“Dairy Alternatives Market” Worth $44.89 billion by 2027

 

Meticulous Research® – leading global market research company published a research report titled “Dairy Alternatives Market by Product Type (Plant Milk, Cheese, Yogurt, Butter, Ice Cream), Source (Almond Protein, Soy Protein, Wheat Protein), and Distribution Channel (Business to Business and Business to Customers) – Global Forecast to 2027”. According to this latest publication from Meticulous Research®, the dairy alternatives market is expected to grow at a CAGR of 11.2% from 2020 to 2027 to reach $44.89 billion by 2027.

 

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The high growth of dairy alternatives market is mainly attributed to increasing intolerance for animal proteins, nutritional benefits offered by plant-based dairy products, growing investments in dairy alternatives, and increasing vegan and vegetarian population. Moreover, growing demand for vegan products from emerging economies- Asia-pacific, Latin America, and Middle East and Africa expected to create lucrative opportunities for players operating in this market. However, preference for animal-based products and growing preference for soy and gluten-free products are expected to hamper the adoption of dairy alternatives to some extent.

 

Growing Investments in Dairy Alternatives Drives the Dairy Alternatives Market

 

In recent years, the alternative dairy food industry has been witnessing investments from large operators looking to capitalize on the veganism trend and surging demand for sustainable foods. Alongside the growing risk profile of livestock production, well-established dairy players are increasingly under attack. This protein diversification has the potential to transform a food company’s core business and value proposition due to its growth, profitability, risk exposure, and ability to compete and innovate.

 

The growing trend of millennials adopting flexitarian and vegan diets signals a change in purchasing habits that is a significant shift from that of earlier generations. Companies across the food value chain, from producers to retailers, are already investing in these opportunities. Some companies are hedging against or preparing for the decline of demand for animal products by investing in other companies producing alternatives. The market has received investment or funding from several high-profile individuals, financial investors, and companies in the past few years. There was more investment in the alternative proteins market in the first quarter of 2020 than in all of 2019 (Source: Good Food Institute). In 2019, U.S. plant-based meat, egg, and dairy companies received more than $747 million in investments. This is the most capital raised in any single year in the industry’s history.

 

Thus, growing venture capital investments, which is supporting the growth of plant-based dairy product companies and increasing focus of leading dairy product manufacturers to build up a portfolio of investments in plant-based proteins is expected to drive the growth of the global dairy alternatives.

 

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Key Findings in the Global Dairy Alternatives Market Study

 

Based on product type, the dairy alternatives market is segmented into plant-based milk, cheese, yogurt, butter, ice-cream, creamer, and other dairy alternatives. Among these, the plant-based milk segment dominated with the largest share of the overall dairy alternatives market in 2021 and is also expected to continue its dominance during the analysis period. The increasing prevalence of lactose intolerance and consumer preference for vegan diets are factors driving the demand for plant-based milk alternatives, such as almond and soy milk. The plant-based yogurt segment is expected to grow at the fastest CAGR in the forecast period. Primarily, the demand for plant-based yogurt is increasing at a higher rate in developed countries due to growing number of vegan and health-conscious consumers.

 

Based on the source, the dairy alternatives market is segmented into almond protein, soy protein, wheat protein, pea protein, rice protein, and other sources. The almond protein segment commanded the largest share of the overall dairy alternatives market in 2021. The large share of this segment is mainly attributed to its easy availability, lower cost than other sources, higher consumer acceptance level, and increasing application of almond protein in various plant-based dairy product categories. This segment also expected to grow at the fastest CAGR during the forecast period.

 

Based on the distribution channel, the dairy alternatives market is mainly segmented into business to business (B2B) and business to customers (B2C). The B2C distribution channel segment accounted the largest share of the overall dairy alternatives market in 2021. The large share of this market is mainly attributed to consumers preference for shopping from brick-and-mortar grocers due to easy access and availability and growing dairy alternatives sales from B2C channel with growing number of supermarkets and hypermarkets. This segment is also projected to grow the fastest CAGR during the forecast.

 

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Geographically, this research report provides a comprehensive analysis for the five major geographies: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, Europe commanded the major share of the overall dairy alternatives market. The leading position of the Europe in dairy alternatives market is primarily attributed to the well-established food sector in the region with huge demand for processed foods, higher vegan & vegetarian trend, higher awareness on protein rich diet consumption, and high investments into the innovation of dairy alternatives sector. However, the Asia-Pacific region is projected to grow at a significant pace in the forecast period. The rapid growth of this region mainly attributed to the rising awareness about the protein rich diet, increasing health consciousness, higher vegan & vegetarian population base, growing technological advancements in food & beverages industry across the region and especially in the countries like China and India, growing economy, rapid growth in the urbanization, growing middle class population and increasing raw material availability.

 

The key players operating in the global dairy alternatives market are Danone SA (France), Follow Your Heart (U.S.), The Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Sanitarium health and wellbeing company (Australia), AXIOM Foods, Inc. (U.S.), Daiya Foods, Inc. (Canada), Earth's Own Food Company, Inc. (Canada), VBItes Food, Ltd. (U.K.), SunOpta Inc. (Canada), Valsoia SpA (Italy), and Freedom Foods Group Limited (Australia) among others.

 

The major companies in the global-dairy alternative market have implemented various strategies over the years to expand their product offerings, global footprint, and augment their market share. New product launches were the most preferred growth strategy which enabled companies to broaden their product portfolios, advance the capabilities of existing products, cater to the changing demands of users, and ensure a competitive edge in the global dairy alternatives market. Leading players who adopted this strategy include Sahmyook Foods (South Korea), Daiya Foods Inc. (Canada), and Vbites Food Ltd. (U.K.).

 

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“Probiotics Market” Worth $75.9 Billion by 2027

 

According to a new market research report titled “Probiotics Market by Strain (Bacteria {Bacillus}), Product Type (Dairy Food {Yogurt, Baked Food}), Form (Liquid), Sales Channel (Super Markets, Pharmacies), End User (Human {Adults, Senior}, Animal), and Geography– Global Forecast to 2027,” published by Meticulous Research®, the probiotics market is expected to reach $75.9 billion by 2027, at a CAGR of 5.6% during the forecast period of 2020 to 2027.

 

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Probiotics are live microorganisms that are intended to have health benefits when consumed or applied to the body. They can be found in yogurt and other fermented foods, dietary supplements, and beauty products. New areas are predicted to become increasingly attractive outside classic probiotic applications, primarily vaginal and urinary tract disorders, due to the growing interest in treatments without antibiotics. Thus, the growing scientific research related to probiotics and their increasing application across various health areas, such as vaginal health, urinary tract disorders, and mental disorders, is expected to grow the demand for probiotics in the coming years.

 

In addition, growing consumer awareness regarding the health benefits of probiotic-induced foods, increasing use of probiotics as an alternative to antibiotics, the growing use of probiotics in infant feeding, and e-commerce growth are the major factors expected to create lucrative opportunities for players operating in this market. However, stringent regulations related to probiotics are expected to hinder this market's development to some extent.

