Global Green Chemicals Market is expected CAGR of ~10% during the forecast period (2022-2028): Ken Research

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According to Ken Research Analysis, the Global Green Chemicals Market is expected to record a positive CAGR of ~10% during the forecast period (2022-2028) and is expected to reach nearly US$ 17 billion by 2028, owing to rising awareness regarding the sustainable products along with the scarcity of non-renewable resources.

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Key Growth Drivers

The rising concerns regarding the harmful impact of chemicals on the environment coupled with increasing awareness regarding green chemicals are anticipated to propel the growth of the global green chemicals market during the forecast period.

• The stringent government legislation and regulations supporting the use of biochemical such as bioplastics, bioethanol, and others along with growing concern regarding the depletion of fossil fuels vehicles is likely to propel the growth of the global green chemicals market.

The global green chemicals market faces challenges due to the lack of commercialization of bio-based products.

• The high cost of green chemicals and the availability of substitutes like synthetic chemicals at a much cheaper rate is also expected to restrict the market's growth.

The COVID-19 pandemic negatively impacted the green chemicals market due to the disruption in the supply chain. The lockdown leas to the temporary closure of manufacturing facilities and the lack of workers which resulted in limitations in production and complication in raw material procurement. These factors affected the sales of green chemicals.

Key Trends by Market Segment

By Type: The bio-alcohols segment held the largest share of the global green chemicals market by type in 2021, owing to the increasing use of bio-alcohols like bioethanol as an alternative fuel for spark-ignition engines of vehicles.

• The availability of abundant raw materials, rising crude oil prices, rapid urbanization, and increasing energy consumption are expected to fuel the demand for the global green chemicals market segment.

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By End-User: The industrial & chemical segment accounted for the largest share of the global green chemicals market in 2021, attributed to the growing urbanization and industrialization.

• The increase in chemical transparency across the supply chain along with increasing energy demand globally and a ban on the production and usage of hazardous substances is anticipated to aid the growth of the segment in the global green chemicals market.

By Geography: Europe region accounted for the largest share of the global green chemicals market in 2021, due to the presence of key players in the region and the rising adoption of green chemicals across different industries.

• The increasing focus on the production of green chemicals along with rising concerns regarding the impact of harmful chemicals on the environment, is expected to augment the growth of the region in the green chemicals market.

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Competitive Landscape

The green chemicals market is highly competitive with ~200 players that include globally diversified players, and regional players as well as a large number of country-niche players having their niche in green chemicals.

Regional players comprise ~35% of the total number of competitors, while the country-niche players comprise the highest of the total number of competitors. Some of the major players in the market include Cargill, Incorporated, Mitsubishi Chemical Group Corporation, BASF SE, DuPont, DSM, Evonik, Plantic, Bayer Material Science AG, Verdant Law, and Arkema, among others.

The leading global green chemicals companies such as Cargill, Incorporated, Mitsubishi Chemical Group Corporation, and BASF SE are highly focused on the research and development of green chemicals.

Recent Developments Related to Major Players

• In September 2022, BASF SE announced a partnership with RiKarbon Inc., a technology start-up based in the USA. The partnership focused on the R&D activities of RiKarbon Inc. for new green emollients from bio-waste for personal care formulations.
• In December 2021, Cargill, Incorporated acquired Croda’s bio-based industrial business for US$ 1.03 billion. The company aimed to expand its bio-industrial footprints to expand its greener ingredient solutions.

Conclusion

The global green chemicals market is forecasted to continue fast growth, primarily driven by the increasing demand for green chemicals in different industries and the scarcity of non-renewable resources. Furthermore, supportive government regulations for the use of green chemicals is expected to fuel the growth of the market. Though the market is highly competitive with ~200 participants, regional players control the dominant market share.

Note: This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for pre-booking clients, and the report delivered within a maximum of two working weeks.

Ken Research has recently published report titled, Global Green Chemicals Market Size, Segments, Outlook, and Revenue Forecast 2022-2028, market is segmented by type and end-user. In addition, the report also covers market size and forecasts for the four region's green chemicals market. The revenue used to size and forecast the market for each segment is US$ billion.

Market Taxonomy

By Type

• Bio-Alcohols
• Bio-Organic Acids
• Bio-Ketones
• Biopolymers
• Others

By End-User

• Industrial & Chemical
• Pharmaceuticals
• Food and Beverages
• Construction
• Others

By Geography

• North America (USA, Canada, Mexico)
• Europe (Germany, UK, France, Sweden, Italy)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia)
• LAMEA (Latin America, Middle East, Africa)

Key Players

• Cargill, Incorporated
• Mitsubishi Chemical Group Corporation.
• BASF SE
• DuPont
• DSM
• Evonik
• Plantic
• Bayer Material Science AG
• Verdant Law
• Arkema

New Zealand OPT Market is expected to record a positive CAGR of 5.8% during the forecast period (2021-2025): Ken Research

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1. Growing adoption of OPTs among consumers and increasing penetration of EV charging infrastructure driving the market growth.

The New Zealand Outdoor Payment Terminal market is growing at a steady rate over the past few years, supported by an increase in population in the country along with the rising popularity of electric vehicles and government initiatives such as zero-emission vehicles and EMV compliance law. Increasing adoption of contactless or near-field communications (NFC) technology for credit card payment along with groundbreaking technologies such as artificial intelligence (AI), internet of things (IoT) and other digital platforms are opening new possibilities in the market.

2. Additionally, the growing adoption of cashless & contactless payment for mobile payment systems is propelling the OPT Market in New Zealand.

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New Zealand Outdoor Payment Terminal market is a moderately concentrated market with Gilbarco Veeder-Root and Ingenico as the market leaders owing to the high market share on the basis of the installed base of OPTs; followed by other OPT providers such as NCR, Invenco and Compac in the market. Advanced retrofit POS systems, 5G-enabled devices and other new payment modes are expected to drive the New Zealand Outdoor Payment Terminal market in near future. Furthermore, the covid-19 outbreak has also considerably boosted the growth of the OPT market in the country owing to the rising trend of cashless transactions and work-from-home culture along with the inflow of new investments and new market entrants.

3. Technology advancements, increased internet penetration, and the impact of COVID-19 have all contributed to the Outdoor Payment Terminals market, and this trend is projected to continue and fuel the demand in the upcoming years.

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• Increased usage of smartphones, adoption of cloud-based solutions, and customers’ demand for quicker payment settlements are driving the growth of the market.
• The rapid adoption of wireless payment terminals by retailers, the rising popularity of EuroPay, MasterCard, and Visa (EMV) cards, and increasing e-commerce transactions will fuel the growth in cashless transactions in the region.
• The integration of intelligent algorithms to make quick payments at NFC-enabled terminals using smartphones, along with the untapped potential of emerging economies, is expected to offer lucrative opportunities to OPT solution providers.

4. Lack of manufacturing centres, Scale Disadvantages, Fraud and Skimming are a few of the challenges and bottlenecks faced in the New Zealand OPT Market.

