Numerous Government Interventions will shape India Used Agricultural Equipment Market to Grow to More than INR 135 Crores by 2026: Ken Research

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Initiatives like SMAM and the National Food Security Mission are aimed to provide financial aid when acquiring agricultural equipment, paving the way for the Used Agricultural Equipment market In India to reach over 3500 units sold by 2026, with a CAGR of 22.7%, as per findings released by Ken Research.

1. The Sub-mission on agricultural mechanization aims to provide subsidies of 40%-60% to small and marginal farmers, to enable mechanization at a granular level.

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The scheme of SMAM (Sub mission of Agricultural mechanization), revised for 2020-2021, got implemented in all the states, to promote the usage of farm mechanization and increase the ratio of farm power to cultivable unit area up to 2.5 kW/ha. The financial assistance being provided is up to 40% of the total value of implementation, with added 10% aid to SC, ST, Small & Marginal farmers, Women and NE States beneficiary.

2. The Availability of Used Agricultural Equipment at Reasonable Prices Enables the Indian Economy's Agriculture and Allied Sectors to Add 20.2% More Gross Value in 2021.

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Agriculture is the primary source of livelihood for about 58% of India’s population. Gross Value Added by agriculture, forestry, and fishing was estimated at Rs. 19.48 lakh crore (US$ 276.37 billion) in 2020. Share of agriculture and allied sectors in gross value added (GVA) of India at current prices stood at 20.2% in 2021. Used agricultural equipment supports farmers in maintaining farm and turf area at affordable rates. While the difficulties created by COVID induced lockdowns adversely affected the performance of the non-agricultural sectors, the agriculture sector came up with a robust growth rate of 3.4 % at constant prices during 2021, with increasing adoption of used farm implements among Indian farmers.

3. Other initiatives such as National Food Security mission and Rashtriya Krishi Vikas Yojna have announced substantial subsidies for purchase of farm equipment.

National Food Security Mission (NFSM): Assistance (up to 50% the cost of machinery) to be provided for machinery such as pump sets, tractor mounted sprayers, seed drills, zero till seed drills to varying degrees.

 

Rashtriya Krishi Vikas Yojana (RKVY): Farm mechanization comes under production growth stream of RKVY – with 35% of the outlay. Assistance for large equipment (tractors, combine harvesters, sugarcane harvesters, cotton pickers, etc.) is available for establishing custom hiring centers (CHCs).

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India Used Farm Equipment Market

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The Rise of the $ 60 Mn Fitness Service Industry of Oman: Explore the ups and downs of the fitness services in Oman: Ken Research

 Oman Fitness Services Market, which surged ahead with over 22.4% year-on-year growth in 2020, is poised to be a staggering $125.0 Mn industry by 2025, as per findings released by Ken Research.

The fitness market in Oman contributes 0.2% of the GDP, thanks to new foreign players and regional expansion of fitness clubs, gyms, and centers. The expansion is spread across various systems, such as the presence of gyms in universities, schools, and hotels, as well as across the country's major cities. The market is currently in the growth stage, with a strong possibility of further development at a faster pace, with positive industry trends expected. Future expansion will be driven by an increase in the average number of involved and active members.

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1.Gyms and fitness centers were forced to close abruptly as an “immediate suspect” for COVID-19 infection.

The closure of gymnasiums and fitness centers across Oman have impacted the very sustenance of such facilities. Facing months with no income from memberships, gyms turned to offering classes online for free, or for a fraction of their regular cost. Moe than 20.0% of the industry employees were laid off due to COVID with Personal Trainers switching to freelancing in digital content such as Instagram and Facebook to stay afloat. Amid the pandemic, fitness centers were opened in accordance with national and local regulations and adopted a series of prevention practices to curb the spread of virus and promote healthy environment for physical activity

2.Rising health awareness and increased female participation in fitness centers are driving demand for fitness centers in Oman.