 

The market is segmented based on strain, product type, form, sales channels, end user, and geography. The study also evaluates industry competitors and analyses the market at a country level.

 

Impact of COVID-19 on the Probiotics Market

 

The probiotics market is experiencing a positive impact mainly due to the key role of probiotics in the immune health system. The benefits of probiotics were hailed as an effective supplementary method for tackling the virus. For instance, probiotic products have been selling well in Japan under the COVID-19 outbreak. According to Yakult Honsha, year-on-year sales results of Yakult branded probiotic products increased by 11.5% in March and 10.3% in April 2020. Also, Probi and Danone SA shoot for growth in probiotic markets amid COVID-19 disruptions.

 

Meanwhile, Meiji Holdings also announced that its dairy products' value sales, including yogurt, have witnessed positive growth in February and April 2020. Particularly, functional probiotic yogurt products are selling well. Thus, the positive impact of COVID-19 on the probiotics market is expected to boost its demand in the market.

 

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Key Findings in the Global Probiotics Market Study:

 

Based on strain, the overall probiotics market is mainly segmented into bacteria and yeast strains. The yeast strains segment is expected to grow with the fastest CAGR during the forecast period. The fast growth of this segment is mainly attributed to the ban on the usage of antibiotics in animal feed in several European and North American countries; increasing product innovations in the form of chocolates, biscuits, & others; increasing demand for yeast strain-based medicines due to proven positive results for reducing the risk of chronic diseases, such as diarrhea & bowel diseases related to antibiotic use; and rising demand for fermented food in daily diet.

 

Based on product type, the overall probiotics market is mainly segmented into functional food & beverages, medical & dietary supplements, and animal feed. In 2020, the functional food & beverages segment accounted for the largest share of the overall probiotics market. This large share can be primarily attributed to the growing consumer interest in functional food, particularly probiotics that can support digestive health; rising health and wellness trends; and the growing application of probiotics in yogurt. However, the medical & dietary supplements segment is expected to grow at the highest CAGR during the forecast period.

 

Based on form, the overall probiotics market is mainly divided into liquid and dry forms. The dry form segment is expected to grow with the fastest CAGR during the forecast period. The fast growth of this segment is mainly due to its longer shelf life. Besides, some of the advantages offered by solid probiotics include better handling & transport, ease of use, inexpensive nature, and the ability to avoid costly formulation mistakes & maintain the stability of the ingredient functionality until utilized. However, in 2020, the liquid form segment accounted for the largest share of the probiotics market.

 

Based on sales channel, the overall probiotics market is segmented into offline and online. In 2020, the offline segment accounted for the largest share of the overall probiotics market. The large share of this segment is mainly attributed to the increasing per capita disposable income, rising healthy eating habits, and growing urban population. Besides, a rise in the number of pharmacies and the growing probiotics supplements industry in the U.S. and worldwide offers significant opportunities for offline sales of probiotics. However, the online sales segment is expected to grow with the fastest CAGR during the forecast period.

 

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Based on end user, the overall probiotics market is segmented into humans and animals. The animal’s segment is expected to grow with the fastest CAGR during the forecast period. The animal probiotics sector has witnessed significant growth due to the growing pressure regarding reducing antibiotics in feed. Further, the growing awareness among pet owners, cattle farmers, and hobbyists regarding the advantages of probiotics for animal health offer significant opportunities for players operating in the animal probiotics market. However, in 2020, the human segment commanded the largest share of the market.

 

Geographically, Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The fast growth of this region in the global probiotics market is primarily attributed to the increased consumer awareness about digestive health & immunity and overall wellness; growing diabetic and overweight people in Asia-Pacific; and rising innovations in probiotics formulations.

 

Some of the key players operating in the global probiotics market are Probi AB (Sweden), BioGaia AB (Sweden), Nestlé S.A. (Switzerland), Chr. Hasen Holding A/S (Denmark), Danone S.A. (France), Yakult Honsha Co., Ltd. (Japan), Lallemand Inc. (Canada), Lifeway Foods Inc. (U.S.), Dupont de Nemours, Inc. (U.S.), Kerry Group plc (Ireland), Archer Daniels Midland Co. (U.S.), Deerland Probiotics & Enzymes Inc. (U.S.), KeVita, Inc. (a part of PepsiCo Inc.) (U.S.), Evolve BioSystems (U.S.), Cell Biotech Co., Ltd. (Korea), and Probiotical S.p.A. (Italy) among others.

 

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Probiotics market, Nutrition, Plant based products, Prebiotics, Postbiotics

Rising Adoption of “3D Food Printing” by Food Manufacturers to Innovate New Products

 

Meticulous Research® – leading global market research company is researching on 3D food printing market titled “3D Food Printing Market by Technology (Fused Deposition Modelling, Sintering, Binder Jetting), Material (Natively Printable Materials, Alternative Ingredients), Vertical (Government, Commercial, Residentials), End Users (Confectionery Manufacturers, Restaurants, Bakery Manufacturers, Dairy Manufacturers) - Global Forecast to 2025”.

Meticulous Research® in its latest publication states that global 3D food printing market will increase at a CAGR of 30-40% from 2019 to 2024 to cross $450 million by 2024.

The possibilities of 3D food printing technologies into the food industry are now in the expansion phase. From pizzas to personalized foods, 3D food printing technology is being adopted by many food industry professionals for producing unique food items. Although 3D food printing technology is relatively new in the food space, this type of technology is already prominent in the medical device, automotive, defence, and aerospace industry. The presence of 3D food printing is growing as more major players in the food industry take notice of this innovative technology.

The incorporation of this new technology into the food space brings a lot of benefits to manufacturers. In recent years, many companies boosted the visual appeal of their food products by designing new shapes which can be manufactured using a 3D printer. Additionally, the labor cost for creating culinary art can be very expensive for industry professionals; a new 3D food printer on site can cut costs significantly.

Fused Deposition Modelling Segment to Witness the Largest Demand Through 2025

Based on technology, fused deposition modelling commanded the largest market share of the 3D food printing market in 2018. The large market share of this technology can be attributed to its applications in wide array of foods, its ability to provide high degree of freedom, limited costs to the digital design of the object, and ability to provide wide range of customization.

Confectionery Manufacturers to Provide Significant Growth Opportunities

Based on end users, confectionery manufacturers segment is expected to dominate the global 3D food printing market in 2018 as chocolate is one of the most common foods used for extrusion printing. 3D food printers are mostly used to print chocolates and candies due to the rise in the demand for customized chocolates and cakes from the consumers.

North America: Leading Regional Market

Geographically, North America, comprising the U.S. and Canada, is expected to hold the largest share of the 3D food printing market in 2018, and the market in APAC is expected to grow at the highest rate between 2018 and 2024. The presence of major 3D food printing companies in North America region is helping the growth of the market in this region. Also, the U.S. government allocates large amount of budget on the technological advancement in food sector, which allows it to spend significantly on the application of this technology in the food and beverage sector.

