As people are getting more aware about the harm caused by synthetic chemicals, organic, vegan, and eco-friendly are becoming common terms in the global cosmetics and personal care industry. However, there is another concept which is quite trending these days- Halal.
The issues of the ingredient used in cosmetics pose a serious situation and becomes a big question mark. Additionally, the demand of Halal today is not just focusing on food but also has been trying to capture other non-food product categories, especially nutraceuticals and cosmetics. Halal, an Arabic term, means ‘lawful’. Halal cosmetics are manufactured by using ingredients which are permissible according to the Islamic Sharia Law. That is, cosmetics which are Halal-certified do not contain ingredients obtained from animals which are prohibited by the Islamic Law. Halal cosmetics include creams, shampoos, lotions, and make-up that are free from any ingredient derived from non-Halal slaughtered animals. Halal cosmetics are also free from genetically modified organisms (GMO) since they are considered unclean. One common interpretation of Islamic law is that halal cosmetics must not contain any parts or substances of forbidden animals, such as dogs and pigs; must be handled with clean utensils; and must be made with materials and ingredients that are not harmful to humans.
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Growing Inclination of Muslim Women Towards Premium Cosmetics and Personal Care Products
Muslim women are starting to get more confident in their preference of cosmetics and beauty products. As such, these style-savvy Muslim women are demanding Halal-certified cosmetic products so as to enhance their beauty and physical appearance. With people getting more and more aware about various ingredients being used in cosmetic product, the demand for halal cosmetics is rising, thereby driving the global halal cosmetics market growth.
In the past few years, cosmetic companies have started taking Muslim population into consideration as an important customer base. With rising disposable incomes and living standards, people are increasingly spending in expensive, premium beauty products. With the growing Muslim population at an unprecedented rate, there is more and more demand across Muslim consumers searching for Halal cosmetics and personal care products. Consequently, many beauty brands are rushing to get Halal certification for their products in order to capture this market potential in countries or regions where Muslim population is high.
Projected Percentage of Muslim Population, 2010 and 2030
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Source: Pew Research Center
Emerging Popularity Among Non-Muslim Population
The demand for Halal cosmetic products today is rapidly increasing since the consumers are becoming more religious through knowledge and information regarding halal. As such, this calls for assurance that the Halal cosmetic product is not only safe to use and of high quality, but also is expected to be produced and processed in a manner that is safe for the environment.Halal cosmetics are also gaining popularity among non-Muslim population. Factors such rising inclination towards cosmetics made with ingredients that are not harmful for the human health as well as environment are fuelling the demand for halal cosmetics among non-Muslim consumers. Since Halal implies the safety and quality of ingredients and the manufacturing process, these cosmetics are increasingly used by people who want to wear makeup without harming their skin which is often caused by non-halal ingredients such as alcohol.
Untapped E-Commerce Industry
Booming e-commerce industry owing to the proliferation of smartphones and better internet connectivity is also pushing the demand for halal cosmetics across the globe as it makes easier for consumers to purchase halal-certified cosmetics online which are not available in their country in physical stores. Many organizations are keen on exploring untapped online sales platforms for Halal-certified products with the growing global Muslim consumer base. For example, Malaysia launched the first Shariah- and Halal-compliant e-commerce platform in 2016. The platform, with an investment of US$5 million, is run by the Aladdin Group of Companies and caters to both B2C and B2B communities across the Internet. The platform is also accessible via mobile applications globally.
Global Internet Penetration, Percentage of Population, 2012 to 2017
Source: The World Bank Group
Cosmetic Brands Capturing Lucrative Markets
Companies first need to capture the markets where Muslim population is high, for example, Indonesia, Malaysia, Vietnam, and the whole Middle East region. India is also a potential market for halal cosmetic manufacturers. According to a Pew Research Center study, India will surpass Indonesia to have the largest Muslim population of any country in the world by 2050. As such, companies like Iba Halal Care are offering various halal-certified products including lipsticks, shampoos, body lotions, and face creams to Indian consumers. The U.S.-based Amara Cosmetics is the first company in North America to offer halal-certified cosmetic products which are halal-certified by the Islamic Food and Nutrition Council of America (IFANCA), a non-profit halal certification organization. While the global halal cosmetics market is dominated by niche players, multinational companies are also dipping their toes in this potential lucrative market. Japanese cosmetics maker Shiseido obtained halal certification for its products in Vietnam in 2012. Global companies such as Unilever, Beiersdorf, and L'Oreal are selling halal products in Indonesia.
Non-Standardized Regulations Still a Hurdle
The difficulty level is high for cosmetic companies in terms of rules and regulations pertaining to the authenticity of a halal ingredient as they vary as per the countries. Halal cosmetics are usually approved by local or regional certification agencies to ensure that these products meet Islamic rules. In the United States and Europe, certification is often carried out by third parties since globally there is a lack of standardisation between bodies and regions. This is restricting cosmetic manufacturers to penetrate in the regions/countries where demand for halal cosmetics is growing tremendously. Thus, lack of global standardized set of halal-specific guidelines in the global cosmetic industry is leading companies fail to obtain an authentic halal certification in Muslim-dominant countries. Another difficulty faced by smaller cosmetic brands is the higher costs associated with developing and manufacturing halal cosmetic products since the narrower parameters make it more difficult for smaller halal brands to compete against big brands. Stricter regulations and standards make the cost of attaining certification more costly.
ABOUT THE AUTHOR:
Anjali Joshi is a senior market research analyst at Knowledge Sourcing Intelligence. She oversees a team of analysts and is known for the quality of market intelligence she delivers to the clients which range from start-ups and Non-profit Organizations to Fortune 500 companies. Anjali’s keen understanding of international business and market dynamics, coupled with her years of experience working in this industry, allows her to analyse current and future trends across both global and clients’ target markets and help them in making informed decisions.
The Online Education Market – Breaking New Barriers to Ensure Universal Education
BlogThe expanding reach of the internet and the profusion of consumer electronics which are collectively responsible for the propagation of online education services are, among others instrumental to the online education market growth around the world. Followed by the growing penchant for acquiring certified skills, the growing number of blended learning programs which are being made available by a variety of institution that is inclusive of but not limited to language learning institutes, computer coding academies and universities that are providing degrees and diplomas completely over the world wide web. The aforesaid is being reinforced by the widening of career aspirations which nowadays constitute gaining of skills which earlier have never been traditionally a part of syllabi of schools and colleges, among others. Also, the high investments in technological developments that are increasingly geared towards the facilitation of transmission of larger volumes of data, greater internet bandwidth, and hardware which consumes less amount of power are collectively responsible for propelling the online education market world. Additionally, the rural electrifications in certain emerging economies are also increasing the availability of the internet in remote areas which are allowing a variety of players which range from the government as well as private players to extend services that are free and at the same time comparatively more affordable.
