sustainable, contributing to minimal environmental degradation. The cultivation of lupin seeds requires moderately productive soil, aligning with eco-friendly practices.

Market Dynamics:

Gluten-Free Demand: The market for lupin protein products is witnessing growth as a result of increased demand for gluten-free alternatives, positioning lupin protein as a beneficial substitute in gluten-free products.
Adverse Reactions: Despite its numerous benefits, a few instances of adverse reactions associated with lupin products may pose a limitation to market expansion during the forecast period.

Key Points and Takeaways:

CAGR Projection: The lupin protein market is projected to grow at a CAGR of 4.9% during the forecast period.
Market Valuation: Valued at USD 98.8 million in 2023, the market is expected to reach USD 159.7 million by 2033.
Regional Growth: Europe is anticipated to be the largest market, with the USA lupin protein market advancing at a CAGR of 6.5%. The UK market is projected to grow at a CAGR of 2.6%, while China, Japan, and South Korea are expected to exhibit significant growth.
Product Type: Protein isolates are expected to hold the largest market share, growing at a CAGR of 4.6%.
Nature: Conventional lupin protein products are projected to dominate the market, growing at a CAGR of 4.2%.

In recent years, demand for items with clean labels has skyrocketed. This is a result of consumers’ growing awareness of the value of purchasing genuine goods. Lupine protein-containing products often have clear labelling, which expands their market.

Additionally, using products containing lupin protein ensures little environmental degradation. It eliminates the practise of killing animals for human consumption, which contributes to carbon emissions. Second, lupin seeds can be grown in moderately productive soil. These all suggest that only a small amount of investment will be needed.

Due to the negative effects of consuming gluten, there has recently been an increase in the demand for gluten-free products. Lupin protein products have established themselves as beneficial substitutes for gluten-containing goods, presenting a wide range of business potential.

However, a few instances of adverse reactions have been connected to the use of lupin products. This can limit market expansion during the anticipated period.

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

Key Takeaways:

The lupin protein market is projected to grow at a CAGR of 4.9% during the forecast period.
The market is valued at US$ 98.8 million in 2023.
The market is expected to reach a valuation of US$ 159.7 million by 2033.
As per the regional analysis, Europe is expected to be the largest market during the forecast period.
USA lupin protein market is expected to advance at a CAGR of 6.5%.
UK market is projected to grow at a CAGR of 2.6%.
China market is anticipated to surge at a CAGR of 6.4%.
Japan lupin protein market is projected to grow at a CAGR of 3.6%.
South Korea market is expected to grow at a CAGR of 4.9%.
Based on product type, the protein isolates segment is expected to hold the largest market share, and is anticipated to grow at a CAGR of 4.6%.
Based on nature, the conventional segment is projected to hold the largest market share, and is expected to grow at a CAGR of 4.2%.

Competitive Landscape:

Key players in the market, including Cargill, Archer Daniels Midland Company, and Glanbia plc, are investing heavily in technological upgrades and research and development to meet the escalating demand for lupin protein-based products.
In October 2022, Barentz International acquired Viachem, enhancing its capabilities in the distribution of life science ingredients and specialty chemicals.

Lupin Protein Market Segmentation

By Product Type:

Protein Isolates,
Protein Concentrates,
Flour,
Other Product Types

By Nature:

Organic,
Conventional

By End Use:

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

By Processing Type:

Dry Processing,
Wet Processing

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
MEA

Consult with Our Analysts for In-Depth Analysis of the Global Protein Market Trends and Opportunities Across Various Product Types, Nature, End Uses :
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Author by:

Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.

She has exceptional analytical skills and often brings thought leadership to the table.

Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.

Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.

Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.

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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Europe Destination Wedding Market Set for Remarkable 19% CAGR Expansion Through 2033 | FMI

It is projected that the Europe destination wedding industry will grow from an expected US$ 9.9 million in 2023 to US$ 56.3 million by 2033. Europe accounts for between 34% and 38% of the global destination wedding market.

The deep penetration of social media governs regional market growth. Websites and programs facilitating communication, engagement, community-based input, collaboration, and content-sharing are broadly considered social media. Social media channels like Instagram, Snapchat, and Facebook are increasingly used to capture important events in life, like weddings. As a result, come the destination wedding, the opportunity to capture and share different photos and videos opens up.

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The demand for destination weddings in Europe is also catalyzed by providing significant package discounts. The availability of heritage and cultural locations in Europe is accelerating the demand for destination weddings.

Another emerging trend in the market is the upsurge in the popularity of eco-friendly weddings. Since people are consciously seeking environment-friendly modes of participation, vendors are providing the option of eco-friendly weddings, which are executed in natural settings. The top providers offer sustainable and natural sites for the environment-conscious population. An increase in European couples favoring sustainable activities and décor, like opting for second-hand or upcycled products and reducing the use of single-use plastic.