Key Players

The key players operating in the global 3D food printing market are TNO, 3D Systems, Natural Machines, Systems and Materials Research Corporation, byFlow, Print2taste GmbH, Barilla, CandyFab, Beehex, Choc Edge, Modern Meadow, Nu Food, and North branch Everbright.

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3D Food Printing, Food Printing, 3D Printing, Food manufacturing, Food processing.

 

“Tokenization Market” Worth $14.3 Billion by 2029

 

According to a new market research report titled, ‘Tokenization Market by Offering (Solutions, Services), Application (Payment Security, User Authentication, Compliance Management), Vertical (BFSI, Retail, Travel, Healthcare, Others), Organization Size, and Geography - Global Forecast to 2029,’ the global tokenization market is expected to reach $14.3 billion by 2029, at a CAGR of 17.3% from 2022 to 2029.

 

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Tokenization refers to a process by which a piece of sensitive data, such as a credit card number, is replaced by a surrogate value known as a token. The sensitive data generally needs to be stored securely at one centralized location for subsequent reference and requires strong protective measures. The security of a tokenization approach depends on the security of the sensitive values and the algorithm and process used to create the surrogate value and map it back to the original value. Most businesses hold at least some sensitive data within their systems, whether it be credit card data, medical information, Social Security Numbers, or anything else that requires security and protection. Using tokenization, organizations can continue to use this data for business purposes without incurring the risk or compliance scope of storing sensitive data internally. 

 

Increased adoption of digital payment approaches, the need to adhere to PCI DSS guidelines, and the rise in fraudulent activities in e-commerce are the major factors driving the growth of this market. In addition, the increasing use of payment apps across different industry verticals is expected to offer prominent growth opportunities for the growth of this market. However, the lack of trust in online banking is expected to restrain the growth of this market.

 

The increased usage of digital transactions resulted in an increase in cyber-attacks. In recent years, there has been a gradual increase in payment fraud activities at organizations, as nearly 75% of organizations were targets of a payment fraud attack in 2020 (Source: JP Morgan). Thus, increasing payment-related frauds are expected to propel the growth of the tokenization market in the coming years.

 

The tokenization market is segmented based on Offering (Solutions, Services), Application (Payment Security, User Authentication, Compliance Management), Vertical (BFSI, Retail, Travel, Healthcare, Others), Organization Size, and Geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

 

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Based on offering, in 2022, the solutions segment is expected to account for the largest share of the tokenization market and is slated to register the highest CAGR during the forecast period. The rising demand for advanced payment security solutions for digital e-commerce and the increasing use of payment applications across different industry verticals is driving the growth of this segment. Furthermore, tokenization solutions have gained popularity as it enables organizations to adhere to the PCI DSS regulatory compliances. In addition, the growing number of data breaches and financial losses associated contribute to the growth of the tokenization solutions market.

 

Based on application, in 2022, the payment security segment is expected to account for the largest share of the tokenization market. The growth of this segment is driven by factors such as the increasing need to stay compliant with payment security guidelines and the growing need to ensure continuous customer experience and prevent fraudulent activities. Furthermore, growing consumers’ interest in contactless payments and the rising demand for cloud-based tokenization solutions and services are expected to provide lucrative opportunities for the growth of this segment. However, the user authentication segment is slated to register the highest CAGR during the forecast period. The growth of this segment is driven by factors such as rising incidents of security breaches and sophisticated cyberattacks leading to financial and reputational loss, stringent government regulations to increase the adoption of authentication solutions, and the rising instances of identity theft and fraud.

 

Based on industry vertical, in 2022, the BFSI segment is expected to account for the largest share of the tokenization market. The growth of this segment is attributed to the rising implementation of regulatory security compliance, rising demand for cloud-based security solutions, and the increasing risk of cyber threats against BFSI infrastructure. However, the retail segment is slated to register the highest CAGR during the forecast period. The increase in smartphone usage, the rise of e-commerce channels, and the rising incidents of online payment fraud are expected to drive the growth of this segment.

 

Based on organization size, in 2022, the large enterprise segment is expected to account for the largest share of the tokenization market. This segment is also slated to register the highest CAGR during the forecast period. Increasing transactions of high valuations in large enterprises are compelling them to opt for tokenization solutions.

 

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Based on geography, in 2022, North America is expected to account for the largest share of the tokenization market. The rising consumer shift towards online payment modes is driving the market growth in this region. North America’s strong financial position enables it to invest heavily in advanced solutions and technologies, which has provided the organizations in this region a competitive edge in the market.

 

The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants between 2019 and 2022. The tokenization market is consolidated and dominated by a few major players, namely Bluefin Payment Systems LLC (U.S.), Braintree (U.S.), Cybersource (U.S.), Elavon (U.S.), Ingenico (France), Broadcom, Inc. (U.S.), Thales Group (France), Shift4 Payments, LLC (U.S.), Signifyd (U.S.), TNS, Inc. (U.S.), Tokenex (U.S.), SISA Information Security Pvt. Ltd. (India), Stripe (U.S.), Geobridge Corporation (U.S.), MasterCard (U.S.), Verifone Systems Inc. (U.S.), Fiserv, Inc. (U.S.), Micro Focus (U.K.) and American Express (U.S.).

 

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“Collagen Market” Worth $8.64 Billion by 2029

 

Nowadays, the demand for protein is increased significantly. Proteins in various food items are used by the human body to create specialized protein molecules that help in the production of haemoglobin (Hb), an important component of the blood that helps carry oxygen to all body parts. It also promotes healthy metabolism. Furthermore, the demand for dietary supplements is growing due to the rising awareness of body weight management among all age groups worldwide. Dietary supplements help lead a healthier life by providing essential nutrients.

 

In nature, collagen is found exclusively in animals, especially in the flesh and connective tissues of mammals. Collagen is a part of the connective tissue in the skin that provides firmness, suppleness, and constant renewal of the skin cells. Collagen is vital for skin elasticity. With aging, the synthesis of collagen in the body reduces, causing weakness, fatigue, aches, pain, and an overall lack of energy. This sparked the need for external collagen supply to the body and led to the inception of the collagen supplement industry. Collagen supplements are intended to uphold a person's skin, hair, nails, and body tissues as metabolites of collagen assemble bone, skin, and ligaments by attracting fibroblasts that generate the synthesis of new collagen. In food, collagen is found mostly in the odd bits and tougher cuts of beef that contain connective tissue. Collagen is a vital component of connective tissue and is the most abundant protein in mammals, making up about 25–35% of the whole-body protein content.

