Africa Herbicide Market Size
Study Period | 2017 - 2029 | |
Market Size (2024) | USD 1.18 Billion | |
Market Size (2029) | USD 1.45 Billion | |
Largest Share by Application Mode | Soil Treatment | |
CAGR (2024 - 2029) | 4.17 % | |
Largest Share by Country | South Africa | |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Africa Herbicide Market Analysis
The Africa Herbicide Market size is estimated at 1.18 billion USD in 2024, and is expected to reach 1.45 billion USD by 2029, growing at a CAGR of 4.17% during the forecast period (2024-2029).
1.18 Billion
Market Size in 2024 (USD)
1.45 Billion
Market Size in 2029 (USD)
8.09 %
CAGR (2017-2023)
4.17 %
CAGR (2024-2029)
Largest Segment by Application Mode
46.57 %
value share, Soil Treatment, 2023
To combat this challenge and minimize crop losses caused by weeds, soil treatment of herbicides plays a crucial role by targeting these species during their early growth stages.
Largest Segment by Crop Type
45.83 %
value share, Grains & Cereals, 2023
Maize is a major cereal crop grown in the region, occupying approximately 40.7 million hectares. It contributed 40% of the cereal production in the region in 2022.
Largest Segment By Country
27.95 %
value share, South Africa, 2023
The demand for herbicides in South Africa is increasing with the adoption of herbicide-resistant cultivars and the increasing resistance of weeds to herbicides.
Leading Market Player 1
7.97 %
market share, Syngenta Group, 2022
The company invests more than USD 1.3 billion per year globally in R&D to develop advanced, innovative technologies and agrochemical products to address farmers’ challenges.
Leading Market Player 2
7.33 %
market share, Corteva Agriscience, 2022
Through programs like Open Innovation and collaborations, the company focuses on fundamentally reframing solutions to work together to provide innovative herbicides.
Adoption of various application modes majorly depends upon the crop growth stage and weed type
- Africa's agricultural sector is facing various challenges, among which weeds are becoming a major threat to the sector. The region's intensive agricultural practices, no-tillage, and monoculture practices in major crops help various weed species to grow and hamper crop growth. Due to various socio-economic factors, farmers implement herbicide application through different application modes for better weed management and enhanced crop growth.
- The herbicide soil treatment application mode is majorly adopted by farmers as a precaution to control weeds in their early growth stages, which reduces further herbicide use and production costs. The market value for this application mode is expected to increase by USD 153.1 million during the forecast period.
- Foliar herbicide application is the next most adopted application mode and common traditional practice for controlling broadleaf weeds in various crops, which is effective in rapid action by targeting the weed species. The use of the foliar method is expected to grow during the forecast period, accounting for a market value growth of USD 100.4 million.
- Increasing water shortages and advancements in micro-irrigation systems help in the rise of the chemigation mode, which provides the uniform distribution of chemical herbicide applications for better weed management. The market for the chemigation mode will grow by USD 54.4 million during 2023-2029.
- The adoption of herbicide fumigation is limited due to its associated risks, such as spray drift and potential harm to human health. On the other hand, it has been found to effectively control weeds by penetrating the soil and other areas.
- The herbicide market in the region is expected to grow by USD 312.3 million during the forecast period, driven by the increasing weed infestations.
The risk associated with the traditional weeding methods is increasing the need for herbicides in the region
- The African agricultural sector is majorly concentrated in countries like South Africa, Ethiopia, Nigeria, Egypt, and Kenya. Agriculture is one of the most important sectors, and the majority of the population works in it. The sector contributes around 14% to Sub-Saharan Africa's GDP. Among various biotic and abiotic challenges, weeds are becoming a major threat to the agricultural sector. Traditional weed management practices are associated with being time-consuming, becoming more expensive, and needing more labor, and these factors divert farmers to adopt herbicides as a primary method for weed control.
- There was a significant growth in herbicide consumption during the historical period. In 2017, it was 162.0 thousand metric ton, which increased to 198.1 thousand metric ton in 2022. The consumption growth is majorly attributed to the increasing weed infestations and rise in herbicide adoption. On average, every year, weeds are causing yield loss of up to 25% in Africa. The increasing yield losses further drive the herbicide consumption growth by 9,611 metric ton during 2023-2029.