Planners are providing an all-inclusive discount on the packages where the price of a destination wedding is relatively less. As a result, prompting market expansion. Additionally, lifestyle enhancement and prior intimate marriages are projected to boost the bookings for destination weddings.

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Several people are transforming their destination weddings into once-in-a-lifetime vacations. Thus, positively impacting the overall market. In addition, destination wedding plans are based on the couple’s interests. The planners provide several options for couples, including ambiance, cuisine, and themes. This factor is projected to have a favorable impact on market growth.

Key players are collaborating and partnering with other players to expand their reach. In addition, they are searching for new locations for wedding venues, which is expected to stimulate market growth.

The market growth might be strangled by the lack of knowledge of events handled in the destination wedding. The escalating cost of tour packages is also expected to lower the demand for destination weddings.

Top Highlights from the FMI’s Analysis of the Europe Destination Wedding Market:

Europe accounted for 26% market share in the global destination wedding industry.
The German destination wedding industry is projected to exceed 4% market share in the global market in 2023.
The United Kingdom destination wedding industry is projected to expand at a CAGR of 6% over the forecast period.
Based on guest capacity, the below 100 guests segment is projected to surpass 52% market share in 2023.
Under the category of season type, the mid-season segment is expected to surpass the value share of 27% in 2023.

How the Key Players are Drawing in More Customers?

Key players in the destination wedding, specific to the Europe region, are focusing on robust promotional strategies, arresting advertisements, and adding new services. In addition, theme-based weddings at exotic locations are gaining widespread popularity.

Vendors focus on favorable pricing policies, versatile services, and large-scale contracts with suppliers to recommend customized solutions. The vendors are also deploying ongoing social media tools to maximize their reach worldwide.

Key Manufacturing Companies

White Eden Weddings
FiestaSol
Tropical Wedding & Honeymoon
Magical Weddings
Sparkles & Bubbles
ALL THINGS BEAUTIFUL
PLANNED FOR PERFECTION
Peach Perfect Weddings
The Wedding Travel Company
LM WEDDING PLANNER
Jennifer Fox Weddings
W Day
The Destination Wedding
Wedding Planner Roma
Studio Brzak Events
Other (as per request)

Europe Destination Wedding Market by Category

By Guest Capacity:

Below 100 Guests
100 & Above

By Season:

High Season
Mid-Season
Low Season
Mid-peak Season

By Inclusion and Activity:

Accommodation Services
Food Service
Butler Services
Other Services

By Types of Functions:

Pre-wedding Ceremonies
Wedding Ceremonies
Reception
Bachelor’s Party
Other Functions

By Nationality:

Domestic
International

By Booking Channel:

Phone Booking
Online Booking
In Person Booking

By Destination:

Italy
Porto
Paris
Amalfi Coast
Edinburgh
Santorini
Mallorca
Venice
Corfu
Dubrovnik

By Country:

Germany
France
United Kingdom
Austria
Switzerland
Poland
Rest of Europe

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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Nepal Eco Trekking Market Maps Out a US$ 1,383.8 Million Odyssey, Anticipating a 4.8% Surge by 2033 | FMI

According to forecasts, the Nepal eco trekking market is expected to be US$ 865.9 million in 2023 and US$ 1,383.8 million by 2033.

The Nepal eco trekking business is anticipated to grow rapidly. Trekking has a substantial impact on the economy and GDP of Nepal. The tourism business surrounding these destinations provides the bulk of the communities and residents in trekking-intensive regions with their daily income.

The market’s main emphasis is on sustainability, which sometimes becomes a crucial issue. Moreover, ecotourism is being utilized to promote sustainable development, particularly in developing countries like Nepal. Trekking approaches that are friendly to the environment are highly valued in ecotourism.

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Road building in hiking regions negatively impacts the whole trekking experience for tourists, which also harms Nepal’s fragile ecology. Also, the absence of facilities like suitable accommodation, wholesome food, and a safe local environment

Key Takeaways

The Nepal eco trekking market grew considerably to US$ 835 million in 2022.
The Nepal eco trekking sector expanded at a CAGR of 3.7% from 2018 to 2022.
The Nepal eco trekking market expanded considerably to US$ 721.6 million in 2018.
In 2022, the online booking segment dominated the market, with a share of 31%, based on the booking channel.
In 2022, the domestic segment dominated the market, with a share of 58%, based on the tourist type.
Sustainable trekking in the Nepal tourist business is expected to account for a considerable market share. Online booking is more popular with travelers since it is convenient and offers more deals and discounts.

