The global barbecue sauce market, or the BBQ sauce market, is projected to grow at CAGR 8.41%, obtaining a market size of US$1,753.205 million by the end of 2025. The origin of BBQ sauce can be traced back to 17th-century American households, when vinegar, salt, and pepper were used to make sauces for food. With the rise of European nation control and domination, the sauce recipe was carried from America to the European Countries, especially U.K., France, and Germany. There, the sauce underwent conversion and the addition of more ingredients. One such example is the South Caroline mustard sauce, a German BBQ sauce based on traditional recipe merged with German flavors.
Heinz Company, established in 1869, was the first-ever company to manufacture and sell bottled barbecue sauce, in early 1940. The company is a global leader and specializes in bottled sauces with ranging flavors. Soon after, major players in the Food and Beverages market commenced production of BBQ sauce in their portfolio.
The Increasing Popularity of BBQ Cooking Style
The prime factor leading to a surge in the consumption of BBQ sauce is the rising popularity of the BBQ cooking style. BBQ cooking involves smoke or backed cooking of food, which is, though time occupying, much healthier. With rising health consciousness and desire for a healthier lifestyle, consumers are inclining towards protein and vitamin-rich diet, from traditional carbohydrate sufficient diet. Deep frying of food destroys the protein content in the food, proliferates fats and cholesterol in the body. Hence, consumers today lookout for better alternatives, such as BBQ cooking, to nurture the original nutrient content along with secured taste.
Further, the BBQ cooking style has its health benefits. Of all, this cooking style involves the consumption of vegetables, restoring the required nutrients in the body. Smoke cooking decreases the fat content in the food and does not add cholesterol to the body. The cooked food is easy to eat and digest. Moreover, grilling can be performed outdoors along with other physical activities.
While most of the food goes along with smoke cooking, recent studies show that smoked meats may cause cancer, especially when a person has a family case. Hence, cautions need to be taken while considering baking and smoke cooking of food.
The Expanding Meat Market
With the shift of consumption trend from carbohydrates to the protein-rich diet, the meat production market is busting. The meat market reached a market size of 323 Mt in 2017 and is expected to soar at a significant rate in the coming years, as observed by OECD-FAO Agriculture Outlook Report, 2018 – 2027. Further with increasing trade of meat, especially driven by India, the U.S.A., Thailand, Canada, Ukraine, and Argentina, the market is expected to grow exponentially. Moreover, with the surging fitness enthusiasm, along with mushrooming gym trend, consumers, especially in North America and Asia Pacific region, demand for protein abundant diet, for which meat seems to be a perfect fit.
One might wonder what the meat industry has to do with the BBQ sauce market. Well, often meat is consumed along with coming eternal flavoring, BBQ sauce been a close compliment good. Especially when baked or grilled, meat is combined with BBQ sauce to amplify taste.
Increasing Cross-Cultural Influence
It’s not just the health-conscious consumers who consume BBQ sauce with their protein diet. Rising cultural influence is another prime reason for rocketing demand for BBQ sauce in the Asia Pacific region. BBQ cooking and BBQ sauce, which is considered a western culture in Asian countries, is gaining fame owing to its health benefits and differential taste. Further, the adaption of BBQ sauce is ready to serve meals and street foods have outpoured its popularity. Moreover, innovation and fusion of domestic cuisine with western flavors have skyrocketed the demand. One such fusion is South India’s Dosa with BBQ flavoring for enhanced taste. This experimental fusion food has been further developed upon with Covid pandemic and lockdowns, increasing by cooking trends and enthusiasm among the people.
Growing HoReCa Industry
The Hotel, Restaurants, and catering industry have a significant role in the BBQ sauce market. With the rising vogue of tourism and the growing travel and tourism industry, HoReCa businesses have experienced an increase in demand for quality and convenient products and services. Further, emerging dining-out and cafes trends, have witnessed the need for innovation and creativity, particularly in the dining business. Moreover, the rise in disposable income has also driven the fancy for better living standards. The growing social media influence also seems to increase the market.
With rising health consciousness, consumers desire healthy, quality food at low expense. Furthermore, the demand for unique cuisine has kicked the need for innovation and experimentation with food. And with the growing BBQ cooking style, the industry is adjusting its menu as per the progressing trends.
Geographical Insights
North America and European nations are the leading consumers of BBQ sauce. These are nations from where the sauce emerged and developed. Also, they are the chief meat and related products consumers. Other countries that fall in line are China, Saudi Arabia, Turkey, and Egypt. These are also the regions where consumption of BBQ sauce is predicted to grow at a substantial rate.
The Asia Pacific, as well, is estimated to hold a noteworthy market share, due to rising health consciousness and favorability of protein diet, particularly among the young generation. Also, the rising cultural influence and popularity of fusion food have led to considerable market growth.
Other insights
The ready to served bottled BBQ sauce is manufactures either organically or non-organically. The non-organic BBQ sauce contains artificial flavorings along with certain chemical infusions. This was of manufacturing enables the sauce to cater to different climatic conditions and last a longer shelf life. The organic BBQ sauce, however, is natural without artificial flavoring or chemical involvement. It is much healthier than the non-organic sauce, but has a shorter shelf life and cannot withstand certain climatic conditions.
The offline channeled sales of BBQ sauce dominates the market, in comparison with online sales. However, due to the ongoing covid-19 pandemic, and rising e-commerce, the online segment is forecasted to grow at a noteworthy rate. The current pandemic may result in a dip in the market size, with the decrease in demand due to lockdowns and the physical shutdown of Hotels, Restaurants, and other gathering places. The supply, as well, is affected withhold on production lines and shutdown of physical channels. But the market growth is expected to resume, at a reasonable rate, in the long run.
Embedded System Security: A Necessity
Thought ArticlesThe global embedded security market is estimated to reach a market size of US$5,633 billion by the end of 2026. Embedded systems are a complex combination of computer memory, a computer processor, and input/ output devices, which are embedded into parts of electrical, electronic hardware, and mechanical devices. Most of the embedded systems are often based on microcontrollers, however, microprocessors are also common, particularly in complex systems. Since these systems are task-specific, engineers can optimize the technology to reduce the size, increase reliability, better performance efficiency, and reduce the cost of the product. Further, mass production of chips helps in driving benefit from economies of scale.
The development of microprocessors and microcontrollers was initiated by the invention of MOS integrated circuits in the early 1960s. the inculcation of MOS chips in computers began with the recognition of the ability of several MOS LIS chips to contain complete computer processor systems. Four-Phase system AL1, in 1969, and Garrett AiResearch MP944, in 1970, were World’s first multi-chip microprocessors developed by MOS LSI chips. Also, Intel 404 was World’s first single-chip processor, launched in 1971.
However, these embedded systems are vulnerable to attacks and breaches. These systems store crucial information, which may result in exploitation if it falls into the wrong hand. Moreover, a hacker can monitor the device of the users if he/ she is able to successfully hack the embedded system. Hence, the security of embedded systems becomes important, resulting in driving the market growth.
Critical Challenges Faced by Embedded Systems Security
While technological advancement is making the embedded systems more efficient, including smaller size and ability to increase their functionality, the security of embedded systems is often neglected. The assumption of no threat to embedded devices from cyberattacks and hacking along with the blind trust that encryption and authentication provide enough security, has further threatened the embedded systems. Such assumption led to a breach in the TJX credit card system, resulting in compromising 94 million credit and debit card numbers, over a period of 18 months. On investigation, the insecure wireless network connection was found to be the prime reason facilitating this bleach. Another example is Rebug, which is a custom firmware for Sony PlayStation, which got access to the developer-only network, allowing illegal operations.
