Contact Lenses Market Set to Achieve US$ 15.2 Billion by 2033 with a Steady 4.7% CAGR | FMI

Contact Lenses Market
Contact Lenses Market

The contact lenses market is valued at US$ 9.6 billion in 2023 and is anticipated to reach US$ 15.2 billion by 2033. The market is expected to grow at a CAGR of 4.7% from 2023 to 2033.

Consumer Demand for Advanced Variants with High-Efficiency Drive Market Growth

Visual impairments such as myopia are on the rise impacting both children and adult populations alike. According to WHO’s latest analysis, almost 2 billion people are globally affected by vision impairment, of which around one billion are undiagnosed. Such refractive errors, if untreated could lead to the need for an advanced product with high prescription strength.

With contact lenses, that are as effective as traditional spectacles, the market growth could steadily improve. Due to aesthetic and functionality factors, contact lenses are preferred by many over traditional lenses. In developing markets such as China and South Korea, advanced lens technology is aiding to expand the consumer base. The rising adoption of these advanced devices has created key growth opportunities for existing market players.

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Opportunity:

This positive outlook presents exciting possibilities for brands:

  • Material Innovation: Continued research into biocompatible and sustainable materials can open new avenues for market growth.
  • Smart Lenses: Integrating technology like sensors and augmented reality features can provide a futuristic vision experience.
  • Personalized Solutions: Custom-made lenses catering to individual eye conditions and preferences can create a loyal customer base.
  • Focus on Eye Health: Promoting regular eye checkups and responsible lens use can build trust and brand loyalty.

Side Effects Could Lead Consumers to Prefer Alternatives

Undesirable side effects of contact lenses continue to plague the market. These include eye irritation, disability, and even loss of vision in extreme cases. Many prefer not to have a foreign object inserted in the eyes, that could trigger superficial keratitis, corneal vascularization, and corneal edema

Hence, several consumers are opting for alternative refractive correction treatments. These include LASIK surgery and other surgical procedures. With rising disposable income and affordability of such treatments, it is gaining popularity among lens and spectacle users. Alternatively, deterred by the side effects of contact lenses, many are also opting to go back to using traditional spectacles.

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Key Players Invest in Research & Development as the Ultimate Growth Strategy

Currently, heavy investments are pouring into optometry-centric research and development activities. Consumers are seeking contact lenses, that provide comfort and efficiency. Hence, issues such as contact lens-induced eye dryness, aren’t factors impacting advanced product variants. For instance, the latest technology has led to the launch of soft contact lenses, that are long-wear safe and prioritize consumer comfort.

Key Takeaways from the Report:

  • Between 2017 and 2022, the contact lenses market progressed at a CAGR of 4.3%.
  • The contact lenses market was valued at US$ 9.2 billion in 2022.
  • The United States market is projected to grow at a CAGR of 3.4% to attain a valuation of US$ 3.9 billion by 2033.
  • In terms of wear type, the disposable segment is expected to register a CAGR of 4.8% from 2023 to 2033
  • The design type segment is dominated by spherical contact lenses, projected to grow at a CAGR of 4.0% during the forecast period

Key Market Developments:

  • In April 2022, Alcon launched a highly efficient, disposable contact lens for Astigmatism. It is known as Precision and is a silicone hydrogel contact lens.
  • In August 2020, Bausch + Lomb launched a new silicone hydrogel contact lens. It is a variant of daily disposable contact lenses. It is crafted with advanced material, embedded with the Rebalance Technology. This aids in reducing side effects such as lens dryness.
  • MojoVision is a United States-based startup integrating ultra-modern technologies with traditional contact lenses. With their product, one might soon be able to check notifications, without even looking down at a screen.

Key Players:

  • CooperVision, Inc.
  • Johnson & Johnson Vision Care, Inc.
  • Hoya Vision Care Company
  • Alcon (Division of Novartis AG)
  • Bausch & Lomb Incorporated
  • BenQ Materials Corporation
  • ZEISS International
  • SEED Co. Ltd.
  • Essilor International S.A.
  • Menicon Co. Ltd.

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Global Contact Lenses Market by Category

By Product Type:

  • Soft Lenses
  • Daily wear
  • Extended Wear
  • Gas Permeable

By Design Type:

  • Spherical Contact Lenses
  • Toric Contact Lenses
  • Multifocal Contact Lenses
  • Others

By Wear Type:

  • Disposable Contact Lenses
  • Reusable Contact Lenses

By Sales Channel:

  • Online
    • E-commerce Portal
    • Company Owned Portal
  • Offline
    • Exclusive Stores
    • Multi-brand Stores

By Region:

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

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

Contact Us:      

Nandini Singh Sawlani 

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
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Orthobiologics Market Ascends Towards a Horizon Beyond US$ 8.1 Billion by 2033: Trends and Growth Trajectory

orthobiologics market i
orthobiologics market i

The orthobiologics market size has become a dynamic force in the field of orthopaedic care, providing cutting-edge solutions that capitalise on the body’s inherent healing abilities. Orthobiologics is the application of biological materials to promote tissue regeneration, repair, and healing. These materials include stem cells, growth factors, and tissue grafts. This method has completely changed the way that orthopaedic treatments are provided, giving patients options that not only speed up healing but also lessen their need on invasive surgical procedures.

One of the primary attractions of orthobiologics lies in its ability to tap into the body’s inherent capacity to heal itself. By leveraging biological agents derived from the patient’s own body or other sources, orthobiologics interventions promote accelerated healing, improved tissue regeneration, and reduced inflammation. This results in faster recovery times and enhanced patient outcomes, ultimately leading to improved quality of life.

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During the forecast period, the orthobiologics market is expected to grow at a CAGR of 3.0%. In 2023, the market is worth US$ 6.0 billion, and by 2033, it is expected to be worth US$ 8.1 billion.

  • The precision-based orthobiologics products that provide ease to the patient with pain relief and bone strength are in high demand.
  • The use of orthobiologics as a regenerative medicine along with effective treatment is making it the first alternative for the patient with bone injury.
  • Rapid growth of the geriatric population, increasing rate of age-related fractures, and increasing implementations of advanced procedures are expected to drive the market growth.
  • Severe accidents lead to fatal injuries and bone displacements. Orthobiologics products and regenerative medicines work on these issues and deliver relief to the patient.
  • The government investment in regenerative medicines and orthobiologic products is helping the market thrive.
  • Advent of advanced bone grafting parameters and medicine with lower side effects are booming the orthobiologics market and making it more future-oriented.