Conscientious government investments are expected to propel the online education market during the forecast period
For instance, the government of India during the past few years has capitalized on the capabilities of the ICT industry to bring about a host of services and facilities, under the auspices of NMEICT (National Mission on Education through Information and Communication Technology) to promote digital learning. The latter is a program that is reportedly administered by the Department of Higher Education, Ministry of Human Resource Development to make the content of the best quality accessible to aspirants across the nation for free. For instance, an integrated platform that is intended for offering online courses and encompassing curriculums ranging from standard 9 to post-graduation level is called ‘Study Webs of Active Learning for Young Aspiring Minds or SWAYAM wherein as of July 20192769 MOOCs (Massive Open Online Courses) have been offered. The programs have also registered an enrolment of 1.02 crore students in various courses. This platform reportedly caters to the other stakeholders who aren’t students for their lifelong learning aspirations. The MOOCs are developed by NCERT (National Council of Educational Research and Training) which covers 12 subject areas that comprise sociology, psychology, political science, physics, mathematics, history, geography, economic, chemistry, business studies, biology, and accountancy, for classes IX-XII.
Furthermore, at the launch of India’s 2020-21 the Honorable Finance minister of the government of India had reportedly reaffirmed the need for making India’s youth more employable through better education. In line with the aforesaid and to transform India's education system by 2040 The National Education Policy 2020 (NEP 2020) which was reportedly approved by the Union Cabinet of India during July 2020 replacing the previous National Policy on Education, 1986 outlines underscores the importance of the role online learning. The policy is also reported to encourage institutions based in India not only to develop their respective online programs but also to acknowledge and award credit for online programs offered by foreign institutions.
As far as Austria is concerned Moodle and LMS (Learning Management Systems are being used as well as loud solutions from companies such as Microsoft and Google. Regional initiatives like that adopted by The City of Vienna that constitutes the extending of free “Support 2.0” tutoring initiative intended for 10-14 years which are offered online. This initiative reportedly provides additional support in the subjects of Mathematics, German, and English for lower secondary schools. With regards to Belize as of March 2020, all schools were ceased to function as per government announcements. Among others, it was reported that e-Testing modality (online and offline) would be employed to minimize processing time needed for examination administration and concomitantly facilitate quick turn-around time for marking and release of examination results. Shifting the focus to the orient, The Ministry of Education (MoE) of Bhutan has reportedly in March 2020 launched the Bhutan e-Learning program?in. Enabling students from PreK-12 to access lessons on YouTube, among others. Certain schools have been reported to use online tools such as Google classrooms and G Suite so that students can continue to receive education from home. Due to the rising adoption of Google classrooms, there was a need for minimizing the data charges.
A variety of telecommunication operators like Bhutan Telecom (BT) and TashiCel have been reported to actively work with the government to provide additional data for students. Also, the Ministry of Information and Communications has been reported to be working with the telecom service providers and education ministry to provide access to data for eLearning for students across the country. Further, it was reported that The Druk Holding and Investments (DHI) is providing free data for people in quarantine. Applications such as WeChat or WhatsApp are also being used by teachers to assign students with specific chapters to read and a set of questions to respond to. The aforesaid is also a snapshot of how the various national governments are embracing EdTech to cope with the closure of schools and learning institutions due to COVID 19 and prevent further loss of human capital and reduced economic opportunities in the long term.
A variety of investments by a myriad of market players reaffirms the upward trajectory of the online education market trend during the immediate future.
October 2020 – Product Launch
Beijing-based ByteDance had reportedly announced the launch of a standalone EdTech brand Dali for the Chinese market, which is known to integrate an artificial intelligence-based camera that can help parents tutor their kids., making the company reportedly a late entrant in China’s online education market.
June 2020 – Program Launch
Online learning startup Byju’s had reportedly launched an online private tuition class which was marketed to make scheduled online classes from leading teachers accessible to student and the freedom to choose from weekday and weekend batches.
Respiratory Care Devices Market – An Overview
BlogMajor health problems like Chronic obstructive pulmonary disease (COPD) which is the result of a susceptible lung being exposed to sufficient environmental stimuli and is caused principally by smoking tobacco as well as HAP (household air pollution). COPD is known as the silent killer especially in low- and middle-income countries (LMICs). Approximately 328 million people are known to suffer from COPD and in the next few years, COPD is expected to emerge as the prime cause of death. Progressive symptoms and functional impairments are associated with the relentless decline in lung function which is characteristic of COPD along with susceptibility to respiratory infections called ‘exacerbations’, which is a prime determinant of morbidity and mortality. COPD has a significant impact on the quality of life for those living with the condition, and on local economies for those affected, those caring for the affected, and health services. A population struggling for breath is, in consequence, unproductive. Awareness campaigns and health programs have the potential to revolutionize the diagnosis and management of COPD and COPD exacerbations, improving quality of life and health service costs and burden as well as facilitating a higher investment in product development in the respiratory care devices market space.
While the aforementioned has been a health concern for quite some time, the complication pertaining to the respiratory nature has been further exacerbated with the advent of COVID 19 which has been declared as a Public Health Emergency of International Concern on 30 January 2020 and later on March 11th, 2020, by the World Health Organization, which also declared it as pandemic causing an immense impact on the lives of people and the business and markets around the globe.These are the two prime factors that are expected to drive the growth of the global respiratory device market during the forecast period. Another factor that is expected to foster further development in the healthcare industry is the growing geriatric population around the world. To provide a perspective to the aforesaid it is important to note that United Nations (UN) has estimated that 1 out of 6 people will be over 65 years of age by 2059 which is an increase of 16% from 1 in every 11 individuals I.e. 9% (2019 estimates). Moreover, as far as a North America and Europe are concerned 1 out of 4 persons is estimated to be above the age of 65 years. Moreover, during 2018 the total number of children aged 5 years was surpassed by the total number of people above 65 years of age.
In 2019 there were around 703 million older persons aged 65 or over. South-Eastern and Eastern Asia was reportedly the home to the largest pool of older population of the world which was in the order of 260 million which followed by North America and Europe whose population was in the order of 200 million. Over the next 3 decades, the total number of older people is forecasted to more than double, reaching a figure of over 1.5 billion in 2050. The increase in the size of the elderly population will be experienced by all the regions between 2019 and 2050. Eastern and South-Eastern Asia are expected to witness the largest increase which is a growth from 261 million in 2019 to 573 million persons aged 65 years or over in 2050. Moreover, the regions of Northern Africa and Western Asia are expected to witness the fastest growth from 29 million in 2019 to 96 million in 2050. This latter also suggests that the share of regions of the Middle East and Africa and the APAC in the global respiratory care devices market is expected to significantly increase during the forecast period.
A few developments pertaining to the global Respiratory Care Devices Market that suggest favorable market conditions aiding the growth of the market.
October 2018 – Product Launch
Royal Philips (NYSE: PHG, AEX: PHIA), which is known to be the globally leading player in the health tech space had announced the launch of InnoSpire Go, Philips in the US. It was reported to be the lightest and smallest portable hand-held nebulizer system which has been designed to deliver medication in just four minutes. The product has been marketed with the capacity to reduce treatment time by up to 25 %. Moreover, the product is easy-to-use and virtually silent and has effectively allowed users to operate hospital-grade nebulizer technology for swift and effective medication delivery.