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Competitors Winning Strategies

Leading and Experienced trekking companies in Nepal have years of experience and are knowledgeable in setting up environmentally responsible excursions. They focus on eco-friendly activities and provide a variety of trekking routes with qualified guides.

There are now many community-based businesses and cooperatives that provide eco-tours that genuinely help out the neighborhood. These programs strongly emphasize neighborhood engagement and the preservation of regional customs and cultures.

Rave customer evaluations and referrals significantly influence the competitive landscape. Nepal eco trekking companies who deliver outstanding experiences put safety first, and show a dedication to sustainability frequently get positive feedback and gain an advantage over rivals.

Recent Development:

Up to one million jobs have been supported and created by the eco-tourist business in Nepal, with the well-known Annapurna Circuit hiking circuit being one of the most lucrative locations. By 2033, the Nepal eco-hiking industry is expected to generate more than 1.35 million new employees.
Renowned companies like Nepal Eco Adventure Pvt. Ltd. are completely committed to offering the finest level of services to their clients to increase tourism in Nepal.
Adventure activities, including bungee jumping, rafting, jungle safaris, paragliding, and hot air ballooning, are all available with Eco Vacations Nepal.

Key Players

Nepal Eco Adventure Pvt. Ltd
Eco Holidays Nepal
Himal Eco Treks Pvt. Ltd.
Mountain Eco Trek & Expedition Pvt. Ltd.
Adventure Nepal Eco Treks
Alpine Eco Trek & Ex
Excellent Himalaya
Trek and Expedition Pvt. Ltd
Adventure Challenge Center
Access Nepal Tour & Trekking
Adventure Connexion Pvt. Ltd
Nepal Gateway Trekking Pvt. Ltd.
Nepal Holiday Treks and Tours Pvt. Ltd
Yeti Trail Adventure

Key Segmentation

By Booking Channel:

Phone Booking
Online Booking
In-Person Booking

By Tourism Type:

Domestic
International

By Tourist Type:

Independent Traveler
Tour Group
Package Traveler

By Consumer Orientation:

Men
Women

By Age Group:

15 to 25 Years
26 to 35 Years
36 to 45 Years
46 to 55 Years
66 to 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

Exploring Innovation and Sustainability in Single Serve Coffee Container Packaging

The rapid and expansive growth of the beverage industry, coupled with the escalating demand for flexible packaging solutions, is anticipated to provide a significant boost to the sales of single-serve coffee containers. This trend underscores the pivotal role that single-serve coffee containers play in offering convenience and quality to consumers in an evolving beverage landscape.

The global single serve coffee container industry will reach US$ 779.6 million in 2023. Over the assessment period from 2023 to 2033, global sales of single-serve coffee containers are projected to rise at a 7.5% CAGR. By 2033, the total market value is projected to reach US$ 1,613.7 million.

Single-serve coffee containers make a single cup of coffee quickly and easily, making them ideal for on-the-go consumption. They can cut brewing time and simplify the process by eliminating the need to measure quantities, flavorings, and ingredients from enormous bulk containers.

Furthermore, the surging utilization of single-serve coffee containers across commercial sectors, including hotels, restaurants, cafes, and similar establishments, is poised to be a driving force behind market expansion. As the preference for on-the-go and versatile coffee solutions gains momentum, it contributes to the dynamic and robust growth of the single-serve coffee container market.

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Features

Variety: Coffee pods come in a wide variety of flavors, blends, and roasts, catering to diverse taste preferences. Whether you prefer a bold espresso, a smooth medium roast, or a flavored coffee, there is a coffee pod available to suit your taste.
Less Waste: Single-serve coffee containers help reduce coffee waste by minimizing the amount of coffee grounds discarded after brewing. Unlike traditional brewing methods that often result in leftover coffee, single-serve pods only brew the amount of coffee needed for each serving, reducing waste and promoting sustainability.
Compatibility: Single-serve coffee containers are designed to be compatible with specific coffee machine systems, such as Keurig, Nespresso, or Tassimo. This ensures that users can easily find pods that are compatible with their coffee machine, allowing for seamless brewing and consistent results.

Key Factors

The convenience provided by single-serve coffee containers stands out as a significant driver expected to swiftly propel the target market.

The rapid growth of the beverage sector coupled with an increasing demand for flexible packaging is poised to bolster the sales of single-serve coffee containers.

Furthermore, the emergence of eco-friendly options in the form of single-serve coffee containers represents a key trend that is anticipated to further fuel the expansion of the market.