- Grain and cereal crop growers are majorly utilizing chemical herbicides in their cultivation, which accounted for 45.1% in 2022. The dominance of these crops is mainly due to their higher cultivation area and monoculture agriculture practices favoring various weed species to grow. Weeds cause a potential yield loss of up to 34% to cereals crops in the region. This resulted in higher utilization of herbicides in these crops.
- The herbicide market in the region is projected to register a CAGR of 4.1% during the forecast period, which will solve the problems associated with other methods of weed management.
Africa Herbicide Market Trends
Rising food demand in the region coupled with need for high productivity of the crops will drive the herbicide market
- In recent years, the use of herbicides in Africa has experienced a notable surge. There has been a substantial increase in the consumption of herbicides, reflecting a growing demand for these products in agricultural practices and weed management. From 2017 to 2022, herbicide consumption per hectare in Africa witnessed a significant growth of 89.3%. This upsurge can be attributed to the increased awareness among farmers regarding the advantages of herbicides and their desire to enhance agricultural productivity per unit of land. The wide availability of diverse herbicides in the market has played a significant role in driving the upswing in herbicide usage.
- Continuous and extensive use of a single herbicide or a limited set of herbicides without proper rotation or diversification can lead to the selection of resistant weed populations. Over time, these resistant weeds dominate the landscape, making herbicides less effective in controlling them. Rotation of herbicides with different modes of action to prevent the dominance of resistant weed populations. The most prevalent glyphosate resistance mechanism in Amaranthus palmeri, commonly known as palmer amaranth, was seen in the Republic of South Africa in 2022. Glyphosate is a frequently used pesticide for weed management in a variety of crops. However, the rise of glyphosate-resistant weed populations offers a considerable obstacle to successful weed control.
- Africa's rising food demand has led to a determined push to boost agricultural productivity. Herbicides contribute significantly to increased agricultural yields by lowering crop losses. The necessity to fulfill the population's food requirements drives the reliance on herbicides.
Heavy reliance on herbicide products and changing regulations on import tariffs on herbicides are leading to fluctuating active ingredient prices in the region
- In the African agriculture sector, weeds have emerged as a substantial threat, leading to yield losses of up to 34% in cereals and staple food crops. To address this issue, farmers heavily rely on chemical herbicides for effective weed control, as alternative methods like hand weeding and mechanical weeding have become cost-prohibitive due to labor shortages and rising wages.
- Metribuzin is a herbicide for control of various annual broadleafs and grasses in crops like maize, carrots, tomatoes, beetroot, asparagus, turnip, soybeans, brassicas, cucurbits, onions, peas, beans, wheat, lettuce, tobacco, and strawberries. The price of metribuzin was recorded as USD 16,580.9 per metric ton in 2022, which was 31.3% more than in 2017. This price increase is majorly attributed to the rising demand and unavailability as it is imported from other non-African countries. South Africa is the major importing country, and it imports metribuzin from India.
- Atrazine is the predominant herbicide utilized in maize-producing nations such as South Africa and Nigeria, with approximately 88% of the maize area relying on atrazine for weed control. Its application extends to numerous terrestrial food crops, non-food crops, forests, residential turf, golf courses, recreational areas, and rangelands, making it a widely adopted weed control measure on farms. Due to its expanding usage across different crops, the price of atrazine has been consistently rising each year. In 2022, it experienced a growth of USD 3,292.7 per metric ton compared to the price recorded in 2017.
- Glyphosate is extensively adopted as the region's second most prevalent herbicide, mainly owing to its cost-effectiveness. As of 2022, the price of glyphosate's active ingredient was recorded at USD 1,143.2 per metric ton.
Africa Herbicide Industry Overview
The Africa Herbicide Market is fragmented, with the top five companies occupying 26.04%. The major players in this market are BASF SE, Bayer AG, Corteva Agriscience, FMC Corporation and Syngenta Group (sorted alphabetically).