Above these assumptions, embedded systems are not regularly updated for security. Post-installation. Embedded devices are not updated for security, for years. Furthermore, these systems lack the automated capability to allow the firmware update. Also, these devices are vulnerable to attack replication. Since embedded devices are produced in mass, having the same design and built, a single device hack will give access to all other devices produced in the lot. The major threat faced by embedded system security is from cyber-attack. Embedded devices are installed in many crucial devices such as communication systems. Cyber-attacks can result in an interruption in functioning, having catastrophic consequences. These embedded devices have a longer life, that may outspan the life of the device they are installed in. While firewalls can save the manufacturing firm from enterprise-specific threats, but security against industrial protocol attacks is a major concern. Also, since embedded devices are manufactured outside enterprise security premises, these may be directly connected to the internet, without any security layers. Such practices/ manufacturing process endangers the data of the device, in which these embedded systems are used, hence requiring the need for strong security systems to deal with them. These security concerns are a major reason for the non-adoption of IoT, as per IoT industry leaders. Hence the market size of embedded security systems is anticipated to grow for securer means.
Cyber-Attack: A Major Threat to Economies
Rising cybercrime concerns the governments around the world, as cyber-attacks and cybercrime result in robust losses for the economy. A report by McAfee Corp., published in the year 2014, states that global economic loss caused by cybercrime was worth US $445 billion. It includes a US $1,5 billion loss owing to online debit and credit card fraud, in the US. Another study, conducted by the Center for Strategic and International Studies (CSIS), observes that around 1 percent of global GDP, roughly accounting for around the US $600 billion, was lost due to cybercrime, in the year ending 2018. Cybercrime also severely affects the attacked companies, resulting in a huge loss caused due to loss of brand name, reduction in customer base, penalties, and other legal fees.
Information and Communication Technology (ICT) to Hold a Significant Share of the Market
As per the report, the ICT segment is anticipated to hold a significant share of the embedded security market. the key reason behind ICT’s major role is the sensitivity of data and information in the industry. The Automotive sector will also hold a noteworthy share in the market with an increasing number of connected cars. Moreover, strict regulation such as the Security and Privacy in Your (SPY) Car Act unfolds new opportunities in the market. the SPY Act which was passed by US legislation in 2015, mandates the installation of software systems to safeguard the vehicle from hacking. Consumer Electronics, manufacture, and healthcare sectors are also predicted to grow at a significant rate owing to rising technological adoption in the sectors. Companies, in the security industry, are developing better systems to ensure the security of embedded systems. IKV, for instance, launched software-based security systems that use Intrinsic ID’s BroadKey, specially designed for IoT security solutions. This updated security system enables manufacturers to secure their devices using a unique identity, which is generated internally.
The North American Region of Us and Canada Is Estimated to Dominate the Market
The reports predict that the North American region will keep on growing at a significant rate in the forecasted period. The prime reason for this steady growth is favorable government regulation along with the region's start-of-art infrastructure, especially in the US. In 2019, the state government allotted us$15 billion for developing cyber-attack prevention and other cyber threat prevention activities. The US$32.4 million was sanctioned for the research and development of advanced security systems for airports and airways. The Canadian government budgeted US$145 million to safeguard from cyber-attacks, which will further increase the market for embedded security systems.
The Asia Pacific region will grow at a notable rate owing to rising cybercrime in the region. China and India are the first and third most cybercrime episodes countries in the world. Further, rising internet penetration in the region increases threats of cybercrime along with various advantages.
New Era of Advertisement In-Game Advertisement Market
Thought ArticlesAdvertising is an indispensable pillar of marketing and an interactive approach that aids the company in efficiently communicating with its target audience. The medium of advertisement is continuously evolving and has undergone a significant change according to the advertising trend, market trends, and customer preferences. The current trend is projected to change. Online advertising (through social media advertising and video and audio sharing sites) has gained traction due to the wide use of the internet especially by the millennials for surfing and other purposes. Similarly, in-game advertising has gained momentum in the advertisement market.
Growth in the adoption of gaming as entertainment by the consumers especially the millennials is shifting the advertisement trend towards the adoption of in-game advertisement. The in-game advertisement is the way of promotion of products and services via video games. The advancement of technology, the number of video games, and the players has increased which is one of the prime factors of driving the market growth of the in-game advertisement in the forecasted period. The popularity and increase in the demand for the games and number of the game players makes the games as the attractive platform for the advertisement and promotion of their product, service, brand or concepts. It is referred to as the monetization strategy that is adopted by the game developers to boost the revenue of the game and game developers. Advertisers pay and have their product or service featured in the video games.
Market Size of the In-Game Advertisement Market
The in-game advertisement can be integrated in to the game either by the display in the background, for instance, the commercial or billboard that displays during the time when the game loads or it can be highly integrated in the game that advertisement needs to be played or displayed to continue the game or it can be advertised during the cutscenes. The rapid growth of the technology is increasing the number of games and game players. The booming investments by the number of telecom providers in 5G technology is leading to the upsurge in the game players and in the adoption of games that require high internet requirement and this is expected to boost the market growth of in-game advertisement. The high availability of games especially due to the online multiplayer games feature is increasing the adoption of the games and the number of game players.
The games industry is also investing in the research and development and is offering various game features such as high graphic resolution, location-based games which is the prime factor of increase in the penetration of the video games among the consumers and is also propelling the in-game advertisement market. The main advantage of the in-game advertisement over the traditional is that the consumers are unlikely to multitask along with other media which playing the game, in-game platform has more opportunity that the players will pay attention to the advertisement. There are several types of in-game advertisement but the most popular and recent is the dynamic in-game advertisement that enable the advertiser to immerse into 3D game setting with the aid of virtual objects such as bus stops, billboards or posters. This is highly popular among the consumers due to its ease of planning and launch of advertisement campaign.
Market Growth of In-Game Advertisement Market
The technological developments in the internet along with the increasing commercial use is leading to rapid growth of the internet users globally. This have initialised in the expansion of the online advertisement platform and is innovating the market by offering different variety of advertising, new business models, market levels and players. The companies are preferring in-game advertisement over the traditional method due to its several benefits such as wide application, higher return on investment and more customer engagement with brand loyalty among other factors. The consumers are widely preferring the smartphone devices over the PCs or desktops due to convenience and portability, thus the operation in the mobile platforms is expected to grow lucratively. The market is introducing new platform and formats, for instance the video marketing is increasing, the six-second ad is increasingly gaining popularity. According to the study conducted by HubSpot in 2017, 54% of people wanted to see more video content from a brand they support and are 85% more likely to purchase after viewing a product video.
The increase in the connectivity of internet along with the bandwidth is expanding the use of the dynamic in-game advertisement type that allow the game developers or the advertisers to deliver globally but they target the advertisements based on the local companies and time. For instance, Kabam develops the game which are appealing for the APAC region and the marketing strategy focuses on local partners like local or regional ad networks, agencies or publishers to strengthen the network.
Advertisement Industry
The outbreak of Covid-19 and imposition of lockdown globally had increased our dependence on the technology and the average time spent in smartphone devices, laptops increased which also led to rise in the popularity of games. In addition, the growing penetration of smartphone users due to the rising disposable income and high internet speed gave the growth opportunity for the in-game advertisement. This was noticed in the developing regions such as the Middle East, South Korea and India where along with the rise in the internet and smartphone access, the time spent by the players especially the younger population on the smartphone and other devices also increased, this holds significant potential for the expansion of in-game advertisement. The growth in the adoption of gaming as the means of entertainment especially by the millennial player is shifting the trend from traditional advertisement to in-game promotions as the advertisement played during the games have long-lasting impression on the viewers with the rise in the brand loyalty.