• In New Zealand, while the consumption of Outdoor Payment terminal is increasing, advantages of scale are not available to domestic manufacturers, which has resulted in heavy imports and lowered the demand for local products in the country.
• The lack of hardware R&D infrastructure for OPTs in New Zealand has pushed manufacturers to rely on foreign hardware manufacturers for various components.
• The lack of manufacturing centres in the country restrains the growth of the market domestically, as major end users depend on outsourcing from banks and foreign market players to obtain OPT units.

Global UV LED Market is expected to reach a market size of ~US$ 1,100 million by 2028: Ken Research

UV radiation is a form of electromagnetic radiation or energy emitted by the sun and man-made sources such as phototherapy, welders, tanning beds, and solariums. Additionally, they are categorized into three categories: ultraviolet A (UV-A), ultraviolet B (UV-B), and ultraviolet C (UV-C). UV Light Emitting Diodes (LEDs) are a form of electromagnetic radiation that emits light in the ultraviolet (UV) spectrum at a higher frequency, which is used in a variety of applications, such as light curing, disinfection, military, plant factory (an indoor vertical farming system), exhaust gas treatment, gemological, and medical fields. The significant advantage of using UV LEDs is that they are environmentally friendly as they consume less energy, do not contain harmful mercury, and do not generate ozone.

According to Ken Research Analysis, the global UV LED market was valued at ~USD 350 million in 2017, it is estimated to be ~USD 600 million in 2022, and is expected to reach a market size of ~US$ 1,100 million by 2028 growing with a CAGR of 10%. The growth is primarily attributed to the increasing adoption of smart home devices across countries. The growing trend of horticulture and indoor farming in developing countries is also a major contributing factor to UV LED growth.

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Key Trends by Market Segment

By Product Type: The UV-A segment held the largest market share of the Global UV LED Market in 2021.

• The growth is primarily attributed to its low power consumption, the longest wavelength, deepest penetration, and allowing over 90% of UV radiation to pass through the earth's atmosphere.

For instance, according to World Health Organization (WHO), a government agency of the United Nations (UN), UV-A has a longer wavelength than UV-B and UV-C and accounts for approximately 95% of UV radiation reaching the earth's surface. The wavelengths covered by various types of UV radiation are classified below:

• UV-A (315-400 nm)
• UV-B (280-315 nm)
• UV-C (100-280 nm)
• In addition, such features increase the use of UV-A LEDs in curing applications including 3D printing, photolithography/photoresist, photostability, and other photochemical reactions, as well as forensic investigations like the examination of biological stains, untreated blood, and latent fingerprints at crime scenes.

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By Application: The disinfection/purification segment held the largest market share of the Global UV LED Market in 2021.

• The individuals growing inclination toward the consumption of intensely treated or purified water due to increasing cases of water-borne diseases, such as giardia, microbial, and legionella across countries, resulting in increased adoption of UV LED water purification systems. In addition, such systems help in the prevention of bacteria and other microbiological pollutants.
• For instance, in July 2022, National Sanitation Foundation (NSF), a U.S.-based non-profit organization devoted to product testing, inspection, and certification organization, stated that UV LED disinfection systems have the potential to destroy nearly 100% of waterborne disease-causing bacteria and viruses.

• The increasing government investments in water infrastructure, particularly following the outbreak of the COVID-19 pandemic, to endorse clean water and resilient infrastructure that publicizes community and environmental health, as well as its effects on individuals across countries, are driving demand for UV LEDs for disinfection/purification.
• For instance, in December 2021, the Government of Canada announced a USD 19.2 million joint funding investment in four projects in British Columbia to support drinking water and wastewater infrastructure.

By End User: The industrial segment accounted for the majority share of the Global UV LED Market in 2021.

• The growing demand for UV light therapy in the medical field for treating a variety of skin treatments/conditions such as psoriasis, eczema, vitiligo, and cutaneous T-cell lymphoma is supporting the demand for UV LEDs in the Industrial segment.

• Furthermore, UV radiation on skin spots typically has a strong effect that stimulates skin metabolism and improves the skin's strength, which can help cure skin diseases, such as vitiligo and pityriasis rosea, and therefore in the medical industry, UV treatment now has more application areas.

By Geography: North America accounted for the largest market share in the global UV LED market in 2021.

• The growth is primarily attributed to the increased investment and development of advanced technologies, particularly in economically robust countries, including the United States and Canada.

• The surging emergence of manufacturing advancement is expected to drive demand for more efficient and robust UV processes such as curing, printing, adhesives, and lithography.

For instance, in May 2021, the Richard King Mellon Foundation, a U.S.-based non-profit organization, granted USD 150 million to Carnegie Mellon University (CMU), a U.S.-based research institute, to support the construction of a new robotics innovation lab, and advanced manufacturing institute at Hazelwood Green.

• The Asia Pacific region is expected to grow at the fastest CAGR during the forecasted period (2022-2028), owing to the rising government initiatives to support the regional healthcare sector, particularly following the outbreak of the COVID-19 pandemic, with advancements in DNA analysis, protein synthesis, drug discovery, and vitamin analysis, all of which rely heavily on UV LEDs.

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Competitive Landscape

The Global UV LED market is highly competitive, with ~500 players, including globally diversified players, regional players, and a large number of country-niche players, each with their emerging deep-UV (DUV) chip-scale technologies due to significant advancement, as well as increasing interest in the development and deployment of disinfection systems using compact devices that emit in the deep-UV spectral band with wavelengths ranging from 200 to 280 nm. The industry's ongoing progress in chip-scale solutions for deep-UV light sources is expected to drive demand for UV disinfection in the forthcoming years.

Country-Niche players control about ~65% of the market, while regional players hold a share of ~25%. Some of the major players in the market include Koninklijke Philips N.V., Nichia Corporation, Nordson Corporation, Phoseon Technology, SemiLEDs Corporation, Seoul Semiconductor Co. Ltd., Crystal IS, Inc., Lumileds Holding B.V., L.G Electronic, Sensor Electronics Technology and among others.

Recent Developments Related to Major Players and Organizations

• In September 2022, Nichia Corporation, a Japanese chemicals company, announced that it will begin mass production of its new UV-C LED radiant flux in December 2022 to help target the inactivation and sterilization of multiple bacteria and viruses, precisely in industrial water and air applications.
• In May 2022, Fujifilm, a Japanese photography company, launched the Activ Hybrid LED UV retrofit system, to be installed on new presses or retrofitted to existing equipment by label and packaging converters. In addition, the system combines high-power, low-heat LED UV curing technologies with Fujifilm's ink expertise to strengthen label production on narrow web presses.
• In April 2022, Intertronics, a UK-based distribution company, launched its new range of LED UV curing flood lamps, namely the 'DymaxBlueWave FX-1250 LED UV Curing Flood Lamp,' which can cure LED matched UV curable adhesives, coatings, and inks with high uniformity, irradiances UV light.
• In March 2022, Roland DG Corporation, a Japanese company that provides digital printing solutions, announced the introduction of a new 4-color UV-LED flatbed printer named 'EU-1000MF' to its existing EU series.
• In January 2021, Canon, a Japanese manufacturer of optical, imaging, and industrial products, collaborated with Plockmatic, a Japanese manufacturer of a wide range of document finishing and feeding systems, to create a new high-speed UV LED coating solution for Canon varioPRINT iX-series printers.