Africa Herbicide Market Leaders
BASF SE
Bayer AG
Corteva Agriscience
FMC Corporation
Syngenta Group
Other important companies include ADAMA Agricultural Solutions Ltd, Nufarm Ltd, Sumitomo Chemical Co. Ltd, UPL Limited, Wynca Group (Wynca Chemicals).
*Disclaimer: Major Players sorted in alphabetical order.
Africa Herbicide Market News
- January 2023: Bayer formed a new partnership with Oerth Bio to enhance crop protection technology and create more eco-friendly crop protection solutions.
- August 2022: BASF and Corteva Agriscience collaborated to provide soybean farmers with the weed control of the future. By working together, BASF and Corteva aim to satisfy farmers' demand for specialized weed control solutions that are distinct from those that are currently available or being developed.
- October 2021: By investing in a new chemist's center, ADAMA enhanced its R&D capabilities that are aimed to expand and accelerate its own research and development in the field of plant protection.
Free with this Report
Along with the report, We also offer a comprehensive and exhaustive data pack with 50+ graphs on insecticide, fungicides, and herbicides consumption per hectare and the average price of active ingredients used in insecticides, fungicides, herbicides, nematicides, and molluscicides. The data pack includes Globe, North America, Europe, Asia-Pacific, South America, and Africa.
Africa Herbicide Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
- 4.1 Consumption Of Pesticide Per Hectare
- 4.2 Pricing Analysis For Active Ingredients
-
4.3 Regulatory Framework
- 4.3.1 South Africa
- 4.4 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)
-
5.1 Application Mode
- 5.1.1 Chemigation
- 5.1.2 Foliar
- 5.1.3 Fumigation
- 5.1.4 Soil Treatment
-
5.2 Crop Type
- 5.2.1 Commercial Crops
- 5.2.2 Fruits & Vegetables
- 5.2.3 Grains & Cereals
- 5.2.4 Pulses & Oilseeds
- 5.2.5 Turf & Ornamental
-
5.3 Country
- 5.3.1 South Africa
- 5.3.2 Rest of Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
-
6.4 Company Profiles (includes Global level Overview, Market level overview, Core Business Segments, Financials, Headcount, Key Information, Market Rank, Market Share, Products and Services, and analysis of Recent Developments)
- 6.4.1 ADAMA Agricultural Solutions Ltd
- 6.4.2 BASF SE
- 6.4.3 Bayer AG
- 6.4.4 Corteva Agriscience
- 6.4.5 FMC Corporation
- 6.4.6 Nufarm Ltd
- 6.4.7 Sumitomo Chemical Co. Ltd
- 6.4.8 Syngenta Group
- 6.4.9 UPL Limited
- 6.4.10 Wynca Group (Wynca Chemicals)
7. KEY STRATEGIC QUESTIONS FOR CROP PROTECTION CHEMICALS CEOS
8. APPENDIX
-
8.1 Global Overview
- 8.1.1 Overview
- 8.1.2 Porter’s Five Forces Framework
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Market Dynamics (DROs)
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- HERBICIDE CONSUMPTION PER HECTARE, KILOGRAMS, AFRICA, 2017 - 2022
- Figure 2:
- ACTIVE INGREDIENT PRICE PER METRIC TON, USD, AFRICA, 2017 - 2022
- Figure 3:
- HERBICIDE VOLUME METRIC TON, AFRICA, 2017 - 2029
- Figure 4:
- HERBICIDE VALUE USD, AFRICA, 2017 - 2029
- Figure 5:
- HERBICIDE MARKET BY APPLICATION MODE, METRIC TON, AFRICA, 2017 - 2029
- Figure 6:
- HERBICIDE MARKET BY APPLICATION MODE, USD, AFRICA, 2017 - 2029
- Figure 7:
- VALUE SHARE OF HERBICIDE BY APPLICATION MODE, %, AFRICA, 2017 VS 2023 VS 2029
- Figure 8:
- VOLUME SHARE OF HERBICIDE BY APPLICATION MODE, %, AFRICA, 2017 VS 2023 VS 2029
- Figure 9:
- CROP PROTECTION CHEMICALS APPLIED THROUGH CHEMIGATION, METRIC TON, AFRICA, 2017 - 2029
- Figure 10:
- CROP PROTECTION CHEMICALS APPLIED THROUGH CHEMIGATION, USD, AFRICA, 2017 - 2029
- Figure 11:
- VALUE SHARE OF CHEMIGATION BY CROP TYPE, %, AFRICA, 2022 VS 2029
- Figure 12:
- CROP PROTECTION CHEMICALS APPLIED THROUGH FOLIAR, METRIC TON, AFRICA, 2017 - 2029
- Figure 13:
- CROP PROTECTION CHEMICALS APPLIED THROUGH FOLIAR, USD, AFRICA, 2017 - 2029
- Figure 14:
- VALUE SHARE OF FOLIAR BY CROP TYPE, %, AFRICA, 2022 VS 2029
- Figure 15:
- CROP PROTECTION CHEMICALS APPLIED THROUGH FUMIGATION, METRIC TON, AFRICA, 2017 - 2029
- Figure 16:
- CROP PROTECTION CHEMICALS APPLIED THROUGH FUMIGATION, USD, AFRICA, 2017 - 2029
- Figure 17:
- VALUE SHARE OF FUMIGATION BY CROP TYPE, %, AFRICA, 2022 VS 2029
- Figure 18:
- CROP PROTECTION CHEMICALS APPLIED THROUGH SOIL TREATMENT, METRIC TON, AFRICA, 2017 - 2029
- Figure 19:
- CROP PROTECTION CHEMICALS APPLIED THROUGH SOIL TREATMENT, USD, AFRICA, 2017 - 2029
- Figure 20:
- VALUE SHARE OF SOIL TREATMENT BY CROP TYPE, %, AFRICA, 2022 VS 2029
- Figure 21:
- HERBICIDE MARKET BY CROP TYPE, METRIC TON, AFRICA, 2017 - 2029
- Figure 22:
- HERBICIDE MARKET BY CROP TYPE, USD, AFRICA, 2017 - 2029
- Figure 23:
- VALUE SHARE OF HERBICIDE BY CROP TYPE, %, AFRICA, 2017 VS 2023 VS 2029
- Figure 24:
- VOLUME SHARE OF HERBICIDE BY CROP TYPE, %, AFRICA, 2017 VS 2023 VS 2029
- Figure 25:
- HERBICIDE CONSUMED BY COMMERCIAL CROPS, METRIC TON, AFRICA, 2017 - 2029
- Figure 26:
- HERBICIDE CONSUMED BY COMMERCIAL CROPS, USD, AFRICA, 2017 - 2029
- Figure 27:
- VALUE SHARE OF COMMERCIAL CROPS BY APPLICATION MODE, %, AFRICA, 2022 VS 2029
- Figure 28:
- HERBICIDE CONSUMED BY FRUITS & VEGETABLES, METRIC TON, AFRICA, 2017 - 2029
- Figure 29:
- HERBICIDE CONSUMED BY FRUITS & VEGETABLES, USD, AFRICA, 2017 - 2029
- Figure 30:
- VALUE SHARE OF FRUITS & VEGETABLES BY APPLICATION MODE, %, AFRICA, 2022 VS 2029
- Figure 31:
- HERBICIDE CONSUMED BY GRAINS & CEREALS, METRIC TON, AFRICA, 2017 - 2029
- Figure 32:
- HERBICIDE CONSUMED BY GRAINS & CEREALS, USD, AFRICA, 2017 - 2029
- Figure 33:
- VALUE SHARE OF GRAINS & CEREALS BY APPLICATION MODE, %, AFRICA, 2022 VS 2029
- Figure 34:
- HERBICIDE CONSUMED BY PULSES & OILSEEDS, METRIC TON, AFRICA, 2017 - 2029
- Figure 35:
- HERBICIDE CONSUMED BY PULSES & OILSEEDS, USD, AFRICA, 2017 - 2029
- Figure 36:
- VALUE SHARE OF PULSES & OILSEEDS BY APPLICATION MODE, %, AFRICA, 2022 VS 2029
- Figure 37:
- HERBICIDE CONSUMED BY TURF & ORNAMENTAL, METRIC TON, AFRICA, 2017 - 2029
- Figure 38:
- HERBICIDE CONSUMED BY TURF & ORNAMENTAL, USD, AFRICA, 2017 - 2029
- Figure 39:
- VALUE SHARE OF TURF & ORNAMENTAL BY APPLICATION MODE, %, AFRICA, 2022 VS 2029
- Figure 40:
- HERBICIDE MARKET BY COUNTRY, METRIC TON, AFRICA, 2017 - 2029
- Figure 41:
- HERBICIDE MARKET BY COUNTRY, USD, AFRICA, 2017 - 2029
- Figure 42:
- VALUE SHARE OF HERBICIDE BY COUNTRY, %, AFRICA, 2017 VS 2023 VS 2029
- Figure 43:
- VOLUME SHARE OF HERBICIDE BY COUNTRY, %, AFRICA, 2017 VS 2023 VS 2029
