Philippines Tourism Industry on Track for Explosive Growth: Projected to Reach USD 34.47 Billion by 2034

The Philippines tourism industry is poised for remarkable growth, with a projected market size of USD 12.30 billion in 2024 and an expected valuation of USD 34.47 billion by 2034. The industry is forecasted to grow at a compound annual growth rate (CAGR) of 10.80%, driven by increased domestic travel, innovative marketing strategies, and a rising demand for sustainable tourism.

Key Growth Drivers of the Philippines Tourism Industry

  • Effective Tourism Campaigns
    The Department of Tourism’s recent “Love the Philippines” campaign has shifted the focus from the old slogan “It’s More Fun in the Philippines” to highlight more authentic, post-pandemic travel experiences. This strategic rebranding aims to resonate with modern travelers seeking deeper and more meaningful connections with the places they visit.
  • Social Media Influence
    Social media platforms like Facebook, Instagram, and Twitter are playing a pivotal role in shaping the travel decisions of millions. With over 87 million active social media users in the Philippines, the power of travel influencers and online ads is driving substantial growth in tourism. Authentic content shared by influencers is expected to contribute to a 2.8X surge in tourism sales by 2034.
  • Domestic Tourism Surge
    The domestic traveler segment is forecasted to dominate the Philippine tourism industry, accounting for 58% of total revenue in 2024. More Filipinos are opting to explore their own country, taking advantage of cost-effective travel options, fewer visa requirements, and a deeper understanding of local culture and destinations.
  • Technological Advancements in Hospitality
    The Philippines’ hospitality industry is adopting innovative digital solutions to enhance the visitor experience. From contactless check-ins to biometric verification for payments and security, technology is helping streamline operations and improve guest satisfaction, boosting both the efficiency and appeal of local hotels and resorts.
  • Sustainable and Eco-Tourism Initiatives
    The country’s commitment to sustainable tourism practices is attracting eco-conscious travelers. Tourists are encouraged to participate in activities such as mangrove planting, community building, and environmental conservation projects. These initiatives align with the global shift toward responsible travel, positioning the Philippines as a leader in eco-tourism.

Competitive Landscape

Tourism industry players in the Philippines employ a variety of strategies to gain a competitive advantage. Some focus on enhancing infrastructure to ensure smoother and more efficient travel experiences for visitors. Meanwhile, many emphasize showcasing the country’s natural beauty and rich cultural heritage to attract tourists.

Others adopt sustainable practices to appeal to eco-conscious travelers who prioritize environmental responsibility. Several industry players also collaborate with the government to take advantage of tourism policies and promotional initiatives. Additionally, a number of businesses are making significant investments in digital platforms to offer convenient and seamless services for travelers.

Recent Developments

  • In November 2023, the Department of Tourism and the Tourism Promotions Board Philippines launched the updated Travel Philippines app. This improved digital platform marks the start of the Philippine tourism industry’s digital transformation. The aim is to offer travelers a more convenient way to explore the country.
  • In October 2023, the Department of Tourism introduced its inaugural Tourist Assistance Call Center following the Philippines’ achievement of over 4 million international arrivals. The call center is going to be available round-the-clock, connecting tourists with live agents who can offer information on various aspects. Some of these include addressing tourism complaints, responding to inquiries about the Philippine tourist destination policies, providing details on transportation options and accommodations, among others.
  • In July 2023, the Department of Tourism launched the Philippines Hop-On-Hop-Off (HOHO) service in the capital city, debuting Manila’s “Cultural Hub” tours. Secretary Frasco was accompanied by officials from the City Government of Manila, headed by Mayor Honey Lacuna, along with representatives from the tourism industry.

Key Philippines Tourism Industry Players

  • Scorpio Travel and Tours Inc.
  • Baron Travel
  • Asiaventure Tours & Travel
  • Vansol Travel & Tours
  • Kapwa Travel
  • Marsman Drysdale Travel Inc.
  • Rajah Tours Philippines
  • Atlas Tours and Travel Inc.
  • Bridgeway Travel and Tours
  • Haranah Tours Corporation
  • Travel Related Incentive Programs and Services, Inc.
  • Travbest Travel & Tours
  • Rakso Air Travel & Tours Inc.
  • GoldenSky Travel and Tours
  • GrandHope Travel Tours
  • Kesari Tours Pvt Ltd
  • Tourismo-Filipino Inc.

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Key Segments Profiled in the Philippines Tourism Industry Survey

By Tourism Type:

  • Cultural & Heritage Tourism
  • Medical Tourism
  • Eco/Sustainable Tourism
  • Sports Tourism
  • Wellness Tourism
  • Others

By Booking Channel:

  • Phone Booking
  • Online Booking
  • In Person Booking

By Tourist Type:

  • Domestic
  • International

By Age Group:

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

About Future Market Insights (FMI)

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

Contact Us:

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Herbal Beauty Products Market Set for Robust Growth, Driven by Consumer Shift Towards Natural and Sustainable Solutions

The global market for herbal beauty products is poised for significant expansion, with a projected compound annual growth rate (CAGR) of 6.1% from 2024 to 2034. The market, valued at approximately USD 75,098.55 million in 2024, is expected to grow to USD 135,897.65 million by 2034. This growth is fueled by increasing consumer awareness of the harmful effects of synthetic chemicals and a strong preference for natural, eco-friendly, and cruelty-free skincare alternatives.

