Genetic Engineering In Agriculture Market
Genetic Engineering in Agriculture Market Forecasts to 2030 - Global Analysis By Technique (DNA & RNA Sequencing, Genotyping, GMO-trait Purity Testing, Gene Expression Profiling, CRISPR and Other Techniques), Application (Cereals & Grains, Fruits & Vegetables, Oilseeds & Pulses and Other Applications), End User and by Geography
According to Stratistics MRC, the Global Genetic Engineering in Agriculture Market is accounted for $1.09 billion in 2024 and is expected to reach $1.77 billion by 2030 growing at a CAGR of 8.5% during the forecast period. Genetic engineering in agriculture involves modifying the DNA of crops and livestock to enhance specific traits, such as yield, pest resistance, drought tolerance, and nutritional content. Scientists can now directly introduce advantageous genes into plants or animals thanks to this biotechnological development, making precise improvements that would be difficult to accomplish through conventional breeding. Moreover, insect-resistant corn and herbicide-tolerant soybeans are two examples of genetically engineered (GE) crops that have gained widespread acceptance around the world because of their capacity to boost output while lowering the demand for chemical inputs, thereby encouraging more sustainable farming methods.
According to the Food and Agriculture Organization (FAO), genetically engineered (GE) crops covered approximately 190 million hectares globally in 2022.
Market Dynamics:
Driver:
Genetically modified organism (GMO) adoption
The adoption rate of GMOs has been steadily increasing due to their numerous benefits. Genetically modified crops appeal to farmers because they frequently require fewer inputs, like fertilizer and water, while offering greater resistance to pests and diseases. In addition to making farmers more profitable, this also helps to lessen the impact on the environment by using fewer chemicals. GMOs are now commonplace in agricultural practices in areas with more benevolent regulatory frameworks, such as North America. Furthermore, there is a slow change in public opinion that encourages broader adoption as consumer awareness of the advantages of GMOs, such as increased nutritional value and decreased food waste, increases.
Restraint:
Social and ethical concerns
Genetic engineering raises ethical questions about ""playing God"" with nature and the propriety of modifying living things for the sake of humanity. Genetic modification is criticized for undermining natural processes and potentially having unintended consequences. Large Biotech Company’s monopolization of seed patents raises additional societal concerns because it may restrict farmer’s ability to save seeds from their harvests for later use. Moreover, this approach may lead to smallholder farmers becoming dependent on seed companies for yearly purchases, which raises concerns about access and economic equity.
Opportunity:
Development of novel crop varieties
The market for genetic engineering offers a wealth of chances to create innovative crop varieties suited to particular consumer preferences or regional requirements. For instance, it is possible to engineer crops to have better taste and texture or longer shelf lives, which will increase their marketability and decrease food waste across the supply chain. Additionally, there is also the possibility of developing specialty crops that serve specialized markets or new consumer trends, like gluten-free or organic products.
Threat:
Issues with public health
Genetically modified food acceptance is still seriously threatened by public health concerns. Notwithstanding the scientific consensus regarding the safety of genetically modified foods, some consumers are concerned about the possibility of toxicity or allergies when consuming GMOs. Reports of negative health effects have prompted demands for more thorough testing and labeling of genetically modified products. Furthermore, it is also difficult for stakeholders to effectively convey the advantages of genetic engineering because of disinformation campaigns and unfavorable media representations that heighten these anxieties.
Covid-19 Impact:
The COVID-19 pandemic had a major effect on the market for genetic engineering in agriculture by interfering with supply chains and labor availability, which decreased crop yields and caused delays in R&D. While import and export restrictions restricted access to vital biotechnology tools and resources, lockdowns caused a shortage of agricultural workers, which hampered planting and harvesting operations. Moreover, the pandemic raised awareness of food security concerns and sparked a surge in interest in biotechnology solutions; nevertheless, the financial burden on farmers and decreased investment in agricultural innovation may present long-term obstacles to market expansion as the sector attempts to bounce back from these setbacks.
The DNA & RNA Sequencing segment is expected to be the largest during the forecast period
The largest share is expected to be held by the DNA & RNA sequencing segment. Because it plays a crucial part in increasing agricultural productivity through accurate genetic analysis and modification, this segment is essential. The development of genetically modified crops with increased yields, disease resistance, and nutritional value is made easier by the identification of genetic markers linked to desired traits made possible by DNA and RNA sequencing technologies. Additionally, the importance of the segment is highlighted by the growing reliance on transgenic technology and molecular markers for crop improvement, which not only facilitates breeding but also helps understand plant genomes.