Additionally, the in-game advertisement is considered cheaper than other advertisement means and have higher conversion rates giving high return on investment which acts as the key driver in propelling the adoption of in-game advertisement. The advertisement during the games is non-interrupting and allows the game players to seamlessly play their games without any disturbance. These factors are expected to foster the growth of in-game advertisement market during the forecasted period. The key players in the market are increasing their investment in research and development to develop games that focuses in specific region and meets the requirements which is anticipated to positively impact the in-game advertisement market in the forecasted period. However, the higher preference and popularity for other forms of mediums of advertisement is hindering the growth of the market as many of the advertisers do not consider in-game advertisements as a viable advertising medium due to difficulties in measuring the effectiveness despite the availability of GamePlay Metrics and uncertainty about the viewers and long development cycle.
Technology Integration in Smart Hospitality. Positive or Negative?
Thought ArticlesThe rise in the up-gradation of technology and rising internet penetration is transforming the hospitality smart to technology-driven market. Smart Hospitality refers to the integration of technology such as automated software and smart solutions for hospitality on account of the usage of social media, implementation of smart appliances, marketing automation, and cloud-based services. Smart hospitality aid in reducing the cost and gives a unique and memorable experience to the guest which motivates them to visit again.
Smart hospitality is transforming the infrastructure of the hotels, cruises, other business hotels, and resorts by installing smart technologies with the aim to enhance the offerings and it is being adopted extensively on the global scale. The smart hospitality solutions adopted by the hospitality management include contact center, automated lighting management, room automation, video integration, and other services which enhance the guest experience that boosts the revenue of the hospitality sector. The inclusion of smart technologies in their hospitality sector is allowing the hospitality sector to provide better and quality services to their guests and clients as they are improving the operational efficiency of the hotel staff and reducing human error by moving freely and provide quick customer service to the guest. Smart hospitality management solutions are turning to be a boon to the hospitality sector as they improve the guest experience and increase loyalty.
Nevertheless, smart hospitality is experiencing restraints such as high initial cost of deployment, limited availability of technically skilled personnel, and integration complexity over the legacy systems and networks, these restraints are hampering the growth of the smart hospitality market. Another major challenge faced by the smart hospitality market is the security threat as the hospitality sector stores the personal information of their guest which increases the risk during the security breach.
Market Size of the Smart Hospitality Market
Smart Hospitality Market offers software and service to the end-user such as hotels, restaurants, and resorts & spas. The growing inclination of the industry towards the Internet of Things is encouraging the hospitality sector to offer guests smart solutions with the aid of digital technology. The number of contractors teaming up with different tech firms to build smarter hotels that are cost-effective and saves time. The rising demand for the smart hospitality market is allowing the hospitality sector to provide excellent customer service. Many players of the hospitality sector are entering the market with the aim of enhancing the experience of the guests. For instance, InterContinental Hotels Group in August 2019, announced the expansion of Avid Hotel brands that will include 95 rooms that will be designed with the latest technology such as for entertainment, ordering high-quality breakfast, to give the guest a unique and quality experience to the guests.
The expansion in the adoption of smart hospitality solutions and the advancement of technology by hotels is driving the smart hospitality market. The demand for real-time optimized guest experience management is increasing which is positively impacting the smart hospitality market growth. For instance, the guest in various hotels is using their smartphones to control the environment of the room by giving them access to the window blinds, room temperature among others. The deployment model segment of the smart hospitality market includes Cloud and On-Premise. The hospitality sector is increasingly using on-premise and cloud for the purpose of better managing the hotel resources and improving the hospitality services. where the growing use of cloud computing across the hospitality sector is one of the key factors for the market growth of smart hospitality.
Market Growth of Smart Hospitality Market
Smart hospitality solutions are widely adopted by the hospitality industry due to their benefits in serving the guests as they assist the guests of the hotels in conferences, conducting meetings,s and also aids in connecting with the associates globally. This is enhancing the experience of the guests and motivates them to return to the hotel again. The solutions also help the hotels with easy check-in options, room selection, room service, and comfortable stay. The players of the market are realizing the benefits of smart hospitality solutions and are adopting in their hotels. The global chain of hotels is increasingly investing in smart hospitality solutions with the aim of enhancing the satisfaction and experience of the consumers, in addition to this, they are cost-effective and generate more revenue. The smart hospitality solution allows an energy-efficient management system as the growing concerns regarding the environmental and rising focus of CSR among the hotel companies is also motivating the hospitality sector to adopt smart hospitality solutions. Market players in the global smart hospitality market are adopting various strategies to capture the market share. For instance, SG Developers announced the acquisition of IIPL in August 2019 with the purpose to develop smart solutions using technology, to expand the research and development capabilities, and develop next-generation and smart solution products for the hospitality industry.
The booming of the travel and tourism industry is leading to the upsurge of the smart hospitality market growth globally. According to the World Bank Data, the arrival of international tourists across the world has increased to 1,442 million in 2018 from 911.85 million in 2009. Which is further motivating the market players of the hospitality sector to use smart solutions in hospitality services to the guests
Hospitality Industry
The innovative smart hospitality allows the guest to easily check-in options, room selection & service thus the demand for smart hospitality is boosting to serve the consumers with aim of enhancing the experience and satisfaction. In 2019, InterContinental Shenzhen, Huawei, and Telecom signed a strategic cooperation agreement for the innovation of the world’s first 5G smart hotel. The increasing disposable income is improving the lifestyle of the consumers which is leading to rising in the demand for resorts and spas which aids them in earning more revenue. The increase in up-gradation of technology and increasing penetration is driving the smart hospitality market adoption in various sectors of hospitality. Other factors include the usage of the Internet of Things and smart applications, web-based remote management, real-time HVAC control, and usage of wireless communication devices. The smart hotel industry aids in emergency management response systems, water management, parking management, building energy management, and security management which allows the hotels to reduce cost and save time, thus positively impacts the smart hospitality market.
However, the outbreak of the Covid-19 pandemic has been severely impacting the travel and tourism industry thus, the smart hospitality market due to the lockdown globally led to travel restrictions, and the industry was impacted. This led to the restriction in the growth of the smart hospitality market as the shutdown of the hospitality sector and loss made the installation and the maintenance of the smart hospitality solutions expensive.
Rising Sauces and Dips Consumption
Thought ArticlesThe rising consumption of sauces, dips, dressings, and condiments had surged the demand for sauces and dips to the US$138.195 billion in 2019. As per our report, the market is predicted to grow at a CAGR of 6.97% and will be worth US$207.049 billion in the year 2025. Sauces have been an inevitable part of many cultures around the world. The Chinese traditional dishes were made with soya sauce, chili sauce, oyster sauce, and fragmented bean paste. The 17Th century American households made sauces using salt, pepper, and vinegar, and this was carried by the European nations post colonialization. The British traditional cuisine included gravy, a sauce for the roasted dish. The French as well used sauces to enhanced taste. The traditional sauces were home-made and were made out of fresh herbs and natural ingredients.
However, with fast pacing life and higher disposable income, processed and packed sauces are preferred and consumed. Owing to their convenience, longer shelf-life, and easy availability, ready-to-eat sauces are preferred over home-made sauces. Moreover, processed sauces come in convenient packagings, such as tetra bottles, making consumption easier. Further, rising health concerns and increasing cross-cultural relations are boosting the market.