Key Market Drivers

  • Consumer Preference for Natural Ingredients: As awareness of the potential risks of synthetic chemicals in beauty products rises, more consumers are opting for herbal beauty solutions. Herbal products are perceived as safer and more gentle on the skin, offering a non-toxic alternative to traditional skincare.
  • Celebrity and Influencer Endorsement: Social media influencers and celebrities are increasingly promoting the benefits of herbal beauty products, driving consumer interest and adoption. These endorsements have played a significant role in reshaping skincare trends towards natural and organic solutions.
  • Innovations in Herbal Formulations: Ongoing advancements in research and development are leading to the creation of more effective and innovative herbal beauty products, addressing a variety of skin concerns with natural, plant-based ingredients.
  • Retail Expansion: The growing availability of herbal beauty products through online platforms, specialty stores, and other retail channels has made these products more accessible to a broader consumer base worldwide.
  • Alignment with Sustainability and Ethical Practices: The increasing demand for cruelty-free and sustainable beauty products has further bolstered the growth of the herbal beauty market. Many herbal products are produced with eco-conscious practices and are not tested on animals, which aligns with the values of today’s ethical consumers.

Regional Insights

The global market for herbal beauty products is growing at different rates across various regions. Notable growth is anticipated in the following markets:

  • Japan: Projected to grow at a CAGR of 11.0%, driven by the popularity of traditional Japanese skincare rituals and natural ingredients like rice, green tea, and sake.
  • Singapore: Expected to grow at 10.8% CAGR, fueled by the country’s multicultural populace and increasing consumer interest in holistic, culturally aligned beauty products.
  • China: Set to expand at a 9.6% CAGR, driven by rising incomes and growing consumer interest in traditional Chinese medicine-based skincare.
  • United Kingdom: Market growth of 8.1% CAGR, with consumers increasingly turning to natural and sustainable skincare solutions.
  • Italy: Projected to grow at 7.5% CAGR, supported by Italy’s cultural appreciation for natural beauty products and premium skincare solutions.

Product Segment Insights

  • Skincare: The skincare segment is the dominant category in the herbal beauty market, holding a 37.6% share in 2024. Consumers are increasingly turning to herbal skincare products to address a variety of skin concerns, including acne, aging, and sensitivity.
  • Adults: The adult consumer segment, which is expected to command 71.4% of the global market share in 2024, remains the primary driver of market growth. Adults are more likely to invest in premium skincare products and are drawn to herbal beauty offerings for their natural and sustainable attributes.

Competitive Landscape

The global herbal beauty product market is experiencing significant growth, driven by increased consumer demand for natural and organic alternatives. Key players are expanding their offerings and investing in research and development to create innovative formulations. Strategic partnerships are being leveraged to enhance market presence, expand distribution networks, and reach a broader consumer base.

Companies are also focusing on educating consumers about the benefits of herbal beauty products while differentiating them from synthetic alternatives. As consumer preferences evolve, these companies are incorporating sustainability initiatives into their production processes and packaging, aligning with growing environmental consciousness. This focus on sustainability aims to meet the rising demand for natural beauty solutions and further drive the global growth of the herbal beauty product market.

Recent Developments

  • In an interview on October 22, 2022, Rakhi Ahuja stated that Jovees Herbal aimed to achieve Rs 175 crore in revenue for the fiscal year. At that time, their products were available in Sri Lanka, the Middle East, France, Malaysia, Mauritius, and Maldives, with plans to triple exports in the next few years.
  • On July 23, 2023, the Confederation of Indian Industry (CII) reported a significant shift in India’s personal care industry towards herbal and Ayurvedic products over chemical-based alternatives. The Ayurvedic beauty and wellness market grew by approximately 15% in 2020, reflecting a global natural and sustainable living trend.
  • On July 28, 2020, rising consumer safety and efficacy concerns drove demand for herbal cosmetic ingredients in China’s beauty market, reported MNC Merck. The trend highlighted a shift towards “high-tech herbals” in response to growing apprehensions about product safety and effectiveness.

Key Companies in the Market

  • Surya Brasil Organic Beauty Products
  • Weleda AG
  • INIKA
  • Lotus Herbals Limited
  • Bio Veda Action Research Co. (Biotique)
  • Guangzhou Liwei Cosmetics Co Ltd.
  • Dr. Hauschka
  • VLCC Healthcare Ltd.
  • Hemas Holdings PLC
  • Herb Labo Co. Ltd
  • The Himalaya Drug Company
  • Shahnaz Ayurveda Pvt. Ltd
  • GROWN ALCHEMIST
  • Shenzhen Panni E-Business Co. Ltd.
  • Arbonne International LLC

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Market Segmentation

By Product Type:

  • Skin Care
    • Face Cleanser
    • Face Wash
    • Sun Protection
    • Night Creams & Gels
    • Others (Masks, Cream)
  • Hair Care
    • Hair Oils
    • Shampoos
    • Hair Conditioners
    • Others (Hair Serum, Mask, Color)
  • Bath & Body Care
    • Body Scrub
    • Body Lotion
    • Soap
    • Others
  • Makeup
  • Fragrance

By Consumer Orientation:

  • Adults
  • Kids

By Sales Channel:

  • Hypermarkets/Supermarkets
  • Convenience Stores
  • Specialty Stores
  • Multi-brand Stores
  • Online Retailing
  • Beauty salons
  • Others

By Region:

  • North America
  • Latin America
  • Asia Pacific
  • Middle East and Africa (MEA)
  • 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:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Biodegradable Baby Diapers Market Set for Significant Growth Driven by Sustainability and Health Consciousness

The global biodegradable baby diapers market is on track to experience robust growth, with an estimated value of USD 2,975.9 million in 2023, and is expected to reach USD 6,188.4 million by 2033, reflecting a compound annual growth rate (CAGR) of 7.6% during the forecast period, according to the latest report by Future Market Insights (FMI).