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Collagen and gelatin find their major application in dietary supplements, functional foods, beverages, confectionery, and desserts. It has been widely used as a food additive that improves the organoleptic properties of food products. For instance, using collagen in sausages and frankfurters improves the rheological properties and presence of animal nutritive fibers. In addition, desserts are characterized as sugary products that may not offer many health benefits other than the taste. Therefore, the use of collagen in the powdered form in dessert making improves the nutritional value of the desserts by providing essential protein and an amino acid that benefit in the production of collagen and elastin, resulting in healthier skin, inflammation sleep, and healthy hair growth. Also, trifles, aspic, marshmallows, candy corn, and confections such as peeps, gummy bears, fruit snacks, and jelly babies contain a large amount of gelatin.

 

Despite the recent economic slowdown, the global confectionery market is steadily increasing. This growth is majorly attributed to the growing population and affordability of these confections. In the beverage industry, collagen promotes the body's natural capacity to generate fatty tissues. Generally, collagen drinks claim to stimulate the collagen-making mechanism of the body, which reduces skin wrinkles and sagging of the skin. In Malaysia, various organizations are conducting R&D on collagen drinks. Malaysia Dairy Industries (MDI) has added collagen peptides in their nutritious probiotic drink, where collagen peptides serve as components required to synthesize collagen. In addition, vitamin C was added to the drink as an antioxidant and a vital co-enzyme in the biosynthesis of collagen. As a result, the 'vitagen collagen' drink was created to stimulate the growth of beneficial gut bacteria and radiate beauty from deep in the skin. Collagen is also used in some alcoholic beverages as the triple helix and rod-like structure of collagen is thermally labile and acts as the clarifying agent in cloudy alcoholic beverages by aggregation of the yeast and other insoluble particles. Bovine collagen in the solution form can also be used in beer refining and yeast preparation by chemical modification. Gelatin is used as a clarifying agent in winemaking and some non-alcoholic fruit juices.

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In addition, the application of collagen in meat and fish products is expected to rise in the near future due to the rising production of processed meat and the growing population across the globe. For instance, according to the Worldwatch Institute's Nourishing the Planet Project for Vital Signs Online, worldwide meat production has tripled over the last four decades and increased by 20 percent in the last 10 years. Meanwhile, developed countries are consuming high quantities of meat, nearly double the quantity of developing countries. This mounting meat production is expected to increase the use of collagen for this application in the next few years.

 

Moreover, dairy is one of the major food processing areas in the world. According to the Food and Agriculture Organization (FAO), the global milk output in 2018 was 843 million tons, an increase of 2.2 percent from 2017, driven by production expansions in India, Turkey, the European Union, Pakistan, the U.S., and Argentina. This indicates the availability of a large amount of raw material for milk-based processed products.

 

The growing need to provide dairy products that are easy to prepare, stable over time, low in calories, and contain new textures, tastes, and appearances has led dairy processors to incorporate gelatin. Also, gelatin can be used in various dairy products such as yogurts, cream desserts, mousses, and a variety of low-fat dairy products such as cheese to improve the texture and stability of the product. Gelatin has proved to be an excellent alternative to fat in the milk products such as low-fat milk and yogurt. Gelatin is also used in the aeration and stabilization of the ice cream, which improves low-temperature conservation and prevents the formation of ice crystals during long-term conservation. It also improves ice cream's resistance to temperature variations. Combined with other texturing agents, it gives the ice cream a very characteristic texture and slows the melting of the ice cream in the mouth. While in cheese, spreads, margarine, and low-fat butter, gelatin is used to improve the stability and increase the shelf life of these products. It also aids the mouth feel of the low-fat milk-based products. The growing consumption of dairy products is directly related to the growing population. Also, improved milking technologies and dairy farm management result in increased milk production, which is indeed being used in the processing. Therefore, the application of gelatin in the dairy sector is expected to increase significantly in the next few years.

 

Therefore, the demand for collagen and gelatine is expected to propel in the coming years in the food industry. Over the last decade, there has been a significant rise in the demand for processed food, and the consumption of bakery & confectionery products has grown exponentially.

 

The growing awareness of protein consumption and dietary supplements drives the collagen market for food & beverage applications. These factors are expected to facilitate the overall collagen market during the forecast period, which is slated to register the highest CAGR of 6.9% to reach $8.64 billion by 2029, according to Meticulous Research®.

Collagen Market by Type (Gelatine, Collagen Peptide, and Native Collagen), Source (Porcine, Bovine, Marine, Chicken, and Sheep), and Application (Food & Beverage, Pharmaceuticals, Nutraceuticals, and Healthcare) - Global Forecasts to 2029

Key Players

The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market participants in the collagen market between last four years. The key players profiled in this collagen market study are Rousselot (Netherlands), GELITA AG (Germany), Weishardt (France), Tessenderlo Group NV (Belgium), Nitta Gelatin Inc. (Japan), Lapi Gelatine S.p.a. (Italy), ITALGEL S.r.l. (Italy), Ewald-Gelatine GmbH (Germany), REINERT GRUPPE Ingredients GmbH (Germany), Trobas Gelatine B.V. (Netherlands), Gelnex (Brazil), Juncà Gelatines SL (Spain), HolistaCollTech Ltd. (Australia), Collagen Solutions Plc (U.K.), and Advanced BioMatrix, Inc. (U.S.).

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“Geospatial Solutions Market” Worth $845.7 Billion by 2029

 

According to a new market research report titled, ‘Geospatial Solutions Market by Offering, Application, Organization Size, Deployment Mode, End-use Industries (Natural Resources; Security & Defence; BFSI; Media & Entertainment; Healthcare; Architecture, Engineering) - Global Forecast to 2029,’ the global geospatial solutions market is projected to reach $845.7 billion by 2029, at a CAGR of 16.9% from 2022 to 2029.

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Geospatial solutions collect, manage, organize, and store data pertaining to geographic information. These enable consumers to acquire data referenced to the earth and use it for analysis, modelling, simulations, and visualization.

Geospatial solutions are increasingly gaining traction due to their utilization across various end-use industries such as BFSI, healthcare, natural resources, manufacturing, transportation & logistics, and security & defence. The growth of the global geospatial solutions market is driven by the surge in demand for GIS & asset mapping solutions, the growing proliferation of IoT and connected devices, and the high adoption of cloud computing. However, the data privacy concerns, and high set-up and operating costs are notable restraints for market growth. The growing demand for mobile mapping systems and government initiatives to promote smart infrastructure are expected to offer significant growth opportunities for the players in this market. However, geospatial data integration challenges and the lack of a CORS network pose serious challenges to the growth of the geospatial solutions market.

Impact of COVID-19 on the Geospatial Solutions Market

The spread of COVID-19 severely impacted the performance of several industries and economies globally, including the geospatial solutions market. The pandemic created several challenges for this market due to the lockdowns imposed during the second and third quarters of 2020. The pandemic lowered consumers' financial potential, which decreased the sales of geospatial solutions.

However, in 2021, major industries, including healthcare, retail, manufacturing, and natural resources, started recovering from the economic setbacks. The delayed and postponed orders for geospatial solutions negatively impacted this market during the pandemic. However, the market started recovering rapidly in the last quarter of 2020.