Key Points :

  1. The United States market leads the market in terms of market share. It is likely to cross a value of 2.8 billion by 2033. The regional market is expected to thrive at a CAGR of 3.2% between 2023 and 2033.
  2. The Indian market is leading in terms of CAGR. It thrives at a CAGR of 6.6% during the forecast period. The market is likely to reach US$ 28.7 million by 2033.
  3. The bone graft substitute is expected to thrive in the product type category as it is an alternative to healing the fracture bones quickly. It is expected to register a CAGR of 3.5% during the forecast period.
  4. The hospital segment tops the end user tally with a CAGR of 9.1% between 2023 and 2033, due to increasing substitute treatment procedures.

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Competitive Landscape :

The key players focus on delivering a long range of products that help each patient individually. Furthermore, the advanced regenerative technique is helping a huge population suffering from bone injuries and fractures. The companies also merge, acquire, and partner with other companies to increase the supply chain and distribution channel. The key players in the market include Medtronic, Zimmer Biomet, DePuy Synthes (Johnson & Johnson Services, Inc., Stryker, Anika Therapeutics, Inc, SeaSpine, Bioventus, RTI Surgical, MTF Biologics, Arthrex, Inc, and Smith & Nephew.

Recent Development:

  1. Collagen Matrix Inc. has introduced a full line of quality collagen and mineral-based pharmaceutical products to support the human body’s natural ability to regenerate. The research is based on tissue learning.
  2. Bioventus is a company focused on pain treatment products and has launched innovative products for active healing along with therapies for orthopedic care. The company is also engaged in restorative therapies products for fracture treatment and surgical solutions.

Key Segments :

By Product Type:

  • Bone Growth Stimulators (BGS)
    • Non-invasive Electrical BGS
    • Invasive Electrical BGS
    • Ultrasound BGS
  • Viscosupplements
    • Single Injection Viscosupplements
    • Three Injection Viscosupplements
    • Five Injection Viscosupplements
  • Bone Graft Substitute
    • Allografts
    • Synthetics
    • Xenografts
    • Bone Morphogenetic Protein

By End User:

  • Hospitals
  • Ambulatory Surgical Centres
  • Orthopaedics Clinics

By Region:

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

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

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:        

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

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Indulge in the richness of flavor and culinary innovation with dehydrated garlic – your passport to a world of gastronomic delight

dehydrated garlic market
dehydrated garlic market

The dehydrated garlic market is enjoying continuous development as a result of its many benefits, which include a longer shelf life, ease of transportation and storage, and ease of integration into a variety of culinary applications. The convenience food industry is growing due to customer demand and the growing recognition of garlic as a taste enhancer. The sector is also expanding as a result of consumers being more aware of garlic’s health benefits.

With a CAGR of 5.3%, the dehydrated garlic market is anticipated to expand significantly between 2022 and 2032. Because there is a significant need for ready-to-eat food products in both developed and emerging countries, the sector is expected to perform strongly.

The dehydrated garlic market is expected to rise steadily from US$ 5.2 billion in 2022 to US$ 10.9 billion in 2032, according to FMI. Since dehydrated garlic is being used in more regional dishes, the sector is predicted to grow.

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Fresh garlic is dried using a variety of methods before being dehydrated. The dried-out state of the bulb is referred described as “dehydrated garlic”.There are many different types of dehydrated garlic, including powder, granules, flakes, agglomerated, etc.

Since dehydrated garlic has a longer shelf life than fresh garlic, it is simpler to handle and store. The market for dried garlic is anticipated to grow as a result of the product’s many culinary uses, including the creation of sauces, gravies, meat products, etc.

Dehydrated Garlic demand in the Food Processing Industry

Garlic is carefully managed during the dehydrating process to assure product quality. Dehydrated garlic comes in a concentrated form and adds natural tastes. Since there is a growing demand for frozen foods, makers of frozen meals, canned foods, etc. prefer to use ingredients that have a long shelf life because any changes to the contents will probably damage the product’s quality.

Additionally, dehydrated garlic retains its nutritional content, giving it a longer shelf life than raw garlic and making it simpler to store and carry. As a result, there will probably be demand from producers of frozen foods, etc., which is anticipated to drive the market for dehydrated garlic.

The usage of dehydrated garlic enables the maintenance of the flavour and consistency of food products, which serves as another important driver as the consumers of food products always want consistency in the flavour of food products. This factor is likely to encourage the manufacturers of food products to use dehydrated garlic for the production of the same. This is also estimated to contribute to the growth of the dehydrated garlic market.

Numerous reasons, including a busy lifestyle, rising disposable income, a rise in the demand for ready-to-eat food items, etc., are anticipated to support the expansion of the dehydrated garlic market. Due to its short shelf life and variable seasonal availability, using fresh garlic can be a time-consuming operation. This is also likely to have an effect on the cost of using fresh garlic. Due to its affordability and accessibility, dehydrated garlic is therefore likely to be preferred by customers, which will benefit the dehydrated garlic industry.

Global Dehydrated Garlic Market: Key Players

Some of the key players in the dehydrated garlic market are Chiping ShengKang Foodstuff Co., Ltd.; Henan Sunny Foodstuff Co., Ltd.; Garlico Industries Ltd.; B. C. Foods (Shandong) Co. Ltd.; Daksh Foods Pvt. Ltd.; Handan Green and Healthy Dehydrated Vegetables Food Co. Ltd.; Oceanic Foods Limited; Krushi Food Industries; V.T. Foods Pvt. Ltd.; Xuzhou Liming Food Co., Ltd. and Royal (Jinxiang) Garlic Co., Ltd.

Global Dehydrated Garlic Market: Key Developments

In 2018, Knoxx launched superior-quality Foodkraft dehydrated garlic, which is available in diverse grain sizes depending upon the requirements of consumers.

Opportunities for Dehydrated Garlic Market Participants:

China and India are the major producers as well as exporters of dehydrated garlic in the world. Europe and North America are among the leading consumers of dehydrated garlic. The dehydrated garlic market is well established in India and China, however, it has a several growth opportunities in other regions across the world. The growth of the frozen food and ready-to-eat food industries is also likely to boost the dehydrated garlic market.

Brief Approach to Research

The analysis is carried out using a modelling-based approach and triangulation methodology to estimate the data covered in this report. A detailed understanding of the dehydrated garlic market and assessment of the flavour, application and encapsulation process of the segments covered in the study is followed by carrying out a demand-side approach to estimate the sales of target segments, which is then cross-referenced with a supply-side assessment of the value generated over a pre-defined period. The statistics and data are collected at a regional level and consolidated & synthesised at a global level to estimate the overall dehydrated garlic market sizes.