The surge in market demand is primarily driven by growing consumer awareness of environmental sustainability, coupled with the increasing popularity of eco-friendly alternatives to conventional, plastic-based diapers. Parents, more conscious than ever about the environmental impact of disposable baby products, are increasingly opting for biodegradable diapers, which are made from natural, sustainable materials and break down more efficiently in landfills compared to traditional diaper alternatives.

Key Drivers Fueling Market Growth

  • Sustainability Concerns: Biodegradable diapers decompose naturally, reducing long-term waste accumulation in landfills. Governments and environmental organizations have been promoting sustainability efforts, contributing to a shift in consumer behavior toward eco-friendly products.
  • Health and Comfort of Babies: Parents are prioritizing the health and comfort of their babies, with biodegradable diapers often using hypoallergenic, chemical-free materials. These diapers are less likely to cause diaper rashes or irritation, making them an attractive alternative to conventional options.
  • Technological Advancements: Companies are investing heavily in research and development to improve the absorbency, leak protection, and overall functionality of biodegradable diapers. These innovations are making biodegradable options more reliable and practical for everyday use.

Regional Insights

  • China is emerging as a significant market for biodegradable baby diapers, driven by its large population and growing environmental awareness. The country’s rising pollution levels are prompting consumers to embrace sustainable alternatives.
  • The United Kingdom is also witnessing rapid adoption of biodegradable baby diapers, supported by favorable government policies and increased environmental consciousness among parents.
  • The United States holds a substantial share of the global market, with major players extending their portfolios to include biodegradable options tailored to the needs of premature infants and babies with sensitive skin.

Key Players in the Market

  • Seventh Generation, Inc.
  • Naty AB
  • The Honest Company
  • Abena A/S
  • KAS Direct, LLC
  • Broody Chick Company
  • Hansen Kids, LLC
  • Drylock Technologies NV
  • Hengan International Group Company Limited
  • The Hain Celestial Group, Inc.
  • Kimberly-Clark Corporation
  • Kao Corporation
  • Bumkins Company
  • The Procter & Gamble Company
  • Ontex Group
  • Unicharm Corporation

Product Portfolio

  • Procter & Gamble Company: Unlock the power of innovation with our diverse range of consumer goods. From trusted household brands like Tide, Pampers, and Gillette to innovative skincare products like Olay and SK-II, we deliver quality and convenience that enriches lives worldwide.
  • Ontex Group: Discover comfort and reliability with Ontex Group’s exceptional hygiene solutions. Our comprehensive portfolio includes leading brands in personal care, feminine hygiene, and baby care, ensuring exceptional performance and peace of mind. Experience our commitment to quality and well-being in every product.

Tap into Expertise: Discuss with Our Analyst on Email: sales@futuremarketinsights.com

Market Segmentation

By Product Type:

  • Tape Style
  • Pant Style

By Price Range:

  • Mass (Below USD 25)
  • Premium (Above USD 25)

By Size:

  • Small (3 to 8 Kgs)
  • Medium (6 to 11 Kgs)
  • Large (9 to 14 Kgs)
  • XL (12 to 17 Kgs)
  • XXL (15 to 35 Kgs)

By Sales Channel:

  • Hypermarkets/Supermarkets
  • Wholesalers/Distributors
  • Convenience Stores
  • Specialty Stores
  • Independent Small Stores
  • Online Retailer
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • 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:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Global Motocross Gears Market Set for Significant Growth Driven by Safety Awareness and Technological Advancements

The global motocross gears market is poised for significant growth, with a projected market size of USD 14,669.8 million by 2033, up from an estimated USD 7,042.3 million in 2023. This growth, driven by an impressive compound annual growth rate (CAGR) of 7.6%, highlights the expanding demand for motocross helmets, boots, jerseys, jackets, and other protective gear as the sport gains traction across the globe.

Key Drivers of Growth in the Motocross Gears Market

  • Rising Popularity of Motocross Sports: The increasing enthusiasm for off-road motorcycle sports, especially among millennials, is fueling market expansion. As more riders engage in motocross racing and recreational riding, the need for high-quality, protective gear has surged.
  • Growing Safety Awareness: A pivotal factor driving market growth is the increasing focus on rider safety. Rising awareness about the importance of protective gear, such as helmets, knee guards, and padded jerseys, is pushing the demand for high-performance motocross equipment.
  • Technological Advancements in Gear Design: Manufacturers are investing in cutting-edge technologies to develop lightweight, durable, and more comfortable gear. Innovations in materials and design, such as advanced carbon fiber helmets and breathable, impact-resistant apparel, are enhancing the appeal of motocross gear.
  • Promotional Campaigns and Social Media Influence: Social media platforms and online content have become powerful tools in raising awareness about safe riding practices and promoting motocross events, leading to increased consumer interest in purchasing appropriate gear.
  • Growing Market in Emerging Economies: Developing regions, particularly in Asia-Pacific and Latin America, are witnessing a rise in motorcycle sales and a surge in interest toward motocross racing and recreational activities, further expanding the market for protective gear.