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NCD’s such as CVD, Cancer & Chronic respiratory problems lead to 72.0% of all mortality in Oman, and 18% of these mortalities prematurely occur in the age group of 30-69 years old, thus driving the demand or fitness centers in the country. Moreover, it has been observed that various existing players have started diversifying their portfolio by providing new value-added services including Spa, Jacuzzi, juice bars, salons and others for greater customer satisfaction. Furthermore, more female participation is expected owing to rising diseases and health concerns amongst women. Similarly, due to increase in demand the number of fitness centers in the organized sector is also expected to almost double by 2022.

3. Brick and mortar fitness centers are facing competition from online weight loss programmes.

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Fitness Centers and Personal Trainers along with Fitness Bloggers are using social media platforms such as Facebook and Instagram to conduct live workshops for the ease and convenience of home workouts thereby leading to higher participation rate. Because of the growing popularity of social marketing and platforms that have begun offering online fitness tutorials, brick and mortar fitness centers are facing competition from online weight loss programmes.  

4.Oman’s Government has launched various programs, in attempts to encourage increased physical activity among population through personalized schemes.

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Oman Physical activity day celebration includes several awareness and sport events such as walking, activities on the importance of physical activity in daily life, sports activities, traditional and entertainment sports, number of shows such as fitness exercises, Capoeira and skiing, as well as a health corner. Additionally, Al Mouj Muscat Marathon encourages more people to get into an active lifestyle while directly aligned with Vision 2040, which aims to set up a culture of sustainable healthy society where health is everyone’s responsibility. Furthermore, OMAN HEALTH event was held on 4 Oct, 2021. It was an international exhibition of health products and equipment, sports & fitness, and medical services

Oman has a strong and extensive infrastructure, but the majority of the population is at high risk of chronic diseases. With a shift in public opinion and a strong push from the government, the fitness market in Oman is expected to grow by double digits due to a surge in interest in all types of wellness-related behaviors and lifestyles, as well as increased consumer spending. Offline fitness centers are expected to contribute the majority of revenue in the Oman Health and Fitness market, with the online fitness market expected to grow by double digits in the forecasted year.

Changing Landscape of the UAE E-Commerce logistics Market post-Pandemic: Explore the key trends that are driving AED 500 Mn Market: Ken Research

 UAE E-Commerce Logistics Market, which surged ahead with over 21.6% year-on-year growth in 2020, is poised to be a staggering AED 3.0 Bn industry by 2025, as per findings released by Ken Research.

The UAE E-commerce industry has witnessed an upward trajectory over the past 5-6 years with an increase in internet penetration in the region. Escalation in the number of smartphones in the country, high consumer confidence, changing consumer preferences, etc. have augmented the growth of e-commerce leading to surging demand for e-commerce logistics as well in the country. The COVID-19 pandemic has also pushed the demand in the market as the need for social distancing has forced people to rely on online shopping. The growth in the E-commerce orders for logistics has been majorly driven by an increase in internet affinity and demand for value-added services.

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1. Impact of COVID-19 resulted in shift in preference among UAE residents from Cash to Online Payment Methods.

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With initial concerns regarding disruptions in supply chain, Logistics industry of UAE displayed resilience and adapted to ‘new normal’ delivery techniques. 68% respondents have reduced shopping at physical stores and are undertaking online purchases.  COVID-19 and followed restrictions prompted customers to switch to undertake online payments over COD. Moreover, imposed social distancing measures and curfews caused a mass switch to online shopping. Furthermore, traditional brick-and-mortar brands started restructuring product offerings to meet new consumer demands by going digital and selling online.

2. Dubai & Abu Dhabi account for more than half of the Total E-commerce Shipments in UAE Owning to Large Tourist Base with Decent Purchasing Power.