The deployment of geospatial solutions promotes location intelligence, situational analysis, and awareness, which are important factors for crisis management. The players in this market plan to move forward and capitalize on the lucrative market growth opportunities resulting from the pandemic. The geospatial solutions market is projected to transform drastically over the coming years. Several leading companies are rapidly growing through product launches, enhancements, partnerships, and collaborations. For instance:

In 2021, Trimble Inc. (U.S.) expanded its geospatial automated monitoring portfolio with world sensing geotechnical IoT solutions.

In 2020, Hexagon’s Safety, Infrastructure & Geospatial division (a subsidiary of Hexagon AB) (Sweden) launched the Luciad 2020.1, a significant update to its platform for building advanced location intelligence and real-time situational awareness applications.

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The global geospatial solutions market is segmented by offering (solution, services), application (surveying, military/border security, disaster management, marketing management, urban planning, public safety, and asset management), organization size (SMEs, large enterprises), deployment mode (on-premise deployments, cloud deployments), and end-use industries (natural resources; security & defense; BFSI; media & entertainment; healthcare; architecture, engineering & construction; education; telecom & IT; manufacturing; oil & gas; retail; transportation & logistics; and utilities). The study also evaluates industry competitors and analyses the regional and country-level markets.

Based on offering, the global geospatial solutions market is segmented into solutions and services. In 2022, the services segment is expected to account for the largest share of the global geospatial solutions market. The large market share of this segment is attributed to the increasing demand for geospatial services for land surveying, mapping, data visualization, and GIS services. This segment is also projected to register the highest CAGR during the forecast period.

Based on application, the geospatial solutions market is segmented into surveying, military/border security, disaster management, marketing management, urban planning, public safety, and asset management. In 2022, the surveying segment is expected to account for the largest share of the global geospatial solutions market. The large market share of this segment is attributed to the growing need for interpretation/analysis and presentation of the natural, social and economic environments; better land management solutions; the rising popularity of land surveying solutions for infrastructure management and development; and land management and reform across urban and regional planning. This segment is also projected to register the highest CAGR during the forecast period.

Based on organization size, the global geospatial solutions market is segmented into SMEs and large enterprises. In 2022, the large enterprises segment is expected to account for the largest share of the global geospatial solutions market. However, the SMEs segment is projected to register the highest CAGR during the forecast period.  Open access to geospatial data has been proven advantageous to SMEs, which was earlier considered a major hindrance due to their revenue constraints.

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Based on deployment mode, the geospatial solutions market is segmented into on-premises deployment and cloud deployment. In 2022, the cloud deployment segment is expected to account for the largest share of the global geospatial solutions market. The large market share of this segment is attributed to the rising demand for viewing, creating, monitoring, managing, and analyzing geospatial data through cloud platforms. Additionally, the high demand for cloud-based GIS solutions for landslide mapping and safe construction planning and the growing benefits of cloud-based solutions such as data access, easy distribution, and centralized data capture and analysis is expected to further the growth of this segment. This segment is also projected to register the highest CAGR during the forecast period.

Based on end-use industry, the global geospatial solutions market is segmented into natural resources; security & defense; BFSI; media & entertainment; healthcare; architecture, engineering & construction; education; telecom & IT; manufacturing; oil & gas; retail; transportation & logistics; and utilities. In 2022, the transportation & logistics segment is expected to account for the largest share of the global geospatial solutions market. This segment's large market share is attributed to the growing need for geospatial data for transportation management & planning, the rising demand for location-enabled intelligent mapping solutions, geospatial solutions to promote route planning and ensure safety, and the increasing need for geospatial data to improve delivery schedules.

Based on geography, the global geospatial solutions market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the global geospatial solutions market. The large market share of this region is attributed to favorable government policies supporting the easy sharing of geospatial data between private organizations, promoting this market’s growth.

Some of the key players operating in the global geospatial solutions market are HERE Technologies (Netherlands), ESRI (U.S.), TomTom N.V. (Netherlands), Google LLC (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Trimble, Inc. (U.S.), Orbital Insights (U.S.), Oracle Corporation (U.S.), RMSI Pvt. Ltd. (India), Precisely (U.S.), General Electric (U.S.), Hexagon AB  (Sweden), Cyient Limited (India), L3Harris Technologies, Inc. (U.S.), Fugro N.V. (Netherlands), Foursquare (U.S.), Carmenta (Sweden), Maxar Technologies (U.S.), and Cesium GS, Inc. (U.S.).

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“Industrial Control Systems Security Market” Worth $29.9 Billion by 2029

 

Meticulous Research®—a leading global market research company, published a research report titled, ‘Industrial Control Systems Security Market by Offering, Security Type (Endpoint, Cloud, Network), Organization Size, Application (DLP, DDoS, UTM, IAM, SIEM), End-use Industry (Automotive, Electronics & Electrical, Energy & Utility), and Geography -Global Forecasts to 2029’.

 

According to this latest publication from Meticulous Research®, the global industrial control systems security market is expected to grow at a CAGR of 7.6% from 2022–2029 to reach $29.9 billion by 2029. Consistent rise in the adoption of cloud-based services, supportive government initiatives and regulations towards the adoption of ICS security solutions and increasing digitization in the manufacturing industry are the major factors driving the growth of this market.

 

In addition, the increasing adoption of Industry 4.0 and smart manufacturing and rising demand for robotic process automation systems are expected to offer significant growth opportunities for the market growth. Factors including high capital expenditure for deploying ICS security systems are a major market challenge. The use of artificial intelligence (AI) and 5G technology are trends in the market. However, the perception of ICS security as a comprehensive solution may restrain the growth of this market to a certain extent.

 

The global industrial control systems security market is segmented based on offering, security type, organization size, application, and end-use industry. The study also evaluates industry competitors and analyses the market at the country level.

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Based on offering, the industrial control systems security market is segmented into hardware, software, and services. In 2022, the software segment is estimated to account for the largest share of the industrial control systems security market. The increasing demand for ICS security solutions and robust & cost-effective security solutions among business enterprises to strengthen their security infrastructure, the increasing number of large enterprises using cloud platforms for data repositories, and the growing number of data security concerns are driving the growth of this segment. The software segment is also projected to register the highest CAGR during the forecast period.

 

Based on security type, the industrial control systems security market is segmented into application security, endpoint security, cloud security, and network security. In 2022, the network security segment is estimated to account for the largest share of the industrial control systems security market. The rising demand for network security & privacy; increasing adoption of ICS security solutions for protecting reliability & usability of the data & the network connecting different industrial applications; and surge in incidences of APTs, malware, and phishing attacks are expected to drive the growing demand for the network security segment in the coming years. However, the cloud security segment is projected to register the highest CAGR during the forecast period.

