Research Methodology - Market Definitions
India Non Whey Mass Gain Market Size: India
Non Whey Mass Gain Market Size has been defined as the total revenue
generated by the domestic sales and imports of non whey mass gaining products
manufactured using non whey sources of proteins (soy, pea, potato, egg) such as
non whey protein isolates and non whey blends with carbohydrates & with
other nutritional supplements. The market does not include whey protein mass
gain isolates, whey protein blends with carbohydrates & with other
nutritional supplements’ blends and whey & non whey blends. Exports have
not been considered in the market size. Additionally, the market includes
product sales through various distribution channels including online and
offline (MBO, EBO, supermarkets, Chemists, Pharmacies, Grocery Stores, Non
Grocery Stores, Product Stall and Others) modes. The market has been evaluated
at manufacturer’s price.
India Sports Nutrition Market Size: India Sports Nutrition Market Size has been defined as the revenue
generated by the sales of nutritional products which improve physical endurance,
increasing muscle growth/development/mass, or speeding recovery after exercise.
Sports nutrition is targeted at athletes and gym-goers, and their principal
purpose is to build muscle and to boost energy. Sports Nutrition tracks two
types of products: Protein and Non-Protein. Sports protein include bars, powder
and ready-to-drink (RTD) with equal or more of 20 grams of protein per serving
(not per 100gr). Sports Non-Protein includes products that do not have protein
as its core ingredient. They can be used to repair muscle or as
energy/endurance booster. Note: Mainstream sports nutrition products such as
sports drinks (e.g. Gatorade), energy drinks (e.g. Red Bull), or mass market
energy/low protein bars (e.g. Clif Bar) are not included here. It also excludes
high protein bars not specifically positioned for sports. Energy and sports
drinks are tracked in the Soft Drinks system and energy/nutrition bars in the
Packaged Foods system.
Total Addressable Market (TAM): The total addressable market has been defined as the total number of
non-gym going population in the country (or region).
Research Methodology - Consolidated Research Approach
Hypothesis Creation: The research team has first framed
a hypothesis about the market through analysis of existing industry factors
obtained from magazines, journals, investor presentations, industry articles
and annual reports of major companies in India and Abroad (Companies selling
products in India).
Hypothesis Testing: The
research team conducted computer assisted telephonic interview (CATI) with
several industry professionals including decision makers in leading companies
and other protein & health nutrition experts across sports nutrition
industry. The industry professionals included several management executives,
franchise marketing & support heads, business development managers,
business development heads, key account managers, brand manager, regional
managers of major non whey mass gain brands including Endura, Ayurwin Pharma,
Accumass, Optimum Nutrition, Bright Lifecare, Medisys and others in the
ecosystem. The analyst at Ken Research collated their insights on the market
onboard and to seek justification to the hypothesis framed by the team.
Additionally several nutritionists from different sectors have been interviewed
to understand their perspectives, needs, pain points and the prices they are
willing to pay.
Sanity Checking @ Decision Tree Analysis: Data has been collected and verified through cross-sanity
checking the opinion and facts received from interview with the hypotheses
framed from public databases. The team has verified the data by conducting both
bottom-to-top and top-to-bottom analysis. General consensus on data collected
from primary research and public and proprietary databases were formed by
conducting in-house decision tree analysis of the data points available and by
comparing it with overall sports nutrition industry. Secondary data sources
include the analysis of existing industry factors, obtained from company
reports and from magazines, journals and online articles. To cross verify the
data derived from above mentioned approach, we performed CATI’s posing as
mystery shoppers without disclosing actual identity. This approach has helped
us to understand various company’s operational performance in unbiased manner.
Future Forecasting via Poll Opinions and Statistical Tools: Multi-Factor regression was conducted on the lag
variables by identifying the independent and quantifiable variables directly
affecting the market. However, due to high standard error and biasness being
detected in the model we used moving average analysis as well as considered
poll opinions of leading decision makers of the
industry.
Interpretation and Proofreading: The final analysis was then interpreted in the research
report by our expert team well versed with the Nutritional Supplement Market.
Market Sizing:
- To estimate the market size for non whey mass
gain products in India, our team has followed bottom to top approach. Our
team has tapped specific product sales for major non whey mass gain
product manufacturing companies (both domestic and international) through
their financial statements reported to Company Registrar & thereby,
performing various trade desk interviews to cross validate.