Currently more than half of the demand comes from Dubai & Abu Dhabi region. However, this share is expected to come down in future, as tier II and lesser cities will become new demand centers driven by increased internet penetration, increase in number of smartphone users, rise in per capita income and increasing propensity to purchase online. Currently, high proportion of online shoppers that is ~80-85% of them belong to Dubai, Abu Dhabi & Sharjah Emirate. Strategic geographical location with access to large number of markets such as GCC, Africa, Europe, China, India and Japan lead for high concentration of warehouses in this part of UAE.

3. High number of orders are placed in Ramadan, Black Friday & Holiday Season sale Months in UAE with an Average Growth of 20-30% compared to Non Seasonal Days.

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The holiday shopping season (in December near Christmas) is the busiest moment of  the year for most retailers. In 2019, searches for ‘Black Friday deals’ were also up ~25%, and started to rise 3 weeks before the moment. Moreover, in the same year, ~50% of consumers noted that they increased their spending during the Holy Month. In 2020, Ramadan related searches started to rise up to 2 months prior to the Holy Month and continued until one week after. Furthermore, Valentine’s Day has become one of the biggest opportunities of the year for digital retailers, with queries like ‘same day delivery (up 22% from 2019)’ and ‘romantic restaurants’ showing massive growth.

4. Initiatives such as Dubai CommerCity & Dubai E-Commerce Strategy have been the Few Government Regulations which Has Promoted the Market.

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Dubai Government has committed to building a free trade zone specifically dedicated to e-commerce, Dubai CommerCity, split into three clusters. The three clusters are Business, Logistics and Social. Additionally, with an area covering 2.1 Mn sq ft and an investment of around $3.2 billion, it is uniquely designed for the best and upcoming e-commerce players. Moreover, the UAE remains the most active in attracting funding, with UAE-headquartered start-ups garnering 30% of all deals and 70% of total funding. This is attributed to continued govt. support, corporate venture interest and growing investor appetite for start-ups. Furthermore, the country has been successful in attracting quality talent and labor from around the world at globally competitive rates.

Because of the COVID-19 outbreak, there has been a shift from offline to online sales, which is expected to continue to grow significantly in the future. The country's e-commerce logistics market is expected to grow as a result of new technologies such as Automation, Blockchain, and the Internet of Things, which will be investigated in order to increase efficiency, improve customer experience, and improve service quality.

4 Points that Discover the Vibrant Terrain of Thailand’s Medical Education Market: “A Pathway to Excellence”: Ken Research

Medical Education in Thailand has seen a long journey with various turns with intense progress. Various factors that drive the growth of the Medical Education System in Thailand are expensive public infrastructure and universal coverage, the postgraduate program is in alignment with international standards, the brain drain is at a lower level in comparison to its neighboring countries because the majority of education is in Thai, changes in the need of society, changes in the nature of students, evolution in learning and teaching processes, rapid changes in technologies supporting medical practices and education, an enormous explosion in medical knowledge and changes in the health system.

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1. Ministry of Education, Royal Colleges and Medical Council are the three bodies that controls Higher Medical Education in Thailand

Thailand has 23 Medical Colleges out of which 21 are Public Medical Colleges and 2 are Private Universities, which shows that Medical Education is fairly controlled by government colleges. Higher education at both undergraduate and graduate levels are under the responsibility of the office of Higher Education Commission (OHEC), which conducts national medical exams to ensure quality education. Medical Aspirants in Thailand are likely to study in Public Universities due to the improvements in course structure and government inclination to promote medical education in the public sector.

2. Maximum no. of Public and Private Medical Colleges are concentrated in the Central Region

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Central region in Thailand is an ideal location for the students due to the high concentration of HIEs, cultural diversity, employment opportunities and rapid developments in the healthcare sector. Around 10 Public and Private Medical Colleges are located in the Central Region which is the maximum no. of colleges at one region. Major reason behind this accumulation of colleges in the central region is the high growth which the authorities have attempted to direct by means of a series of master plans since 1960s. Some districts have evolved into functional units as the inner city has become more institutional and commercial and the outer city more residential.