CONCLUSION

The  Global UV LED Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 is forecasted to continue an exponential growth that is witnessed since 2017. The major driving factors contributing to the expansion of UV LEDs is increasing prevalence of water-borne diseases across countries, along with the Increasing government energy-saving policies, and strategies. Though the market is highly competitive with around ~500 participants, few country-niche players control the dominant share and regional players also hold a significant share.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients and report delivered within maximum 2 working weeks.

Market Taxonomy

By Product Type      

• UV-A
• UV-B
• UV-C

By Application          

• Light/UV Curing
• Medical Field
• Disinfection/Purification
• Counterfeit Detection

By End User

• Healthcare
• Residential
• Industrial
• Commercial

By Geography

North America

•  U.S.
•  Canada
•   Mexico

Europe

• Germany
• UK
• France
• Italy
•  Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

LAMEA

•  Latin America
• Middle East
•  Africa

Key Players  

• Koninklijke Philips N.V.
• Nichia Corporation
• Nordson Corporation
• Phoseon Technology
• SemiLEDs Corporation
• Seoul Semiconductor Co. Ltd.
• Crystal IS, Inc.
• Lumileds Holding B.V.
• L.G Electronics
• Sensor Electronics Technology

Global Discrete Semiconductor Market is expected to grow further to a size of around US$55 Billion by 2028: Ken Research

 Unlike an integrated circuit, discrete semiconductors are expected to perform a singular electronic function. Usually, discrete semiconductors are used in constructing circuits that can withstand considerable voltage load or current stress. They also help realize basic circuit functions. Rather than being built on a single semiconductor substrate with other components, discrete semiconductors have circuits built out of singular semiconductor units, connected together on a circuit board or terminal strips.

The Global Discrete Semiconductor Market is estimated to have grown to a size of nearly US$35 Billion in 2022 from approximately US$25 Billion in 2017. The market is expected to grow further to a size of around US$55 Billion by 2028 at a CAGR of around 7% for the forecasted period of 2022-2028.

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• Growth in the automotive market, especially in the Electric Vehicles segment, is seen as one of the major reasons for the surge in the demand for discrete semiconductors. According to reports published by the International Energy Agency (IEA), consumers across the globe spent nearly US$250 billion on Electric Vehicle purchases in 2021. Growth in the sales of EVs led to a sharp increase in end-use investment in electrification, which accounted for more than 65% of total end-use investments in the transport sector in 2021 and was estimated to cross 74% in 2022.
• Such high levels of growth in EVs and electrification have led to a spike in the sales of discrete semiconductors that aid in developing autonomous vehicle technology, regenerative braking systems, sensors & cameras, advanced driver assistance systems (ADAS), etc. Discrete semiconductors have also proven effective for components that are conducive to extreme voltages and environmental conditions.
• The increasing demand for efficient electronic devices is also driving the growth in the market of discrete semiconductors. According to an IEA report, buildings are responsible for around one-third of the world’s total final energy consumption. IEA also estimates an annual growth of 0.8% in household energy demand from 2016 to 2040.
• Such growth in energy consumption calls for efficient power management systems at the level of individual/household consumption. Examples of such smart devices include speakers with voice control, sensor-based, wearable activity trackers, smart camera-equipped doorbells, or self-driving cars. Power management systems, required to run such smart and efficient devices, require discrete semiconductors as switching devices and rectifiers that can convert electrical signals or change the voltage or frequency of an electrical current as and when required.
• Despite consistent growth in total market size, discrete semiconductors still constitute less than one-fifth of the global semiconductors market. As per the numbers published by industry publication IC insights in February 2022, the combined sales of Optoelectronics, Sensors/Actuators, and Discrete (O-S-D) accounted for only 17% of the world’s total semiconductor market in 2021. Integrated circuits come with a host of advantages over discrete semiconductors. For instance, the physical size of ICs is significantly lower than that of the discrete circuit. Resultantly, the weight of an IC is also less and consumes less power.
• In the initial days of the Covid pandemic, the semiconductor market, like many other industries, suffered from supply chain disruptions, frequent lockdowns, government restrictions on transport, unavailability of raw materials and labor, etc. However, the market started stabilizing in the second half of 2020 and the sales started crossing expectations during the 2021 global economic rebound, showing healthy signs of recovery from shortages, restricted supplies, and higher prices.

Key Trends by Market Segment

By Type:  Transistors segment held the largest share of the Global Discrete Semiconductors Market in 2021. Transistors can be of many types, including MOSFET, IGBT, and Bipolar transistors. MOSFET or Metal Oxide Semiconductor Field Effect Transistors are the leading sub-segment within the transistor segment. IGBT stands for Insulated-Gate Bipolar Transistors.

• According to an industry report published in 2021 by the Semiconductor Industry Association, semiconductors can be packed with up to tens of billions of transistors on a piece of silicon that is not more than the size of a quarter. Microprocessors, forming the core of a digital computer’s Central Processing Unit or CPU, may contain up to 40 billion transistors.
• Diodes can also be of different types, including Switching diodes, Zener diodes, ESD Protection diodes, and Variable-Capacitance diodes. Rectifiers, converting alternating current into direct current, are also special types of diodes. Rectifiers could be general-purpose or high-speed.
• Vishay Intertechnology, Inc., one of the notable players in the semiconductor industry, introduced two new diode varieties in September 2022 to augment its position in the discrete semiconductor segment. The newly launched diodes were short-wavelength ultraviolet-emitting ones that came in ceramic and quartz-based packages.
• These diodes are equipped to offer DC forward current up to 300 mA and forward voltage down to 5.2 volts at a wavelength range between 265nm and 280nm. These diodes are expected to be used in sterilization devices required for earbuds, water bottles, refrigerators, air purifiers, medical instruments, coffee machines, ATMs, and vacuum cleaners. Industries benefitting from these diodes would include the medical, industrial, and consumer sectors.
• The Thyristors are four-layer devices with alternating P-Type and N-Type semiconductors (P-N-P-N). Usually equipped with three terminals – positive, negative, and control terminal – a Thyristor helps control electric power and current as a switch. Thyristors come with the capacity to protect circuits with large voltages (up to 6,000 volts) and currents (up to 4,500 A).
• A discrete semiconductor module is one that offers designated tools to analyze semiconductor device operations, including the simulation of a range of devices, such as bipolar transistors, MOSFETS, IGBTs, etc.
• The combined market of Optoelectronics, Sensors & Actuators, and Discrete Semiconductors – popularly referred to as the O-S-D market, discrete semiconductors have successfully managed to keep their share consistent through the years, almost one-third of the market from 2015 to 2021. This consistent demand is a result of the steadfast demand for power transistors, diodes, and many commodity devices.