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Key Data Points Covered in the Report

Some of the key data points covered in our report include:

  • An overview of the dehydrated garlic market, including background and evolution
  • Macroeconomic factors affecting the dehydrated garlic market and its potential
  • Market dynamics, such as drivers, challenges and trends
  • Detailed value chain analysis of the dehydrated garlic market
  • Cost structure of the products and segments covered in the study
  • In-depth pricing analysis, by key segments, regions and by major market participants
  • Analysis of supply and demand, such as top producing and consuming geographies, imports/exports, and overall trade scenario
  • Analysis of the dehydrated garlic market structure, including a tier-wise categorization o key market participants
  • Competitive landscape of the dehydrated garlic market, including detailed profiles of the top players in this market

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on dehydrated garlic market segments and geographies.

Global Dehydrated Garlic Market: Segmentation:

Dehydrated garlic market segmentation on the basis of the form:

  • Granules
  • Flakes
  • Powder
  • Chopped
  • Minced

Dehydrated garlic market segmentation on the basis of varieties:

  • Toasted
  • Fried

Dehydrated garlic market segmentation on the basis of the end use:

  • Food industry
  • Sauces, soups, salad dressings, gravies. etc.
  • Frozen foods
  • Snack foods
  • Meat and processed foods
  • Others (e.g. instant food products, etc.)

Report Highlights:

  • Detailed overview of parent market
  • Changing dehydrated garlic market dynamics in the industry
  • In-depth market segmentation
  • Historical, current, and projected market size in terms of volume and value
  • Recent industry trends and developments
  • Competitive landscape
  • Strategies of key players and products offered
  • Potential and niche segments, geographical regions exhibiting promising growth
  • A neutral perspective on dehydrated garlic market performance
  • Must-have information for market players to sustain and enhance their market footprint.

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 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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Bagasse Tableware Product Industry in Japan: Anticipated Growth Rate at 4.20% CAGR Through 2033, Signaling Sustainable Market Expansion

Bagasse Tableware Product Industry in Japan

The bagasse tableware product in Japan is on track for significant expansion until 2033, fueled by widespread adoption across the Kanto and Chubu regions. Despite this regional growth, Japan’s overall anticipated growth rate stands at a steady CAGR of 4.20% through 2033.

The surge in demand for bagasse tableware products has transformed into a mainstream industry in Japan, propelling the sector towards an estimated valuation of US$ 41.1 million in 2023. Bolstered by a promising outlook and the increasing reliance on online shopping platforms among consumers, the projected demand for bagasse tableware products in Japan is poised to soar to US$ 62 million by 2033.

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Bagasse Tableware Product Industry in Japan: Boosting Growth Opportunities

  1. Sustainability Drive: Heightened awareness and emphasis on sustainability are propelling the demand for bagasse tableware products in Japan, presenting opportunities for eco-friendly alternatives in the foodservice industry.
  2. Market Expansion: The bagasse tableware product industry in Japan is experiencing significant expansion, driven by the rapid adoption of these sustainable solutions across various sectors including restaurants, catering services, and events.
  3. Customization Options: Offering customization options for bagasse tableware allows businesses to establish a unique brand identity, catering to the diverse preferences of consumers and enhancing market competitiveness.
  4. Product Diversification: Expanding the product range to include a variety of bagasse tableware items such as plates, bowls, cups, and cutlery creates opportunities to meet the evolving needs of different customer segments.
  5. Innovation and Research: Continued investment in research and development is essential for improving the durability, functionality, and aesthetic appeal of bagasse tableware products, driving innovation and market growth.
  6. Online Presence: With the growing reliance on online shopping platforms in Japan, establishing a strong online presence and e-commerce strategy can enhance accessibility and reach for bagasse tableware products, tapping into a wider customer base.

Bagasse Tableware Product Industry in Japan: Key Trends

  1. Sustainability Emphasis: There’s a notable trend towards sustainability in the Japanese market, driving the demand for bagasse tableware products as eco-friendly alternatives to conventional plastic and paper options.
  2. Urban Adoption: Urban areas, particularly in regions like Kanto and Chubu, are witnessing rapid adoption of bagasse tableware products in restaurants, cafes, and catering services, indicating a shift towards sustainable practices in metropolitan settings.
  3. Market Growth: Despite regional disparities, the overall bagasse tableware product industry in Japan is experiencing steady growth, with projections suggesting a significant market expansion in the coming years.
  4. Customization Demand: Businesses are increasingly seeking customization options for bagasse tableware to differentiate their brands and cater to specific consumer preferences, driving demand for personalized solutions.
  5. Technological Advancements: Innovation in manufacturing processes and materials is driving improvements in the quality, durability, and aesthetic appeal of bagasse tableware products, enhancing their market competitiveness.
  6. Online Retail Surge: The growing popularity of online shopping platforms among Japanese consumers presents opportunities for bagasse tableware suppliers to expand their reach and tap into a broader customer base through e-commerce channels.

Key Players in the Bagasse Tableware Product Industry in Japan

  • Wasara
  • Plantic Technologies
  • Suzumo
  • Green Home
  • EcoProducts
  • Kawasho Corporation

Recent Developments Observed in Bagasse Tableware Product in Japan

  • Wasara is known for its elegant and sustainable tableware products made from bamboo and bagasse. Its primary strategy involves biodegradable and compostable tableware, which has gained recognition for its exquisite design and environmental friendliness.
  • Plantic Technologies offers various sustainable packaging solutions, including products based on bagasse. They focus on creating environmentally friendly alternatives to traditional plastic packaging.