- Figure 44:
- HERBICIDE CONSUMED BY SOUTH AFRICA, METRIC TON, AFRICA, 2017 - 2029
- Figure 45:
- HERBICIDE CONSUMED BY SOUTH AFRICA, USD, AFRICA, 2017 - 2029
- Figure 46:
- VALUE SHARE OF SOUTH AFRICA BY CROP TYPE, %, AFRICA, 2022 VS 2029
- Figure 47:
- HERBICIDE CONSUMED BY REST OF AFRICA, METRIC TON, AFRICA, 2017 - 2029
- Figure 48:
- HERBICIDE CONSUMED BY REST OF AFRICA, USD, AFRICA, 2017 - 2029
- Figure 49:
- VALUE SHARE OF REST OF AFRICA BY CROP TYPE, %, AFRICA, 2022 VS 2029
- Figure 50:
- MOST ACTIVE COMPANIES BY NUMBER OF STRATEGIC MOVES, AFRICA, 2017-2022
- Figure 51:
- MOST ACTIVE COMPANIES BY NUMBER OF STRATEGIC MOVES, AFRICA, 2017-2022
- Figure 52:
- MARKET SHARE OF MAJOR PLAYERS, %, AFRICA 2023
Africa Herbicide Industry Segmentation
Chemigation, Foliar, Fumigation, Soil Treatment are covered as segments by Application Mode. Commercial Crops, Fruits & Vegetables, Grains & Cereals, Pulses & Oilseeds, Turf & Ornamental are covered as segments by Crop Type. South Africa are covered as segments by Country.
- Africa's agricultural sector is facing various challenges, among which weeds are becoming a major threat to the sector. The region's intensive agricultural practices, no-tillage, and monoculture practices in major crops help various weed species to grow and hamper crop growth. Due to various socio-economic factors, farmers implement herbicide application through different application modes for better weed management and enhanced crop growth.
- The herbicide soil treatment application mode is majorly adopted by farmers as a precaution to control weeds in their early growth stages, which reduces further herbicide use and production costs. The market value for this application mode is expected to increase by USD 153.1 million during the forecast period.
- Foliar herbicide application is the next most adopted application mode and common traditional practice for controlling broadleaf weeds in various crops, which is effective in rapid action by targeting the weed species. The use of the foliar method is expected to grow during the forecast period, accounting for a market value growth of USD 100.4 million.
- Increasing water shortages and advancements in micro-irrigation systems help in the rise of the chemigation mode, which provides the uniform distribution of chemical herbicide applications for better weed management. The market for the chemigation mode will grow by USD 54.4 million during 2023-2029.
- The adoption of herbicide fumigation is limited due to its associated risks, such as spray drift and potential harm to human health. On the other hand, it has been found to effectively control weeds by penetrating the soil and other areas.
- The herbicide market in the region is expected to grow by USD 312.3 million during the forecast period, driven by the increasing weed infestations.
Application Mode | Chemigation |
Foliar | |
Fumigation | |
Soil Treatment | |
Crop Type | Commercial Crops |
Fruits & Vegetables | |
Grains & Cereals | |
Pulses & Oilseeds | |
Turf & Ornamental | |
Country | South Africa |
Rest of Africa |
Market Definition
- Function - Herbicides are chemicals used to control or prevent weeds from preventing crop growth and yield loss.