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Top Key Players

Faerch Group
Amcor Plc.
Constantia Flexibles Group
Sealed Air Corporation
CCL Industries Inc.
Berry Global Group, Inc.
Uflex Ltd.
Printpack Inc.
Capsule Pack Pty Ltd.
ProAmpac LLC.
Geriner Packaging
Tipa Compostable Packaging Ltd.
Multi-Pak Corporation
Sonic Packaging Industries Inc.
Alupak AG
Aluflexpack AG
Kimac Industries

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Luxury Hotel Market En Route to US$ 117.169 Billion and 5.3% CAGR by 2033 | FMI

It is projected that the market for luxury hotels will grow from an expected US$ 99.868 billion in 2023 to US$ 117.169 billion by 2033. Through 2033, the market for luxury hotels is anticipated to expand at a CAGR of 5.3%. The expanding business and tourism sectors, rising living standards, rising disposable income, and an increasing desire for leisure travel are all potential drivers of the luxury hotel market.

The luxury hotel industry is expected to be driven by expanding business and tourist industries across several regions, rising disposable income, rising living standards, and a rising consumer desire for leisure travel. Some key factors that draw customers to luxury resorts are the rise in purchasing power and living standards.

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Emerging Trends and Influences Shaping the Luxury Hotel Market

The desire for luxury travel experiences is fueled by the rising middle class and rising disposable income in emerging economies. Luxury hotels are being forced to innovate and provide individualized services due to the growth of social media and the influence of influencers, which has fostered a craving for distinctive and Instagram-worthy experiences.

Luxury hotels have been inspired to provide distinctive products like health programs, culinary experiences, and cultural events due to the growing trend towards experiential travel, where travelers seek authentic and immersive encounters. The luxury hotel market is developing due to the expanding global tourist sector and the emergence of luxury travel niches like eco-tourism and adventure tourism.

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Global Financial Crises and the Luxury Hotel Sector: A Restraining Force

The effects of economic downturns and worldwide financial crises are one restraint on the demand for luxury hotels. Luxury traveler expenditure typically decreases during these times as consumers become more frugal with their discretionary spending.

The market may be constrained by shifting consumer travel habits and tastes, such as an increase in demand for immersive and distinctive lodgings like boutique hotels or vacation rentals. The traditional hotel sector has been shaken by the emergence of alternative housing options provided by websites like Airbnb, increasing competition for luxury hotels.

Regional Outlook

The North American area led the market, and this trend is anticipated to last during the projection period. Due to its status as a major international financial center and one of the world’s most sought-after travel destinations, the United States accounted for the greatest revenue share in that industry.

The largest growth rate is anticipated to be seen in the Asia-Pacific area. The Asia Pacific area’s tourism spending has increased due to rising disposable income among households in the region. Financial hubs like China, Japan, and Singapore draw business travelers from the area. Due to the region’s significant climatic and geographic diversity, which makes it one of the most well-liked tourist destinations in the world, there is moderate growth and a high penetration rate.

Key Takeaways

The United States might increase its market share by 6% between 2023 and 2033.
Between 2023 and 2033, Germany may hold 3.5% of the luxury hotel industry.
Japan’s share of the luxury hotel industry could reach 4% between 2023 and 2033.
Australia to hold a 5.2% share of the market from 2023 to 2033.
During the forecast period, Chinese luxury hotel business to expand at a CAGR of 6.5%.
From 2023 to 2033, the United Kingdom luxury hotel industry registered at a 6.6% CAGR.
Through 2033, the Indian luxury hotel market to record a CAGR of 4.5%.
The luxury segment holds a market share of 31% in the room type category between 2023 and 2033.
The business hotels sector to grab a significant market share of 28% in the type category between 2023 and 2033.

Competitive Landscape

Few of the big luxury hotel competitors now control most of the market in terms of market share. The infrastructure development by the local government and other facilities is luring businesses and tourists thanks to technical breakthroughs and service improvements. The luxury hotel market participants engage in mergers and acquisitions (M&A) and strategic partnerships to increase their geographic reach.

New Advancements

Exclusive talks about creating what they believe may be the world’s top lifestyle operator in the hospitality industry were started in November 2020 by the hotel giant Accor, located in Paris, and the hospitality group Ennismore, based in London. The Hoxton, Gleneagles, Delano, SLS, Mondrian, SO/, Hyde, Mama Shelter, 25h, 21c Museum Hotels, Tribe, Jo&Joe, and Working From brands may be combined into a new independent asset-light corporation through this all-share transaction.
Pyramid Hotel Group, located in Boston, and Hamilton Hotel Partners, based in London, finalized their merger in February 2020. The united company or asset operates 141 hotels with 32,000 rooms in eight different nations.