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Japan Bagasse Tableware Products Industry by Category

By Product Type:

  • Plates
    • Less than 8 inches
    • 8 inches to 12 inches
    • More than 12 inches
  • Bowls and Containers
    • Less than 12 Oz
    • 12 Oz to 16 Oz
    • More than 16 Oz
  • Cups
    • Less than 6 Oz
    • 6 Oz to 12 Oz
    • More than 12 Oz
  • Trays
    • Less than 8 inches
    • 8 inches to 12 inches
    • More than 12 inches
  • Clamshells
    • Less than 8 inches
    • 8 inches to 12 inches
    • More than 12 inches
  • End Caps
  • Drink Carriers
  • Straw
  • Cutlery (Spoons, Fork, Knife & Spork)

By Lamination:

  • Laminated
  • Non-Laminated

By Sales Channel:

  • Manufacturers (Direct Sales)
  • Retail
    • Hypermarket
    • Supermarket
    • Convenience Store
    • Specialty Stores
  • Distributors
  • Online

By Application:

  • Food
    • Fruits & Vegetables
    • Processed Food
    • Ready-to-eat meals
    • Bakery & Confectionery
    • Cereals
    • Dairy
    • Other Food Products
  • Beverages

By End Use:

  • Commercial Use
    • Hotels & Cafes
    • Full-Service Restaurants
    • Quick Service Restaurants
    • Venues & Catering
    • Mobile Food Vendors
    • Bakery & Patisserie
  • Institutional Use
    • Schools & Colleges
    • Offices
    • Hospitals
    • Airports & Railways
  • Household Use

By City/Province:

  • Kanto
  • Chubu
  • Kinki
  • Kyushu and Okinawa
  • Tohoku
  • Rest of Japan

Author

Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.

Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.

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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Bagasse Tableware Product Sales in Korea: Projected to Experience a 6.30% CAGR Through 2033, Reflecting Growing Demand for Sustainable Alternatives

bagasse tableware product sales in Korea

In Korea, sales of bagasse tableware products are forecasted to grow at a compound annual growth rate (CAGR) of 6.30% until 2033. With the industry’s value reaching US$ 17.7 million in 2023, Korea stands at the threshold of significant opportunities. Anticipated adoption trends suggest a promising future, with projections indicating a market value of US$ 32.7 million by 2033. This signals a substantial surge in demand and underscores the increasing popularity and acceptance of bagasse tableware products within the Korean market. Such growth trajectory reflects a burgeoning awareness and preference for sustainable alternatives in the dining and food service sector.

Growing Opportunities:

  1. Customization Services: Bagasse tableware suppliers can offer customization options to businesses in the foodservice industry, allowing them to establish a unique brand identity through their tableware choices.
  2. Durability and Quality: Highlighting the durability and quality of bagasse tableware, especially when compared to traditional plastic or paper options, can attract businesses seeking reliable and sustainable alternatives.
  3. Product Range Expansion: By expanding the product range to include items such as bagasse cutlery, straws, and other disposable serving products, suppliers can create more opportunities and cater to diverse customer needs.
  4. Research and Development: Ongoing research into alternative materials can lead to improvements in the durability, heat resistance, and functionality of bagasse products, resulting in more versatile and marketable options for businesses and consumers alike.

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Key Trends:

  1. Sustainable Solutions: Increasing awareness and emphasis on sustainability are driving the adoption of bagasse tableware products in Korea. Consumers and businesses alike are seeking eco-friendly alternatives to traditional disposable tableware.
  2. Market Growth: The bagasse tableware market in Korea is experiencing significant growth, with sales projected to increase at a compound annual growth rate (CAGR) of 6.30% through 2033. This growth presents lucrative opportunities for suppliers and manufacturers.
  3. Customization Demand: Businesses, particularly in the foodservice industry, are seeking customization options for their tableware to establish a unique brand identity. Bagasse tableware suppliers can capitalize on this demand by offering value-added customization services.
  4. Product Diversification: There is a growing trend towards expanding the product range to include various bagasse tableware items such as cutlery, straws, and other disposable serving products. This diversification aims to meet the evolving needs and preferences of consumers and businesses.
  5. Research and Innovation: Ongoing research and development efforts are focused on enhancing the durability, heat resistance, and functionality of bagasse tableware products. Innovations in materials and manufacturing processes aim to make bagasse products more versatile and marketable in Korea’s dynamic foodservice industry.

Recent Developments Observed in Bagasse Tableware Product Industry in Korea

  • In 2023, Ecoplast, a key producer of bagasse tableware products in Korea, announced the launch of its new line of biodegradable and compostable bagasse tableware products.
  • In 2023, Dongwha Entech, a leading manufacturer of paper and packaging products in Korea, announced its expansion into the bagasse tableware products industry with the launch of its new line of bagasse tableware products.
  • In 2023, Pulmuone, a top food and beverage company in Korea, announced its launch of its new line of bagasse tableware products under its Pulmuone Eco brand.

Key Players:

  • Ecoplast
  • Dongwha Entech
  • Pulmuone
  • CJ CheilJedang
  • Lotte Food
  • BioGreen
  • Hanwha Solutions
  • SK Chemicals
  • Hyundai Department Store
  • Lotte Department Store

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Key Segmentations:

By Product Type:

  • Plates
    • Less than 8 inches
    • 8 inches to 12 inches
    • More than 12 inches
  • Bowls & Containers
    • Less than 12 Oz
    • 12 Oz to 16 Oz
    • More than 16 Oz
  • Cups
    • Less than 6 Oz
    • 6 Oz to 12 Oz
    • More than 12 Oz
  • Trays
    • Less than 8 inches
    • 8 inches to 12 inches
    • More than 12 inches
    • Clamshells
    • Less than 8 inches
    • 8 inches to 12 inches
    • More than 12 inches
  • End Caps
  • Drink Carriers
  • Straw
  • Cutlery (Spoons, Fork, Knife & Spork)

By Lamination:

  • Laminated
  • Non-laminated

By Sales Channel:

  • Manufacturers (Direct Sales)
  • Retail
    • Hypermarket
    • Supermarket
    • Convenience Store
    • Specialty Stores
  • Distributors
  • Online

By Application:

  • Food
    • Fruits & Vegetables
    • Processed Food
    • Ready-to-eat meals
    • Bakery & Confectionery
    • Cereals
    • Dairy
    • Others Food Products
  • Beverages

By End Use:

  • Commercial Use
    • Hotels & Cafes
    • Full-Service Restaurants
    • Quick Service Restaurants
    • Venues & Catering
    • Mobile Food Vendors
    • Bakery & Patisserie
  • Institutional Use
    • Schools & Colleges
    • Offices
    • Hospitals
    • Airports & Railways
  • Household Use

By City/Province:

  • South Gyeongsang
  • North Jeolla
  • South Jeolla
  • Jeju

Author

Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.

Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.

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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Anti-microbial/Anti-fungal Tests Market Set to Soar with a 5.7% CAGR by 2032: Growth Trends and Analysis

Anti-microbial Market
Anti-microbial Market

Worldwide, fungal and microbial diseases are a major cause of mortality and have the capacity to spread like epidemics, which puts a significant financial strain on countries, especially poor ones. These infections can be prevented from spreading long before they become dangerous by isolating infected people and conducting primary screening tests. By the end of 2022, the market for anti-microbial/anti-fungal diagnostics is projected to be valued US$2.5 billion. By 2032, market growth is expected to hit US$ 4.5 billion at a compound annual growth rate of 5.7%. With a market share of about 53.5%, molecular-based tests topped the global anti-fungal/anti-microbial test market for ten years in 2021, according to test type.