October 2018 – Product Launch
Aptar Pharma had reportedly launched a new portable and ready-to-use drug delivery solution designed for upper respiratory care called PureHale. It is reportedly a revolutionary and intuitive device which when employed in combination with saline or other natural ingredient formulations – helps relieve the symptoms of upper respiratory system conditions. The technology is known to enable the dispensing of fine mist that gently cleanses, moisturizes, and soothes the upper respiratory tract, in turn helping to reduce irritations caused by allergies, colds, coughs, dry nose/throat issues and respiratory problems
November 2018 – Product Launch
Medical International Research (MIR) which is based out of Italy and has been known to produce spirometers for a quarter of a century and has built up a sales presence in 100+ countries has reportedly developed a spirometer called Smart One which enables patients to use the device at home. Compared to Spirobank Smart’s six, the device is known to measure two parameters it also has a diary to track symptoms and a function to let patients send results by email to their attending physician.
July 2020 – Product Launch
Mitocon Biomed had reportedly launched a pulse oximeter, named Oxysat which has been completely developed in India at an affordable price, with 18 months replacement warranty. During the time of COVID 19 the need for detecting the preliminary marker of COVID-19 this launch is expected to fill in the shortages which had resulted in a downward draft in bilateral trade.
August 2020 – Product Launch
A startup that has been mentored by a Government of Telangana, India initiative called Hyderabad Security Cluster had reportedly developed smart ventilators that are integrated with artificial intelligence and machine learning.
Biological Seed Treatment Market Trend – Fostering Sustainable Agriculture
Thought ArticlesRising population, reduced resources, and overburdened agricultural supply chains, benefits like ascertaining higher crop yield, among others are anticipated to propel the market to stratospheric heights. Knowledge source intelligence estimates that the market pertaining to the Biological Seed Treatment is expected to reach US$ 1316.302 million by 2024, from US$ 634.138 million in 2018 Besides the aforementioned, the growing pool of vegan consumers and expanding consumption of food products that are manufactured with pant based is also expected to drive the biological seed treatment market. Moreover, an estimated increased per capita food expenditure by the consumers of the newly industrialized countries is expected to add to the global demand for food which is devoid of any chemicals in their entire value chain. Further, the growing awareness of a crucial advantage in the critical window of time that is imparted by biological seed treatment to establish yield and ultimately contributing to long-term sustainability in agriculture is also expected to fuel the growth of the biological seed treatment market.
Projection of Total Population at Mid-Year, World
Source: United Nations
2020-2060: MEDIUM VARIANT
Moreover, addressing the growing demand for food products it is also important to ensure an uninterrupted supply of animal feed which encompasses a variety of grains as the key ingredients of a myriad of products. This is also expected to fuel the demand for biological seed treatment products. Further, the growing cognizance of organically produced food which includes both livestock and agricultural products, and its consequential demand is another key factor that is expected to facilitate the growth of the biological seed treatment market. To this end, it is important to note according to a recent publication by the Research Institute of Organic Agriculture (FiBL), around 186 countries across the world are engaged in processes pertaining to organic agriculture as of 2018 which was more than comparably more than the reported 103 countries in 2017. Also, the global organic market value was to the tune of 96.7 billion euros. Furthermore, the share of organically derived poultry meat occupied the largest share of the organic market. Despite the relatively high labor investments in organic production the aforesaid prevailing conditions pertaining to the organic market is reflections on the upward direction of the organic market which in turn is expected to result in the growth of the biological seed treatment market. Further certain development in national policies across the world during the last few years has been favorable to various developments in the agriculture industry among which biological treatment market has also been profoundly benefitted.
Projection of Wheat Consumption, World
Source: OECD-FAO
In Mt
The business imperative of investments in R&D and the resultant market developments suggest the promising biological seed treatment market growth of the market
The agri-tech space has brought forth a myriad of developments with the rationale to ensure that farmers are sufficiently empowered to guarantee conditions empowering them to respond to the growing demand for food. A select few of them are being listed below
July 2018 – Granting of License
The granting of a license to use Exosect Ltd.’s Entostat® technology for the delivery of select agricultural biologicals as seed treatments to Monsanto Company was announced. The proprietary technology brought about by Exosect Ltd. reportedly aids in the delivery of microbial which in turn is expected to tap into the growth area of agriculture which is inclusive of but not limited to improving nutrient uptake, promoting growth and yield, as well as providing insect control and disease protection which also necessitates a reliable delivery system. This technology reportedly offered Monsanto the opportunity to optimize the delivery of certain biological products
August 2018 – Strategic Marketing Agreement
Verdesian Life Sciences was reportedly announced to be the exclusive Midwest distributor of SEED+ DRY and CROP+ by both Verdesian and Cytozyme Laboratories, Inc. Cytozyme Laboratories, Inc which boasts more than 40 years of proven technologies in biologicals has brought about biologically derived nutritional seed treatment, SEED+ DRY, that has been designed to enhance the vigor of seedling, increase the mass of shoot and root and minimize the impact of abiotic stress on the seedling, resulting in a uniform emergence and higher yields.
September 2018 – Product launch
Plant Health Care plc had reportedly launched a biological product called Harpin αβ which is essentially a seed treatment product for field corn in the U.S. The product reportedly functions by triggering the corn plant’s self-defense systems which have been said to be similar to that of the functioning of vaccination in the case of humans. The result includes increased yield, improved vigor, heightened defense response, and healthy growth.
December 2018 – Product Launch
Vault IP Plus seed treatment a part of a broad portfolio of seed treatment innovations that protect, unlock, and enhance the full genetic potential of the seed according to BASF was launched offering soybean growers an even broader portfolio, which sets a new yardstick for seed inoculation and protection. It’s reportedly the only combined inoculant as well as EPA-registered bio-fungicide, which is known to contain two active biologicals for improved fungicidal activity and protection. This product is also known to offer soybean growers increased root nodulation and disease protection for an overall healthier soybean plant.
Despite the products made commercially available in the market are still limited, a few of the larger seed companies have reportedly commenced offering biological seed treatments as part of their seed treatment package. Due to abiotic stress in poor soils are the effects of the seed treatment are amplified. further in solutions pertaining to this type of product are expected to be innovated in the near future which is also effective and better substantiated in comparatively more mature markets/fertile soils, which are expected to facilitate healthy growth of the biological seed treatment market. Nevertheless, it is important to note that the plant rhizosphere and the multidimensional interaction between microbes, soil, and plants are extremely complex which has undergone an evolution over millions of years. This poses a challenge to effectively transfer positive results from a laboratory or greenhouse environment to the field which is subjected to varying climatic and includes a diverse range of soil conditions concomitantly ensuring growers who are seeking trusted performance they expect, which can restrain the growth of the market in future.