Quality and Variety of Sauces and Dips
Many companies are offering a large variety of flavors of sauces and dips. It includes soya sauce, chili sauce, tomato sauce, barbecue sauce, mayonnaise, cooking sauce, and more. With increasing competition and high demand for sauces for all purposes, from cooking to ready to eat, companies are innovating and launching sauces with varied cuisine specific flavors. Veeba, for instance, is a leading Indian sauce brand, has a humongous portfolio of sauces and dips, with and without egg. The brand aims to provide fresh and authentic flavors. KraftHeinz is a global leader with over 40 years of experience in the food and beverage industry. Heinz was the first company to offer Processed BBQ sauce. While Veeba offers cuisine specific BBQ sauces, Hickey Bottom Company offers sauces in Grill, Sweet, Hot, Honey, and smokey flavors. With increasing competition, companies are strategizing to increase their market. This involves mergers, accusations, contracts, and innovation. Heinz company, for example, merged with Top pitmasters to launch 5 new flavors of sauces.
Growth in Demand Due to Rising Health Concerns
The growth in consumption of sauces and dips can also be linked with rising health concerns. With the rise in the standard of living, consumers are becoming more health-conscious and pay to scrutinize attention to their dietary intake. Further, the availability of cheap fitness resources such as Zumba, aerobics, and yoga, along with a surge in gym culture has promoted protein-rich diets such as meat and poultry products, pulses, and others. This has also led to a shift in cooking style for better nutrition retention. The common deep-fried cooking method is scientifically proven to reduce the protein content in food and increase fats and cholesterol in the body. A shift towards smoked or baked cooking involves the usage of sauces to enhance the taste. The Mediterranean cooking style is an example of smoke cooking which though involves time but is much healthier. Further, this style also inculcates the consumption of vegetables that are easy to eat and digest. The smoke, bake, or grilled cooking style cooks the food in raw form and involves sauces and dips for additional flavors and spices.
The growing consumption of meat and poultry products for protein requirements is another source increasing the demand for sauces and dips. Meat and poultry products are often consumed with sauces and dips when grilled or smoked. Hence, the market growth of sauces and dips is also dependent on the growth of the meat industry.
Growing Cross-Cultural Influence
A recent surge in cross-cultural influence as well as a dominating factor leading the growth of this market. Particularly in the Asia region, where these are considered as western culture. Though traditional Chinese cuisine involves the addition of sauces such as soy, chili, and oyster, the western flavors such as mayonnaise, pasta, sour crème, and others are gaining popularity in the Country. Moreover, with emerging of local manufacturers along with the adoption of these sauces and dips in street food further boosting the demand. Further, a fusion of these sauces with local cuisine is gaining popularity.
Furthermore, the growing trend of exploring food along with the rise in tour and travel is an impetus in burgeoning the growth of sauces and dips market. Also, with increasing preferability to ready-to-eat food, the market is predicted to boom more as sauces and dips are consumed along with snacks, appetizers, meal courses, and food dressings.
Growing Hotel, Restaurants, and Cafeterias (HoReCa) Has LED to a Surge in Demand for Sauces and Dips
With the surge in tour and travel and enthusiasm for food exploration, the HoReCa industry is expected to see a surge in demand for quality food with the limited waiting time. Due to fast pacing life, consumers expect quality food been available without much waiting time. The pressure to satisfy their customers has led the industry to depend upon processed sauces and dips to save time. Further, growing dining-out and cafeterias trends require innovation and creativity. Hence firms in this industry are highly dependent on partially processed food, such as sauces, which are used as ingredients for cooking, and dips as sides and dressings. Dominos, for instance, use Veeba’s sauce and dips product range while serving their customer. Veeba also serves Burger King, Café Coffee Day, Taco Bell, PVR Cinema, and others for their processed sauces need. Therefore, an increase in the HoReCa business drives the growth of the sauces and dips market.
Geographical, Distribution, and Pandemic Insights
Geographically, Europe and North America have a significant share of the market. Sauces and dips are widely used in the HoReCa industry and households. The Asian region is also predicted to grow at a significant rate owing to rising disposable income, health concerns, and growing cross-cultural influence. With growing internet penetration and rapid urbanization, the online channel of distribution is expected to experience noteworthy growth. However, the offline retail channel still dominates the market.
The covid pandemic has led to a nation-wide shutdown and disturbance in the supply channel. Also, due to physical lockdowns, the shut of the HoReCa industry had severely affected the sauces and dips industry. However, retailers are moving towards an online channel of sales which can open new opportunities for the market. The market size is expected to contract in short term but restrain to normal levels in the long term.
Going Green With Green Cement
Thought ArticlesThe Green Cement is a revolutionary initiative to reduce the carbon footprint of the world. The Cement Industry, alone, is responsible for the emission of around 5% of global carbon-dioxide gas, one of the prime gasses causing global warming. As per a study by Columbia University Earth Institute, concrete, made up of cement, is World’s second most consumed substance, post water. the study further states that the average annual growth on concrete is 2.5%, and at this rate annual production will rise to 4.4 billion by end of 2050. It also shows average annual per-person consumption is 3 tons.
Production of Cement leads to both, the direct and indirect release of greenhouse gasses. Limestone heating, burning of fossil fuels, and heating of kiln, all are crucial steps to produce cement and involves the emission of C02 gas in abundance. Green cement, on the other hand, is a substitute for original cement with additional features of less energy consumption and be more environmentally friendly. Hence, green cement is a better and greener alternative to ordinary cement.
Ordinary Cement and Environmental Threat
Ordinary Cement leads to the emission of an enormous amount of CO2 gas. The process of calcination, breakdown of limestone’s calcium carbonate into calcium oxide, and carbon-di-oxide, alone results in 50% emission of CO2 directly in the atmosphere, of the industry. The burning of fossil fuel to heat Kilns further adds to the account of CO2 production. CO2 is a greenhouse gas, which heats the Earth’s temperature as a result of the absorption and emission of radiant energy.
Increasing human carbon footprint in the world has severely threatened the existence of species on Earth. The Paris climate agreement aims to indulge countries in a pledge to decrease the global temperature rise below 2 degrees Celsius. Further, the agreement also plans to halt the burning and usage of fossil fuels before 2050. Moreover, the agreement involves each country to sustainably manage forests and their enhancement. The rising world population is another threat to the environment.
Green Cement Features
Green Cement is a reliable and sustainable solution for any ordinary cement. Initially produced in Denmark, this cement lasts longer. Furthermore, concrete made of green cement, generally referred to as green concrete, is non-corrosive. This means structure made out of this cement withstand pollution and longer life. Green cement also has fire-resistance property. The study claims that green concrete can survive as high as 2400 F temperature.
Green cement also requires less energy. Particularly, fly-ash based cement which is a byproduct of another industrial product. Further, owing to its temperature resistance property, green cement also reduces the cost of temperature regulators for the inhabitants. Of all, green cement reduces CO2 emission of the cement industry. Research shows that the production of green cement reduces CO2 emission by about 80%. Moreover, the adaptability of green cement to be used in the construction of buildings, roads, bridges, and others makes it a more appealing alternative.
Residential Use Dominates the Demand for Green Cement
It is predicted that demand for green cement for the construction of residential buildings dominates the market and is expected to rise at exponential growth. The increasing World’s population is the prime reason behind the surge in this demand. As per a report by the United Nations, the world population will rise to 9.8 billion by the year 2050. Also, India and China will be the leading countries contributing to this population. Thus, leading to surging in need for residential buildings for habitation. Growing disposable income and reduced borrowing costs will further drive the demand for residential buildings.