Region – Robust Healthcare Infrastructure in North America Enables Rapid Anti-Microbial/ Anti-Fungal Testing

North America has the largest regional contribution and is predicted to account for approx. a third of the anti-microbial/ anti-fungal tests industry at the end of the forecast period. The North America anti-microbial/ anti-fungal tests market should cross a billion dollars by 2027 – the only region to do so. Most physicians on the continent typically prescribe diagnostics tests before starting any sort of treatment, fuelling demand for anti-microbial/ anti-fungal test kits. Furthermore, there is immense awareness of the side-effects of certain drugs and patients often prefer to get completely diagnosed before seeking treatment.

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Test Type – Molecular Based Tests Critical in Anti-Microbial/ Anti-Fungal Tests Market

Molecular based tests dominated the global anti-microbial/ anti-fungal tests market by test type in 2017 and are likely to retain this commanding position for the foreseeable future. Molecular based tests have a market attractiveness index of 2.6 – considerably higher than all other test types in the anti-microbial/ anti-fungal tests market. Within the molecular based tests segment, companies would be advised to focus their attention on the PCR Test sub-segment as it is roughly thrice the size of DNA microarray tests in terms of value. The PCR test segment is further poised to record a CAGR of 6.4% for the decadal study.

Infection Type – Target Antimicrobial Resistance and Microbial Infection Segments in Anti-Microbial/ Anti-Fungal Tests Market

The antimicrobial and microbial resistance segments are the ones to look out for as they comprise almost 3/4th of the global anti-microbial/ anti-fungal tests market between them. The multi-drug-resistant mycobacterium tuberculosis sub-segment is the largest in the antimicrobial resistance segment and should grow at a high rate as well. Along with multi-drug-resistant mycobacterium tuberculosis, the microbial infection segment holds great potential in the anti-microbial/ anti-fungal tests market as it is on track to push past a value of US$ 1 billion by end 2027.

End User – Hospitals and Reference Labs Demand Antimicrobial/ Antifungal Testing Kits

Hospitals and reference labs are the largest end users in the anti-microbial/ anti-fungal tests market by a substantial margin. It has been observed that the global per-capita healthcare spending has doubled because of rising awareness of myriad treatment options and diagnostic tools for detecting and curing various diseases. Reference labs are predicted to grow faster than hospitals in the anti-microbial/ anti-fungal tests market.

Competition Dashboard in the Anti-Microbial/ Anti-Fungal Tests Market

The companies profiled in the report are Abbott Laboratories, bioMérieux SA, Bio-Rad Laboratories, Bruker Corporation, Danaher Corporation, Erba Mannheim, F. Hoffmann-La Roche AG, Luminex Corporation, Meridian Bioscience, Norgen Biotek Corp., Omega Diagnostics Group Plc., Qiagen N.V., Quidel Corporation, and Thermo Fisher Scientific Inc.

Takeaways

The prevalence and incidence rate of infectious diseases such as diarrhoea and malaria is at an all-time high in Asia and Africa. Governmental and non-governmental organizations such as the WHO are seeking to reduce prevalence rates by early diagnosis through antimicrobial and antifungal kits. In addition to this, government tenders and partnerships with manufacturers is anticipated to provide a steady revenue stream for the latter, growing the  anti-microbial/ anti-fungal tests market as a whole.

Why Future Market Insights?

• Comprehensive analysis on evolving purchase pattern across different geographies
• Detailed insights of market segments and sub-segments for historical as well as forecast period
• A competitive analysis of prominent players and emerging players in the keyword market
• Detailed information about the product innovation, mergers and acquisitions lined up in upcoming years

Ground breaking research and market player-centric solutions for the upcoming decade according to the present market scenario

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Key Segments:

By Tests Type:

  • Molecular Based Tests
    • PCR Test
    • DNA Microarray
  • Phenotypic Resistance Tests
  • Complex Test Panels
  • Mass Spectrometry
  • Rapid Diagnostic Tests
    • E-Test Antibiotic/Antifungal Strips
    • Biosensor Platforms

By Infection Type:

  • Antimicrobial Resistance
    • Methicillin-Resistant Staphylococcus Aureus
    • Vancomycin-Resistant Enterococcus
    • Multi-Drug-Resistant Mycobacterium tuberculosis
    • Carbapenem-Resistant Enterobacteriaceae gut bacteria
  • Microbial Infection
  • Antifungal Resistance
    • Candida infections
    • Aspergillus infection
    • Fusariosis
    • Others
  • Fungal Infection

By End User:

  • Hospitals
  • Ambulatory Surgical Centers
  • Clinics
  • Community Health Centers
  • Reference Laboratories

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

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
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Navigating Cultural Boundaries The Global Halal Food Market’s Soaring Growth to US$ 3.2 Trillion by 2033 | FMI

 halal food market 
halal food market

The halal food market size is anticipated to surpass US$ 1,291,429.8 million in 2023 and is likely to attain a valuation of US$ 3,229,805.32 million by 2033. The halal food market share is projected to thrive at a CAGR of 9.6% from 2023 to 2033.

It is anticipated that by 2033, the halal food market would have grown from US$ 1.2 trillion in 2023 to US$ 3.2 trillion. Halal-certified cosmetics and personal care products are breaking down boundaries between cultures and attracting non-Muslim consumers due to its perceived safety, ethical sourcing, and healthful attributes. As a result, the company is expanding outside its traditional audience.

Bridging cultural gaps is facilitated by halal personal hygiene products and cosmetics. Non-Muslim consumers are growing increasingly aware of the moral and aesthetic requirements for halal products. The market is expanding beyond its typical customer base as a result of non-Muslim consumers’ desire for halal products due to its perceived safety, ethical sourcing, and nutrient profiles.

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The demand for natural and organic products around the world and the halal beauty market are closely tied. Many halal personal care businesses place a premium on using unadulterated, natural goods as opposed to synthetic ones. This is consistent with customers’ growing choice for beauty and grooming products that are health-conscious. Given the parallels between halal and natural/organic goods, a market segment that caters to consumers who are health-conscious is growing.

Leading companies in halal beauty place the highest importance on research and development (R&D). They invest a lot of resources into developing revolutionary product formulations that adhere to halal rules and suit the unique needs of a variety of clients. This commitment to R&D results in a continual supply of new, improved halal personal care and cosmetic products, keeping the market dynamic and responsive to altering customer trends.