Regional Insights

  • China: The motocross gears market in China is poised for rapid growth, driven by the country’s expanding off-road sports and increasing demand for protective gear.
  • United States: The U.S. remains a dominant market for motocross gears, fueled by high public interest in motocross racing and safety initiatives like AMA’s training programs.
  • Germany: Germany’s motocross market is growing due to increasing participation in racing tournaments and rising demand for protective gear among riders, including women.
  • Japan: Japan’s motocross gear market is experiencing strong growth, driven by heightened safety awareness and the country’s robust motocross racing culture.

Key Players in the Market

  • O’NEAL USA
  • Scott Sports
  • Aero Stitch
  • Fox Racing
  • Answer Racing
  • AGVSports America LLC
  • FLY Racing
  • Joe Rocket Jackets
  • Ride Icon
  • Dainese
  • Shift MX
  • TacknRider
  • Fox Head Inc.
  • LeMans Corporation
  • ACERBIS
  • Alpinestars
  • AXO
  • LSD Industries, LLC
  • KTM Sportmotorcycle GmbH
  • Troy Lee Designs

Product Portfolio

  • Fox Racing’s product portfolio includes a wide range of motocross gear and apparel, such as helmets, jerseys, pants, gloves, boots, and protective equipment. They specialize in high-performance gear designed for professional riders and enthusiasts, combining style, durability, and advanced technologies.
  • FLY Racing’s product portfolio features motocross gear, helmets, jerseys, pants, gloves, boots, and accessories. They offer a range of options for riders of all levels, focusing on quality, comfort, and performance. With innovative designs and attention to detail, FLY Racing provides gear that meets the needs of motocross enthusiasts.

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Market Segmentation

By Product Type:

  • Helmets
  • Gloves
  • Protectors
    • Check Protectors
    • Elbow/knee Guards
    • Kidney Belts
    • Braces
    • Others
  • Over-ankle Boots
  • Goggles
  • Pants
  • Jerseys & Jackets
  • Others

By Size:

  • Small
  • Medium
  • Large
  • Extra-Large

By End User:

  • Men
  • Women

By Rider Type:

  • Beginners
  • Professionals

By Sales Channel:

  • Wholesalers/Distributors
  • Hypermarkets/Supermarkets
  • Exclusive/Specialty Stores
  • Multi-Brand Stores
  • Independent Sports Outlets
  • Online Retailers

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • 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:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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The Ultimate Overview to Understanding All Tarot Card Cards

For centuries, tarot cards have been utilized as a powerful tool for divination, insight, and assistance. Each card in the deck holds an unique meaning and symbolism, offering visitors a glance right into the past, existing, and future. Whether you’re a seasoned tarot reader or a newbie looking to explore the globe of tarot card, recognizing the definitions of all tarot cards is important.

What Are Tarot card Cards?

Tarot card cards are a deck of 78 cards that are usually utilized for prophecy and spiritual support. The deck is separated into 2 almosts all – the Major Arcana and the Minor Arcana. The Significant Arcana includes 22 cards that stand for major life occasions and spiritual lessons, while the Minor Arcana includes 56 cards that focus on everyday occasions and difficulties.

Each tarot card holds its very own tarot reading special symbolism, images, and significance, making it a powerful device for self-reflection, insight, and guidance. By understanding the definitions of all tarot cards, you can take advantage of the wisdom and support that the cards have to supply.

However with 78 cards in a tarot deck, it can be overwhelming to attempt and remember the meanings of each card. That’s why we have actually damaged down the significances of all tarot cards right into four major groups – the Significant Arcana, the Swords, the Mugs, and the Pentacles.

  • Significant Arcana – Stands for significant life occasions and spiritual lessons
  • Swords – Focuses on psychological and intellectual challenges
  • Cups – Concentrate on emotions, relationships, and imagination
  • Pentacles – Concentrate on material aspects, such as cash, career, and physical well-being

Recognizing the Significant Arcana

The Significant Arcana contains 22 cards that are usually thought about the heart of the tarot card deck. Each card in the Significant Arcana holds a powerful message and importance that can give deep understanding into your life’s journey. From “The Fool” to “The Globe,” each card in the Major Arcana represents a various stage of life and spiritual development.

When reviewing the Major Arcana cards, take note of the symbolism, images, and total message of each card. These cards commonly stand for significant life events, spiritual lessons, or crucial decisions that you may be dealing with.

Discovering the Swords, Mugs, and Pentacles

While the Major Arcana cards supply understanding into major life events and spiritual growth, the Swords, Cups, and Pentacles in the Minor Arcana focus on day-to-day obstacles and experiences. Each suit in the Minor Arcana represents a different element of life, giving readers a comprehensive check out different areas of life.