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By Component: The Memory Devices segment held the largest share of the discrete semiconductor market, component-wise.

• Discrete semiconductor memory devices are deployed in many consumer electronic devices that have a consistently growing demand, including desktop computers, laptops, tablets, and smartphones. Discrete semiconductor memory devices can either be volatile or non-volatile. Examples of volatile memory storage include RAM or Random Access Memory, which lose stored information as and when power is removed. Non-volatile memories, on the other hand, can retain their stored information even if the power is removed.
• The demand for discrete power devices has also been on the rise. In order to cater to this demand, Hitachi, one of the significant players in the market, restructured its power semiconductor business in 2013. Hitachi first transferred its design, manufacturing, quality assurance, sales, and other operational capabilities to Hitachi Haramachi Electronics Co., Ltd., and subsequently changed its name to Hitachi Power Semiconductor Device, Ltd. The entity now designs, manufactures, and sells discrete devices, including IGBT modules, diodes including rectifiers, fast recovery, Zener, surge, suppressors, and high-voltage diodes.

By Application: The Consumer Electronics segment is estimated to occupy the largest chunk of the discrete semiconductor market, followed closely by Automotive.

• High demand from the consumer electronics segment is driven by the need for discrete semiconductors in portable electronics products, wearable and gaming devices, products for smart homes, etc. In the Automotive industry, discrete semiconductors are deployed in regenerative braking systems and developing autonomous vehicle features, while the industrial application includes efficient and energy-saving security and lighting systems for large physical infrastructure.
• Also, a substantial increase in the number of people working from home offices and home set-ups is driving growth in the networking and communication segment. Among other industries, discrete semiconductors find applications in healthcare facilities, hotels and restaurants, ATMs, and more.
• To keep up with the growing demand for discrete semiconductors, Toshiba Electronic Devices & Storage Corporation decided to construct a 300-millimeter wafer fabrication facility at its discrete semiconductor product base in Ishikawa, Japan.
• Toshiba expects the expanded facility to help in more than doubling its existing power discrete semiconductors production capacity. The expansion commenced in February 2022 and the start of phase 1 production is expected to happen within the fiscal year 2024.
• With the increasing adoption of Electric Vehicles, the demand for regenerative braking is also witnessing a surge, resulting in demand growth for discrete semiconductors. Regenerative braking utilizes energy wasted during the slowing down of a car to recharge EV batteries. Resultantly, regenerative braking systems reduce energy consumption in vehicles.
• A scientific study showed that vehicles with regenerative braking features have a 95% probability that their energy consumption would be in the range of 144-147 Wh/Km. In vehicles that do not have regenerative braking, the energy consumption hovers between 153 and 156 Wh/Km.

By Region: The Asia Pacific is estimated to be the largest geographic region in the discrete semiconductor market. Moreover, it is also expected to be the fastest-growing market in the forecasted period of 2022-2028.

• The Asia Pacific region leads the market for a variety of reasons, including the presence of semiconductor manufacturing facilities in China, South Korea, Taiwan, and India, significant growth in the automotive industry in the region, positive flow of investments in developing advanced AI-based semiconductors, vast presence of portable and wireless manufacturing facilities, and low cost of labor.
• North America is also considered to be a significant geographic region for the discrete semiconductor market driven by the notable presence of the automotive industry players in large numbers and the regional expertise in research, design, and manufacturing of semiconductors, especially for those that are optimized for high-temperature applications.
• According to reports published in November 2021 in the well-known industry publication Semiconductor Engineering, China is investing heavily in power semiconductors, used in cars, computers, and other types of industrial products.
• Wingtech Technology, a semiconductor and communications product company based in Hong Kong, announced an investment of nearly US$2 billion to build a 300 mm power semiconductor fab in Shanghai in early 2021.
• According to a whitepaper-based report published by the Semiconductor Industry Association, nearly 23,000 new semiconductor companies were established in China in 2020 alone, a nearly 200% rise in comparison with the 2019 numbers.
• According to another industry report published in December 2021, there were more than 100,000 semiconductor and circuit manufacturing employees in the US, a number that is expected to rise by 70,000 to 90,000 new jobs to be added soon.

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Competitive Landscape

The Global Discrete Semiconductor market has nearly 100 players, including globally diversified players, regional players, and country-niche players having expertise in addressing specific technological needs relating to one or multiple specific sub-segments.

Large global players constitute ~25% of the market in terms of the number of competitors, while regional players represent largest number of competitors. Some of the major players in the market include ABB Limited, ON Semiconductor Corporation, Infineon Technologies AG, STMicroelectronics NV, Toshiba Corporation, NXP Semiconductors, Diodes Incorporated, Nexperia, D3 Semiconductor, Eaton Corporation, Hitachi Ltd, Mitsubishi Electric Corporation, Fuji Electric Corporation, Taiwan Semiconductor Manufacturing Company Ltd., and Vishay Intertechnology Inc. among others.

Recent Developments Related to Major Players

• In Mid-December 2021, STMicroelectronics introduced a family of GaN power semiconductors under its STPOWER portfolio. These newly launched family of products are capable of notably reducing the consumption of power and facilitating slimmer designs for a variety of end-use consumer electronics products, such as chargers, external power adapters for PCs, LED-lighting drivers, and power supplies to be used inside televisions and other home appliances.
• In August 2022, Toshiba introduced its3rd generation silicon carbide (SiC) MOSFETs, capable of delivering low on-resistance and reducing switching loss. Toshiba is dedicated to coming up with more such products in the future as part of its commitment to help realize a carbon-free economy with high-performance power devices.
• In April 2022, Nexperia added to its existing lineup of discrete components that came in leadless DFN packages with side-wettable flanks. The company expects, owing to their space-saving features and resilience, these components would help meet the demands of next-gen smart and electric vehicles.

Conclusion

The Global Discrete Semiconductor Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 is expected to grow at a steady pace of ~7% during next 6 years and reach a revenue of ~US$55 Bn by 2028, owing to its applications in the consumer electronics and automotive markets. While the demand for high-energy, low-power devices would drive growth from the consumer electronics part of the market, increasing electrification and automation requirements in vehicles would fuel demand from the automotive category. Uses in the medical industry, construction industry, and lighting industry, in general, would also contribute to the growing demand for discrete semiconductors. There are nearly 100 competitors but regional players comprise the largest number among them.

Market Taxonomy

By Type         

• Diodes
• Transistors
• Thyristor
• Modules
• Others

By Components       

• Memory Devices
• Logic Devices
• Discrete Power Devices
• Others

By Application

• Networking and Communication
• Automotive
• Consumer Electronics
• Industrial
• Others

By Region     

North America

• USA
• Canada
• Mexico

Europe

• Germany
• UK
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• Indonesia
• Australia
• Rest of Asia Pacific

LAMEA

• Latin America
• Middle East
• Africa

Key Players  

• ABB Limited
• ON Semiconductor
• Infineon Technologies
• STMicroelectronics NV
• Toshiba Corporation
• NXP Semiconductors
• Diodes Incorporated
• Nexperia
• D3 Semiconductor
• Eaton Corporation
• Hitachi Ltd
• Mitsubishi Electric Corporation
• Fuji Electric Corporation
• Taiwan Semiconductor Manufacturing Company Ltd.
• Vishay Intertechnology Inc.