Key Players

Four Seasons Holdings Inc.
The Luxe Life Hotel
Intercontinental Hotels Group
Marriott International Inc.
Hyatt Corporation
ITC Hotels Limited
Shangri-La International Hotel Management Ltd.
Jumeirah International LLC
The Indian Hotel Companies Limited

Key Segments

By Type:

Business Hotels
Airport Hotels
Suite Hotels
Resorts
Others

By Room Type:

Luxury
Upper-Upscale
Upscale

By Category Type:

Chain
Independent

By Region:

North America
Latin America
Asia Pacific
Middle East and Africa
Europe

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

Incentive Tourism Market Set to Achieve a 5.5% CAGR, Projected at US$ 13.69 Billion by 2033 | FMI

It is projected that the incentive tourism market would grow at a compound annual growth rate (CAGR) of 5.8% from 2023 to 2033. By 2033, the market is anticipated to have a market share of US$ 13.69 billion, and by 2023, it is anticipated to be worth US$ 7.79 billion.
The demand for international incentive travel is anticipated to be fueled by companies’ purposeful efforts to keep deserving staff motivated by offering them various incentives, among other considerations.

Additionally, businesses have employed incentive tourism programs as a non-cash incentive to their staff and outside partners for attaining crucial business goals. The MICE (Meetings, Incentives, Conferences, and Events) industry benefits greatly from it.

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Incentive tourism is a healthy and positive concept that motivates employees to perform even better. Corporations are spending more on the welfare of their employees.

Wellness travel implies that the traveller will experience physical and mental rejuvenation by the end of the tour. This has increased the popularity of the incentive tourism sector.

Some of the physical and mental activities like exercises, yoga, rock climbing, swimming, and so on, give the employees a growing sense of respect towards the organization that is striving for its employees’ good health. All these are expected to increase the demand for global incentive tourism.

Companies are looking for ways to expand their businesses within legal boundaries, so that they can serve for the welfare of the society at large. To achieve profits, the employee performance is the most effective cog in the wheel. There can hardly be a better way that to organize company sponsored trips for the deserving employees.

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Competitive Landscape of Global Incentive Tourism Market

Leading players operating globally in the market are focusing on expansion and new tour launches to expand their business globally. Moreover, the leading players are also involved in tie-ups with some of the leading firms, which provide incentives to their employees in the form of arranging tourism programs for them.

Key Developments

On 14^th August 2020, 360 Destination Group launched the “just the facts” hotel and attraction re-opening tracker. The re-opening tracker includes current information on each destination’s re-opening phase and risk level. In addition, detailed information regarding hotel and attraction re-opening dates.
On 12^th July 2022, Carlson Wagonlit Travel launched car rental and train booking capabilities on myCWT mobile and web channels.
On 26^th July 2022, BCD Group named Michele Lawley as the president of European region as Mike Walley joined Boron board.

Key Companies Profiled

360 DESTINATION GROUP
ACCESS DESTINATION SERVICES
BCD GROUP
CARLSON WAGONLIT TRAVEL
CONFERENCE CARE LTD.
MEETINGS & INCENTIVES WORLDWIDE INC.
ITA GROUP
ATPI LTD.

Key Segments Covered

By Type:

Eco-Tourism
Adventure Tourism
Beach Tourism
Cultural Tourism
Wildlife Tourism

By Tour Type:

Domestic
International

By Tourist Type:

Independent Traveler
Tour Group
Package Traveler

By Booking Channel:

Phone Booking
Online Booking
In-Person Booking

By Consumer Orientation:

Men
Women

By Age Group:

26 to 35 Years
36 to 45 Years
46 to 55 Years

Key Regions Covered:

North America
Latin America
Europe
Japan
Asia Pacific Excluding Japan
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

Spa Resorts Market Surges to a US$ 166.4 Billion Valuation with a 6.7% CAGR by 2033 | FMI

Between 2023 and 2033, the market for spa resorts is projected to grow at a CAGR of 6.7% on average. The market is anticipated to reach a value of US$ 87 billion in 2023, and a market share of US$ 166.4 billion by 2033.

Social media platforms like YouTube, Instagram, Facebook, Snapchat etc. are being used effectively to advertise Spa resorts and they are hence seeing a lot of visitors.

There is a lot of footfall also because of the stress everyone faces in their day to day to life. And, a spa resort provides a lot of relaxation due to the massages, beauty and grooming packages.

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Spa resorts are mostly located close to the nature like the ocean, jungles etc. Being so close to the nature helps one to relax and relive their stress more easily.

Key Takeaways:

Medical spa is the most preferred spa type among the consumers. Under medical spa there are different treatments like prenatal, fitness and therapy. It is most preferred because people prefer to relax from their stressful life.
In spa resorts globally, women are the most popular customers. They like to take relaxing holidays which relieve them of their stress.