- The research team has then identified other
financial and operating parameters for international and local companies
from the management.
- To understand the classification of market by
offline and online sales, we have conducted various CATI’s across all
major manufacturers and importers of the industry to analyze their revenue
split from online & offline sales channels. We then cross checked
& cross verified the data so obtained by various other industry
experts. This helped our team to assess the online sales for non whey mass
gain products in India.
Limitation:
- Number of offline stores
covered for all the non whey mass gain brands are considered from industry
articles/annual reports/company website/through management interviews,
which sometime might include the stores that have been closed or the ones
which might not have opened yet.
- Some data points have
been collated from Primaries opinion which may or may not match the actual
number. The analysts at Ken Research have run a sanity check and the
margin of error should not be more than 5-10%.
- Future Growth model has
been built on the basis of future developments and opinions received from
key industry veterans of the market followed by subjective analysis with
margin of error not more than 5-10%.
- There could be a case
that there would be a mismatch between product information obtained
regarding product ingredients from product labels and that obtained
through Industry experts. In this case, we have considered a product as
non whey mass gainer primarily through identification of ingredients at
the back of each product’s packaging.
- The online & offline sales split has
been evaluated at the manufacturer's level due to lack to information
however, this should have ideally be calculated at retailers level.
Research Methodology - Variables (Dependent and Independent)
Variables Considered:
Sports Nutrition Market: An
increase in sales of sports nutrition products including non whey mass gaining
bars, powder and tablets & capsules and other products, would directly
increase the demand and the market size of India non whey mass gain market.
Urban Population: An increase in the
number of people living in urban cities would make a higher proportion of
population being exposed to non whey mass gain company’s aggressive marketing
strategies. Living in the developed regions would also make people adopt
healthier lifestyle and join fitness centers, yoga, Pilates and other non-gym
activities. Thus with increase in awareness and marketing exposure, demand for
non whey mass gainers would proportionally increase.
Protein Consumption: Since major non
whey mass gain products have proteins (non-whey) in their ingredients, an
expansion in protein consumption would influence higher demand for non whey
mass gain products constituting pea, potato, egg & soy protein. This would directly
increase market sales.
Non Gym Going Population: Non gym
going population is the largest target audience for non whey mass gain
products. An increase in this variable would proportionally increase our market
size.
Forecast Modelling:
Multi-Factor regression was
conducted on the lag variables by identifying the independent and quantifiable
variables directly affecting the market. The report applies this analysis to
forecast the future of India Non whey mass gain market. However, the
capabilities of SPSS and predictive analytics software have not been leveraged
to determine the relevant indicators used for forecasting this industry due to
high biasness & standard error of results. Moreover, the results
underestimated the future market size when compared to the data collaborated
through CATI’s and industrial analysis. Moreover aggressive company expansion
plans, robust growth expected in number of offline stores, growth in non gym
going & urban population and increase in sports nutrition market size are
other extraneous variables which would have tremendous impact on the future
market size.
In the present case, India non whey
mass gain market revenue has been taken as the dependent variable and other
variables such as sports nutrition market size, urban population, protein
industry & non gym going population have been taken as independent
variables.
Research Methodology – India Non Whey Mass Gain Market
A multiple regression model has
been used through SPSS statistical tool that analyzes the multiple correlation
coefficients, R, its square, and an adjusted version of this coefficient as
summary measures of model fit. Further, R-Square is used to explain the
validity of the independent variables. R Square, also known as the coefficient
of determination, represents the proportion of total variation in the dependent
variable explained by the variation in the independent factors.
Applying multiple regression
analysis to a set of data leads to regression coefficients, one for each
explanatory variable. These coefficients give an estimated change in the
response variable associated with a unit change in the corresponding
explanatory variable, conditional on the other explanatory variables remaining
constant.
For more
information on the research report, refer to below link:
Related
Reports:
The report is useful for nutraceuticals
companies, functional food and dietary supplement companies and other
stakeholders to align their market centric strategies according to ongoing and
expected trends in the future.
The
organized players in the India fitness services dominated the market. Large
players in the India fitness market have started rolling out franchisees which
has led to an increase in the share of organized players in the market.
The report is
useful for nutraceuticals companies, functional food and dietary supplement
companies and other stakeholders to align their market centric strategies
according to ongoing and expected trends in the future.
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
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