Diabetic Food Market Trend – Supporting Uninterrupted Alimentation
Thought ArticlesThe acknowledgment of prophylactic functions of food and beverage, the rising incidence of diabetes at a young age, and the increasing R&D and NPD investments, among others, are the core drivers that are driving the anticipated growth of the market. Knowledge Sourcing Intelligence estimates that Global Diabetic Food Market is projected to grow at a CAGR of 8.89%, with the market expected to reach US$ 11.898 billion by 2025 from the US $7.137 billion in 2019. Diabetes is a chronic disease that is known for its distinct levels of glucose which is well beyond the normal levels that are ideally found in the blood. It is important to note that when the pancreas stops producing the hormone called insulin it gives rise to Type 1 diabetes. Whereas when the cells of the body aren’t capable of properly responding to the insulin produced it results in Type 2 diabetes.
Diabetics are reportedly at a greater risk of being susceptible to cardiovascular diseases such as heart attack and stroke if the disease is left undiagnosed or poorly controlled. The risk of sight loss is also greater as far as diabetics are concerned. To this extent, it is pertinent to note that in 2017 an estimated 32.7 million adults in the European Union (the EU) were reportedly diabetics. The aforesaid is an increase from the estimates for 2000 which was in the order of 18.2 million adults. Moreover, around 12.28 million people in the EU were estimated to be suffering from diabetes that is undiagnosed. This is one such snapshot of the extent of this malady which has led to the development of food products which are appropriate to be integrated into the diets that best suited for diabetics as well as suitable for those who are inclined to minimize the consumption of ingredients which have the potential to result in diabetes.
A few forecasts and estimates of a select few markets listed below which caters to diabetics suggests the potential for the diabetic food market in immediate future.
For instance, with respect to ingredients, the growing cognizance and the consequent applications of artificial sweeteners like sucralose, saccharin, neotame, aspartame, and acesulfame potassium, among others are anticipated to augment the diabetic food market growth. According to estimates by Knowledge Sourcing Intelligence the artificial sweetener market is expected to grow at a CAGR of 3.59% over the same forecast period from a value of US$7.542 billion estimated for 2019 to reach a total market size of US$9.318 billion in 2025.
Moreover, with respect to devices that are manufactured with an aim to help patients in the management or monitoring of blood sugar levels due to inadequate insulin production or insulin resistance, the global diabetes care market is as per Knowledge Sourcing Intelligence estimated to reach US$95.102 billion by 2023 after growing at aCAGR of 5.53% from a market size of US$68.384 billion in 2017.
Additionally, the insulin delivery devices which concerns with injection pens which is an inseverable component of diabetics daily routine and are devices used to inject medications and offer easier administration of medication and are more accurate, and in a convenient way than the traditional vial and syringe method is expected to grow at a CAGR of 7.02% as per Knowledge Sourcing Intelligence to reach from an estimated value of US$11.231 billion in 2018 reaching US$16.8744 billion in 2024.
Further, the global self-monitoring blood glucose (SMBG) devices market is anticipated to attain a market size of US$13.412 billion by 2023 as per the forecasts of as per Knowledge Sourcing Intelligence from US$10.125 billion in 2017. This market concerns with the means by which diabetics, as well as non-diabetics, can monitor their glycemic levels using a glycemic reader (glucose meter), enabling them to utilize the results in discerning the degree to which the diets, among others, can be adjusted affecting the decision of consuming diabetic food products.
Diabetes Estimates (20-79 Y)-the Idf Europe (Eur) Region
Source: IDF DIABETES ATLAS (9th Edition 2019)
People with diabetes, in 1,000s
Certain key strategic company investments and government initiatives facilitating positive market conditions.
In view of certain key strategic initiatives by a few major players as well as certain pertinent government initiative which are being listed below reflect on the potential of the food and beverage industry to facilitate the growth of the diabetic food market.
February 2020 – Product Launch
Nuvojoy a Singapore based company reportedly unveiled a low-GI kueh lapis (Indonesian layered cake) premix for diabetics. This launch complements the existing range of low-GI premixes for kueh bahulu (sponge cake) and soy pudding.
September 2020 – Product Launch Plan
Bayon Cereal Co., Ltd had announced its plans of bringing about three products with low to the mid glycemic index (GI) which are reportedly helpful for diabetics due to the functionality’s extend by such products that assist in enhancing the diabetics’ blood glucose levels. This launch was announced to fructified only after certification from Australia’s Glycemic Index Foundation (GIF) is received.
November 2019 – Product Launch
Dr. Reddy’s Laboratories had reportedly announced its entry into the nutrition segment with the launch of diabetic-friendly drink ‘Clevedia’ in India which according to the company is clinically proven to aid blood-glucose levels management among diabetics who are residing in India. The product is reportedly available in two flavors namely chocolate and Kesar Elaichi.
May 2018 – Product Launch
Sun Basket which is a meal kit company based out of San Francisco had reportedly expanded its meal portfolio to vegan, pescatarian, and Mediterranean plans, that was developed in collaboration with the American Diabetes Association (ADA), integrating its approach of individualized nutrition with the launch of a meal plan that is diabetes-friendly.
On the other hand, The War on Diabetes which is a government initiative that was reportedly mobilized by Singapore’s Ministry of Health (MOH) in 2016 in response to the high significant health and societal burden posed by diabetes is also another example of how governments can facilitate the growth of diabetic food market. Moreover, initiatives such as the Healthier Ingredient Development Scheme (HIDS) in 2017, aids in supporting the local industry in marketing the use of any new ingredients in the foodservice sector. This also incentivizes local food manufacturers to innovate and develop novel healthier food ingredients which are to local tastes.
Dental Biomaterial Market Trend – Ensuring Efficacious Oral Care
Thought ArticlesModern dental therapies have been revolutionized by dental biomaterials. The need for endodontic treatment has gained momentum due to untreated dental caries. Additionally, a decreasing rate of tooth loss has necessitated increasing investments that would result in the continuous improvement of the materials used for endodontic therapies. Dental biomaterials have also increasingly found applications as Endodontic biomaterials which are used for vital pulp therapies, obturation, and regenerative procedures, irrigation, and intracanal medicaments. The materials are known to extend several functional benefits such as aesthetics, antimicrobial activity, mechanical reinforcement, and therapeutic effects. Building on the strength of past materials such as calcium hydroxide and calcium silicates vital pulp therapies have experienced gradual improvement in clinical results. Conversely, sodium hypochlorite remains the gold standard for canal irrigation. Sustained antimicrobial action has been endeavored by the development of numerous nanoparticle formulations while bulk fillers that are based out of Gutta?percha remain the most common materials for root filling. The aforesaid is partly responsible for the healthy dental biomaterial market growth.
Ceramic biomaterials or bioceramics have great potential to drive the dental biomaterial market growth during the forecast period. Bioceramics are a category of ceramics used in the biomedical field to repair and reconstruct the damaged and diseased tissue of musculoskeletal systems. Based on the responses to the biological environment various categories of bioceramics have been recognized for example alumina (Al2O3) and zirconia (ZrO2) are classified as bioinert, bioglass and glass-ceramic are bioactive. On the other hand, calcium phosphate ceramics are categorized as bioresorbable and bioactive. Bioceramics have been known to be used for maxillofacial surgery, and dental implants. Bioceramics are being subjected to a variety of investments to result in expanding to their performance and reliability. Further, irresponsible consumption tendencies that necessitate the requirement of dental crowns, among others, have the potential to lead to an expansion of the market share of dental bioceramics. For example, it was reported that Institut Straumann AG (Straumann Group) has acquired a 30% stake in its biomaterials partner botiss biomaterials GmbH (botiss biomaterials) in July 2018 facilitating the expansion of the latter’s global distribution network of the former’s products as well as further deepen the collaboration that has proved beneficial in driving dental biomaterials market growth.