Along with the growing population and want for a residential location, the need for commercial structures, such as educational institutes and healthcare centers, will drive the demand for green cement in the commercial sector. The industrial sector, as well, is anticipated to show a noteworthy growth in the predicted timeframe.
Fly-Ash Based Green Cement to Dominate the Market
By product type, fly-ash based cement is widely preferred over other types of green cement. It is generally used along-side Portland cement or plastic concrete to increase durability and strength. However, inhalation or ingestion of fly-ash can cause severe lung, kidney, gastrotential, or nerve disease/ illness leading to a person’s change in behavior, nervous function, or cognitive defects.
Granulated Blast furnace slag cement as well is predicted to show a noteworthy growth owing to increased awareness about its benefits. This type of cement has high CSH and is highly cementitious. In addition to its strength and durability, concrete from this cement is quite appealing in appearance. The GFBS cement can also be used along with Portland cement or with other pozzolanic materials for construction.
Geographical Insights
The dominant user of this market in North America, which burgeoning investment in green buildings. The governments are also promoting and mandating the construction of green buildings. The United States Environmental protection Agency (EPA), for instance, implemented strict regulations regarding greenhouse gases emission. This in turn increased the demand for green cement in the country. The European region is also expected to show significant growth in the market.
The Asia Pacific is predicted to be the fastest-growing region in the World. The rising population leading to a rise in demand for residential spaces and commercial buildings is the prime factor driving the market. Moreover, rising CO2 emission is a reason of concern for the government, who now is promoting greener, environmental products such as green cement. This further boosts the market size. Africa and the Middle East region as well are expected to show notable growth. The rising focus of institutions towards increasing carbon footprints will drive the demand for green cement.
Covid-19 Impact
The impact of the coronavirus pandemic can be segmented on time base scale. In the short run, particularly during the pandemic, the demand for green cement contracted due to national lockdown and shutdown of construction and related work. To curb the spread of the virus, governments imposed shutdowns of work, leading to a halt in construction. FLSmidth, for instance, recorded a 22% decrease in cement order in the year 2020, impacting the firm operationally and financially.
Though in the long-run, the market for green cement is forecasted to expand, looking at raised awareness and steps to decrease human carbon footprint on the environment. The Singapore government has set a target to convert 80% of its buildings into green buildings by the end of 2030. This opens opportunity for the companies producing green cements to revive from the pandemic. This will further drive the market growth along with sustainability.
Wearable Display Market Reinvents the Wheel
Thought ArticlesThe wearable display device is a display device that uses wireless network connections that let consumers connect to mobile handsets and tablets to send data for reporting, storage, analysis, and also to receive instructions. Wearable Display includes smart wearable devices such as smartwatches, fitness bands, and other health tracking wearables and head-mounted display services like Augmented Reality (AR) and Virtual Reality (VR) headsets that work on the technologies such as OLED and LED-backlit LCD.
Augmented Reality is an enhanced version of the real physical world that is attained by the use of digital visual elements, sounds, or other sensory stimuli accomplished by technology. It is being used in smartphones, PCs, and laptops.
The market is anticipated to grow over the forecasted period due to a rise in disposable income. There has also been an increase in usage of the flexible OLED displays in the smart wearable device and the adoption of AR and VR headsets. The growing demand for OLED displays has forced manufacturers to develop and adopt the technology in wearables. The manufactures also innovate the displays by offering sharper color performance, excellent contrast, and better viewing angles
However, with the rise in the incorporation of the new technologies as features and functions into smart wearables, the prices of the devices will grow substantially high which can hinder the growth of the wearable display market. With the rise in the price, the consumers might not be able to afford it and will account for the variability in the demand or the consumers will find a substitute, the manufactures can find a resolution to this by introducing new technologies with lesser manufacturing cost and prices.
Market Size of the Global Wearable Display Market
The global wearable display market by industry vertical has been classified as consumer electronics, healthcare, military and defense, and others.
The healthcare sector is noticed to be the most dominating segment of the wearable display market. It is accounted for the high market attractiveness and usage. The wearable devices are very useful in the path of fitness as it regularly tracks the various health parameters such as tracking calories, footsteps, and heartbeats among other functions. Availability of a variety of functions like this allows better awareness of health. This functionality is the major driver for the growth of wearable display market. Along with the growth of the wearable display market, it is anticipated that the healthcare industry will also experience large benefits
The rising disposable income is leading to growth in the demand for wearable products. Furthermore, there has been a rise in the awareness of health and fitness and to keep up to trend, the consumers are adopting various methods including adapting the fitness bands and other health tracking wearables. Due to the increase in adoption of various devices by the consumers, the market is noticing a steady increase in the wearable display market.
Head devices are accounted for a higher share in the wearable display market segments by the product. It is used for various functions besides entertainment, in the defense sector it is used for training simulation and analyzing military maneuvers, Porsche uses AR that allows the company’s engineers in the remote areas to connect with Porsche Atlanta-based service headquarters to get real-time assistance. Harley Davidson has developed an app for its customers to let them view a motorcycle in-store and customize it on their phone, it is also used in the sectors such as engineering, logistics, automotive, and firefighting.
Nevertheless, the application of AR & VR devices in the mobile and gaming sector is driving the growth of the market and is expected to further unravel many possibilities in the future.
Market Growth of Wearable Display Market
Along with small LED displays, the manufacturers are incorporating AR and VR. This is expected to boost the wearable display market. Additional technological advancements in wearable products are expected to boost the growth opportunities in the display wearable market over the forecasted period.
Internet of Things is in great demand among the consumers and due to this growing popularity, the manufacturers are trying to take this opportunity to capture the market. They are launching wearables with this feature to cater to a wide market of IoT services and are rigorously innovating to keep up to date with the market.
With the growing adoption of AR and VR by the consumers in various sectors besides gaming and entertainment, the manufacturers are innovating the devices to increase their market share and rise above the expectations of the consumers. Currently, the mobile application Pokémon Go is an augmented reality game developed, even the social media platforms Instagram and Snapchat uses a mixture of AI and AR to develop filters. The future of Augmented Reality is expected to be interlinked with artificial intelligence and virtual reality and to bring an array of sophistication in the industrial aspect. Furthermore, many applications are believed to make augmented reality update in the forecasted period.
The wearable display market in the Asia Pacific is anticipated to grow at a faster rate in the forecasted period. The Asia Pacific uses the devices in a variety of sectors such as healthcare, consumer electronics, military, and industries. The manufactures of Asia Pacific are also innovating and launching g the devices with the latest technologies thus this is also increasing the production and demand for this device. In the developed and developing regions of this part, more consumers are demanding smartphones and internet mobility
Technology Industry
By technology, the wearable display market is divided into OLED and LED.
Most of the devices communicate to the wearer through a user interface that can include the inputs such as motion sensing, buttons, and touch panels. However, a display is the most efficient method to communicate with the user. The wearable device is defined as a compact, smaller that can be moved from one place to another. Other features of the wearable display devices include lightweight design, high-speed functioning, and wireless connectivity with flexible function. Key players such as LG Display Co.Ltd, Lumus Ltd, Japan Display Inc., HannStar Display Corporation, and Samsung Electronics Co. Ltd are giving the most importance to incorporating innovative designs to their product portfolio by launching the products with advanced manufacturing technology.