 

Based on organization size, the industrial control systems security market is segmented into small & medium enterprises (SMEs) and large enterprises. In 2022, the large enterprises segment is estimated to account for the largest share of the industrial control systems security market. The increasing number of cyber threats across large network infrastructures & database servers, growing focus on developing strategic IT initiatives, and early adopters of advanced technologies are expected to drive the segment growth in the coming years. Industrial control systems security increases efficiency and usability in large enterprises. With this new paradigm, ICS and IoT security solutions are required to protect the safety and functionality of Internet-connected systems in these enterprises. However, the SMEs segment is projected to register the highest CAGR during the forecast period.

 

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Based on application, the industrial control systems security market is segmented into data loss prevention, unified threat management, encryption, identity & access management, risk & compliance management, antivirus/antimalware, intrusion detection/prevention system, distributed denial of service mitigation, security & vulnerability management, security configuration management, security information, and event management, whitelisting, firewall and other applications.

 

In 2022, the identity & access management segment is estimated to account for the largest share of the industrial control systems security market. The increasing need for integrity and safety of confidential information in end-use industries, the growing emphasis on compliance management, the increasing trend of mobility solutions, and the increase in security concerns among organizations are driving the growth of this segment. However, the data loss prevention segment is projected to register the highest CAGR during the forecast period.

 

Based on end-use industry, the industrial control systems security market is segmented into automotive, electronics & electrical, chemicals, heavy metals & machinery, energy & utility, and other end-use industries. In 2022, the energy & utility segment is estimated to account for the largest share of the industrial control systems security market. The growth of this segment is attributed to the government initiatives to promote industrial automation and the growing number of cyberattacks on the energy & utility industry. In 2022, in the U.S., hackers developed new tools to gain full system access to multiple industrial control devices and federal agencies, including the U.S. Department of Energy. This could have allowed supervisory control and data acquisition devices at energy facilities to be compromised. Incidents like these are expected to propel the demand for industrial control systems security.

 

Some of the other factors driving the growth of this segment include shifting preference from traditional business models to sophisticated technologies, the need for cloud-based security solutions, rising investments in Industry 4.0 technologies, and increasing demand for ICS security solutions. However, the automotive segment is projected to register the highest CAGR during the forecast period.

 

Based on geography, the industrial control systems security market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, North America is estimated to account for the largest share of the industrial control systems security market. The large market share of this region is attributed to the increasing focus on technological innovation, consistently growing industrialization, supportive government initiatives for developing industrial security infrastructure, growing awareness regarding ICS security among small & medium-sized enterprises, and high adoption of data-driven methods in manufacturing operations. However, Asia-Pacific is expected to register the highest CAGR during the forecast period. The high growth of this segment is attributed to the growing cybercrimes, rapid investments in industrial infrastructure, and high adoption of advanced technologies such as IoT and cloud computing in this region.

Key Players:

The key players operating in the industrial control systems security market are FireEye, Inc. (U.S.), Checkpoint Software Technologies Ltd. (Israel), IBM Corporation (U.S.), Palo Alto Networks, Inc. (U.S.), Honeywell International Inc. (U.S.), Cisco Systems, Inc. (U.S.), Fortinet, Inc. (U.S.), Darktrace Holdings Limited (U.K.), ABB (Switzerland), BAE Systems (U.K.), Schneider Electric SE (France), Trend Micro Incorporated (Japan), Applied Security (Netherlands), Kaspersky Labs (Russia), Airbus (France), Juniper Networks, Inc. (U.S.), Sophos Ltd. (U.K.), Imperva (U.S.), Claroty (U.S.), Cyberbit (Israel), Verve Industrial Protection (U.S.), Crowdstrike Holdings, Inc. (U.S.), Positive Technologies (Russia), and Radiflow (U.S.).

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Key questions answered in the report-

 

·         Which are the high-growth market segments based on offering, organization size, security type, application, and end-use industry?

·         What was the historical market for industrial control systems security?

·         What are the market forecasts and estimates for the period 2022–2029?

·         What are the major drivers, restraints, and opportunities in the industrial control systems security market?

·         Who are the major players, and what shares do they hold in the industrial control systems security market?

·         How is the competitive landscape in the industrial control systems security market?

·         What are the recent developments in the industrial control systems security market?

·         What are the different strategies adopted by the major players in the industrial control systems security market?

·         What are the key geographic trends, and which are the high-growth countries?

·         Who are the local emerging players in the global industrial control systems security market, and how do they compete with the other players?

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“Plant-Based Protein Processing Equipment Market”: Increased Investment and Expansions in The Plant-Based Protein Industry

 

In recent years, the plant-based protein industry has witnessed large investments and expansions to capitalize on the veganism trend and the surging demand for sustainable foods. Well-established animal protein manufacturers and meat & dairy players are also increasingly under attack alongside the growing risk profile of livestock production. This protein diversification has the potential to transform a food company’s core business and value proposition due to its growth, profitability, risk exposure, and ability to compete and innovate.

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The growing trend of millennials adopting flexitarian and meat-free diets signals a change in purchasing habits that significantly shift from earlier generations. Companies across the food value chain, from producers to retailers, are already investing in these opportunities. Some companies hedge against or prepare for the declining demand for animal-derived products by investing in other companies that produce alternatives. The market has received investment or funding from several high-profile individuals, financial investors, and companies in the past few years. Additionally, government bodies of various countries have also been increasing their investments in plant proteins. Some of these investments and expansion plans are as follows:

In March 2022, Australia invested USD 277.6 million to transform South Australia into a plant-protein manufacturing powerhouse.

In April 2021, ADM (U.S.) opened a new cutting-edge, plant-based innovation lab in the company’s Biopolis research hub in Singapore. This lab was designed to develop next-level, on-trend, and nutritious products to meet Asia-Pacific's growing food and beverage demand.

In June 2020, Canada invested CAD USD 100 million (USD 74 million) into Merit Functional Foods (Canada), which creates ingredients for plant-based foods. This investment is expected to support Canadian farmers growing crops, such as yellow peas.

In February 2020, ADM (U.S.) expanded the production of its non-GMO soy protein concentrate at its facility in Europoort (Netherlands). This expansion was aimed at meeting the growing demand for high-quality plant-based protein in the European market.

In August 2019, Cargill (U.S.) invested USD 75 million in expanding its PURIS pea protein production in the U.S. to meet the surging demand.

In June 2019, Kerry Group (Ireland) opened its EUR 20 million production facility in Tumkur, India. This production facility serves Kerry Taste & Nutrition’s global and regional customers in Southwest Asia.

As of December 2018, Ingredion (U.S.) invested USD 140 million to accelerate growth in the plant-based protein space. This strategic investment accelerated the company’s production and expanded its portfolio of plant-based protein, including pulse flours, concentrates, and isolates, to cater to the increased global demand.

Thus, the growing investments and expansion plans by key players, which support the growth of plant-based protein companies, are expected to drive the growth of the plant-based protein processing equipment market.

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Meticulous Research® in its latest publication on ‘Plant-Based Protein Processing Equipment Market’ states that the global plant-based protein processing equipment market is projected to reach $1.68 billion by 2029, at a CAGR of 4.2% during the forecast period 2022–2029.