Global Disposable Gloves Market is expected to reach a size of US$15 billion by 2030: Ken Research

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The Global Disposable Gloves Market is expected to record a positive CAGR of nearly 6% during the forecast period (2022-2030). The market was estimated to be the size of US$7 billion in 2019 and US$10 billion in 2022. It is expected to reach a size of US$15 billion by 2030.

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Key Growth Drivers

• According to the World Health Organization’s 2021 report on Global Health Expenditure, global spending on health more than doubled in real terms from 2000 to 2019, reaching US$8.5 trillion in 2019, equivalent to 9.8% of global GDP.

According to the healthcare industry publication Pharmaceutical Technology, the spending was expected to go further up to US$8.8 trillion in 2021. Increased investment in improving the public healthcare system boosted the market for protective medical equipment, such as disposable gloves.

• The Asia Pacific region is expected to grow fastest in the forecasted period due to the large number of players operating in the region. As per the Malaysian Institute of Chemistry’s August 2022 report, 65% of the global output of rubber gloves will be produced in Malaysia in 2022, followed by 20% in China, 10% in Thailand, and 3% in Indonesia.
• Since the disposable gloves market was boosted by the COVID-19 outbreak, it started decelerating with the fading away of the intensity of the pandemic. For instance, Top Glove, one of the major leading manufacturers of gloves in Malaysia reported sales of US$0.32 billion during the third quarter of FY22, down 64% from US$0.91 billion reported last year. With the Covid19 pandemic slowing down, the market for gloves and protective equipment is consolidating and expected to harm the growth of the disposable gloves market.
• Covid19 pandemic had a positive impact on the disposable gloves market. Rubberex, one of the key manufacturers of disposable gloves, mentioned in its annual report for FY21 that sales volume growth for nitrile disposable gloves saw an increase of 23.6% from 2020 to 2021, with approximately 1.2 billion pieces sold versus 970.5 million pieces in 2020. Also, the average glove selling price increased from US$53/1000 pieces to US$73/1000 pieces from 2020 to 2021. Rubberex completed the acquisition of 2 parcels of leasehold land located in Perak, Malaysia, for the construction of a new nitrile disposable gloves production plant. This plant is capable of producing a combined capacity of up to approximately 7.5 billion pieces of nitrile disposable gloves per annum. Several other companies are expanding their manufacturing plants to cater to the demand of various end-user industries.

Key Trends by Market Segment

By Product:  Nitrile holds the largest share of the Global Disposable Gloves market.

• Nitrile is a synthetic rubber material that is commonly used as the base material for disposable gloves.
• Nitrile gloves are in the market for a long time. Yet, declining prices and potential application in multiple new industries make it a potentially high-reward investment opportunity for the future.

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By Form: Powder-free gloves tend to be stronger than powdered gloves. Powdered gloves contain a corn-starch powder that may result in allergies or sensitivity.

• Powdered-free gloves are strongly suited for manufacturing industries, food industries, chemicals, and others.
• Studies show that powdered free gloves held approximately 75% of the market in 2021 and would continue to dominate the disposable gloves’ form segment.

By Application: The surgical segment holds the largest market share by application in the Global Disposable Gloves Market as the number of surgeries is increasing worldwide.

• Increasing Covid19 infections also led to a surge in surgeries. For instance, the total number of procedures done in 2020, in Germany alone, was 858,553, while in Korea 702621 surgeries were conducted.
• Examination disposable gloves are expected to grow in the forecasted period, because of their growing use in various industries, including food processing, chemical, automotive, etc.
• According to data provided by Lancet, nearly 313 million surgical procedures were conducted globally in 2012. The Global Surgery 2030 report, published by the Lancet Commission on Global Surgery, showed that there could be 5,000 procedures per 100,000 population in 2030, resulting in nearly 430 million surgeries worldwide.

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By End-User: Medical and Healthcare industries are the foremost end users of disposable gloves. Disposable gloves are used to prevent cross-contamination between patients and doctors. Since these disposable gloves are one-time usable, they should be dumped after surgical procedures and recycled again.

• Medicals remain the prominent end-user for disposable gloves and hold the major chunk of the market.
• However, as the gloves are getting upgraded as per evolving market demands, it is possible that non-medical end users also become important buyers for the gloves industry.

By Geography: North America accounts for the largest share of the Global Disposable Gloves market. The Asia Pacific region is expected to be the fastest-growing in the forecasted period.

• The Asia Pacific region is expected to be the fastest-growing region among others. The surge is expected to be driven by the presence of large glove manufacturing players in the region and developing economies. In the rubber gloves segment, Malaysia holds the major chunk of the market with 51% of the global share.
• Opportunities in the North American market are driven by the awareness among people regarding infectious viruses, and diverse precautionary measures adopted by national governments. In 2020, the United States ranked as the top net importer with US$455 million worth of rubber surgical gloves.
• As per the World Integrated Trade Solutions (WITS) data, Europe imported nearly 142 million KGs of gloves in 2019. As per EU stats, general government spending in the EU on health amounted to US$1,069 billion, 8% of Europe’s GDP in 2020.
• Latin America Middle East and Africa markets are expected to grow gradually and consolidate in the near future.

Competitive Landscape

The Global Disposable Gloves market is highly competitive with ~200 players which include globally diversified players, regional players as well as a large number of country-niche players having their own niche in disposable gloves, delivering to healthcare and non-medical industries. Most of the country-niche players are dealing in the manufacturing of gloves as a single segment.

Large global players control about 40% of the market, while regional players hold the second largest share. Some of the major players in the market include Ansell Ltd, Hartalega, Top Glove Bhd, Rubberex, Kossan Rubber Industries, Cardinal Health Inc, Sempermed, Sri Trang Gloves, Care Plus, Supermax Corporation Berhad, Synthomer Plc, Comfort Rubber Gloves Industries, and others.

The leading global disposable gloves specialist companies such as Ansell, Hartlega, Top Gloves, and Rubberex are highly focused on providing a full segment of gloves for multiple solutions and for multiple end users.

Recent Developments Related to Major Players

• In March 2022, American Nitrile, LLC, announced a strategic partnership with Orion Infrastructure Capital (OIC) to construct its manufacturing facility in Grove City. Under this agreement, OIC will provide US$105 million to support the completion of 12 production lines with an aggregate capacity of 3.6 billion nitrile gloves per year.
• In March 2021, Hartalega Holdings Bhd announced its plans to invest US$1.7 billion to build 16 new manufacturing plants over the next 20 years. Hartalega currently operates with 12 manufacturing units and aims at increasing the annual production of gloves by 95 billion by 2027.
• In the FY21 annual report, Ansell Ltd. mentioned a US$80 million investment over the next three years in a new Greenfield manufacturing site in Tamil Nadu, India, with a focus on surgical and life science gloves for the Indian domestic market and export.