Google, Microsoft, Amazon, Facebook among others are the front-running tech companies, they are aiming at AR-based software and applications that will increase the investments in AR technology.
With the innovations in display technology, manufactures have acquired a vast share in the wearable display market. While most of the smart bands and fitness watches are adopting PMOLED displays that not only offers higher efficiency but also gives a small size and greater contrast.
Other watches that are more advanced and sophisticated use AMOLED displays that offer higher performance and better resolution. This technology is also used in AR and VR devices that present high image quality, fast refresh rate, and power efficiency. The demand for OLED displays in the products such as smartwatches offers a technological shift and has developed energy-efficient products. This not only expands the market but also makes the wearable display market attractive.
The Emerging BBQ Sauce Market
Thought ArticlesThe global barbecue sauce market, or the BBQ sauce market, is projected to grow at CAGR 8.41%, obtaining a market size of US$1,753.205 million by the end of 2025. The origin of BBQ sauce can be traced back to 17th-century American households, when vinegar, salt, and pepper were used to make sauces for food. With the rise of European nation control and domination, the sauce recipe was carried from America to the European Countries, especially U.K., France, and Germany. There, the sauce underwent conversion and the addition of more ingredients. One such example is the South Caroline mustard sauce, a German BBQ sauce based on traditional recipe merged with German flavors.
Heinz Company, established in 1869, was the first-ever company to manufacture and sell bottled barbecue sauce, in early 1940. The company is a global leader and specializes in bottled sauces with ranging flavors. Soon after, major players in the Food and Beverages market commenced production of BBQ sauce in their portfolio.
The Increasing Popularity of BBQ Cooking Style
The prime factor leading to a surge in the consumption of BBQ sauce is the rising popularity of the BBQ cooking style. BBQ cooking involves smoke or backed cooking of food, which is, though time occupying, much healthier. With rising health consciousness and desire for a healthier lifestyle, consumers are inclining towards protein and vitamin-rich diet, from traditional carbohydrate sufficient diet. Deep frying of food destroys the protein content in the food, proliferates fats and cholesterol in the body. Hence, consumers today lookout for better alternatives, such as BBQ cooking, to nurture the original nutrient content along with secured taste.
Further, the BBQ cooking style has its health benefits. Of all, this cooking style involves the consumption of vegetables, restoring the required nutrients in the body. Smoke cooking decreases the fat content in the food and does not add cholesterol to the body. The cooked food is easy to eat and digest. Moreover, grilling can be performed outdoors along with other physical activities.
While most of the food goes along with smoke cooking, recent studies show that smoked meats may cause cancer, especially when a person has a family case. Hence, cautions need to be taken while considering baking and smoke cooking of food.
The Expanding Meat Market
With the shift of consumption trend from carbohydrates to the protein-rich diet, the meat production market is busting. The meat market reached a market size of 323 Mt in 2017 and is expected to soar at a significant rate in the coming years, as observed by OECD-FAO Agriculture Outlook Report, 2018 – 2027. Further with increasing trade of meat, especially driven by India, the U.S.A., Thailand, Canada, Ukraine, and Argentina, the market is expected to grow exponentially. Moreover, with the surging fitness enthusiasm, along with mushrooming gym trend, consumers, especially in North America and Asia Pacific region, demand for protein abundant diet, for which meat seems to be a perfect fit.
One might wonder what the meat industry has to do with the BBQ sauce market. Well, often meat is consumed along with coming eternal flavoring, BBQ sauce been a close compliment good. Especially when baked or grilled, meat is combined with BBQ sauce to amplify taste.
Increasing Cross-Cultural Influence
It’s not just the health-conscious consumers who consume BBQ sauce with their protein diet. Rising cultural influence is another prime reason for rocketing demand for BBQ sauce in the Asia Pacific region. BBQ cooking and BBQ sauce, which is considered a western culture in Asian countries, is gaining fame owing to its health benefits and differential taste. Further, the adaption of BBQ sauce is ready to serve meals and street foods have outpoured its popularity. Moreover, innovation and fusion of domestic cuisine with western flavors have skyrocketed the demand. One such fusion is South India’s Dosa with BBQ flavoring for enhanced taste. This experimental fusion food has been further developed upon with Covid pandemic and lockdowns, increasing by cooking trends and enthusiasm among the people.
Growing HoReCa Industry
The Hotel, Restaurants, and catering industry have a significant role in the BBQ sauce market. With the rising vogue of tourism and the growing travel and tourism industry, HoReCa businesses have experienced an increase in demand for quality and convenient products and services. Further, emerging dining-out and cafes trends, have witnessed the need for innovation and creativity, particularly in the dining business. Moreover, the rise in disposable income has also driven the fancy for better living standards. The growing social media influence also seems to increase the market.
With rising health consciousness, consumers desire healthy, quality food at low expense. Furthermore, the demand for unique cuisine has kicked the need for innovation and experimentation with food. And with the growing BBQ cooking style, the industry is adjusting its menu as per the progressing trends.
Geographical Insights
North America and European nations are the leading consumers of BBQ sauce. These are nations from where the sauce emerged and developed. Also, they are the chief meat and related products consumers. Other countries that fall in line are China, Saudi Arabia, Turkey, and Egypt. These are also the regions where consumption of BBQ sauce is predicted to grow at a substantial rate.
The Asia Pacific, as well, is estimated to hold a noteworthy market share, due to rising health consciousness and favorability of protein diet, particularly among the young generation. Also, the rising cultural influence and popularity of fusion food have led to considerable market growth.
Other insights
The ready to served bottled BBQ sauce is manufactures either organically or non-organically. The non-organic BBQ sauce contains artificial flavorings along with certain chemical infusions. This was of manufacturing enables the sauce to cater to different climatic conditions and last a longer shelf life. The organic BBQ sauce, however, is natural without artificial flavoring or chemical involvement. It is much healthier than the non-organic sauce, but has a shorter shelf life and cannot withstand certain climatic conditions.
The offline channeled sales of BBQ sauce dominates the market, in comparison with online sales. However, due to the ongoing covid-19 pandemic, and rising e-commerce, the online segment is forecasted to grow at a noteworthy rate. The current pandemic may result in a dip in the market size, with the decrease in demand due to lockdowns and the physical shutdown of Hotels, Restaurants, and other gathering places. The supply, as well, is affected withhold on production lines and shutdown of physical channels. But the market growth is expected to resume, at a reasonable rate, in the long run.
Global Ice Cream Market Trend – Gearing Towards Healthier, More Sustainable Artisanal Product Offering
Thought ArticlesGlobally consumers are experiencing substantial changes in their respective lifestyles, a few of them are the natural process that is brought about by external factors like that of the global pandemic of COVID 19. To this end, it is relevant to note the increasing number of people are spending time indoors as telecommuting to work emerges as the new normal. The broad range of ice cream offerings is providing much sought-after comfort to the consumers. On the flavor front, albeit traditional flavors like chocolate and vanilla are still among the consumer favorites, today’s consumers are more open to experimentations paving the way for a new range of flavors for an unprecedented sensorial experience.
Japan Leads in New Product Development
Comprising mayonnaise to matcha as well as soybean to seaweed, Japan has emerged as the leading innovator in global ice cream innovation concomitantly occupying the highest share in ice cream launches. Propelled by the need to make year-round ice cream consumption available exciting formats and quirky flavors are facilitating Japanese ice cream to lead the food innovation drive of the nations and simultaneously providing a considerable amount of inspiration for launches across the world. Additionally, the rising cognizance of the uniqueness of the Japanese cuisine is another key determinant that is offering companies a means to incorporate traditional Japanese flavors Viz. yuzu and hojicha. Coupled with unconventional ice cream cones and the postponing of the Tokyo 2020 Olympics Japan has emerged as a global platform for food and beverage innovation that can appeal to global consumers.