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It has been observed that there are more bookings done by customers through the online segment. Customers are benefitted with more discounts, offers etc. through online bookings on company websites or various social media platforms.
More domestic tourists’ footfall is noticed in spa resorts. This is due to the fact that each and every region has one spa resort. Only consumers who are financially stable take holidays to go and spend time in a spa resort

Key Players

Radisson Resorts & Spa
Four Seasons Hotel limited
Massage Envy Franchising LLC
Emirates Palace
Six Senses Hotels Resorts Spas
Jade Mountain Resort
Gaia Retreat & Spa
Ananda
Lanserhof Tegernsee
Others

Key Segments Covered

By Spa Type:

Salon/Day/Club Spa
Medical Spa (Prenatal, Fitness, and Therapy)
Hotel Spa
Destination Spa
Mineral Spa
Others (Pet, Baby, Mobile, and Cruise Ship)

By End User:

Male
Female

By Booking Channel:

Phone Booking
Online Booking
In Person Booking

By Tourist Type:

Domestic
International

By Key Regions:

Latin America
Europe
Japan
Asia Pacific Excluding Japan
The 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.

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Nandini Singh Sawlani

Automotive Camshaft Market Share Poised for US$ 5.6 Billion Valuation by 2033

The automotive camshaft market share is predicted to grow at a CAGR of 4.7% over the forecast period, according to FMI’s analysis. The industry’s estimated value is predicted to increase from US$ 3.5 Billion in 2023 to US$ 5.6 Billion by 2033.

The automotive camshaft market is a segment of the automotive industry focused on the design, manufacturing, and distribution of camshafts used in internal combustion engines. Camshafts play a crucial role in controlling the opening and closing of intake and exhaust valves in an engine, thereby regulating the fuel-air mixture intake and exhaust gases expulsion. Here’s an overview of the automotive camshaft market:

Market Growth: The automotive camshaft market has witnessed steady growth over the years, driven by factors such as increasing vehicle production, technological advancements in engine design, and the demand for improved fuel efficiency and performance. As automotive manufacturers strive to meet stringent emission regulations and consumer expectations for power and efficiency, the demand for high-quality camshafts continues to rise.

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Types of Camshafts: Camshafts come in various types and configurations, depending on the engine design and application. Common types include:

Overhead camshaft (OHC): Features one or more camshafts located in the cylinder head, operating the valves directly via cam followers, rocker arms, or hydraulic lifters.

Pushrod camshaft: Found in engines with an overhead valve (OHV) configuration, where the camshaft is located in the engine block and operates the valves via pushrods and rocker arms.

Variable valve timing (VVT) camshaft: Incorporates mechanisms for adjusting the timing of valve opening and closing events to optimize engine performance, efficiency, and emissions across different operating conditions.

Materials and Manufacturing Processes: Camshafts are typically made from hardened steel alloys such as cast iron, ductile iron, or steel billets, to withstand high-stress and high-temperature conditions inside the engine. Manufacturing processes may include casting, forging, machining, and heat treatment to achieve the desired shape, surface finish, and mechanical properties.

Market Players: The automotive camshaft market is served by a variety of manufacturers, including specialized camshaft suppliers, automotive component suppliers, and OEMs (original equipment manufacturers). Major players in this market may include companies such as MAHLE GmbH, ThyssenKrupp AG, Federal-Mogul LLC (Tenneco Inc.), Schaeffler AG, and Comp Cams, among others.

Technological Advancements: Technological advancements in automotive camshafts focus on improving performance, efficiency, and emissions control. This includes innovations such as:

Lightweight camshaft designs: Using hollow or thin-walled camshaft profiles to reduce mass and inertia, improving engine response and fuel economy.

Coatings and surface treatments: Applied to camshaft lobes and journals to reduce friction, wear, and scuffing under high loads and speeds.

VVT and variable valve lift (VVL) systems: Implementing sophisticated mechanisms for adjusting valve timing, lift, and duration to optimize engine efficiency, power delivery, and emissions performance.

Integrated camshaft phasing and timing systems: Incorporating hydraulic or electro-mechanical actuators for precise control of camshaft position and timing, enabling adaptive valve timing strategies for improved performance and fuel efficiency.

Market Trends: Emerging trends in the automotive camshaft market include the adoption of electrically actuated valve systems, advanced materials and coatings for improved durability and efficiency, and the integration of camshaft technology with hybrid and electrified powertrain systems.

Overall, the automotive camshaft market remains a critical component of internal combustion engine technology, with continuous advancements aimed at enhancing performance, efficiency, and emissions control in modern vehicles. As automotive manufacturers continue to push the boundaries of engine design and performance, the demand for innovative camshaft solutions is expected to remain strong.