Rural Population (% of Total Population)
Source: World Bank
The increasing global population and rural-urban migration are expected to facilitate the expansion of the healthcare industry and augment dental biomaterials market growth during the forecast period. In view of the above, the effectuation of swift adoption of new lifestyle trends that are expected to drive the demand for processed food consumption is expected to occur during the next few years. The aforesaid expected to partly arise from the growing availability of disposable income which is estimated to lead to the palpable transitioning from the traditional way of living to lifestyles that are mostly adhered to by urban dwellers. Rapid urbanization will also invariably effectuate the receipt of better and higher education by a relatively larger size of population which automatically would result in the capacity of high-income generation as well as a conscientious investment in integration of fast food and snacking tendencies in every day, among others. Further, the growing inclination towards plant-based products and growing pool of vegans are resulting in several product developments along such lines enabling the businesses to stay market-relevant and increasing their respective market shares by tapping into newer opportunities ultimately leading to higher consumption of processed food. In view of the above, it is pertinent to note that 1.7 billion people i.e. around 23% of the world population lived in a city in 2016 and 45 % of the world’s population resided in rural areas which are expected to fall by 40% by 2030 as per United Nations (UN).
Moreover, the increasing female population who are engaged in earning a livelihood has reportedly led to increased purchase of processed food products around the world through both offline and online channels around the world. This development has contributed to the increase in overall product sales over eCommerce channels that were already in the order of 25 trillion USD in 2018 which was reportedly equivalent to 30% of the global GDP (gross domestic product) of 2018 as per UNCTAD. The B2B eCommerce was valued at $21 trillion which reportedly translates to 83% of all eCommerce and the value of B2C eCommerce was $4.4 trillion. The highest B2C sales were registered by China, the United States, and the United Kingdom. Additionally, as of 2018 cross-border B2C e-commerce sales have been estimated to be in the order of $404 billion.
On the other hand, it is important to note that countries that are experienced rapid industrialization in recent times are witnessing an increased presence of online retailers that are facilitating the growth of the retail food segment besides factors like the rising middle-income group and the growing population of working women. In the case of China, contrary to the predecessors the current consumers are in search of the quickest swiftest, and the most convenient methods to meet their demands. This desire is being increasingly facilitated by the options of purchasing via mobile payment apps like WeChat Pay and AliPay. Conversely, organizations across the world are capitalizing on the data pertaining to individual consumer preferences which are derived from their data-centric operation model. In this way, organizations are equipped with the tool to better comprehend the varied segments of the consumers and appropriately target the concerned segment through the better placement of products which will in turn influence the marketing strategies to foster higher revenue returns and ensure repeat business. Due to the great extent of competition, innovations that are driven by data, retailers are increasingly inclined to integrate their brick & mortar stores and online portals with social media marketing platforms. Thus, with such magnitude of consumption, the degree of conscientious investment in oral hygiene is expected to be buttressed by the investments in dental implants, among others that would lead the surge in demand for dental biomaterials consequently leading to the growth of the market during the forecast period.
Wood Vinegar- an Important Part of Organic Farming
BlogWood vinegar, or pyroligneous acid, is an aqueous liquid which is produced from pyrolysis of biomass and lignocellulose waste. It is in liquid form and consists of several compounds that are produced as a by-product of the bio-char production process. On the basis of heating rate, the pyrolysis type is classified as slow pyrolysis and fast pyrolysis.
Wood vinegar has a unique smoky odor and is in light yellow to brown color, depending on the feedstock properties and pyrolysis type used for preparing it. In the recent past years, wood vinegar has been widely used for various applications in industries such as pharmaceuticals, food, and agriculture. Wood vinegar has several applications and can be used in a variety of ways, including as an ingredient in medicines, a deodoriser, an additive to animal feeds, a mordant in the dyeing process, a filter in sewage treatment, a facilitator in the fermentation process, and a raw material in various other industries. However, both farmers and agricultural researchers have started looking into the use of wood vinegar as a natural alternatives to synthetic chemicals for improving crop yields and controlling pests without harming the environment.
The use of wood vinegar is rapidly increasing in the agriculture sector, particularly in the organic agriculture segment, with a great number of toxic-chemicals being replaced by wood vinegar for various applications- to combat disease and pests, improve the quality of the final produce, stimulate plant growth, and accelerate the speed of plant germination. With the agricultural sector and crop production being constantly exposed to dynamic and unpredictable challenges, pest and insect protection and crop nutrition has become the most important and crucial aspects of farm management.
Crop nutrition and pest protection are most important and delicate aspects of farm management since the production of various crops is exposed to various unpredictable challenges. As levels greenhouse gases and global warming are constantly rising, pest and diseases are getting spread in crops at an alarming rate. This is supported by various studies; according to the study led by a team of researchers from the University of Colorado Boulder and the University of Washington, crop losses is estimated to be most acute in areas where warming or high temperature raises both population growth and metabolic rates of pests and insects. According to a 2016 study, an analysis of 1,300 known pathogens and pests estimated their potential cost to global agriculture at over US$40 billion annually if they continue to spread.
The burgeoning global population is leading to a rapid rise in food insecurity. The figure below shows the total population worldwide for the period 2010-19:
Global Population Data, in Billion, 2010 to 2019
Source: The World Bank Group
The world’s population has grown to 7.674 billion in 2019 from 6.922 billion in 2010 (source: World Bank Group). Crop losses due to pest and insect attacks is further piling up this growing food insecurity. As a result, the use of agrochemicals such as pesticides and fertilizers is growing rapidly. According to the World Health Organization (WHO), there are more than 1,000 pesticides that are used worldwide, ensuring the safety of food crops from pests and insects. Also, as per the Food and Agriculture Organization of the United Nations statistics (FAO), the global trade volume of pesticides surged from 10,230,567 tonnes in 2015 to 11,552,828 tonnes in 2018.
Global Trade Volume of Pesticides, in Tonnes, 2015 to 2018
Source: The Food and Agricultural Organization of the United Nations (FAO)
However, high usage of pesticides is not only dangerous to the human health but also to the major cause of death due to self-poisoning, especially in low- and middle-income countries. This is because pesticides are highly toxic and can easily spread in the environment. Farmers and agricultural workers are the most at-risk population as they apply pesticides and so, are in the direct exposure to these harmful chemicals. Also, many studies have also proved the link between pesticides and various diseases such as ADHD, cancer, Alzheimer’s disease, and even birth effects. These chemicals also throw the whole ecosystem off balance by polluting water sources and reducing the soil fertility.