The Fruits & Vegetables segment is expected to have the highest CAGR during the forecast period
The fruits and vegetables segment is projected to exhibit the highest CAGR. This growth is mostly due to rising demand for health and wellness foods as well as growing consumer awareness of the nutritional advantages of fruits and vegetables. It is imperative to develop improved varieties with better taste, longer shelf life, and higher nutritional value as more consumers place a higher priority on eating a healthy diet. Furthermore, supporting the growth of this market is the growing popularity of urban gardening and local food production, as genetically modified fruits and vegetables can satisfy the particular needs of consumers looking for wholesome, fresh produce.
Region with largest share:
The North American region holds the largest market share for genetic engineering in agriculture. The main reasons for this dominance are the developed agricultural infrastructure, robust R&D capacities, and supportive regulatory framework for genetically modified organisms (GMOs) in nations such as the US and Canada. With large investments in genetic engineering technologies that increase crop yields, improve pest resistance, and lessen dependency on chemical inputs, North America has been at the forefront of the adoption of agricultural biotechnology. Moreover, the region's dominant position in the market is further cemented by its well-established biotech sector and the high rate of farmer and consumer acceptance of GM crops.
Region with highest CAGR:
The market for genetic engineering in agriculture is anticipated to grow at the highest CAGR in the Asia-Pacific region. Rapid population growth, which raises food demand, and the growing use of cutting-edge molecular biology and genetics technologies to increase crop yield and productivity are some of the factors contributing to this growth. Leading the way in this trend are nations like China and India, which have made significant investments in biotechnology research and development to tackle issues in agriculture like soil degradation and climate variability. Additionally, the market's growth in this area is further supported by the existence of significant biotechnology firms and continuous government assistance for agricultural innovation.
Key players in the market
Some of the key players in Genetic Engineering in Agriculture market include Agilent Technologies, Illumina, Inc., Eurofins Scientific, Qiagen N.V., Neogen Corporation, Traitgenetics GmbH, Keygene, Synthego Corporation, Oxford Nanopore Technologies, Novogene Corporation, GenScript, Trace Genomics, Intellia Therapeutics and NRgene.
Key Developments:
In October 2024, Eurofins Scientific, a global scientific leader in bioanalytical testing, with a rapidly developing presence in highly specialised and molecular clinical diagnostics testing and in-vitro diagnostic products, has reached an agreement with SYNLAB to acquire its clinical diagnostics operations in Spain. The transaction is subject to customary conditions, including regulatory approvals, and is expected to close in 2025.
In August 2024, Illumina Inc, a major biotech firm in DNA sequencing and array-based technologies, on Friday announced the setting up of a Global Capability Center in Bengaluru. The centre would be an investment to expand its technology workforce in support of a global customer base.
In July 2024, Agilent Technologies Inc. has signed a definitive agreement to acquire BIOVECTRA, a specialized contract development and manufacturing organization (CDMO), for $925 million. Based in Canada, BIOVECTRA produces biologics, highly potent active pharmaceutical ingredients, and other molecules for targeted therapeutics.
Techniques Covered:
• DNA & RNA Sequencing
• Genotyping
• GMO-trait Purity Testing
• Gene Expression Profiling
• CRISPR
• Other Techniques
Applications Covered:
• Cereals & Grains
• Fruits & Vegetables
• Oilseeds & Pulses
• Other Applications
End Users Covered:
• Yield Improvement
• Disease Resistance
• Herbicide Tolerance
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Genetic Engineering in Agriculture Market, By Technique