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Given Below are the Automotive Camshaft Market Segments

Product Type:

Cast Camshaft
Forged Camshaft
Assembled Camshaft

Vehicle Type:

Passenger Car
Light Commercial Vehicle
Heavy Commercial Vehicle

Sales Channel:

Original Equipment Manufacturer (OEM)
Aftermarket

Region:

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

Author

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

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

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

About Future Market Insights (FMI)

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

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Autonomous Vehicles Market Growth to Hit US$ 70,331.5 Million by 2033

In 2023, the autonomous vehicles market growth is expected to be worth US$ 30,539.0 million. The revenue from sales of autonomous vehicles is anticipated to reach around US$ 70,331.5 million by 2033, growing at a CAGR of 8.7% between 2023 and 2033.

The autonomous vehicles market is a rapidly evolving segment within the automotive industry that focuses on vehicles capable of navigating and operating without human intervention. Here’s an overview of key aspects of this market:

Definition and Scope: Autonomous vehicles, also known as self-driving cars or driverless vehicles, are equipped with sensors, cameras, radar, lidar, and advanced software algorithms that enable them to perceive their surroundings, interpret data, and make driving decisions autonomously. These vehicles have the potential to revolutionize transportation by improving safety, efficiency, and accessibility.

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Market Size and Growth: The autonomous vehicles market is expected to witness substantial growth in the coming years, driven by factors such as technological advancements, regulatory support, increasing demand for safer and more efficient transportation solutions, and investments from automotive OEMs, technology companies, and governments.

Key Players: Major players in the autonomous vehicles market include traditional automotive manufacturers such as Tesla, Waymo (a subsidiary of Alphabet Inc.), General Motors, Ford, and Volkswagen, as well as technology companies like Apple, NVIDIA, Intel-Mobileye, Baidu, and Uber. Additionally, there are startups and specialized firms focusing on specific aspects of autonomous vehicle technology, such as perception, mapping, or software development.

Levels of Autonomy: Autonomous vehicles are categorized into different levels of automation based on the Society of Automotive Engineers (SAE) classification system. These levels range from Level 0 (no automation) to Level 5 (full automation), with each level representing increasing degrees of autonomy and human involvement in the driving task.

Technological Advancements: Technological advancements driving the development of autonomous vehicles include improvements in sensor technology, artificial intelligence (AI), machine learning, computer vision, sensor fusion, high-definition mapping, connectivity, and vehicle-to-everything (V2X) communication. These advancements enable vehicles to perceive their environment, make real-time decisions, and navigate complex scenarios safely.

Market Segmentation: The autonomous vehicles market can be segmented based on various factors such as vehicle type (passenger cars, commercial vehicles, shuttles, drones), application (ride-hailing, goods delivery, public transportation, last-mile delivery), level of autonomy (semi-autonomous, fully autonomous), and geography (region-specific regulations, infrastructure development).

Market Drivers: Factors driving the autonomous vehicles market include the potential for improved road safety and reduced traffic accidents, increased efficiency and productivity in transportation, enhanced mobility options for seniors and people with disabilities, environmental benefits from optimized driving behaviors and vehicle sharing, and the potential for new business models and revenue streams.

Market Challenges: Challenges facing the autonomous vehicles market include technological limitations and reliability concerns, regulatory and legal hurdles related to safety standards, liability, and data privacy, public acceptance and trust in autonomous technology, infrastructure readiness (such as road markings and communication networks), and competition from traditional transportation modes and alternative mobility solutions.

Opportunities: Despite challenges, there are opportunities for growth in the autonomous vehicles market, particularly in segments such as ride-hailing and shared mobility services, goods delivery and logistics, urban transportation solutions, and specialized applications in industries such as mining, agriculture, and construction. Additionally, there is potential for collaboration and partnerships between automotive OEMs, technology companies, and government agencies to accelerate innovation and deployment.

Regulatory Environment: The autonomous vehicles market is subject to regulations and standards governing vehicle safety, testing, certification, and deployment, enforced by regulatory authorities such as the National Highway Traffic Safety Administration (NHTSA) in the United States, the European Union’s ECE regulations, and similar agencies worldwide. Regulatory frameworks play a crucial role in ensuring the safe and responsible development and deployment of autonomous vehicles.

Overall, the autonomous vehicles market represents a transformative shift in transportation, with the potential to reshape mobility, urban planning, and the automotive industry as a whole. Continued investment in research and development, collaboration across sectors, and proactive regulatory frameworks will be essential in realizing the full potential of autonomous vehicles and addressing the challenges ahead.