The Swords match focuses on mental and intellectual obstacles, such as conflict, communication, and decision-making. The Mugs suit looks into emotions, connections, and creativity, using insight into your psychological well-being. The Pentacles fit concentrates on material aspects, such as cash, occupation, and physical well-being, offering you assistance on practical issues.

Utilizing Tarot Cards for Advice and Insight

Whether you’re wanting to acquire insight right into a details circumstance, make an important choice, or just look for spiritual support, tarot card cards can be a powerful device for self-reflection and insight. By recognizing the definitions of all tarot cards, you can take advantage of the knowledge and guidance that the cards need to provide, gaining clarity and direction in your life’s journey.

Conclusion

Recognizing the meanings of all tarot cards can be a valuable device for self-reflection, understanding, and support. By checking out the Significant Arcana, Swords, Cups, and Pentacles, you can gain a much deeper understanding of the symbolism, images, and messages of each card, unlocking the knowledge and support that tarot cards have to supply. Whether you’re a seasoned fortuneteller or a beginner looking to check out the globe of tarot card, the meanings of all tarot cards can give you with important understandings into your life’s journey.

Competitive Market Insights: Plant-Based Tuna Market Set to Reach USD 1,320.6 Million by 2033

Plant-based Tuna Market

As per the latest market research conducted by FMI, the global plant-based tuna market is expected to record a CAGR of 17% from 2023 to 2033. In 2023, the market size is projected to reach a valuation of USD 284 million. By 2033, the valuation is anticipated to reach USD 1,320.6 million.

Increasing public awareness of the harmful health impacts of consuming animal products and ethical concerns surrounding animal agriculture is contributing to a gradual mainstream adoption of veganism and plant-based diets. The market is expanding more rapidly than anticipated during the projected term as a result of this. Moreover, market leaders are introducing unique products to fulfill the needs of consumers globally. These products contain ingredients with many health benefits and have a tuna-like flavor and texture.

Key Takeaways:

  • The plant-based tuna market is anticipated to reach a valuation of US$ 284 million in 2023.
  • The plant-based tuna market is predicted to record a CAGR of 17% through 2033.
  • The plant-based tuna market is expected to expand, particularly as the flexitarian population increases.
  • The plant-based tuna market is expected to surpass 1,320.6 million by 2033.
  • The plant-based tuna market recorded a CAGR of 4% from 2018 to 2022.
  • The United States plant-based tuna market recorded a CAGR of 27.1% in 2022
  • The plant-based tuna market in China recorded a CAGR of 16.7% in 2022
  • The plant-based tuna market in India recorded a CAGR of 14.3% in 2022
  • The plant-based tuna market in Japan recorded a CAGR of 1.1% in 2022

Competitive Background:

The key players operating in the plant-based tuna market are investing in mergers and acquisitions to gain a significant market share. The manufacturers are also investing in research and development, and are introducing innovative methods to boost production capacity. Product development and market expansion are significant aspects of the plant-based tuna market. As a result, market participants are likely to have a better overall revenue share in the global plant-based tuna market.

Developments in the Market:

  • Atlantic Natural Foods, a leading brand, offers a unique combination of flavor and texture in its products which is the outcome of the company’s growing research and development investments.
  • Nestlé declared the launching of Vuna, a plant-based tuna, in August 2020 as its most inventive product to date. The company’s first product which isn’t seafood was initially intended to launch in Switzerland.
  • Gathered Foods, one of the well-known manufacturers of plant-based seafood, entered the restaurant industry by collaborating with Vegetarian Grill. Then Vegetarian Grill announced that a special and limited-edition tuna melt available from October 2020 menu list.

Significant Players in the Market:

  • Good Catch
  • Ocean Hugger Foods
  • Sophie’s Kitchen
  • New Wave Foods
  • Gardein, Beyond Meat
  • Prime Roots
  • Atlantic Natural Foods
  • Nestlé S.A
  • Avant Meats

Key Segments

Format:

  • Refrigerated
  • Frozen
  • Others

Source:

  • Soy-based Protein
  • Wheat-based Protein
  • Pea-based Protein
  • Canola-based Protein
  • Fava Bean-based Protein
  • Potato-based Protein
  • Rice-based Protein
  • Lentil-based Protein
  • Flax-based Protein
  • Chia-based Protein
  • Corn-based Protein

Distribution Channel:

  • Retail
    • Hypermarkets/Supermarkets
    • Convenience Stores
    • Specialty Food Stores
  • Online Retail
  • HoReCa (Food Service Sector)

Regional Outlook:

  • North America – United States, Canada
  • Latin America – Mexico, Brazil, Rest of Latin America
  • Europe – EU-4, United Kingdom., BENELUX, Nordics, Russia, Poland Rest of Europe
  • The Middle East and Africa – GCC Countries, Türkiye, Northern Africa, South Africa, Rest of MEA
  • East Asia – China, Japan, South Korea
  • South Asia – India, Thailand, Malaysia, Indonesia, Singapore, Rest of South
  • Oceania – Australia, New Zealand

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:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
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Emerging Market Opportunities: Plant-Based Cheese: Market Set to Reach USD 9.658 Billion by 2034 with a 12.2% CAGR | FMI

Plant-based Cheese Market
Plant-based Cheese Market

The plant-based cheese market is predicted to be valued at US$ 3,068 million in 2024. The market for plant-based cheese is expected to grow at a compound annual growth rate (CAGR) of 12.2% between 2024 and 2034 to reach a value of US$ 9,658 million. This expansion is due to consumers seeking cruelty-free, environmentally friendly, and sustainably produced substitutes for conventional dairy products. It also reflects a trend toward a plant-based diet, as seen by the various product offers, exquisite flavor, and health-conscious consumer base.