3. Most of the Medical Aspirants follow the 6 years program route to complete their medical education in Thailand.

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In Thailand, the undergraduate medical curriculum consists of a 6-year training programme divided into three phases, namely year 1 for general education, years 2-3 for basic medical sciences, and years 4-6 for clinical experience. There are two main tracks for medical training: "normal" and "rural," which differ in their admission process, location of training, and location of work. Students from all over the country can apply for normal track training through a central selection procedure. Their training is provided in traditional medical schools, and job placement is available at any community hospital in the country. Students applying for the rural track are chosen specifically from the provinces. Their training is undertaken in regional or provincial hospitals, and job рlасement is to соmmunity hospitals in the provinces or regions from which they соme. The curriculum for both tracks is very similar, with clinical training usually taking place in tertiary or quaternary care hospitals and involving limited community experience.

4. Highest no. of Physician Graduate of 2020 is from Faculty of Medicine Siriraj Hospital Mahidol University.

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It is the oldest and largest medical school and oldest of any kind of university faculty in Thailand. The faculty is now part of Mahidol University.  The medical school accepts about 250 students for undergraduate education and more than 100 to postgraduate studies each year.  Furthermore, faculty of Medicine Siriraj Hospital, Mahidol University ranked no. 126 – 150 (tied) in Times Higher Education’s World Best University 2021 in Clinical and Health.

Indian EduFin Industry: the next wave of value creation in edtech: Ken Research

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Over a period of time, the way we perceive education has changed and COVID has a big hand behind this transformation. Online learning or e-learning has become the new normal post-pandemic thanks to the plethora of ed-tech startups in India. However, the lack of access to quality education due to weak finances still remains the same.

Traditional loan lending was an option but not the go-to choice of everyone due to interest rates. But in the last 10-24 months, the collaboration of ed-tech startups with Fintech companies are trying to fix this void in India. How? Well, in this latest white paper, we are going to talk about how the rise of the EduFin industry in India is the next wave of value creation in edtech.

1.  With the beginning of the 21^stcentury, the Indian education sector is in a third wave of revolution

2.  Presently, India is emerging as a leading EdTech market by Revenue & an ever growing market for Up-Skilling & Re-Skilling Courses

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3.  Edtech platforms are collaborating with FinTech companies to enable quality education accessible to more and more students

4. These education finance startups are making learning affordable for millions of students in India

5. FinTech companies generally offer zero cost loans to individuals pursuing vocational/educational courses from a recognized institute

6.  Currently, the Indian EduFin Market is at an Early Growth Stage, with promising opportunities in the future

7.  Increasing Investments from Venture Capital Firms and Government initiatives will enable the Indian EduFin industry to experience double-digit growth in the next five years

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Indian EduFin Industry

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Indonesia Corporate Training Market Outlook to 2027F

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The Number of Used Car Sales Is All Set to Cross More Than 450,000 Units By The Year 2026: Ken Research

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The Philippines Used Car Market Is Expected to Grow at A CAGR Of 7.6% In the Next Five Years in Terms of Used Car Units Sold by the Year 2026, as per findings released by Ken Research.

Improved infrastructure, Train tax, and young population are listed as the key “pull” factors for the growth in the Philippines Used Car Market. This market is expected to witness a growth of 7.6% in next 5 years.

1. “Mega Manila Subway”: Government to Invest More Than 4 Bn Dollars in The First Subway Project.

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The Government of Philippines has been working towards improving the infrastructure of the country. President Duterte’s ‘Build! Build! Build!’ program is aimed at ushering the ‘Golden Age of Infrastructure’ in the Philippines. These initiatives will improve the road and the traffic conditions of the country making owning a car a more convenient option for the people of Philippines.

2. Philippines Number of Registered Vehicles was reported 5,000,000 Unit in Dec 2021: An Increase from the previous number of 4,000,000 Unit in Dec 2020.