The emerging popularity of organic farming is boosting the demand for natural pesticides and other chemicals and wood vinegar is one such natural substitute of those harmful chemicals. It is an excellent pesticide as well as fertilizer that helps elimination of pests, improves soil quality, and assist in the plant growth control. It is also used to increase the amount of fruits produced in orchards. As the consumers’ appetite for organically produced food is growing at a fast pace, farmers as well as governments are taking organic farming more seriously. According to the United States Department of Agriculture’s National Statistics Service, there were more than 14,000 certified organic farms in the country in 2016, representing a 56 per cent increase from 2011. In the European Union (EU), although organic agriculture currently represents only 6.7 per cent of the member states’ farmland and farmers are facing many challenges, the number is growing year on year, according to the Bioekspert, a certification body in organic farming. In 2018, the Organic Federation of Canada received the federal investment of upto $8.3 million by the Canadian Ministry of Agriculture and Agri-Food under the Canadian Agricultural Partnership. This investment aimed to help the country’s organic sector boost productivity through better soil fertility and health management as well as improve pest management while evaluating the environmental impact of organic farm practices. Hence, growing shift towards organic farming is one of the most promising areas for wood vinegar manufacturers to expand their position, thereby driving the market growth during the next five years.
ABOUT THE AUTHOR:
Anjali Joshi is a senior market research analyst at Knowledge Sourcing Intelligence. She oversees a team of analysts and is known for the quality of market intelligence she delivers to the clients which range from start-ups and Non-profit Organizations to Fortune 500 companies. Anjali’s keen understanding of international business and market dynamics, coupled with her years of experience working in this industry, allows her to analyse current and future trends across both global and clients’ target markets and help them in making informed decisions.
Silicon Fertilizer – Beneficial for Plant Growth
BlogSilicon fertilizer refers to that fertilizer which is made from silica. Silica is considered an essential ingredient for the enhanced growth of plants as it travels to the active growing points inside the plants and makes the cell walls of the plant stronger after complexing with organic compounds. The figure below represents the market size of the silicon fertilizer market, which shows the market reached US$1,327.992 million by the year 2025 from US$1,207.405 million in the year 2019.
Silicon Fertilizer Market, Forecasts From 2019 to 2025, in Us$Million
Source: Knowledge Sourcing Estimates
The market for silicon fertilizer is poised to witness a nominal growth over the course of the next five years. The major factors bolstering the market growth include the burgeoning requirements regarding the enhancement of the plant growth and improvement of plant resistance in abiotic stress conditions as silicon helps to improve it. The major factor playing a significant role in shaping up the silicon fertilizer market growth includes the growing impact of unfavorable climatic conditions in many parts of the world. Moreover, the market is also poised to witness a healthy growth on account of the growth initiatives regarding sustainable agriculture in both developed and developing economies of the world. Furthermore, environmental protection laws are forcing farmers to replace chemical fertilizers with sustainable silicon fertilizers, thereby positively impacting market growth. The rapid urbanization also plays a significant role in driving the demand for sustainable farming techniques arable land is shrinking as more and more people are moving to urban areas, thus the required arable land for the cultivation of crops is eventually decreasing. The population on the other hand is also increasing, this, in turn, is anticipated to augment the demand for food globally, hence projected to positively impact the demand for silicon fertilizers in the coming years, thereby propelling the business growth opportunities for the manufacturers over the next five years. Furthermore, companies are actively participating in the development and launch of new products to cater to the growing requirements of the end-users. For example, recently in January 2020, Rashtriya Chemicals & Fertilizers Ltd, a public sector undertaking based out of India announced the launch of its new product, soluble silicon fertilizer.
Urbanization
Accoding to the United Nations data, globally, the urban population is continuously rising, with around 55 per cent of the global population living in urban areas in 2018. Also, the urban population is projectd to reach to 68 per cent of the global population by 2050 from 30 per cent in 1950. In 2018, Northern America was the most urbanized region in the world, with 82 per cent urban population, followed by Latin America and the Caribbean Europe, Oceania, and Asia. On the other hand, Africa remained the rural region, with less than 45 per cent of its population living in urban areas. With increasing urbanization, there has been a change in lifestyle conditions along with the modification of the dietary patterns of people. Moreover, the amount of the arable land which is required for the cultivation of crops in order to feed the present and growing population base is declining on account of rapid expansion of urban cities and industrialization. This has eventually led to an increasing demand for sustainable farming techniques as the climatic conditions have changed drastically.
Arable Land (% of Land Area), 2000-2016, India,
Source: The World Bank Group
The figure above represents the arable land (% of land area) in India and Japan from the year 2000 to 2016 which states that in India it reached 52.625% by 2016 from 54.127% in 2000. Similalry, in Japan it reached 11.477% by 2016 from 12.274% in 2000 (Source: The World Bank Group).
The Growing Culture of Organic Farming
The market for silicon fertilizers is also poised to show growth on account of the constant increase in the organic farming culture especially in the developed regions around the globe such as North America and Europe among others. As the demand for sustainably grown food is increasing the farmers are also moving towards organic farming techniques, which is positively impacting the demand for silicon fertilizers as silicon is a natural element. As per the statistics from the IFOAM Organics International Statistics, in 2017 around 69.8 million hectares of land were organically managed and it increased to 71.5 million hectares by the end of 2018, also around 2.8 million organic farmers were reported for the same period as well. Thus, growing popularity of organic farming among farmers is another factor that is also augmenting the demand for silicon fertilizers, thus positively bolstering the growth of silicon fertilizer market during the forecast period.
Segment Overview:
The global silicon fertilizer market has been classified as product type, crop type, form, and geography. The segmentation of the global silicon fertilizer market by product type has been done as calcium silicate, potassium silicate, sodium silicate, and precipitated silicate. On the basis of crop type, the market has been segmented into turf grasses, horticultural crops, and field crops. By form, the market has been classified into solid and liquid. By geography, the global silicon fertilizer market has been segmented into major regional markets- North America, South America, Europe, Middle East and Africa, and Asia Pacific.
By crop type, the field crop segment is anticipated to hold a substantial market share throughout the forecast period due to the constantly growing demand for organic food and the growing organic farming culture in the major developed economies of the world.
Geographically, the North American region and European regions are anticipated to hold a substantial share in the market over the course of the next five years. The major factors that supplement the market growth in these regions include the constantly growing demand for organic food on account of the presence of a considerably large proportion of the health-savvy population. Furthermore, growing sustainable farming practices in many countries of the European region is also providing an impetus for the market to surge in the next five years.
Halal Cosmetics- Gradually Taking Over the Cosmetic Industry
BlogAs people are getting more aware about the harm caused by synthetic chemicals, organic, vegan, and eco-friendly are becoming common terms in the global cosmetics and personal care industry. However, there is another concept which is quite trending these days- Halal.