5.1 Introduction
5.2 DNA & RNA Sequencing
5.3 Genotyping
5.4 GMO-trait Purity Testing
5.5 Gene Expression Profiling
5.6 CRISPR
5.7 Other Techniques
6 Global Genetic Engineering in Agriculture Market, By Application
6.1 Introduction
6.2 Cereals & Grains
6.3 Fruits & Vegetables
6.4 Oilseeds & Pulses
6.5 Other Applications
7 Global Genetic Engineering in Agriculture Market, By End User
7.1 Introduction
7.2 Yield Improvement
7.3 Disease Resistance
7.4 Herbicide Tolerance
7.5 Other End Users
8 Global Genetic Engineering in Agriculture Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Agilent Technologies
10.2 Illumina, Inc.
10.3 Eurofins Scientific
10.4 Qiagen N.V.
10.5 Neogen Corporation
10.6 Traitgenetics GmbH
10.7 Keygene
10.8 Synthego Corporation
10.9 Oxford Nanopore Technologies
10.10 Novogene Corporation
10.11 GenScript
10.12 Trace Genomics
10.13 Intellia Therapeutics
10.14 NRgene
List of Tables
1 Global Genetic Engineering in Agriculture Market Outlook, By Region (2022-2030) ($MN)
2 Global Genetic Engineering in Agriculture Market Outlook, By Technique (2022-2030) ($MN)
3 Global Genetic Engineering in Agriculture Market Outlook, By DNA & RNA Sequencing (2022-2030) ($MN)
4 Global Genetic Engineering in Agriculture Market Outlook, By Genotyping (2022-2030) ($MN)
5 Global Genetic Engineering in Agriculture Market Outlook, By GMO-trait Purity Testing (2022-2030) ($MN)
6 Global Genetic Engineering in Agriculture Market Outlook, By Gene Expression Profiling (2022-2030) ($MN)
7 Global Genetic Engineering in Agriculture Market Outlook, By CRISPR (2022-2030) ($MN)
8 Global Genetic Engineering in Agriculture Market Outlook, By Other Techniques (2022-2030) ($MN)
9 Global Genetic Engineering in Agriculture Market Outlook, By Application (2022-2030) ($MN)
10 Global Genetic Engineering in Agriculture Market Outlook, By Cereals & Grains (2022-2030) ($MN)
11 Global Genetic Engineering in Agriculture Market Outlook, By Fruits & Vegetables (2022-2030) ($MN)
12 Global Genetic Engineering in Agriculture Market Outlook, By Oilseeds & Pulses (2022-2030) ($MN)
13 Global Genetic Engineering in Agriculture Market Outlook, By Other Applications (2022-2030) ($MN)
14 Global Genetic Engineering in Agriculture Market Outlook, By End User (2022-2030) ($MN)
15 Global Genetic Engineering in Agriculture Market Outlook, By Yield Improvement (2022-2030) ($MN)
16 Global Genetic Engineering in Agriculture Market Outlook, By Disease Resistance (2022-2030) ($MN)
17 Global Genetic Engineering in Agriculture Market Outlook, By Herbicide Tolerance (2022-2030) ($MN)
18 Global Genetic Engineering in Agriculture Market Outlook, By Other End Users (2022-2030) ($MN)
19 North America Genetic Engineering in Agriculture Market Outlook, By Country (2022-2030) ($MN)
20 North America Genetic Engineering in Agriculture Market Outlook, By Technique (2022-2030) ($MN)
21 North America Genetic Engineering in Agriculture Market Outlook, By DNA & RNA Sequencing (2022-2030) ($MN)
22 North America Genetic Engineering in Agriculture Market Outlook, By Genotyping (2022-2030) ($MN)
23 North America Genetic Engineering in Agriculture Market Outlook, By GMO-trait Purity Testing (2022-2030) ($MN)
24 North America Genetic Engineering in Agriculture Market Outlook, By Gene Expression Profiling (2022-2030) ($MN)
25 North America Genetic Engineering in Agriculture Market Outlook, By CRISPR (2022-2030) ($MN)
26 North America Genetic Engineering in Agriculture Market Outlook, By Other Techniques (2022-2030) ($MN)
27 North America Genetic Engineering in Agriculture Market Outlook, By Application (2022-2030) ($MN)
28 North America Genetic Engineering in Agriculture Market Outlook, By Cereals & Grains (2022-2030) ($MN)
29 North America Genetic Engineering in Agriculture Market Outlook, By Fruits & Vegetables (2022-2030) ($MN)
30 North America Genetic Engineering in Agriculture Market Outlook, By Oilseeds & Pulses (2022-2030) ($MN)
31 North America Genetic Engineering in Agriculture Market Outlook, By Other Applications (2022-2030) ($MN)