Conclusion

The Global Disposable Gloves Market witnessed accelerated growth during the 2019-2021 period, primarily driven the by Covid19 virus, growing awareness among people about infectious diseases, and public health initiatives. Although the growth rate is expected to come down in the forecasted period, the use of disposable gloves is anticipated to remain strong as multiple industries are adopting precautionary measures. Though the market is highly competitive with ~200 participants, few global players control the dominant share and regional players also hold a significant share.

Note: This is an On-Demand/Planned report, so the figures quoted here for market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients and report delivered within a maximum of 2 working weeks.

Ken Research has recently published report titled, Global Disposable Gloves Market Size, Segments, Outlook, and Revenue Forecast 2022-2030, Market is segmented by Product, Form, Application, and End User. In addition, the report also covers market size and forecasts for the region's four major Regions' Disposable Gloves markets. The revenue used to size and forecast the market for each segment is USD billion.

Market Taxonomy

By Product

• Latex
• Nitrile
• Vinyl
• Neoprene
• Polyethylene

By Form

• Powdered
• Powder-Free

By Application

• Medical
• Surgical
• Examination
• Clean Room

By End-User

• Hospitals
• Clinics
• Surgical Centers
• Non-Medical

By Geography

• North America (USA, Canada, Mexico)
• Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, India, Indonesia, Australia, Rest of Asia Pacific)
• Latin America Middle East, and Africa (LAMEA)

Key Competitors

• Ansell Ltd
• Hartalega
• Top Glove Bhd
• Rubberex
• Kossan Rubber Industries
• Cardinal Health Inc
• Sempermed
• Sri Trang Gloves
• Care Plus
• Supermax Corporation Berhad
• Synthomer Plc
• Comfort Rubber Gloves Industries

Global Wax Market and is expected to reach a market size of US$ 14 billion by 2028: Ken Research

 Wax is a broad category of organic compounds that are lipophilic and bendable solids at room temperature that tend to melt at a higher temperature. It includes lipids and higher alkanes that are insoluble in water but soluble in nonpolar, organic solvents.  Wax is generally derived from petroleum and bio-based resources which are extracted from crude oil refining. These materials include base oil, natural gas, compounds like polyethylene, plants, and the skin of animals. Wax has applications across paints, bundling, hardware, electrical, ink and coatings, elastic, pharmaceuticals, and beautifying agents.

According to Ken Research Analysis, the Global Wax Market was valued at US$ 5 billion in 2017. Furthermore, owing to the growing demand for wax in various industries for its superior properties like high gloss acting as water and chemical resistance, it is estimated to be US$ 10 billion in 2022 and is expected to reach a market size of US$ 14 billion by 2028 growing with a CAGR of 5%.

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Key Trends by Market Segment

By Product Type:  The petroleum and mineral wax segment held the largest market share in 2021 of the Global Wax Market according to Ken Research analysis.

• The growth is primarily attributed to the growing demand for petroleum and mineral wax from different end-user sectors such as lighting, packaging, cosmetics, pharmaceutical, and coatings.
• Petroleum and mineral wax have widespread availability, low cost, ease of manufacturing, and catering to the need of various end users are driving the growth of the petroleum and mineral wax market.
• China’s National Development and Reform Commission, stated that the domestic sales of apparel and knitwear stood at around US$ 172.4 billion for the first 11 months of 2019, which represents a growth of about 3% Y-o-Y over the same period in 2018, hence leading to increase in demand for petroleum and mineral wax.

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By Application: The candle segment held the largest market share in 2021, owing to the growing demand for aromatherapy through scented candles.

• The use of candles has become a critical household essential, for relaxation, stress reduction, and home decor. The increasing number of distribution channels such as decor, mass merchandise stores, and e-commerce platforms aided the demand for candles worldwide. Candles are considered the most appropriate gifts for Christmas, birthdays, housewarming parties, and others and thus are always in higher demand during the festive seasons.
• According to European Candle Manufacturers Association approx. 140 tons were exported in 2021 as compared to 124 tons in 2020.

By Geography: Asia Pacific is expected to account for the largest share among all regions within the total wax market, during the forecast period 2022-2028

• The growth is primarily due to the rising living standards and increasing industrialization, specifically in countries like China and India. The low labor, raw material, and operational costs are also major factors propelling the growth in the Asia Pacific region. The region’s usage of cosmetic and personal care goods is expanding owing to the result of increased attention on personal appearance, and an aging population.
• China is one of the largest producers, consumers, and importers of wax, and India is one of the largest producers of beeswax in the world. India has the potential to keep 200 million bees council capable of producing over 15 kilotons of beeswax, according to the Economic Advisory Council Beekeeping Development Report 2019.

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Competitive Landscape

The Global Wax Market is highly competitive with ~350 players which include globally diversified players, regional players as well as a large number of country-niche players each with their niche in candle manufacturing, plastic, and rubber, adhesive, cosmetic, and pharmaceutical products. Large global players constitute ~10% of competitors, while regional players represent the second largest number of competitors. Some of the major players in the market include Sasol Ltd., BASF SE, Exxon Mobil Corporation, Sinopec Corp, Holly Frontier Corporation, Royal Dutch PLC, Honeywell International Inc., Baker Huges Company, Mitsui Chemicals Inc., Nippon Seiro Co., Ltd, China National Petroleum Corporation, BP PLC., and among others.

Conclusion

The Global Wax Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 is forecasted to continue positive growth during the forecast period primarily driven by the growing demand for wax in various industries because of its superior properties like high gloss, water, and chemical resistance. Though the market is highly competitive with approximately 350 participants, few global players control the dominant share and regional players also hold a significant share. The market size is estimated to be US$ 10 billion in 2022 and is expected to reach a market size of US$ 15 billion by 2028 growing with a CAGR of 5%. Asia Pacific is the dominating region, owing to the rising living standards and increasing industrialization.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.

Market Taxonomy

By Product Type      

• Petroleum and Mineral Wax
• Paraffin Wax

 Microcrystalline Wax

• Synthetic Wax
• Gas to Liquid Wax

  Polymer Wax

• Natural Wax
• Beeswax
• Vegetable Wax

By Application

• Candles
• Packaging
• Wood & Fire Logs
• Plastic & Rubber
• Adhesive
• Cosmetics
• Pharmaceuticals
• Others (Rheology, Soap wax, Floor Polishes)
• North America

By Geography          

USA

• Canada
• Mexico

Europe

• France
• Italy
• Germany
• Spain
• UK

Asia Pacific

•  China
• India
• Japan

South Korea

•  Australia
• LAMEA
• Latin America
• Middle East
• Africa

Key Players  

• Sasol Ltd.
• BASF SE
• Exxon Mobil Corporation
• Sinopec Corp
• Holly Frontier Corporation
• Royal Dutch PLC
• Honeywell International Inc.
• Baker Huges Company
• Mitsui Chemicals Inc.
• Nippon Seiro Co., Ltd
• China National Petroleum Corporation
• BP PLC.