It is projected that shifting consumption habits, increased interest in plant-based dairy products, a surplus of capital, and expanding acceptance of Western lifestyles drive the plant-based cheese industry. The food service industry has also made a substantial contribution to the growth of the vegan cheese industry by labeling its goods with vegan cheese and serving vegan cheese-based appetizers. People who are allergic to dairy products or lactose intolerant are increasingly choosing plant-based cheese.

Concerns about animal welfare, the growth in vegans, and the adoption of plant-based goods by those who are allergic to dairy all contribute to the global trend of replacing dairy products with plant-based alternatives.

Vegan cheese has a lower fat content than dairy cheese but offers equivalent vitamins, proteins, and carbohydrates. Eating vegan cuisine has been shown to improve health. The millennial is creating creative ways to use artisanal vegan cheese, which is becoming increasingly common in fast food, hotels, cafés, and restaurants to serve a huge crowd.

The rise in popularity of plant-based diets and veganism is causing rapid changes in the food business. With the increasing availability of vegan cheese, ‘clean’ labeling is becoming increasingly popular. It comprises plant-based starch and oil (derived from nuts), cheese replacements, and fermented cheese. The global plant-based cheese market is expected to grow significantly due to consumers’ increasing adoption of health-conscious dietary habits.

As people become more aware of the benefits of plant-based diets, there is a growing demand for cheese alternatives made from plant-based ingredients. This trend is likely to continue in the coming years, driven by factors such as rising awareness about the environmental impact of animal agriculture and concerns about animal welfare. As a result, the plant-based cheese market is poised for strong growth, offering new opportunities for manufacturers and suppliers in the food industry.

“Demand for plant-based cheese substitutes is rising due to growing benefits and awareness of plant-based diets. Concerns about animal welfare and the negative environmental effects of animal agriculture are fueling the trend of consuming vegan products. Consequently, the market for plant-based cheese is anticipated to rise rapidly, presenting novel prospects for food industry suppliers and manufacturers.” – Nandini Roy Choudhury, Client Partner at Future Market Insights

Key Takeaways from the Plant-based Cheese Market 

  • The soy milk-based cheese segment is set to capture a significant 38.2% share of the plant-based cheese industry in 2024.
  • The B2C distribution channel is projected to dominate with an 83.8% market share in 2024.
  • The United States plant-based cheese industry is expected to experience a CAGR of 8.2% through 2034.
  • Germany plant-based cheese market is expected to demonstrate a remarkable CAGR of 10.2% through 2034.
  • The United Kingdom plant-based cheese industry is anticipated to see a CAGR of 8.7% through 2034.
  • India plant-based cheese industry showcases a healthy CAGR of 8.4% through 2034.
  • China plant-based cheese market is expected to display an average CAGR of 3.3% through 2034.

Competitive Landscape

The market for plant-based cheese is extremely competitive, with businesses striving for supremacy through various tactics like pricing plans, advertising campaigns, research and development, and the creation of new products. The fragmented vegan cheese market heavily emphasizes competitive forces and strategic decision-making. Competitors substantially engage in research and development to provide cutting-edge, cruelty-free dairy products to keep ahead.

Organizations strive to enhance their market share and operational efficiency by forming strategic alliances, partnerships, and collaborations. Manufacturers of plant-based dairy products employ a range of marketing strategies, such as collaborations and the introduction of new products, to grow their clientele and get a competitive advantage. Companies may preserve their leadership positions in the industry and remain ahead of their peers by continuously inventing and creating novel ways to interact with their target consumer base.

Recent Developments in the Plant-based Cheese Market

  • In January 2024, South Korean food technology company Armored Fresh developed a range of plant-based almond products that replicate the taste and texture of dairy cheese while providing essential nutrients and high protein content, potentially revolutionizing the food industry.
  • In January 2024, The American company The Laughing Cow launched a new range of plant-based spreadable cheese products in response to the growing demand for dairy-free alternatives. These innovative spreads give consumers a guilt-free option for snacking and spreading their favorite foods.

Key Segments

By Source:

  • Oat Milk
  • Rice Milk
  • Corn Milk
  • Soy-Milk
  • Pea Milk
  • Almond Milk
  • Coconut Milk
  • Cashew Milk
  • Flax Milk
  • Hemp Milk
  • Other

By Distribution Channel:

  • B2B
    • Hotels
    • Restaurants
    • Cafes
  • B2C
    • Hypermarkets/Supermarkets
    • Convenience Stores
    • Specialty Stores
    • Mom and Pop Stores
    • Discount Stores
    • Food & Drink Specialty Stores
    • Independent Small Groceries
    • Online Retail
    • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • 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.

Contact Us:

Future Market Insights Inc.
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Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
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Future Industry Projections: Vegan Protein Bars Market Set to Hit USD 3.965 Billion by 2033 with an 18% CAGR | FMI

Vegan Protein Bars Market
Vegan Protein Bars Market

The vegan protein bars market is expected to reach USD 757.5 million by 2023. According to Future Market Insights’ estimates, the market is likely to generate USD 3.965.7 million between 2023 and 2033, representing a compound annual growth rate of 18%.