More and more brands are offering customizable and adaptable halal beauty and personal care products. Customers may now customise products to suit their preferences, skin types, and concerns thanks to this trend. Customers who are looking for products that match their unique needs are drawn to customization and personalization, which also helps the industry grow by improving the consumer experience.

Key Takeaways from the Halal Food Market Report

  • The global market size stood at US$ 1,098,216.6 million in 2018.
  • The market expanded at a CAGR of 3.1% from 2018 to 2022.
  • In 2022, the global market size stood at US$ 1,241,759.4 million.
  • In 2022, the conventional segment gained 87.9% of the global halal food market shares.
  • In 2022, the meat, poultry, and seafood segment captured 56.4% of the halal food market shares.
  • In 2022, the food and beverages segment held 44.5% of the global halal food market shares.
  • In 2022, India’s halal food market expanded at a CAGR of 7.3%.
  • In 2022, The United States’ halal food market thrived at a CAGR of 13.4%.
  • In 2022, the halal food market in the United Kingdom rose at a 10.2% CAGR.

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Halal Food Market Segmentation

By Nature:

  • Organic
  • Conventional

By Product Type:

  • Meat, Poultry, and Seafood
  • Dairy Products
  • Fruits, Nuts and Vegetables
  • Fats, Oils and Waxes
  • Grains and Cereals
  • Beverages
  • Others

By Application:

  • Food & Beverages
  • Nutraceuticals & Dietary Supplements
  • Infant Formula
  • Animal Feed Industry
  • Others

By Region:

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

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Recent Developments in the Halal Food Market

  • To support Saudi Arabia’s aim to become a hub for halal food products worldwide, a new program was launched in August 2023 to accelerate the expansion of the halal food industry in the Kingdom. The Saudi Exports Development Authority and the Halal Products Development Co. have signed a strategic collaboration agreement to launch the Halal Products Manufacturing Accelerator Program.
  • In April 2023, Delivery Hero—the leading local delivery service in the world—announced Bekal by Foodpanda, a new service that guarantees end-to-end halal deliveries for consumers in Malaysia. This is the only delivery fleet in the entire country to have received halal certification, making it the first global brand in the Delivery Hero family to do so. Bekal by Foodpanda will only provide food from halal-certified vendors on the Foodpanda platform using a halal-certified delivery fleet with loyal riders.

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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Plastic Bag Market: Estimated to Reach US$ 34,424.5 Million by 2033, Reflecting Steady Growth and Persistent Demand

Plastic Bag Market

The global plastic bag market size is expected to increase from US$ 24,673.5 million in 2023 to US$ 34,424.5 million by 2033. Sales of plastic bags are predicted to rise at a Compound Annual Growth Rate (CAGR) of 3.4% throughout the forecast period. In 2022, the total market value of the global plastic bag industry reached US$ 23,745.9 million, with a year-on-year growth of 3.9% projected for 2023. These figures highlight a steady expansion in demand for plastic bags, driven by their widespread use in various sectors such as retail, packaging, and food service industries.

Polyethylene (PE) remains the most widely used material among plastic bag manufacturers. This is attributable to its flexibility, durability, low cost, and other attractive features. The target segment is set to thrive at a 3.1% CAGR through 2033.

The healthcare and pharmaceutical sectors are also experiencing significant growth globally, driven by the increasing demand for medications, surging chronic diseases, and the need for innovative treatments. This will likely create new growth opportunities for plastic bag manufacturers.

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As per data from the European Federation of Pharmaceutical Industries and Associations (EFPIA), the overall production of pharmaceuticals increased by over 50% in the last ten years. This growth is consequently having a positive impact on the market for plastic bags. Several manufacturers have also started providing sustainable plastic bags for pharmaceutical and healthcare applications owing to the evolving scenario of healthcare-based regulations.

“The surging demand for convenience packaging solutions, driven by population growth and high disposable income, is positively influencing the plastic bag market. Besides this, the growing food service and healthcare sectors will positively impact plastic bag sales through 2033,” Says Lead Analyst at FMI.

Business Growth Drivers:

  1. Convenience and Versatility: Plastic bags are lightweight, durable, and versatile, making them convenient for packaging various products across industries such as retail, food, and healthcare.
  2. Cost-effectiveness: Plastic bags are relatively inexpensive to produce compared to alternatives like paper or cloth bags, making them a cost-effective choice for businesses.
  3. Consumer Demand: Despite growing awareness about environmental issues, consumer demand for convenient packaging solutions remains high, especially in emerging markets where disposable incomes are rising.
  4. Innovation and Technological Advancements: Advances in plastic manufacturing technologies have led to the development of eco-friendly options such as biodegradable and compostable plastics, which cater to environmentally conscious consumers and regulatory requirements.
  5. Globalization and Urbanization: Increasing urbanization and globalization have spurred the demand for packaged goods, further driving the growth of the plastic bag market, especially in developing regions where infrastructure development is ongoing.
  6. Regulatory Environment: While regulations regarding plastic usage are becoming stricter in many regions, they often target single-use plastics like straws and cutlery rather than plastic bags, allowing the market to sustain growth in certain segments.

Industry Restraints:

  1. Environmental Concerns: The most significant restraint facing the plastic bag market is the growing concern over environmental pollution caused by plastic waste. Governments and environmental organizations are pushing for reduced plastic usage and stricter regulations, leading to bans on single-use plastics in various jurisdictions.
  2. Shift Towards Alternatives: Increasing awareness of environmental issues has led consumers and businesses to shift towards alternative packaging options such as paper, cloth, and biodegradable plastics, impacting the demand for traditional plastic bags.
  3. Volatility in Raw Material Prices: The plastic bag industry is sensitive to fluctuations in raw material prices, particularly petroleum-based resins like polyethylene. Price volatility can affect profit margins and operational costs for manufacturers.
  4. Reputation Risk for Businesses: Businesses using traditional plastic bags face reputation risks due to heightened environmental awareness among consumers. Negative publicity related to plastic pollution can impact brand image and consumer loyalty.
  5. Regulatory Pressure: Governments worldwide are implementing regulations aimed at reducing plastic waste, including bans, taxes, and extended producer responsibility (EPR) schemes. Compliance with these regulations can pose challenges for businesses operating in the plastic bag market.
  6. Competition from Sustainable Alternatives: The rise of sustainable packaging alternatives, such as reusable bags, paper bags, and biodegradable plastics, presents intense competition for traditional plastic bag manufacturers, compelling them to innovate and adapt to changing consumer preferences.