Plant-based Protein Processing Equipment Market by Type (Dryers, Centrifuges, Filtration Systems, Mixers, Evaporators), Mode of Operation (Automatic), Production Capacity (SMEs, Large Scale), Application (Soy Protein, Pea Protein)—Global Forecast to 2029

Based on geography, the plant-based protein processing equipment market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, the North America market is expected to account for the major share of the global plant-based protein processing equipment market. The leading position of this regional market is primarily attributed to the high presence of key plant-protein manufacturers, the growing awareness level regarding vegan products, a well-established economy, and increased investment in R&D for food processing equipment.

Some of the key players operating in the global plant-based protein processing equipment market are Alfa Laval AB (Sweden), Bühler AG (Switzerland), GEA Group Aktiengesellschaft (Germany), Flottweg SE (Germany), SPX Flow Inc. (U.S.), Coperion GmbH (Germany), Hosokawa Micron B.V. (Netherlands), Netzsch-Feinmahltechnik GmbH (Germany), SiccaDania (Denmark), Koch Separation Solutions (U.S.), Bepex International LLC (U.S.), and Clextral (France).

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Increasing Importance of “English Language” to Drive Market Growth

 

English is a lingua franca or a common language that allows people who do not share a dialect to communicate. While standard Chinese and Spanish have the most native speakers globally, English is the most-used official language and the most widely spoken second language. In addition to the large population speaking English, it has become the most widely used language in the world of trade and commerce over the past decade or two. As a result, having excellent knowledge of English for business has become vital for success in any employee’s career. Enhanced communication skills in English can result in an improved social life and better job opportunities in the future. Communication skills are crucial from job interviews to the actual professional world and being proficient in English means communicating clearly and effectively.

 

According to Babbel GmbH (Germany), in 2021, out of the world’s approximately 7.8 billion population, 1.35 billion speak English. About 360 million people speak English as their first language. Also, in Europe, it is estimated that more than 212 million English speakers are present, and in India, there are approximately 265 million speakers of English. English is spread throughout the Americas, making it hard to tabulate exactly, but it is likely around 350 million. Most native English speakers live in the U.S.— about 297.4 million. Another 30 million native English speakers reside in Canada.

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Proficiency in the language has also made it a vital part of success in the highly competitive corporate world. Many reputed organizations worldwide rely on English as a means of communication in everything from emails to corporate documentation to even popular and well-read business resources in print and electronic media. Fluency in written and spoken English is critical in many aspects of corporate life, from securing employment to communicating with clientele and achieving cohesive business partnerships worldwide. English is the dominant business language if a person wishes to be a part of the global workforce. Research worldwide shows that cross-border business communication is often conducted in English, and many international companies expect employees to be fluent in English. For instance,

 

Global companies such as Airbus SE (Netherlands), Mercedes-Benz Group AG (Germany), Fast Retailing Co., Ltd. (Japan), Nokia Corporation (Finland), Groupe Renault (France), and Microsoft Corporation (U.S.) have mandated English as their official corporate language. Further, it is estimated that over 50% of the pages on the Internet are written in English, which means that more online information is available to people who can read English.

In ITT Motion Technologies Gmbh (Italy), an engineering company, every senior employee is expected to speak English, and most communications are delivered in English. Although it is not considered an official corporate language, it is the only language that everyone can generally speak in common.

Apart from this, English has become a global language for business worldwide to such an extent that it is also the standard official language in certain industries, such as shipping and airline. It has resulted in the knowledge of English becoming a near-mandatory requirement for critical jobs such as airline pilots, naval officers, etc. Apart from having an impressive command of spoken English, today’s competitive corporate culture also demands an equally impressive command of written English. It is mainly because almost all forms of business communication, such as emails, presentations, sales & marketing, and even corporate legal documentation, are now carried out in English. The rising importance of the English language increases the number of startups through investments to accelerate the English language learning platforms.

 

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In 2020, MyBuddy.ai, a U.S.-based ed-tech startup, received an investment of USD 1 million from the Venture capital firm LETA Capital. This investment has been done to improve further the mobile application developed by the company whose AI-voice virtual tutor is teaching spoken English to children and launching the application in new regions.

In 2020, Bengaluru-based ed-tech startup Multibhashi received an undisclosed amount in funding from Inflection Point Ventures (IPV), Param Capital, and Cactus Communication to invest in building new tech features to expand the Personalized English Learning Platform.

In 2020, Gurugram-based WhizKidz Media, an ed-tech startup operating for the kids-focused learning platform OckyPocky, received USD 400,000 from Lead Angels. Due to the COVID-19 pandemic, the company had to face the crashing of their servers due to increased traffic and downsizing the product, but with the investment, the company will improve the OckyPocky platform and help kids to learn English.

In 2020, Palfish, a Chinese online English learning platform, raised USD 120 million in a Series C funding round to enhance its educational products and services. The funding will be used to continue cultivating children’s English and creating more product forms that meet user needs.

 

Also, in some places where there is a shortage of native English speakers, English teaching robots have been in high demand. In 2020, robots became an effective way for students and teachers to work together in a safe environment while observing social distancing. Many players are developing English-teaching AI robots, such as the Elias Robot by Utelias Technologies Oy (Finland), which includes ready-made courses designed by experienced teachers for several languages and skill levels. Elias Robot's voice user interface allows students to learn languages by having conversations with human-like robots. Thus, all such initiatives, investments, and penetration of advanced technologies, including robots, make English learning solutions more accessible and highly adopted.

 

 

 

The global English language learning market is expected to grow at a CAGR of 9.5% to reach USD 69,623.1 million by 2029, according to Meticulous Research.

The global English language learning market on methodology (blended learning, offline learning, online learning), learning mode (self-learning apps and applications, tutoring (one-on-one learning, group learning), age group (<18 years, 18–20 years, 21–30 years, 31–40 years, >40 years), end user (individual learners, educational institutes (k-12, higher education), government bodies, corporate learners), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants between 2020 and 2022. The English language learning market is consolidated and dominated by a few major players, namely Cambridge University Press (U.K.), New Oriental Education & Technology Group Inc. (China), Houghton Mifflin Harcourt Company (U.S.), McGraw-Hill Education, Inc. (U.S.), Duolingo Inc. (U.S.), Berlitz Corporation (U.S.), Busuu Online S.L. (Spain), Babble GMBH (Germany), Linguistica 360, Inc. (U.S.), Mondly (Romania), ELSA Corp. (U.S.), FluentU (A part of Enux Education Limited) (China), Memrise Inc. (U.K.), Mango Languages (U.S.), Rosetta Stone Ltd. (A part of IXL Learning, Inc.) (U.S.), Inlingua International Ltd. (Switzerland), Sanako Corporation (Finland), Transparent Language, Inc. (U.S.), and Open Education LLC (U.S.).