The popularity of vegetarian and plant-based diets has increased over the past decade. Several factors have influenced these dietary changes, including concerns for animal welfare, environmental sustainability, and personal health. A growing number of consumers are turning to plant-based options, which is driving the demand for vegan protein bars.

Consumers are increasingly seeking nutritious and functional foods, which has led to substantial growth in the health and wellness industry. For those looking to maintain an active lifestyle or support their fitness goals, vegan protein bars can provide a convenient and healthy snack option.

Sustainable food choices are becoming more popular among consumers, who are becoming aware of how their food choices impact the environment. Protein bars made from plant-based ingredients usually have a lower carbon footprint than those made from animal proteins. Customers who are environmentally conscious may be attracted to this eco-friendly aspect of the product.

Key Takeaways from the Market Study

  • Based on the report, the vegan protein bars market exhibited a positive growth trajectory of 3.1% between 2018 and 2022.
  • The growing awareness about the benefits of soy has been a catalyst for the growth of soy-based vegan protein bars in the market. It is estimated that the market will possess a market share of 34.70% during the forecast period.
  • In the coming years, vegan protein bars are expected to capture 23.5% of the market share in the United States.
  • Health and wellness have experienced a significant growth rate in recent years, with a market share expected to reach 25.10% by 2033.
  • Over the period of 2023 to 2033, the Indian market is estimated to hold a market share of 17.4%.
  • According to forecasts, German vegan protein bars will hold 14.5% of the market share.
  • Conventional vegan protein bars is expected to hold 87.70% of the market share

Competitive Landscape

Globally, national and international companies primarily produce vegan protein bars. Manufacturers of food and beverages offer a wide selection of protein bars to satisfy consumers’ diverse tastes and appetites. The company offers vegan protein bars, organics, and natural food products to meet the needs of vegan food manufacturers. As well as producing vegan protein bars, producers run smaller operations and export many products.

  • In May 2023, Beyond vegan shakes, Malaysian brand Metier Food tantalises with new dairy-free protein bars and tempeh chips. Heal Breakfast Protein Bars are among the new products offered by Metier Food’s flagship Heal Nutrition brand. Chocolate Crunch and Fruity Raspberry protein bars are dairy-free and lactose-free.
  • In July 2023, MadeGood introduced Blueberry, Chocolate Chip, and Cinnamon Bun MadeGood Mornings Soft Baked Oat Bars, the company’s first breakfast product. They are all vegan and gluten-free, free of common allergens, and made from organic and non-GMO ingredients.

Know More about What the vegan protein bars Market Report Covers

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

To understand opportunities in the vegan protein bars market, the market is segmented based on nature, flavor, ingredient, and distribution channel industry type across seven major regions.

Vegan Protein Bars Market Segmentation

By Nature:

  • Organic
  • Conventional

By Flavor:

  • Chocolate-Vanilla
  • Chocolate-Caramel
  • Peanut Butter
  • Cherry Cashew
  • Fruit & Nut
  • Hazelnuts
  • Others

By Ingredient Type:

  • Soy
  • Pea
  • Nuts
  • Hemp
  • Others

By Distribution Channel:

  • Convenience Stores
  • Hypermarkets/Supermarkets
  • Traditional Grocery Stores
  • Drug Stores & Pharmacies
  • Health & Wellness Stores
  • Online Retailing

By Region:

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

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Explosive Market Growth: Vegan Marshmallow Market Hits to USD 172.6 Million by 2033 | FMI

Vegan Marshmallows Market
Vegan Marshmallows Market

In 2023, demand for vegan marshmallows are expected to have a net market share worth of $74.6 Mn, but by 2033, it is predicted to rise to over US$ 172.6 Mn. The growing vegan population around the world is driving demand for vegan marshmallows to grow by 9.8% between 2023 and 2033. Concerns about animal welfare will also contribute to a rise in demand for vegan marshmallows.

As a response to the growing demand for clean-label certifications across prominent regions, plant-based marshmallow manufacturers are introducing vegan marshmallows with unique flavour combinations. In the coming years, the global vegan marshmallow market is expected to grow due to the rising consumption of vegan food products.

The growth of the vegan marshmallow market worldwide is attributed to the fact that marshmallows are vegan and can serve as excellent substitutes for milk-based desserts. As environmental concerns over meat consumption gain prominence, consumers are increasingly turning to flexitarian diets.

Key Takeaways from the Vegan Marshmallows Market Study

  • Global vegan marshmallows market to grow at a CAGR of 9.8%.8% between 2023 and 2033
  • Peppermint and vanilla are the most popular flavors
  • North America remains the dominant vegan marshmallows market.
  • A market size of US$ 6 million is expected for vegan marshmallows in the United Kingdom in 2023, exceeding its market share by 11.4%.

Competitive Landscape for the Vegan Marshmallows Market

In response to the growing demand for clean-label certifications across prominent regions, leading vegan product manufacturers are flooding regional markets with innovative flavors, driving the global vegan marshmallows market.