Ice cream consumption in Japan was earlier limited to only the months of the summer season, however, this changed when LOTTE (KRX: 004990) endeavored to bridge the gap withing Japan’s Ice cream industry which it had noticed during the 1980s and brought about a path-breaking innovation resulting in winter product called Yukimi Daifuku- mochi ice cream. This new product development comprised the establishment of a new recipe that incorporated for mochi, different packaging (transitioning from blue to red emphasizing the warmth that it wanted to convey) ultimately opening up the Japanese market to the entire year and a wide variety of flavor in which this product is made commercially available. Blazing the trail in the Japanese ice cream market is EZAKI GLICO CO., LTD (TYO: 2206) that had commenced its ice cream business in 1953. Fats forward to the present, the official souvenir sweet of Tokyo that is manufactured and sold by GRAPESTONE Co, Ltd Tokyo Banana has announced the launch of the brand’s first-ever soft-serve ice cream in July 2020.
The Growing Adoption of Vegan Diets Is Expected to Drive the Non-Dairy Ice Cream Segment Augmenting Global Ice Cream Market Growth
Consumers across the globe are conscientiously preferring plant-based consumption which has also transcended to the ice cream space. This has incentivized the players in the global ice cream market to transition from the traditional offerings to more indulgent options to gain a competitive advantage. In this regard, it is important to note that the global ingredients manufacturers are also contributing to this development effectuating a promising outlook for the vegan ice cream market, with a plethora of options. This has also empowered companies to showcase that vegan options can also offer a range of luxury flavor offerings rendering it a preimmunized version of indulgence. Besides in continuance of the [popularity of oat-based drinks, dairy-free ice creams are expected to incorporate oats as well. A few instances are being provided to communicate the contextual relevance of the aforesaid in present times.
November 2020 – Partnership
A 150-year-old family-owned Cincinnati-based company called Graeter’s Ice Cream which has never launched an alternative to its dairy ice cream since it was established in 1870 had reportedly partnered with, a San Francisco-based startup producing animal-free milk proteins via microbial fermentation called Perfect Day to launch “Perfect Indulgence”, a range of frozen desserts using the latter’s animal-free dairy proteins. The product would be marked as animal-free, lactose-free, and vegan.
July 2020 – Ingredient Solution launch
A range of ingredient solutions for plant-based food and beverages solution called Danisco PlanitTM was launched by DuPont Nutrition & Biosciences [DuPont (NYSE: DD)] which is constantly engaged in the development of ingredient solutions for plant-based food and beverages, among others that comprise ice cream, among others. The product was developed with the rationale to aid food producers with the ability to cater to the increasing demand for healthier, and more sustainable foods and beverages that are devoid of dairy among others.
By Type, the Segment of Artisanal Ice Cream Is Anticipated to Be Favorable for Bringing About a Healthy Global Ice Cream Market Growth
Among the cornucopia of ice cream products which are a staple in any departmental stores as well as other offline distribution channels, then there has been a surge in the number of creative, independent ice cream shops around the globe. With a profusion o low-calorie options made available to consumers. Companies are incorporating new features that are augmenting the paradigm shift in ice cream consumption which has been already set in motion by the commercially available plant-based and functional options. For instance, in October 2018, it was reported that the premium ice cream brand calledCulture Republick™ the first with probiotics was launched by Unilever (LSE: ULVR, NYSE: UL). The range of ice cream initial was reported to constitute Chocolate & Cherry, Cold Brew & Chocolate Chip, Lemon & Graham, Matcha & Fudge, Milk & Honey, Pistachio & Caramel, and Turmeric Chai & Cinnamon. Additionally, it was also communicated that Each pint tub comprises 11-12 grams of fiber, 16-18 grams of protein, 3 billion live active cultures, 400 – 500 calories, and zero artificial sweeteners. Further in December 2020, it was reported that artisan ice cream chain Salt & Straw would be unveiling a range called Vegandulence commemorating vegan ice cream indulgence. In January 2021, Perth, Australia Denada which offers all-natural sugar-free ice cream bridging the gap in the ice cream market experienced massive success catering to the keto community as well as general consumers.
The ICT Industry Has the Potential to Give the Global Travel Insurance Market a New Lease of Life
BlogTravel Insurance has been fraught with the perils of being complicated which have been acknowledged as inconvenient by abroad set of consumers. To this end, technologies have been at the forefront in the effort of simplifying the processes of travel insurance. The technologies which encompass artificial intelligence (AI), blockchain, and machine learning, have been known to guide the global travel insurance market into the present times. The adoption of these technological developments has the potential to further market modernization, process expedition, customer service improvement that aids in customer retention and giving a new lease of life into the age-old procedures with concrete favorable outcomes for both insurers and policyholders.
After all, humans are undoubtedly the proverbial creatures of convenience and for such creatures, the ability to make a claim or buy ravel insurance via an app with a simple press of a button, assisted by the support available during every stage of the process from well informed and friendly chatbot, certainly has the potential to simplify the erstwhile complicated processes as it is the case with rideshare apps. Such a convenience aided by technological advances has rendered the global travel insurance market increasingly attractive. For instance, Shift Technology is of the opinion that AI has the capability to unlock the insurance of tomorrow. The company endeavors to bring about AI-native solutions that have the potential to empower insurers to deliver unparalleled consumer experiences. They are capitalizing on the trend that has been set about by the on-demand economy as exemplified by eCommerce, food delivery, and ride-sharing. More the simplified the entire policy lifecycle is the better is the rate of adoption by travelers who would consider travel insurance as simply an addition to their plans. Another challenge is customer loyalty. Prior to the COVID 19, when travel insurance was not a legal obligation by most of the countries in the world, unlike the subscription-based automobile and home insurance, travel insurance was faced with the issue of providing a simple user experience.
Again, the integration of technology has emerged as the manna from heaven for the travel insurers as far as customer loyalty is concerned. Besides convenience, bespoke solutions are also something that the consumers are eagerly inclined to avail. Machine learning technologies that capitalize on customer data enables the adequate design and development of parametric insurance products that are perfectly tailored to various individual needs. Thus, the integration of such technologies marks a shift away from the standard one-size-fits-all products to those variants which are known to insure against risks associated with a particular set of activities that one undertakes irrespective of the prevailing environmental conditions. Therefore, tourism products could be made more attractive by travel providers with the integration of such technologies making their product relevant and ultimately ensure repeat business. Conversely from the perspective of process simplification via technology is something attractive for the designers and developers but the result of the technology is the aspect that woos in consumers because they are looking for chatbots but speedier support, also they are not interested whether the product is AI-enabled they are keener on swifter claims.
Additionally, machine learning is capable of being employed in the monitoring of data sources which falls outside the purview of the service provider. These sources include weather websites, for instance, which would enable the technology to automatically provide compensation to consumers based on the prevailing weather forecasts. For example, in case a traveler is presented with an option to cancel an overnight trip in response to natural calamities and receives a refund automatically without the need for claims, it would have a much better impact on the consumer experience-wise as opposed to the experience of manual claims. Besides digital transition that has the potential to transform the global travel insurance market into a user-friendly experience. And as the foundation for an effective foundation for such transformation effective implantation of efficacious fraud detection and mitigation strategies is the strategic move for the travel insurers as well as the implementation of technology as a tool to balance the dissemination of necessary information and recommendation of favorable policy options. The latter is particularly important because travel insurance comprises too many moving parts which would result in unfavorable results for both the company and insures if any one aspect is simplified too much.