Global Eyewear Market Size, Segments, Outlook, and Revenue Forecast 2022-2028: Ken Research

 The Global Eyewear Market is expected to record a positive CAGR of ~6% during the forecast period (2022-2028) and is expected to reach approximately US$ 180 billion by 2028.

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Key Growth Drivers

Increasing adoption of luxurious accessories among millennials, surge in visual impairment among children, and increasing geriatric population is positively impacting the market

• It is predicted that the rise in the geriatric population would accelerate the expansion of the eyewear market over the forecast period. Risks of eye issues and diseases are increasing among the elderly population as individuals live longer which is evident in both developed and developing countries. Like, myopia and hypermetropia in older adults are expected to rise, which will propel market expansion. As the use of multifocal lenses among the elderly population has increased over time, this development is predicted to further fuel the expansion of the eyewear market.

The increasing availability of cheaper products, limited awareness regarding eyesight problems, and stigma around wearing glasses limits the market growth

• In low and low-middle-income countries, demand for eyeglasses is an underfunded zone as a smaller number of individuals are aware of their poor vision and seek treatment. In actuality, despite a firmly established supply in a region, the demand for glasses is still low since there is less knowledge of vision problems, the therapies that are accessible, and the level of acceptability of the eyeglasses on the market.

The COVID-19 pandemic's emergence has also had a favorable effect on the market. People spent more time on cell phones, laptops, and desktop computers as a result of the adoption of remote working models and online learning because of the lockdown constraints. Longer screen time encouraged consumers to purchase anti-fatigue and vision correction eyewear, which helped the Eyewear Market boost sales of anti-fatigue and blue light-canceling lenses.

Key Trends by Market Segment

By Product: The spectacles product segment held the largest market share in the Global Eyewear Market in 2021.

• The expansion of the spectacles segment can be attributed to higher consumer demand for the products brought on by the rising incidence of computer vision syndrome (CVS). This is mostly because more people use mobile phones and digital devices worldwide. The use of anti-glare and anti-fatigue glasses has been prompted by the rise in cases of CVS among youngsters due to the growing trend of online learning, particularly during the pandemic. Additionally, the demand for spectacles has increased as clear and colorful translucent glasses gain in popularity.
• The contact lenses market is expected to experience a high growth rate in the coming years. With the introduction of light-adaptive and multifocal toric lenses, it is anticipated to experience rapid growth in the ensuing years. These contemporary lenses adapt fast and seamlessly to various lighting situations, which lessens the irritation and dryness that contact lenses frequently cause. The continued study and creation of contact lenses with better looks and quality will boost the market's expansion even more.

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By End User: The women end user segment held the largest share of the Global Eyewear Market in 2021.

• According to the Vision Council of America, 64% of women worldwide who are adults wear vision correction items, from about 75% of the adult population.
• There has been an increase in the proportion of people who wear glasses occasionally or always. According to the college of optometrists, more women than men wear glasses (72% versus 66%) and contact lenses (16% versus 11%), and they also place higher importance on eye exams, with 59% of women rating them as "very important," compared to 45% of men.

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By Distribution Channel: The online store distribution channel segment held the largest share of the Global Eyewear Market in 2021.

• As a result of people being obliged to practice social seclusion during the pandemic, online services experienced tremendous growth. The increased use of smart devices, the generous discounts provided by online marketplaces, and the ability to compare features and pricing are all contributing to the e-commerce market's expansion. Additionally, e-commerce websites enable users to write product reviews, which enhances the user experience and aids businesses in understanding consumer preferences, which in turn encourages sector growth.

By Geography: Europe accounted for the largest market share in 2021 within the total Global Eyewear Market.

• Europe has the largest eyeglass market, making up the bulk of the global market. This can be attributed to the region's growing taste for high-end eyewear products as well as the manufacturers' increasing attention to the creation of novel eyewear product styles, shapes, and sizes.

Competitive Landscape

The Global Eyewear Market is highly competitive with ~500 players which include globally diversified players, regional players as well as a large number of country-niche players.

Large global players hold the highest market share of 40% which is followed by the regional players holding a 35% share. Some of the major players in the market include Johnson & Johnson Vision Care, Inc., EssilorLuxottica, Bausch & Lomb Inc., CooperVision, Carl Zeiss AG., CIBA VISION, Safilo Group S.p.A., De Rigo Vision S.p.A, Fielmann AG, Marcolin SpA., HOYA Corporation, and others.

Recent Developments Related to Major and Emerging Companies

• In July 2021, Essilor introduced a new at-home screening software to encourage the general population to schedule an eye exam with their nearby independent practice. The My Vision Check app enables users to perform a quick eye exam at home before directing them to their local practice for a comprehensive eye exam.
• In July 2021, Warby Parker updated its online prescription renewal service. It has released an app, Virtual Vision Exam, which provides an at-home vision test that offers a refreshed prescription so that users can buy eyeglasses or contact lenses.
• In August 2021, as part of its well-known JINS&SUN brand, JINS Eyewear introduced a fresh range of biodegradable sunglasses. The newest collection of sunglasses from JINS&SUN debuted in the USA and featured sophisticated frame designs made of biodegradable, bioplastic materials.
  

Conclusion

The Global Eyewear Market is forecasted to continue a gradual growth that is witnessed during the forecast period. Key trends driving market expansion include the increasing adoption of luxurious accessories among millennials, the surge in visual impairment among children, and an increasing geriatric population. The market is highly competitive with ~500 participants concentrating on expansion strategies through product innovations as well as acquisitions and mergers.

Note: This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.

Ken Research has recently published report titled, Global Eyewear Market Size, Segments, Outlook, and Revenue Forecast 2022-2028. In addition, the report also covers market size and forecasts for the four major regions’ Eyewear Market. The revenue used to size and forecast the market for each segment is US$ billion.

Market Taxonomy

By Product	Spectacles Sunglasses Contact Lenses
By End User	Men Women Children
By Distribution Channel	Retail Store Online Store Ophthalmic Clinics
By Geography	North America (USA, Canada, and Mexico) Europe (Germany, UK, France, Spain, and Italy) Asia Pacific (China, Japan, South Korea, India, Indonesia, and Australia) LAMEA (Latin America, Middle East, and Africa)
Key Players	Johnson & Johnson Vision Care, Inc. EssilorLuxottica Bausch & Lomb Inc. CooperVision Carl Zeiss AG. CIBA VISION Safilo Group S.p.A. De Rigo Vision S.p.A Fielmann AG Marcolin SpA. HOYA Corporation

Global Pet Food Market Size, Segments, Outlook, and Revenue Forecast 2022-2028: Ken Research

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The Global Pet Food Market was valued at ~US$ 75 billion in 2017. It is estimated to be ~US$ 95 billion by 2022 and is expected to reach a market size of ~US$ 125 billion by 2028 growing at a CAGR of ~5% during the forecast period (2022-2028). Consumer awareness of natural and organic pet food products has compelled producers to change their attention from synthetic to natural products, which has served as one of the major factors influencing the worldwide industry.