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As of 2021, around 64.7% of the Filipino population is in the age bracket of 15 and 64 years old. This states that a huge chunk of the population consists of Millennials, who don’t have the financial stability to afford a new vehicle; hence they resort to the pre-owned units in order to meet their requirement of a dream car. In 2018, 25% of Filipino households in the Philippines owned a motorcycle or a tricycle. Furthermore, approximately 6% of households owned a car, jeep or van, while only 4% owned a motorized Banca or boat.

3. The Tax Reform for Acceleration and Inclusion (TRAIN) Law in Philippines, Proving to Be a Major Driving for Used Car Market to Reach around 460 thousand Units Sales by 2026.

Republic Act 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) law came into existence from 1st January, 2018. The reform in taxation got a merit for the used car industry of Philippines because the new vehicle units have become relatively expensive. Since all the new car buyers now would have to pay steep taxes, the buying behavior is switching from new cars to pre-owned cars which are available at much cheaper price and the buyer is not supposed to pay less tax or at times no tax on the purchase. This step was taken by the current government in power to reduce the vehicle traffic on roads and encourage people to use second-hand or pre-owned cars and reduce demand for imported cars.

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Philippines Used Car Market

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3 factors that are helping Aquaculture Feed Market to rebound in India, post COVID-19: Ken Research

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COVID-19 had affected many industries and Aquaculture Feed Market was no exception. But as things are returning to normal, the Aquaculture feed industry is also getting back on track.

From our exclusive report, we have brought you the two prime factors that have been helping the aquaculture feed sector to flourish again in the Indian market.

 1.  India experienced the ripple effect of COVID-19 in FY’21; tourism, automotive industry, and the aqua feed industry were some of the worst affected industries

2.  But as the pandemic is fading away, the Indian Aquaculture Feed Market have started gaining momentum and now poised to reach around INR 19000 Crores by FY’27

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 3.  Increase in Fish Seed Production, Surging Exports, and Rising Demand for Shrimps are the major factors that are helping the aquaculture feed industry to rebound after the pandemic

4.  Various government-sponsored schemes and Custom duty Reduction are acting as add-ons for the growth of the aquaculture as well as aqua feed industry

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India Aquaculture Feed Market

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India Agritech Market Outlook to FY’2025

Egypt Fitness Market Size Is All Set To Cross More Than USD 900 Mn by the Year 2025: Ken Research

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Egypt Fitness Market is anticipated to grow at a tremendous rate at 16.0% CAGR on account of major government initiatives and rising health consciousness among Egyptians, as per findings released by Ken Research. 

Growing number of digital Fitness applications, and rising health awareness among the young population are listed as the key “pull” factors for the growth in the Egypt fitness Market. This market is expected to witness a growth of 16% in next 5 years.

1. Digital Fitness Application In Egypt Is Expected To Contribute More Than $75 Mn Revenue by 2025.

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Total penetration of applications in Egypt to increase from 13.1% in 2020 to 29.6% in 2025. Digital variations and tech innovations such as including online database engines that customize fitness training programs based on an individual's profile and a system that displays live heart-rate data so the leader of a group-exercise session can offer one-on-one guidance in real time will lead to the growth of fitness market.

2. 19 million Egyptians suffer from obesity, representing more than 30% of the total adult population.

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Over a third (30-35%) of adults in Egypt are obese which is one of the highest rates in the world. Overweight and obesity among school children constitutes an emerging concern and has increased from 15% in 2010 to 24.1 in 2020. Increasing awareness about the consequences of obesity that include high blood pressure, heart strokes, and diabetes will spur the demand for fitness centers in the country.

3. National Sports Day and Annual sponsored fitness events like Ooredoo Marathon are taken up by the Egyptian Government to Raise Awareness about Healthy Lifestyle and Physical Activity.