While the capability of the ICT industry to transform and potentially reshape the global travel insurance market has been depicted above, it also useful to gain a regional perspective. According to the US Travel Insurance Association (UStiA) the travels originating from the USA have demonstrated a higher proclivity to ensure their investments in travel are properly safeguarded with an efficient travel insurance product. As per UStiA, approx. $3.8 billion was spent by Americans on various kinds of travel insurance products. This is an increase of 40.9% from that registered during 2016. The protection and coverage constituted annual products and per-trip travel protection, with benefits that ranged from emergency medical, lost luggage, medical evacuation, trip cancellation, and interruption, along with a variety of other benefits and programs made commercially available by the member companies of UStiA. Moreover, as per UStiA the travel insurance market has been continuously subjected to constant evolution to cater to the demands of a variety of consumers. Products that offer coverage over investments, lives, and valuables have been made available as a response to increased mobility.
2018 marked the coverage of approx. 65.8 million people, and by over 46.3 million plans approx. 65.8 million people were protected. These plans were bought by the consumers via a variety of distribution channels Viz. insurance producers, internet aggregators, travel agents, travel insurance providers, and travel suppliers. From 2016 the travel insurance market experienced an increase in the number of people covered which was in the order of 49.1%. Whereas the market witnessed a significant increment in the number of plans which is in the order of 36.5%. During the publication of this update, the most popular choice of products comprised cancellation/interruption which constituted benefits pertaining to trip cancellation and interruptions that represented almost 90% of the travel insurance products that were purchased during that period. On the other hand, plans which fell under the purview of benefits related to medical and medical evacuation represented only 90% of the travel protection products purchased. Trip cancellation/interruption remains the most popular choice Programs that include trip cancellation/interruption benefits accounted for almost 6.3% of the travel protection products purchased.
The Global Footwear Market Trend – The Rise of Athletic Footwear
Thought ArticlesFootwear is an indispensable aspect when it comes to the human’s sole. It is a known fact that footwear empowers the feet to manage a diverse range of activities. From imparting cushioning, flexibility, and/or rigidity as well as stability, footwear is inseparable from our daily lives. As technology and lifestyles evolve, footwear has been required to provide the highest degree of comfort and performance, which has paved the path for substantial engineering of shoes. Nevertheless, footwear hasn’t always been subjected to such systematic construction. For instance, the earliest known footwear that has been documented was discovered inside Fort Rock Cave, Oregon, the USA by Luther Cressman. The artifact was reportedly dated to the end of the last ice age, i.e., approx. 10,000 years old. It comprised a simple construction which comprised (i) a covering for the forefoot, (ii) sagebrush bark knotted together that resulted in an outsole with ridges for traction, and (iii) straps to go around the heel. Thus, despite the dearth of scientific know-how, it can be stated with certitude that footwear was deemed integral to facilitate the exploration of their surrounding as well as the distant environment.
By Segment, the Athletic Type of Footwear Is Expected to Occupy a Substantial Share in the Global Footwear Market
Restriction of the movement due to the lockdown measures implemented by various governments as the COVID 19 pandemic spread, has brought about a profound impact on the daily consumption proclivities of consumers around the world. Additionally, with most of the brick-and-mortar distribution channels shuttered down because footwear is inherently not essential many shoe manufacturing companies weren’t adequately made available over online distribution channels. Further many nations have certain kinds of restrictions put in place which prevents mass gathering which also by default translates to the p prohibition to use indoor gyms and to practice collective sports.
Additionally, with gradual relaxation and the resultant reopening of business activities shopping in person would be governed by safety and health concerns and the provision of which would dictate the extent by which the retailers are capable of wooing in new customers, concomitantly retaining existing customers. Also, telecommuting is expected to prevail wherever it is possible which suggests the consumers would prefer to continue to spend more time at home. Thereby resulting in the preference of products rather than preference of fashion resulting in the decrease in formal shoes demand, inclination towards machine-washable shoes, more comfort sales, and selective about athletic footwear.
These developments can result in a downward-draft in the overall athletic type of footwear, however, conversely, certain kinds of products particularly suited for individual sports, outdoor activities, and running has the potential to evolve favorably. Additionally, with a transition to solo fitness as per Bank of America Global Research (as communicated by World Footwear) performance running sneakers are anticipated to profit from such a growing inclination. As of May 2020, as per the aforementioned US-based entity, the Google search trends for Nike increased by 104%, followed by other brands that fall within the ambit of performance running sneakers viz, Brooks that increased by 83%, HOKA that increased by 65%, and On Running that increased by 28%.
Top 10 Global Footwear Consumers 2019
Source: World Footwear
World Share In %
Recent Developments in the Athletic Footwear Segment Which Is Expected to Augment the Global Footwear Market Growth.
December 2020 – Agreement
A 6-year agreement has been announced with NIKE, Inc. (NYSE: NKE) by UCLA Athletics which includes the former and Jordan Brand as the official athletic footwear provider among others for Bruin commencing July 1, 2021.
December 2020 – Portfolio Expansion
Just like humans, industries are also required to read the room, one of North America’s largest designers, producers, and retailers of footwear and accessories Designer Brands (NYSE: DBI) has exactly done that by recognizing the growing trend of at-home fitness that has stemmed from the pandemic and in the 3rd quarter of 2020 it has added more athletic shoe styles to its stores.
November 2020 – Complementary Wearable Tech Launch
A wearable tech that has been designed to aid runners to identify the pair of shoes that are appropriate to their running style. The tech utilizes an Artificial Intelligence (AI) based algorithm after the runners; gaits are measured and finally match the results to recommend the right kind of shoes. This is also another instance that capitalizes on the increased use of online distribution channels.
April 2020 – Running Shoe Launch
In the midst of the COVID-19 pandemic, a Silicon Valley-based start-up called the Allbirds is known for its comfortable wool sneakers made out of sustainable materials is debuting its first-ever running shoes.
Jube 2020 – Product Launch
Integrated with shock-resistant padding called the MIZUNO ENERZY that provides resilient lightweight footwear for athletes, Mizuno Corporation (TYO: 8022) has launched new athletic footwear nicknamed “Akira Shoes”.
May 2020 – Partnership
Herzogenaurach, Germany-based Adidas, (FWB: ADS) and based in San Francisco, USA-based Allbirds have been reported to embark upon a collaboration which would effectuate a swift and joint development of a high-performance athletic shoe with negligible carbon impact.
February 2020 – Partnership
California based designer, developer, and marketer of a diverse range of lifestyle footwear for all age and genders, as well as performance footwear for all genders Skechers (NYSE: SKX), has been reported to develop upon the technology in its footwear through a new collaboration with The Goodyear Rubber & Tire Company which would make use of Goodyear rubber technology to create custom Skechers outsoles that will deliver increased grip, stability and durability. The range of styles featuring Goodyear Performance Outsoles which was initially made available on 3 running shoes of the Skechers GOrun collection comprised a broader assortment of running and walking sneakers during the time of the publication and would expand through 2020 to athletic lifestyle, trail, and work footwear.
January 2020 – Product Launch
Called the ‘BALENCIAGA ZEN’, a leather-free and lightweight set of trainers inspired by athletic tech was unveiled by Balenciaga that otherwise known as the pioneer of the chunky dad shoe trend. It is further proof of the subtle rise of luxury sportswear.