32 North America Genetic Engineering in Agriculture Market Outlook, By End User (2022-2030) ($MN)
33 North America Genetic Engineering in Agriculture Market Outlook, By Yield Improvement (2022-2030) ($MN)
34 North America Genetic Engineering in Agriculture Market Outlook, By Disease Resistance (2022-2030) ($MN)
35 North America Genetic Engineering in Agriculture Market Outlook, By Herbicide Tolerance (2022-2030) ($MN)
36 North America Genetic Engineering in Agriculture Market Outlook, By Other End Users (2022-2030) ($MN)
37 Europe Genetic Engineering in Agriculture Market Outlook, By Country (2022-2030) ($MN)
38 Europe Genetic Engineering in Agriculture Market Outlook, By Technique (2022-2030) ($MN)
39 Europe Genetic Engineering in Agriculture Market Outlook, By DNA & RNA Sequencing (2022-2030) ($MN)
40 Europe Genetic Engineering in Agriculture Market Outlook, By Genotyping (2022-2030) ($MN)
41 Europe Genetic Engineering in Agriculture Market Outlook, By GMO-trait Purity Testing (2022-2030) ($MN)
42 Europe Genetic Engineering in Agriculture Market Outlook, By Gene Expression Profiling (2022-2030) ($MN)
43 Europe Genetic Engineering in Agriculture Market Outlook, By CRISPR (2022-2030) ($MN)
44 Europe Genetic Engineering in Agriculture Market Outlook, By Other Techniques (2022-2030) ($MN)
45 Europe Genetic Engineering in Agriculture Market Outlook, By Application (2022-2030) ($MN)
46 Europe Genetic Engineering in Agriculture Market Outlook, By Cereals & Grains (2022-2030) ($MN)
47 Europe Genetic Engineering in Agriculture Market Outlook, By Fruits & Vegetables (2022-2030) ($MN)
48 Europe Genetic Engineering in Agriculture Market Outlook, By Oilseeds & Pulses (2022-2030) ($MN)
49 Europe Genetic Engineering in Agriculture Market Outlook, By Other Applications (2022-2030) ($MN)
50 Europe Genetic Engineering in Agriculture Market Outlook, By End User (2022-2030) ($MN)
51 Europe Genetic Engineering in Agriculture Market Outlook, By Yield Improvement (2022-2030) ($MN)
52 Europe Genetic Engineering in Agriculture Market Outlook, By Disease Resistance (2022-2030) ($MN)
53 Europe Genetic Engineering in Agriculture Market Outlook, By Herbicide Tolerance (2022-2030) ($MN)
54 Europe Genetic Engineering in Agriculture Market Outlook, By Other End Users (2022-2030) ($MN)
55 Asia Pacific Genetic Engineering in Agriculture Market Outlook, By Country (2022-2030) ($MN)
56 Asia Pacific Genetic Engineering in Agriculture Market Outlook, By Technique (2022-2030) ($MN)
57 Asia Pacific Genetic Engineering in Agriculture Market Outlook, By DNA & RNA Sequencing (2022-2030) ($MN)
58 Asia Pacific Genetic Engineering in Agriculture Market Outlook, By Genotyping (2022-2030) ($MN)
59 Asia Pacific Genetic Engineering in Agriculture Market Outlook, By GMO-trait Purity Testing (2022-2030) ($MN)
60 Asia Pacific Genetic Engineering in Agriculture Market Outlook, By Gene Expression Profiling (2022-2030) ($MN)
61 Asia Pacific Genetic Engineering in Agriculture Market Outlook, By CRISPR (2022-2030) ($MN)
62 Asia Pacific Genetic Engineering in Agriculture Market Outlook, By Other Techniques (2022-2030) ($MN)
63 Asia Pacific Genetic Engineering in Agriculture Market Outlook, By Application (2022-2030) ($MN)
64 Asia Pacific Genetic Engineering in Agriculture Market Outlook, By Cereals & Grains (2022-2030) ($MN)
65 Asia Pacific Genetic Engineering in Agriculture Market Outlook, By Fruits & Vegetables (2022-2030) ($MN)
66 Asia Pacific Genetic Engineering in Agriculture Market Outlook, By Oilseeds & Pulses (2022-2030) ($MN)
67 Asia Pacific Genetic Engineering in Agriculture Market Outlook, By Other Applications (2022-2030) ($MN)
68 Asia Pacific Genetic Engineering in Agriculture Market Outlook, By End User (2022-2030) ($MN)
69 Asia Pacific Genetic Engineering in Agriculture Market Outlook, By Yield Improvement (2022-2030) ($MN)
70 Asia Pacific Genetic Engineering in Agriculture Market Outlook, By Disease Resistance (2022-2030) ($MN)
71 Asia Pacific Genetic Engineering in Agriculture Market Outlook, By Herbicide Tolerance (2022-2030) ($MN)