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Key Growth Drivers

• The adoption of dogs as family pets is a growing trend, which is expected to drive up pet food demand. When it comes to the idea of humanizing pets, dogs in particular have seen an upward trend. As a result, an increasing number of individuals own dogs and feed them premium food. Additionally, one of the main factors influencing the industry is rising urbanization.
• Consumers' increased per capita incomes encourage them to spend on organic and healthy pet food items to improve the health of their pets. Additionally, the simple accessibility of goods in a variety of price ranges is aiding the global market's expansion.
• As pet food demand increases, a lot of pet food manufacturers focus on several growth initiatives, new facilities, and/or facility expansions. However, during the past couple of years, the cost of manufacturing equipment, and components, such as stainless steel, have grown from $1.28 per pound in February 2020 to $3.59 per pound in September 2021, according to EnSight Solutions.
• Supply networks were negatively impacted by the COVID-19 outbreak. As a result of restrictions on the flow of raw materials, the pet food industry suffered in terms of supply and cash flow. On the other side, as a greater number of people adopted pets in response to a growing desire for the company during the lockdown, pet food consumption steadily increased in various regions of the world. Market participants shifted their attention away from physical storefronts and toward e-commerce platforms to meet this requirement.

Key Trends by Market Segment

By Product Type:  Dry food segment held the largest market share in 2021, as it provides the crunch and chewing that animals require to maintain their general wellness.

• Dry food helps maintain good dental health by preventing plaque formation and minimizing tartar accumulation on the animal's teeth. Dry food does not require freezing in the same way that canned food does.
• Pet owners prefer pet food in the form of dry food. This is because dry-form products are more convenient and have a longer shelf life than wet food. The most popular choice for dogs is dry food because it is inexpensive and accessible to many dog owners.

By Animal Type: The dog food segment held the largest market share in 2021, owing to the growing trend of nuclear families and consumers' increased preference for dogs as companions and security.

• Dogs are widely preferred as pets around the world, which is a significant factor in its dominance in the market. Moreover, the market for natural and high-quality dog food is being driven by the high costs involved with the maintenance and well-being of dogs. Another key factor in the segment's expansion is the introduction of dog treats and nutrient-dense food.
• In addition, dogs require a variety of nutrients to live a healthy life. Therefore, to keep their dogs healthy, dog owners have been concentrating on giving them quality pet food that contains these nutrients. This is expected to drive demand for pet food in the coming years.

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By Ingredient: Animal-derived segment held the largest market share in 2021, as it provides high nutrition value which is required for a pet on a daily routine to meet its need for essential nutrients and energy.

• Pet food production has been using animal-based meat and meat products as a part of their basic ingredients. Fish meals, chicken meals, and other animal meals are commonly utilized in the production of cat and dog diets all over the world.
• The robust nutritious profile of animal-sourced pet food contributes to its high level of popularity. The accessibility of animal sources also contributes to market expansion.

By Animal Age Group: Above 6 months segment held the largest market share in 2021, owing to the need to provide a proper balance diet to the pet.

• Between 6 and 12 months of age, the pets need a shift in their diet. The puppy can then start eating adult food when he is typically getting close to adult height. Spaying or neutering frequently takes place at this time as well, which reduces your dog's need for extra energy and provides justification for switching from puppy to adult dog food. A similar requirement for nutrition from pet food is observed for other pet animals as well.

By Distribution Channel: Supermarkets and Hypermarkets segment held the largest market share in 2021, as they provide convenience to the consumer.

• This dominance can be explained by the great preference of consumers to purchase goods from big-box retailers because they have a wide variety of options for brands and pricing there. Supermarkets and Hypermarkets also provide pet food at a discounted rate and offer premium quality pet food products.

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By Geography: North America is expected to account for the largest share among all regions within the total Pet Food Market, during the forecast period 2022-2028

• One of the key factors in North America dominance is the high rate of pet adoption in American households. According to a survey done by the American Pet Products Association (APPA) in 2020, 70% of households in the USA, or 90.5 million homes, own a pet. The adoption of pet humanization and the favorable public perception of it in North America is fostering market expansion for wholesome pet food products.

Competitive Landscape

The Global Pet Food Market is highly competitive with ~200 players which include globally diversified players, regional players, and country-niche players with their niche in pet food.

Regional players constitute ~45% of the competitors, while the county-niche players are the second largest by type. Some of the major players in the market include Mars Incorporated, Hill's Pet Nutrition, Inc., The J.M. Smucker Company., Schell & Kampeter, Inc., The Hartz Mountain Corporation, Nestlé Purina, Blue Buffalo Company, Ltd., Wellness Pet Company, Inc., Tiernahrung Deuerer GmbH, Head up for tails, among others.

Recent Developments Related to Major Players

• In December 2020, Nestle Purina Petcare announced plans to invest US$ 550 million to increase the size of its Georgian pet food production facility.
• In March 2021, Leading pet food producer Mars, Inc., with headquarters in the USA, committed US$ 200 million to develop its Royal Canin facility in Lebanon. To increase its production capacity, the company installed five new corporate lines.
• In September 2020, Nestle Purina announced intentions to build a wet pet food factory in Hartwell, investing US$ 320 million and employing 240 employees by 2023. With US$ 870 million spent on the company's Hartwell operations, the facility is expanding to increase processing, packaging, and warehousing capacity in response to rising demand for Purina's premium and nutrient-rich pet care brands.

Conclusion

The Global Pet Food Market is forecasted to continue the growth that is witnessed since 2017. Some of the primary factors driving market expansion are an increase in per capita disposable income, an increase in the tendency of nuclear families, and a quick increase in pet humanization. Though the market is highly competitive with ~200 players, few global players control the dominant market share and regional players also hold a significant market share.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.

Ken Research has recently published report titled, Global Pet Food Market Size, Segments, Outlook, and Revenue Forecast 2022-2028. In addition, the report also covers market size and forecasts for the four region’s Pet Food Markets. The revenue used to size and forecast the market for each segment is US$ billion.

Market Taxonomy

Product Type	Dry Food Wet Food Snacks and Treats
Animal Type	Dog Food Cat Food Others
Ingredient	Animal Derived Plant Derived Others
Animal Age Group	Below 6 months Above 6 months
Distribution Channel	Supermarkets and Hypermarkets Pet Stores Online Stores Others
By Geography	North America (USA, Canada, Mexico) Europe (Germany, UK, France, Spain, Italy) Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia) LAMEA (Latin America, Middle East, Africa)
Leading Companies	Mars, Incorporated Hill's Pet Nutrition, Inc. The J.M. Smucker Company. Schell & Kampeter, Inc. The Hartz Mountain Corporation Nestlé Purina Blue Buffalo Company, Ltd. Wellness Pet Company, Inc. Tiernahrung Deuerer GmbH Head up for tails