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Key Takeaways from the Plastic Bag Market Study-

  • The global plastic bag market is projected to reach a valuation of US$ 34,424.5 million by 2033.
  • By bag type, the garbage bag segment is set to hold a market share of 36.1% in 2033.
  • Based on material, the polyethylene segment is expected to total US$ 21,137 million by 2033.
  • By end-use, the retail segment is anticipated to hold a share of around 42.4% in 2033.
  • The United States plastic bag market value is set to reach US$ 4,215.7 million by 2033.
  • Sales of plastic bags in Japan will likely rise at a 3.9% CAGR between 2023 and 2033.
  • Plastic bag demand in India is projected to increase at a CAGR of 4.3% during the forecast period.

Competition Analysis

Plastic bag manufacturers can exploit this shift and expand into the developing and emerging regions through acquisitions and facility expansions. Collaboration with local partners and distributors is another key strategy for manufacturers to establish a strong market presence in the regions.

Key Players Are:

  • Berry Global Group, Inc.
  • Bischof & Klein GmbH & Co. KG
  • Novolex Holdings, Inc.
  • International Plastic Inc.
  • AEP Industries Inc.
  • ProAmpac LLC
  • CeDo Ltd.
  • Amcor Plc
  • Sonoco Products Company
  • Mondi Plc
  • Reynolds Consumer Products Inc.
  • Transcontinental Inc.
  • RKW Group
  • 3M
  • Thantawan Industry Plc.
  • Flair Flexible Packaging Corporation
  • Inteplast Group
  • Dagöplast AS
  • Allstate Plastics LLC
  • Novplasta s.r.o.

Recent Developments in the Plastic Bag Market

  • In August 2023, Reynolds Consumer Products, through its brand Hefty, announced the launch of the Ultra Strong line of lemon-scented waste bags for consumers.
  • In June 2023, Novolex Holdings announced the launch of new products under its Hilex brand of ProWAVE recyclable and reusable tote bags for packaging in supermarkets, restaurants, and retailers.

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Plastic Bag Market Outlook by Category

By Bag Type:

  • Zipper Bags
  • T-shirt Bags
  • Gusseted Bags
  • Slider Bags
  • Garbage Bags
  • Others

By Material:

  • Polyethylene (PE)
  • Polypropylene (PP)
  • Polyethylene Terephthalate (PET)
  • Polylactic Acid (PLA)
  • Others (PVC, PS)

By Distribution Channel:

  • Direct Sales (Manufacturers)
  • Distributors
  • Bricks & Mortar Stores
  • E-retail

By End-use:

  • Retail
    • Healthcare
    • Personal Care & Cosmetics
    • Homecare & Toiletries
    • Electrical and Electronics
    • Food Service
    • Industrial
    • E-Commerce
    • Chemical & Fertilizers
  • Commercial
    • Hotels & Cafes
    • Full Service Restaurants
    • Quick Service Restaurants
    • Venues & Catering
    • Mobile Food Vendors
    • Bakery & Patisserie
  • Institutional
    • Schools & Colleges
    • Offices
    • Hospitals
    • Airports & Railways
  • Household

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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Plant-Based Food Market Set to Flourish, Surpassing US$ 11.3 Billion in 2023 and Forecasted at US$ 35.9 Billion by 2033

plant-based food market 
plant-based food market 

The plant-based food market is rapidly expanding, expected to exceed US$ 11.3 billion in 2023 and reach US$ 35.9 billion by 2033. Fueled by the rise in vegan and flexitarian movements, this growth reflects a surge in consumer demand for plant-based diet options, including vegetables, fruits, nuts, grains, and legumes.

The plant-based food sector is expected to reach a value of over $11.3 billion in 2023 and a market size of $35.9 billion by 2033, indicating a spectacular trajectory of growth. The flexitarian and vegan movements have grown in popularity, increasing public awareness of plant-based diets and contributing to this expansion.

The global plant-based food industry is on a remarkable growth trajectory, with a projected value exceeding $11.3 billion in 2023 and an estimated market size of $35.9 billion by 2033. This growth is fueled by a rise in the vegan and flexitarian movements, which has raised awareness of plant-based diets.

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All fruits, vegetables, grains, legumes, nuts, and other plant elements fall under the umbrella term “plant-based foods,” which specifically does not include animal products such as meat, dairy, or eggs. Seitan, tofu, tempeh, almond milk, coconut milk, and coconut oil are examples of plant-based alternatives. Sales of these goods are expected to rise at a strong compound annual growth rate (CAGR) of 12.2% from 2023 to 2033, reflecting the growing demand from consumers for plant-based diet options.

According to Future Market Insights’ new report, the global plant-based food  is anticipated to exceed US$ 11.3 billion in 2023. The total market size is expected to reach US$ 35.9 billion by 2033. Sales of plant-based foods are projected to escalate at a CAGR of 12.2% over the forecast period (2023 to 2033).

The global flexitarian and vegan movement has significantly increased the market for plant-based diets. Various foods that are produced using organic plant-based materials are referred to as “plant-based food.” Vegetables, fruits, nuts, whole grains, legumes, and other plant ingredients are frequently used in these recipes.

Animal products or those made from animals, such as milk, meat, or eggs, are not allowed in plant-based diets. Some of the most well-liked plant-based foods are seitan, tofu, tempeh, almond milk, coconut milk, and coconut oil.

As more individuals become aware of the benefits of eating plant-based food, the number of vegans has substantially increased over time. People are more likely to adopt plant-based diets to protect the environment, alleviate animal suffering, and reduce their chance of catching diseases. The demand for plant-based foods has surged as a result.

A lower risk of diabetes, high blood pressure, and coronary heart disease have all been linked to plant-based diets as additional health benefits. Consequently, an increasing number of people are embracing plant-based diets.

The global economy’s acceptance of digitization has allowed a range of firms to grow significantly in recent years. Due to rising consumer internet usage and the simplicity of online transactions, many plant-based food enterprises prefer online channels for their product promotion and sales.

Similar to this, many customers prefer to shop at online stores, which encourages businesses to keep an online presence. Additionally, other websites, such as specialist stores and food delivery services, have recently emerged. This has considerably increased the demand for plant-based foods worldwide.