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Medical Waste Management Market – Technology, Trend and Demand

 

Health care is traditionally regarded as an important determinant in promoting the general physical, mental, and social well-being of people all over the world, and when efficient, it can contribute significantly to a country's economy, development, and industrialization. Healthcare is a rapidly expanding industry, mainly due to the growing sophistication of medical treatments & products and the increasing penetration of healthcare services. However, this booming industry is also producing more waste than ever before, resulting in the increased need to treat and dispose of this waste. Medical waste is produced during healthcare or diagnostic activities in hospitals & clinics, diagnostic & research laboratories, blood banks, mortuaries & autopsy centres, and long-term care facilities. Healthcare/medical waste includes hazardous and non-hazardous waste.

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The global geriatric population is on the rise due to increasing life expectancy. Improvements in the quality of care, rapid urbanization, and growing incomes have led to greater survival rates. According to the United Nations, in 2022, 771 million people were aged 65 years or over globally. This number is expected to increase from 771 million in 2022 to 994 million in 2030 and 1.6 billion in 2050.

The elderly population is more susceptible to various chronic diseases. According to the National Council on Aging (NCOA), around 80% of people over 65 have at least one chronic condition, while 68% have two or more. According to the International Diabetes Federation (IDF), globally, the number of people with diabetes is expected to increase from 537 million in 2021 to 643 million in 2030 and 783 million in 2045. Diabetes patients are required to monitor their blood sugar levels regularly and inject themselves with insulin to treat the disease, which leads to the generation of medical waste, such as lancet needles or syringes, insulin pen needles, injection vials or cartridges, and full needle clippers, every day. Similarly, the prevalence of cancer is rising all over the world. According to GLOBOCAN, in 2020, 19.3 million people were diagnosed with cancer globally, which is expected to increase to 24.6 million by 2030.

According to World Health Organization data, 85% of the waste produced in the healthcare sector is non-hazardous and regular waste. The remaining 15% constitutes waste that could be radioactive, infectious, or chemical, proving hazardous to the environment. According to the Centre for Science and Environment (CSE), biomedical waste generation in India increased from 559 tonnes per day in 2017 to 619 tonnes per day in 2019. Medical waste management helps reduce the spread of infectious medical equipment-borne diseases such as HIV/AIDS and hepatitis. Proper waste management strategies can help prevent the illegal trade of used syringes, injection needles, and medical instruments.

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Thus, the rising geriatric population and the consequent increase in chronic disease prevalence boost the demand for the diagnosis of these diseases for early detection, prevention, and treatment, generating medical waste and driving the demand for medical waste management services. The global medical waste management market is growing at a CAGR of 5.4% over the forecast period to reach $17.02 billion by 2030, according to the Meticulous Research^® report.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key strategic developments that led market participants to adopt over the past three years. The key players profiled in the global medical waste management market report are Biomedical Waste Solutions, LLC (U.S.), Clean Harbors, Inc. (U.S.), Daniels Sharpsmart Inc. (U.S.), Stericycle, Inc. (U.S.), Veolia Environnement SA (France), Waste Management, Inc. (U.S.), EcoMed Services (Canada), and Gamma Waste Services (U.S.), REMONDIS SE & CO. KG (Germany), GIC Medical Disposal, Inc. (Canada).

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“Indonesia In Vitro Diagnostics Market” : Growing Awareness Regarding Early Disease Diagnosis

 

In vitro diagnostics (IVD) are tests performed on the samples of blood or tissue taken from the human body to detect a wide range of diseases. These tests can monitor overall health to prevent and treat various diseases. IVD includes tests based on various techniques such as enzyme-linked immunosorbent assay (ELISA), radioimmunoassay, polymerase chain reaction (PCR), isothermal nucleic acid amplification, and next-generation sequencing. They enable the early detection, management, and control of chronic and infectious diseases.

In Indonesia, the high prevalence of infectious and chronic diseases drives the need for early diagnosis to improve patients' quality of life. Early diagnosis of infectious diseases leads to better treatment and future care. Furthermore, early diagnosis can help medical professionals and patients make important medical decisions regarding care and support. There are many advantages of early diagnosis in the detection, prevention, and treatment of various diseases.

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Indonesia has a high prevalence of infectious diseases such as tuberculosis, diarrheal disease, influenza & pneumonia, dengue, and hepatitis. These diseases are some of the leading causes of mortality in Indonesia. The incidence of these diseases is high in Indonesia and is gradually increasing. The growing prevalence of these infectious diseases has increased the utilization of In vitro diagnostics products, driving the growth of this market. According to the WHO, in 2020, Indonesia accounted for 8.4% of all estimated tuberculosis cases globally. Between January 2019 and October 2019, 110,921 cases of dengue were reported compared to 65,602 cases in 2018. Furthermore, in 2020, there were 95,971 cases of dengue fever and 663 associated deaths reported in Indonesia (Source: Indonesia's Ministry of Health, 2020)

In addition to infectious diseases, the burden of chronic diseases in Indonesia is high and rising gradually. This increase in chronic diseases can be attributed to unhealthy lifestyles, genetics, social and environmental factors, and the growing aging population, among other reasons. The aging population in Indonesia is growing rapidly. The aging population is usually highly prone to chronic diseases such as diabetes, cancer, cardiovascular diseases, Alzheimer's disease, or dementia. According to the United Nations (UN), the population aged 65 years or over in Indonesia is estimated to increase from 16.37 million in 2019 to 27.43 million by 2030, accounting for 9.2% of the country's total population in 2030. The prevalence of various chronic diseases, such as cancer, diabetes, and cardiovascular diseases, is increasing. For instance, according to the WHO, in 2020, cancer was the fourth-leading cause of death in Indonesia. The number of new cancer cases in Indonesia is expected to increase from 396,914 in 2020 to 522,246 in 2030 (Source: International Agency for Research on Cancer).

 

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Indonesia's Health Ministry is taking efforts to strengthen the early detection of diseases and transform the country's health system. Laboratory examination is one of the most effective and practiced testing techniques for diagnosing various infectious diseases associated with bacterial, viral, or protozoal infections. Immunoassays, biochemical characterization, polymerase chain reaction, isothermal nucleic acid amplification, and next-generation sequencing identify a comprehensive range of infectious diseases. Increasing awareness regarding the importance of early disease detection is a major factor driving Indonesia's IVD market.

 

In addition, public and private organizations in the country are promoting early diagnosis to prevent and eradicate mortalities caused due to infectious diseases. For instance, in February 2022, Philips Indonesia collaborated with the Philips Foundation (Netherlands) to raise awareness about the importance of early detection of breast cancer among women. Moreover, in September 2021, the International Labour Organization (ILO) collaborated with PT. Pertamina (Persero) Tbk and PT. Waskita Karya (Persero) Tbk (state-owned companies) to implement HIV self-screening to scale up HIV prevention at workplaces.

According to Meticulous Research®, the Indonesia IVD market is projected to reach $1.11 billion by 2029, at a CAGR of 10.6%.

 

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