Major sporting events like Cairo Marathon and Maadi Runners, There mushroom free mass running events across Egypt promoting outdoor exercises with participation averaging around 2,500 runners and in large marathons around 8,000 or more participants. These initiatives aim to increase community awareness about the importance of physical activity and boost community’s capability to adopt healthy lifestyles, create a supportive healthcare environment, and encourage involvement of local communities and civil society organizations in the promotion of health awareness programs.

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Egypt Fitness Service Market

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India Used Agricultural Equipment Market Reached More Than INR 45k Crores by 2021, as More Small & Marginal Farmers are Opting for Agri-Equipment Purchase: Ken Research

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India Used Agricultural Equipment market has grown from nearly INR 19k Crores in 2016 to being valued at approx. INR 45k Crores in 2021, as per findings released by Ken Research.

1. India is No Farther Behind in Comparison to Major Producers in the World, in Terms of Mechanization: Share of Farming Entities Employing Mechanical Support in India Stands at Nearly 46% as of 2020.

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This South Asian nation (India) ranked second in the world for both rice and wheat production. Farmers are being pushed into farm mechanization by the additional farming operations needed to sustain the output. Also, due to the shifting manpower preference from purely farm-oriented activities to allied industries, there is a persistent scarcity of labor-intensive agricultural operations in India. Given that the labor in agriculture is shrinking and migrating to urban regions, rapid urbanization is also one of the main causes of the growth in agricultural mechanization. For instance, according to World Bank data, the proportion of individuals who are employed has been declining for a while. Agriculture accounted for 44% of all employment in 2017 but dropped to nearly 41% in 2020. Hence, it is projected that during the future years, the manpower scarcity would fuel and raise the need for farm equipment.

2. Small land holding area makes the renting of equipment more practical for most farmers; farmers having access to higher machinery capacity are the suppliers.

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India has a majority land holding size of area below 0.5 hectares, which is continuously decreasing. Rental market for agricultural equipment, is a viable option for the marginal holding farmer to allow mechanization due to its lower capital requirement and being cheaper than individual ownership. Rental sector is almost entirely unorganized, with local players dominating the market with their established connections. A majority of farmer co-operatives and association also pool their resources to rent equipment on need basis.This is because farmers in need of renting equipment also fall in the lower income group, with those renting out equipment being large farmers themselves, forming a symbiosis among farmers.

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India Used Farm Equipment Market

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The Global Pandemic has negatively impacted the Global remittance Market, owing to a loss of 8.8% working hours globally. How long will the rebound take? : Ken Research

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1. “Remittance Market:” A sector still trying to rebound from the after effects of the Global Pandemic?

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Much of the developing part of the globe relies heavily on remittances for financial support. Remittance flows into low-income and fragile states represent a lifeline that supports households as well as provides much-needed tax revenue. As of 2018, remittance flows to these countries reached $350 billion, surpassing foreign direct investment, portfolio investment, and foreign aid as the single most important source of income from abroad. According to the Migration and Development Brief, “remittance flows to low- and middle-income countries reached USD 540 billion in 2020, up 1.6% from 2019.” A drop in remittance flows heightened economic, fiscal, and social pressures on governments of these countries already struggling to cope even in normal times.

However, with the global world recovering from the aftereffects of the much loathed pandemic, the remittance flows to developing countries is expected to be balanced & grow at a steady rate.

2.” Uncalled migration:” Is remittance causing what we call a ‘Brain Drain?’

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Work is the main motivator. Migrant workers comprise two-thirds of all international migrants, and most move to high-income countries.  The remittances migrants send home—$613 billion in 2017—provide financial flows and a stable source of income. But a significant con of remittance is that it might result in encouraging more labour migration because family members who receive remittances believe that they would be better off moving to developed countries & earning more money than living in their home country. In the long run, this can have a negative impact, commonly referred to as ‘brain drain’. As a result, the population composition has most people outside the labour market range or uneducated individuals.

However, compared to other forms of international financial transfers, remittances have a positive direct impact on recipients and should be encouraged by appropriate policies from the relevant governments.

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Global Remittance Market

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