Key Takeaways from the Plant-Based Food Industry Study

  • The worldwide plant-based food Industry is set to cross a valuation of US$ 11.3 billion in 2023.
  • Total plant-based food sales are likely to exhibit a CAGR of 12.2% throughout the assessment period.
  • Based on type, dairy substitutes segment holds a prominent share of the global plant-based food industry.
  • The USA plant-based food Industry is forecast to expand at a prolific CAGR during the projection period.
  • Plant-based food sales across the United Kingdom are projected to rise at a healthy pace through 2033.
  • India is expected to emerge as a lucrative market for plant-based food products during the assessment period.

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“It is anticipated that the growing consumer awareness on how plant-based diet is more beneficial than a meat-based diet will lead to an increase in the sales of these products as they are much more humane and healthier in comparison,” says a lead analyst at Future Market Insights.

Who is Winning?

Various plant-based food manufacturers are concentrating on providing plant-based food at the most competitive prices in response to the growing consumer demand for it.

New product launches, acquisitions, partnerships, joint ventures, celebrity endorsements, and strengthening distribution channels are few of the key strategies employed by companies to gain a competitive edge in the market.

A few of the leading players operating in the plant-based food industry are Beyond Meat Inc, Atlantic Natural Foods LLC, Vbite Food Ltd., Danone S.A., Tyson Foods Inc, Nestle S.A., Amy’s Kitchen, Garden Protein International Inc, Lightlife Foods Inc (Maple Leaf Foods Inc.), Impossible Foods Inc, and other players.

Plant-Based Food Industry by Category:

By Type:

  • Dairy Substitute
  • Meat Substitute
  • Egg Substitute
  • Seafood Substitute
  • Others

By Source:

  • Soybean
  • Nuts
  • Wheat
  • Pea
  • Others

By Distribution Channel:

  • Offline Sales Channel
  • Supermarkets/Hypermarkets
  • Departmental Stores
  • Convenience Store
  • Other Sales Channel
  • Online Sales Channel
  • Company Website
  • E-commerce Platform

By Region:

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

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Get Valuable Insights into Plant-Based Food Industry :

Future Market Insights, in its new offering, provides an unbiased analysis of the Plant-Based Food Industry, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033. The study divulges compelling insights on the Plant-Based Food Industry based on Type (Dairy Substitute, Meat Substitute, Egg Substitute, Seafood Substitute), Source (Soybean, Nuts, Wheat, Pea), and Distribution Channel (Offline Sales Channel, Online Sales Channel, E-commerce Platform) across several regions.

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 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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Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
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T: +1-845-579-5705
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Lab Automation Market Pioneers the Future, Poised to Surpass US$ 5.5 Billion by 2033: Insights and Growth Projections

Lab Automation Market
Lab Automation Market

The amount of the lab automation market size is changing the rules for scientific investigation and testing. As part of this technological evolution, advanced robots, software, and instruments are all integrated to improve and streamline laboratory procedures. Enterprises and researchers are striving for better efficiency, precision, and reproducibility; and lab automation has emerged as a critical facilitator to achieve these goals.

One of the key drivers behind the rapid adoption of lab automation is its ability to significantly boost efficiency and precision. Tedious and time-consuming tasks that were once performed manually can now be automated, freeing up valuable time for researchers to focus on more intellectually demanding activities. This not only accelerates the pace of research but also reduces the potential for human errors, ensuring the reliability of results.

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The lab automation market is expected to be worth US$ 2.1 billion in 2023. The lab automation market is expected to grow at a CAGR of 10.1% during the forecast period, reaching US$ 5.5 billion by 2033, owing to the increasing adoption of lab automation across various end-use verticals.

Research and Innovations Aid Market Growth

Pharmaceutical research is in constant demand, which protects the market. In the pharmaceutical and healthcare industries, automation is also a major trend right now. Even in emerging countries, both of these are assisting the market. In order to meet the unique needs of lab automation users, additional important companies are eager to offer products that are industry-specific.

Fertile Ground for Market Growth

To maintain the rapid product uptake, key players must work more on product development. This era is anticipated to be profitable for market growth due to factors like rising diagnostic rates internationally. Recent trends show that major businesses are combining their resources through mergers and acquisitions to strengthen their market positions.

Technological Innovations Emerge as an Integral Part of Market Growth

Long-term market potential for lab automation are predicted to result from end-user demand for high-end, sophisticated lab automation technologies. The development of lab robotics technology, which is still in its infancy, is one factor that is anticipated to support market expansion. For lab automation technology to be appealing to pharmaceutical and healthcare enterprises of various sizes, it must be exceedingly frictionless and effective.

Can Market Key Players Rise Above the Hurdles of High Cost?

Adoption and maintenance of lab automation equipment currently amount to considerable costs. Hence, small and medium enterprises tend to shy away from the adoption of lab automation tools. The major consumer base of key players currently consists of mega-corporations, that are willing to spend millions for high-end efficient lab automation systems. By developing affordable products, key players can easily break into the small and medium enterprises segment. Once the large organization segment reaches saturation, key players will naturally have to turn to smaller enterprises to sustain market growth.

Recent Market Developments:

  • In March 2022, Beckman Coulter Life Sciences introduced the CellMek SPS. The product enables seamless manual sample preparation. It has aided in easing data management bottlenecks in clinical flow cytometry. It is a fully automated sample preparation system (SPS) that would aid laboratories in vastly expanding their current production capabilities.
  • In April 2022, Strateos Inc. launched an integrated solution for small molecule discovery programs that aid in automating the DMTA cycles.
  • In March 2022, Biosero released the Green Button Go software suite in March 2022. It comes with advanced features to assist customers in yielding better control over laboratory systems.
  • In March 2022, Thermo Fisher Scientific and Hamilton Company jointly launched an advanced product. It is their forensic laboratory-qualified automated nucleic acid extraction platform.

Leading companies operating in the lab automation market are Abbott Laboratories, Agilent Technologies, Perkin Elmer, Inc, Thermo Fisher Scientific, Inc, Siemens Healthcare, Danaher Corporation, Becton, Dickinson and Company, Transcriptic, Inc. among others.

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Key Segments:

By Component Type:

  • Devices
    • Biochemistry Devices
    • Molecular Devices
    • Hematology Devices
    • Immunology Devices
    • Microbiology Devices
    • Others
  • Software
    • Scheduling Software
    • Momentum Integration Software

By Application:

  • Life Sciences Research and Development
  • Drug Discovery
  • Diagnostics

By End User:

  • Pharmaceutical Companies
  • Hospitals and Diagnostic Centers
  • Educational Institutions
  • Contract Research Organizations (CROs)
  • Research Institutes

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

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
LinkedIn| Twitter| Blogs | YouTube