72 Asia Pacific Genetic Engineering in Agriculture Market Outlook, By Other End Users (2022-2030) ($MN)
73 South America Genetic Engineering in Agriculture Market Outlook, By Country (2022-2030) ($MN)
74 South America Genetic Engineering in Agriculture Market Outlook, By Technique (2022-2030) ($MN)
75 South America Genetic Engineering in Agriculture Market Outlook, By DNA & RNA Sequencing (2022-2030) ($MN)
76 South America Genetic Engineering in Agriculture Market Outlook, By Genotyping (2022-2030) ($MN)
77 South America Genetic Engineering in Agriculture Market Outlook, By GMO-trait Purity Testing (2022-2030) ($MN)
78 South America Genetic Engineering in Agriculture Market Outlook, By Gene Expression Profiling (2022-2030) ($MN)
79 South America Genetic Engineering in Agriculture Market Outlook, By CRISPR (2022-2030) ($MN)
80 South America Genetic Engineering in Agriculture Market Outlook, By Other Techniques (2022-2030) ($MN)
81 South America Genetic Engineering in Agriculture Market Outlook, By Application (2022-2030) ($MN)
82 South America Genetic Engineering in Agriculture Market Outlook, By Cereals & Grains (2022-2030) ($MN)
83 South America Genetic Engineering in Agriculture Market Outlook, By Fruits & Vegetables (2022-2030) ($MN)
84 South America Genetic Engineering in Agriculture Market Outlook, By Oilseeds & Pulses (2022-2030) ($MN)
85 South America Genetic Engineering in Agriculture Market Outlook, By Other Applications (2022-2030) ($MN)
86 South America Genetic Engineering in Agriculture Market Outlook, By End User (2022-2030) ($MN)
87 South America Genetic Engineering in Agriculture Market Outlook, By Yield Improvement (2022-2030) ($MN)
88 South America Genetic Engineering in Agriculture Market Outlook, By Disease Resistance (2022-2030) ($MN)
89 South America Genetic Engineering in Agriculture Market Outlook, By Herbicide Tolerance (2022-2030) ($MN)
90 South America Genetic Engineering in Agriculture Market Outlook, By Other End Users (2022-2030) ($MN)
91 Middle East & Africa Genetic Engineering in Agriculture Market Outlook, By Country (2022-2030) ($MN)
92 Middle East & Africa Genetic Engineering in Agriculture Market Outlook, By Technique (2022-2030) ($MN)
93 Middle East & Africa Genetic Engineering in Agriculture Market Outlook, By DNA & RNA Sequencing (2022-2030) ($MN)
94 Middle East & Africa Genetic Engineering in Agriculture Market Outlook, By Genotyping (2022-2030) ($MN)
95 Middle East & Africa Genetic Engineering in Agriculture Market Outlook, By GMO-trait Purity Testing (2022-2030) ($MN)
96 Middle East & Africa Genetic Engineering in Agriculture Market Outlook, By Gene Expression Profiling (2022-2030) ($MN)
97 Middle East & Africa Genetic Engineering in Agriculture Market Outlook, By CRISPR (2022-2030) ($MN)
98 Middle East & Africa Genetic Engineering in Agriculture Market Outlook, By Other Techniques (2022-2030) ($MN)
99 Middle East & Africa Genetic Engineering in Agriculture Market Outlook, By Application (2022-2030) ($MN)
100 Middle East & Africa Genetic Engineering in Agriculture Market Outlook, By Cereals & Grains (2022-2030) ($MN)
101 Middle East & Africa Genetic Engineering in Agriculture Market Outlook, By Fruits & Vegetables (2022-2030) ($MN)
102 Middle East & Africa Genetic Engineering in Agriculture Market Outlook, By Oilseeds & Pulses (2022-2030) ($MN)
103 Middle East & Africa Genetic Engineering in Agriculture Market Outlook, By Other Applications (2022-2030) ($MN)
104 Middle East & Africa Genetic Engineering in Agriculture Market Outlook, By End User (2022-2030) ($MN)
105 Middle East & Africa Genetic Engineering in Agriculture Market Outlook, By Yield Improvement (2022-2030) ($MN)
106 Middle East & Africa Genetic Engineering in Agriculture Market Outlook, By Disease Resistance (2022-2030) ($MN)
107 Middle East & Africa Genetic Engineering in Agriculture Market Outlook, By Herbicide Tolerance (2022-2030) ($MN)
108 Middle East & Africa Genetic Engineering in Agriculture Market Outlook, By Other End Users (2022-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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