The issues of the ingredient used in cosmetics pose a serious situation and becomes a big question mark. Additionally, the demand of Halal today is not just focusing on food but also has been trying to capture other non-food product categories, especially nutraceuticals and cosmetics. Halal, an Arabic term, means ‘lawful’. Halal cosmetics are manufactured by using ingredients which are permissible according to the Islamic Sharia Law. That is, cosmetics which are Halal-certified do not contain ingredients obtained from animals which are prohibited by the Islamic Law. Halal cosmetics include creams, shampoos, lotions, and make-up that are free from any ingredient derived from non-Halal slaughtered animals. Halal cosmetics are also free from genetically modified organisms (GMO) since they are considered unclean. One common interpretation of Islamic law is that halal cosmetics must not contain any parts or substances of forbidden animals, such as dogs and pigs; must be handled with clean utensils; and must be made with materials and ingredients that are not harmful to humans.
Growing Inclination of Muslim Women Towards Premium Cosmetics and Personal Care Products
Muslim women are starting to get more confident in their preference of cosmetics and beauty products. As such, these style-savvy Muslim women are demanding Halal-certified cosmetic products so as to enhance their beauty and physical appearance. With people getting more and more aware about various ingredients being used in cosmetic product, the demand for halal cosmetics is rising, thereby driving the global halal cosmetics market growth.
In the past few years, cosmetic companies have started taking Muslim population into consideration as an important customer base. With rising disposable incomes and living standards, people are increasingly spending in expensive, premium beauty products. With the growing Muslim population at an unprecedented rate, there is more and more demand across Muslim consumers searching for Halal cosmetics and personal care products. Consequently, many beauty brands are rushing to get Halal certification for their products in order to capture this market potential in countries or regions where Muslim population is high.
Projected Percentage of Muslim Population, 2010 and 2030
Source: Pew Research Center
Emerging Popularity Among Non-Muslim Population
The demand for Halal cosmetic products today is rapidly increasing since the consumers are becoming more religious through knowledge and information regarding halal. As such, this calls for assurance that the Halal cosmetic product is not only safe to use and of high quality, but also is expected to be produced and processed in a manner that is safe for the environment.Halal cosmetics are also gaining popularity among non-Muslim population. Factors such rising inclination towards cosmetics made with ingredients that are not harmful for the human health as well as environment are fuelling the demand for halal cosmetics among non-Muslim consumers. Since Halal implies the safety and quality of ingredients and the manufacturing process, these cosmetics are increasingly used by people who want to wear makeup without harming their skin which is often caused by non-halal ingredients such as alcohol.
Untapped E-Commerce Industry
Booming e-commerce industry owing to the proliferation of smartphones and better internet connectivity is also pushing the demand for halal cosmetics across the globe as it makes easier for consumers to purchase halal-certified cosmetics online which are not available in their country in physical stores. Many organizations are keen on exploring untapped online sales platforms for Halal-certified products with the growing global Muslim consumer base. For example, Malaysia launched the first Shariah- and Halal-compliant e-commerce platform in 2016. The platform, with an investment of US$5 million, is run by the Aladdin Group of Companies and caters to both B2C and B2B communities across the Internet. The platform is also accessible via mobile applications globally.
Global Internet Penetration, Percentage of Population, 2012 to 2017
Source: The World Bank Group
Cosmetic Brands Capturing Lucrative Markets
Companies first need to capture the markets where Muslim population is high, for example, Indonesia, Malaysia, Vietnam, and the whole Middle East region. India is also a potential market for halal cosmetic manufacturers. According to a Pew Research Center study, India will surpass Indonesia to have the largest Muslim population of any country in the world by 2050. As such, companies like Iba Halal Care are offering various halal-certified products including lipsticks, shampoos, body lotions, and face creams to Indian consumers. The U.S.-based Amara Cosmetics is the first company in North America to offer halal-certified cosmetic products which are halal-certified by the Islamic Food and Nutrition Council of America (IFANCA), a non-profit halal certification organization. While the global halal cosmetics market is dominated by niche players, multinational companies are also dipping their toes in this potential lucrative market. Japanese cosmetics maker Shiseido obtained halal certification for its products in Vietnam in 2012. Global companies such as Unilever, Beiersdorf, and L'Oreal are selling halal products in Indonesia.
Non-Standardized Regulations Still a Hurdle
The difficulty level is high for cosmetic companies in terms of rules and regulations pertaining to the authenticity of a halal ingredient as they vary as per the countries. Halal cosmetics are usually approved by local or regional certification agencies to ensure that these products meet Islamic rules. In the United States and Europe, certification is often carried out by third parties since globally there is a lack of standardisation between bodies and regions. This is restricting cosmetic manufacturers to penetrate in the regions/countries where demand for halal cosmetics is growing tremendously. Thus, lack of global standardized set of halal-specific guidelines in the global cosmetic industry is leading companies fail to obtain an authentic halal certification in Muslim-dominant countries. Another difficulty faced by smaller cosmetic brands is the higher costs associated with developing and manufacturing halal cosmetic products since the narrower parameters make it more difficult for smaller halal brands to compete against big brands. Stricter regulations and standards make the cost of attaining certification more costly.
ABOUT THE AUTHOR:
Anjali Joshi is a senior market research analyst at Knowledge Sourcing Intelligence. She oversees a team of analysts and is known for the quality of market intelligence she delivers to the clients which range from start-ups and Non-profit Organizations to Fortune 500 companies. Anjali’s keen understanding of international business and market dynamics, coupled with her years of experience working in this industry, allows her to analyse current and future trends across both global and clients’ target markets and help them in making informed decisions.
Thin Wafer Market – Miniaturization of Electronic Devices Is Driving the Growth
BlogA thin wafer is semiconductor wafers that consist of diameters less than their standard thickness. The global market for thin wafers is poised to show a healthy growth over the next five years primarily on account of the miniaturization of electronic devices and the growing adoption of smartphones and wearable technology globally. The constantly growing disposable income and the rapid urbanization and industrialization in the major emerging economies of the globe such as India and China among others is further propelling the demand for electronics as well as other devices that further use semiconductors as major components.
Thin Wafer Market, Forecasts From 2019 to 2025, in US$Billion
Source: Knowledge Sourcing Intelligence Estimates
The figure above represents the market size of the thin wafer market from 2019 to 2025. The rising popularity of e-health coupled with the growing product launches by major players in the development and launch of new and enhances smart wearables is further propelling the business growth opportunities for the market players over the course of the next five years. the emergence of wireless technologies has led to the development of personalized healthcare systems. This evolution has resulted in the fast global adoption of wearable devices that aids in an uninterrupted transmission of health-related information to service providers. The communication between patient and doctor is clear and precise and is devoid of ambiguities. This is one of the factors which is furthering enabling the growth of wearable devices throughout the globe which is further augmenting the thin wafer market growth throughout the forecast period. Additionally, the growing adoption of semiconductor devices across several industry verticals that include IT and Telecommunications, automotive, consumer electronics and others is also positively impacting the market growth throughout the forecast period. Simultaneously, the growth of these industries is will also directly impact the demand for thin wafers during the next five years, thereby playing a significant role in shaping up the market growth throughout the forecast period.