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Key Segments Covered in the Autonomous Vehicles Industry Analysis

By Level of Automation:

Driver Assistance
Partial Automation
Conditional Automation
High Automation
Full Automation

By Application:

Autonomous Passenger Cars
Autonomous Public Transportation
Autonomous Industrial Fleet
Autonomous Construction
Autonomous Agricultural Applications

By Region:

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

Author

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

About Future Market Insights (FMI)

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

Contact Us:

Nandini Singh Sawlani

Driving Innovation: Global Automotive Engineering Services Market to Reach US$ 3.2 Billion by 2033

The global Automotive Engineering Services Market Size in 2022 was US$ 1.46 Billion and is estimated to be US$ 1.6 Billion in 2023. According to FMI, reports mentioned that the automotive engineering services market will expand at a CAGR of 7.17% between 2023 and 2033, totaling around US$ 3.2 Billion by 2033.

The automotive engineering services market is a significant segment within the automotive industry that provides a range of engineering solutions and services to automotive manufacturers, suppliers, and other stakeholders. Here’s an overview of key aspects of this market:

Definition and Scope: Automotive engineering services encompass a wide range of technical services and solutions aimed at supporting the design, development, testing, validation, and production of vehicles and automotive components. These services may include mechanical design, electrical and electronic engineering, software development, vehicle integration, testing and validation, and manufacturing support.

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Market Size and Growth: The automotive engineering services market is substantial, driven by factors such as increasing vehicle complexity and technological advancements, growing demand for connected and autonomous vehicles, regulatory requirements for safety and emissions compliance, and the need for cost optimization and efficiency improvements in vehicle development processes.

Key Players: Major players in the automotive engineering services market include engineering service providers such as AVL List GmbH, Bertrandt AG, AKKA Technologies, Tata Technologies Limited, Alten Group, and Ricardo plc. Additionally, there are automotive OEMs and Tier 1 suppliers with in-house engineering capabilities and technology consulting firms offering specialized engineering services.

Service Offerings: Automotive engineering services cover a wide range of domains and disciplines, including product design and development, powertrain engineering, chassis and body engineering, electrical and electronics systems, software development and integration, vehicle connectivity and telematics, safety and regulatory compliance, manufacturing engineering, and aftermarket support services.

Technological Expertise: Automotive engineering service providers offer expertise in various advanced technologies shaping the future of mobility, including electric and hybrid powertrains, autonomous driving systems, vehicle connectivity and telematics, advanced driver assistance systems (ADAS), vehicle-to-everything (V2X) communication, cybersecurity, and digital twin simulation.

Market Segmentation: The automotive engineering services market can be segmented based on various factors such as service type (design, development, testing, validation, manufacturing support), application (OEMs, Tier 1 suppliers, aftermarket), vehicle type (passenger cars, commercial vehicles, two-wheelers), and geography (region-specific regulations, industry concentration).

Market Drivers: Factors driving the automotive engineering services market include the increasing complexity of vehicle systems and components, the transition towards electric and autonomous vehicles, the need for rapid product development and time-to-market, cost pressures on OEMs and suppliers, globalization of automotive supply chains, and the emergence of new business models and mobility services.

Market Challenges: Challenges facing the automotive engineering services market include competition from in-house engineering capabilities of OEMs and Tier 1 suppliers, talent acquisition and retention in specialized engineering disciplines, the need for continuous investment in technology and infrastructure, regulatory uncertainty and compliance requirements, and cybersecurity risks associated with connected vehicles and digitalization.

Opportunities: Despite challenges, there are opportunities for growth in the automotive engineering services market, particularly in segments such as electric and autonomous vehicle development, software and cybersecurity services, digital twin simulation and modeling, vehicle connectivity and telematics solutions, and aftermarket engineering support for vehicle maintenance and repair.

Regulatory Environment: The automotive engineering services market is subject to regulations and standards governing vehicle safety, emissions, and performance, enforced by regulatory authorities such as the National Highway Traffic Safety Administration (NHTSA) in the United States, the European Union’s ECE regulations, and similar agencies worldwide. Compliance with these regulations is essential for engineering service providers to ensure product safety, quality, and regulatory approval.

Overall, the automotive engineering services market plays a crucial role in supporting the automotive industry’s innovation and competitiveness, with ongoing investment in technology, talent, and collaboration driving advancements in vehicle design, development, and production processes. Continued evolution towards electrification, autonomy, connectivity, and digitalization will further shape the landscape of automotive engineering services in the coming years.

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Key Segments Profiled in Automotive Engineering Services Market

By Service Type:

Testing & Diagnostic
System Integration
Designing
Prototyping
Research

By Applications:

ADAS & Safety
Body & Chassis
Powertrain & Exhaust
Interior, Exterior & Body Engineering
Electrical, Electronics & Body Controls
Connectivity Services
Simulation

By Location:

Outsourced Services
In-house Services

By Vehicle Type:

Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles

By Region:

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

Author

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

About Future Market Insights (FMI)

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

Contact Us:

Nandini Singh Sawlani