Plant-based marshmallow manufacturers are introducing vegan marshmallows with creative flavour combinations in response to the increasing demand for clean-label certifications across prominent regions. Due to the rising consumption of vegan food products, the global vegan marshmallow market is expected to grow in the coming years.

Freedom Confectionery, Chicago Vegan Foods, Mr. Mallo Group, The Naked Marshmallow Co., Ananda Foods Ltd., and The Marshmallowist the market is growing and establishing a strong global presence.

Recent Developments in the Vegan Marshmallows Market

  • In April 2020, Media Sauce Ltd.’s vegan marshmallow specialist Freedom Confectionery will launch the first-to-market concept, vegan marshmallow bars dipped in vegan chocolate.
  • In February 2020, PEEPS, a brand name for “Just Born, Inc.” introduced flavored candies made with marshmallows in a collaboration with Kellogg’s, a U.S. company.
  • In September 2020, Freedom Confectionery introduced the vegan marshmallow bar Mallow Out, which is coated in vegan chocolate. A twin-pack format featuring vanilla and strawberry mallows is also on the way. Pusheen the Cat has teamed up with the company to manufacture chocolate-coated gummies.
  • Mallo Group was able to increase revenue and growth by expanding its product portfolio to include sugar-free, vegan, bio, Kosher, and Halal products through its acquisition of Belgian confectionery giant Mellow Party in 2017.
  • In February 2016, a variety of sour marshmallow clouds were introduced by Bonds confectionery including strawberry, lemon, cherry cola, and more.
  • The U.S. version of Stuffed Puffs LLC’s chocolate-stuffed marshmallow launched in April 2020.

Vegan Marshmallows Market Segmentation by Category

By Ingredient:

  • Vanilla
  • Pumpkin
  • Peppermint
  • Chocolate
  • Others

By Distribution Channel:

  • Hypermarkets/Supermarkets
  • Convenience Store
  • Drug Stores & Pharmacies
  • Health & Wellness Stores
  • Online Retailing
  • Other Retailers

By Region:

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

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:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Business Expansion Opportunities: Lactose Market Hits to USD 4.17 Billion by 2033 | FMI

Lactose Market
Lactose Market

As of 2022, the worldwide sales of lactose market was worth US$ 2,312.5 million. The market is anticipated to expand at a CAGR of 6% from 2023 to 2033, reaching a total of approximately US$ 4,169.8 million by 2033 due to the ongoing consumer movement towards lactose products.

This kind of sugar in lactose may benefit diabetics due to its low glycemic index. Lactose makes it easier for the gut flora to be balanced. It encourages the growth of the beneficial gut bacteria lactobacilli and bifidobacteria. Furthermore, it guards against potentially hazardous microorganisms that cause intestinal infections. Thus, these advantages are anticipated to increase the demand for lactose in the upcoming years.

The market’s growth is mostly a result of the rapidly rising demand for lactose in several industries all over the world. As of 2022, for instance, the demand from customers for lactose has increased significantly over the previous 10 years, and the industry as a whole has expanded along with it, particularly in North America as well as Europe. The anticipated total production, with a growing trend, is 510 000 tonnes. Another notable factor that is predicted to have a considerable impact on the lactose market’s growth over the course of the forecast time frame is the pharmaceutical industry’s quick expansion.

It provides the body with a consistent supply of energy because of its sluggish hydrolysis. Additionally, it encourages the formation of beneficial bacteria like bifidobacteria as well as lactobacilli, which helps to a healthy intestinal ecology and the digestion of minerals like magnesium, calcium, and zinc. Because of these improvements, revenues increased over the anticipated period.

Key Takeaways from the Market Study

  • Global lactose market is expected to be valued at US$ 2,921 million by 2023
  • From 2018 to 2022, the market demand expanded at a CAGR of 3.3%
  • North America is expected to hold the highest market share, with the United States accounting for 32% of revenue
  • By end-use type, the pharmaceuticals segment is expected to constitute a 46% market share in 2023.
  • On the basis of derivative type, the lactulose segment is expected a 26% share in 2023.
  • From 2023 to 2033, lactose market services are expected to flourish at a CAGR of 6%.

“Owing to the varied benefits of lactose and the demand for powder milk for infant powder is accelerating the demand in the global lactose market.” remarks an FMI analyst.

Competitive Landscape

The key players in this market include BASF SE, Davisco Foods International Inc., Armor Pharma, Hilmar Ingredients, Hoogwegt Group B.V., Kerry Group Plc., Lactose India Limited, Merck & Co. KgAa, Milei GmbH and Ba’emek Advanced Technologies Ltd. among others.

Recent Developments:

  • The B2B powdered cheese company and its related assets are being purchased by Kerry Group plc from Kraft Heinz for US$ 107.5 million. Kerry anticipates growing its client base, manufacturing capacity, and scale in the snacking market as a consequence of this transaction.
  • The first-ever electric milk truck in New Zealand, the Milk-E, has been welcomed by Fonterra Co-operative Group Limited. One of several initiatives helping the Co-op’s aspirations to become a sustainability leader via fleet decarbonization is Fonterra’s Milk-E program.

More Valuable Insights Available

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

To understand opportunities in the lactose market, the market is segmented on the basis of lactose market by form (granule and powder), by end use (food and beverage, pharmaceutical and animal feed), by derivative type (lactose monohydrate, galactose, lactulose, lactitol, other), and across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & 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:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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