Growing Automotive Industry
The automotive industry around the globe is on the verge of rising owing to the fact that there has been an increase due to the fact that the propensity of consumers to spend on comfort and luxury is increasing as the disposable income is increasing in many economies especially India and China. Furthermore, the growing middle-class population is also significantly driving the automotive industry throughout the globe. This combined with the increasing consumer expectations regarding the features and safety of the vehicles has led the automotive manufacturers to embed more and more features in the vehicles manufactured by them such as ABS, EBS, infotainment, and others. This further requires necessary electronic components for the proper functioning of these systems which further drives the demand for semiconductors for the automotive industry, thereby driving the market growth throughout the forecast period. Furthermore, the penetration of telematics solutions across the automotive industry coupled with the budding investments in electric as well as autonomous vehicles are also some of the additional factors supplementing the market growth during the next five years. The technology-based on telematics is rapidly emerging into the automotive industry. It is increasingly being seen as a way to increase road safety, improving driving behavior, and boost car insurance industry profitability. As a consequence, auto manufacturers are investing heavily in connected car technologies in order to provide customers with an advanced telematics system. As the vehicles are becoming more advanced and user-friendly, through the incorporation of technologies such as heads-up display and human-machine interface, the demand for semiconductors is poised to increase over the forecast period.
Globally Growing Consumer Electronic Industry
Consumer electronics comprising semiconductors includes smartphones, wearables, and cameras among other consumer electronics. The increased consumer spending on consumer electronics products due to the growing disposable income in many parts of the world is also positively impacting the market growth throughout the forecast period. Moreover, the major market players operating in the consumer electronics industry are further investing heavily in the R&D for enhancing the designs of numerous products and reduce the thickness such as smartphones, televisions, and others is also playing a significant role in shaping up the market growth over the next five years. The household final consumption expenditure is increasing globally which is also plays an important role in driving the demand for consumer electronics products. For example, according to the statistic from the World Bank Group, the household’s and NPISHs Final consumption expenditure reached US$48.362 trillion by the year 2018 from US$37.785 trillion in 2010. In addition, the expansion of distribution channels and the rapidly growing e-commerce industry has also led to an increase in purchase frequency of electronic products in both developed and developing economies of the world. Similarly, the logistics industry is expected to positively drive the market for thin wafers on account of the growing adoption of RF solutions across the logistics industry.
Households and Npishs Final Consumption Expenditure (Current US$), World, in Trillion
Source: The World Bank Group
Smart Labels – A Revolution for the Packaging Industry
BlogSmart labels as the name suggest are technologically integrated labels that incorporated with advanced features such as electronic article surveillance, QR Codes. The information regarding the product is stored in these labels and these labels enable the users to interact with them through their smartphones and other digital devices. With the help of these labels storekeepers, and various entities can protect their products as these labels can offer real-time tracking of the products thus further help in the prevention of the counterfeiting of the products as well. This further enables the retailers to efficiently manage the inventories at lower costs and thus improve their operational efficiency. This is also a key factor bolstering the demand for smart labels across various industries. Also, these labels help the marketers to analyze the behavior of the customers for the implementation of the right strategy for the right customers to tap the market potential. Another key factor that is acting as a catalyst for the market to grow in the coming years is the rise in the proportion of a tech-savvy population, especially in the developed economies of the globe coupled with a decent growth in the digitally literate population in the developing economies. Additionally, the strict regulations by the government of various countries with respect to the proper information of the product that has to be given on the labels of the products is also offering lucrative opportunities for the key market players to invest and the market and gain a competitive edge over other players.
Segment Overview:
The global smart labels market has been segmented on the basis of technology, end-user industry, and geography. On the basis of technology, the market has been segmented on the basis of electronic article surveillance (EAS), RFID, NFC, and electronic shelf label (ESL). By the end-user industry, the market has been segmented into healthcare, FMCG, transport and logistics, manufacturing, retail, and others. Geographically, the global smart labels market has been distributed into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
RFID to Hold a Considerable Market Share
On the basis of technology, RFID technology is projected to hold a considerable share in the market throughout the next five years. The major factor supporting the share of this segment in the global market is the wide adoption of this technology especially for inventory management purposes which further helps in the improves operational efficiency. Furthermore, the RFID systems also help in the prevention of thefts as well as counterfeiting as these offer real-time tracking of the products. The electronic article surveillance technology is expected to show a healthy growth throughout the forecast period on account of the growing adoption of this technology across the merchandise stores and libraries. Thus, significant growth in the number of libraries and merchandise stores around the globe is projected to propel the opportunities for the market to grow in the near future. The market for the electronic shelf label technology is anticipated to witness a healthy growth over the next five years on account of its adoption across various industries due to reduce the costs and improve efficiency as printing labels and pasting new labels for the products with dynamic pricing further adds up to the operating costs of the companies.
Healthcare Segment Is Projected to Show a Healthy Growth
By the end-user industry, the healthcare segment is anticipated to show healthy growth opportunities for the market to grow in the near future. The burgeoning adoption of technology across the healthcare sector of both developed and developing economies of the world. Various applications of smart labels in the healthcare industry include the tracing of medicines, blood samples, so the right medications should reach the right patients. The burgeoning investments in smart hospitals especially across the developed economies is further providing an impetus for the market to grow in the near future. Furthermore, the rising investments in the healthcare sector across various countries for the adoption of advanced technologies that are aimed towards the enhancement of patient care services and treatments is also playing a significant role in driving the smart labels market growth over the next five years. For instance, according to the data from the World Bank Group, the healthcare expenditure (% of GDP) in Brazil reached 9.467% by 2017 from 7.949% in 2010.
Current Healthcare Expenditure (% of GDP) – Brazil
Source: The World Bank Group
APAC to Show Promising Growth Over the Next Five Years
Geographically, the global smart labels market is projected to witness a healthy growth in the APAC region on account of the considerably large manufacturing base in countries like India, China, Vietnam, and South Korea among others. This, coupled with the growth of the manufacturing output across these countries will further supplement the market growth in the Asia Pacific region during the next five years.
Manufacturing, Value Added (Current US$) – China, India, South Korea, US$ Billion, 2010-2019
Source: The World Bank Group
Furthermore, the North American region is projected to hold a substantial share in the market throughout the forecast period. The major factor bolstering the significant share of the region is the presence of a considerably large share of digitally literate population coupled with the presence of well-established packaging industry. Furthermore, the presence of key market players in the region is further supplementing the growth in the region during the next five years.
Key Developments
· June 2020, Smartrac and Avery Dennison Corporation together announced the launch of their latest product offering, Circus Tamper Loop Pro inlays and tags that combine the tamper detection of products and also offer highly secure product authentication.
· February 2020, CCL Industries Inc., announced the acquisition of Clinical Systems Inc., which is a leading label producer that primarily serves the clinical trials industry in the United States.
February 2020, CCL Industries Inc., announced that it acquired a privately owned company Ibertex Etiquetaje Industrial S.L.U. and Eti-Textil Maroc S.a.r.l. AU. Eti-Textil, a label producer for the apparel industry in Spain.