- Application Mode - Foliar, Seed Treatment, Soil Treatment, Chemigation, and Fumigation are the different type of application modes through which crop protection chemicals are applied to the crops.
- Crop Type - This represents the consumption of crop protection chemicals by Cereals, Pulses, Oilseeds, Fruits, Vegetables, Turf, and Ornamental crops.
Keyword | Definition |
---|---|
IWM | Integrated weed management (IWM) is an approach to incorporate multiple weed control techniques throughout the growing season to give producers the best opportunity to control problematic weeds. |
Host | Hosts are the plants that form relationships with beneficial microorganisms and help them colonize. |
Pathogen | A disease-causing organism. |
Herbigation | Herbigation is an effective method of applying herbicides through irrigation systems. |
Maximum residue levels (MRL) | Maximum Residue Limit (MRL) is the maximum allowed limit of pesticide residue in food or feed obtained from plants and animals. |
IoT | The Internet of Things (IoT) is a network of interconnected devices that connect and exchange data with other IoT devices and the cloud. |
Herbicide-tolerant varieties (HTVs) | Herbicide-tolerant varieties are plant species that have been genetically engineered to be resistant to herbicides used on crops. |
Chemigation | Chemigation is a method of applying pesticides to crops through an irrigation system. |
Crop Protection | Crop protection is a method of protecting crop yields from different pests, including insects, weeds, plant diseases, and others that cause damage to agricultural crops. |
Seed Treatment | Seed treatment helps to disinfect seeds or seedlings from seed-borne or soil-borne pests. Crop protection chemicals, such as fungicides, insecticides, or nematicides, are commonly used for seed treatment. |
Fumigation | Fumigation is the application of crop protection chemicals in gaseous form to control pests. |
Bait | A bait is a food or other material used to lure a pest and kill it through various methods, including poisoning. |
Contact Fungicide | Contact pesticides prevent crop contamination and combat fungal pathogens. They act on pests (fungi) only when they come in contact with the pests. |
Systemic Fungicide | A systemic fungicide is a compound taken up by a plant and then translocated within the plant, thus protecting the plant from attack by pathogens. |
Mass Drug Administration (MDA) | Mass drug administration is the strategy to control or eliminate many neglected tropical diseases. |
Mollusks | Mollusks are pests that feed on crops, causing crop damage and yield loss. Mollusks include octopi, squid, snails, and slugs. |
Pre-emergence Herbicide | Preemergence herbicides are a form of chemical weed control that prevents germinated weed seedlings from becoming established. |
Post-emergence Herbicide | Postemergence herbicides are applied to the agricultural field to control weeds after emergence (germination) of seeds or seedlings. |
Active Ingredients | Active ingredients are the chemicals in pesticide products that kill, control, or repel pests. |
United States Department of Agriculture (USDA) | The Department of Agriculture provides leadership on food, agriculture, natural resources, and related issues. |
Weed Science Society of America (WSSA) | The WSSA, a non-profit professional society, promotes research, education, and extension outreach activities related to weeds. |
Suspension concentrate | Suspension concentrate (SC) is one of the formulations of crop protection chemicals with solid active ingredients dispersed in water. |
Wettable powder | A wettable powder (WP) is a powder formulation that forms a suspension when mixed with water prior to spraying. |
Emulsifiable concentrate | Emulsifiable concentrate (EC) is a concentrated liquid formulation of pesticide that needs to be diluted with water to create a spray solution. |
Plant-parasitic nematodes | Parasitic Nematodes feed on the roots of crops, causing damage to the roots. These damages allow for easy plant infestation by soil-borne pathogens, which results in crop or yield loss. |
Australian Weeds Strategy (AWS) | The Australian Weeds Strategy, owned by the Environment and Invasives Committee, provides national guidance on weed management. |
Weed Science Society of Japan (WSSJ) | WSSJ aims to contribute to the prevention of weed damage and the utilization of weed value by providing the chance for research presentation and information exchange. |
Research Methodology
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: Identify Key Variables: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
- Step-2: Build a Market Model: Market-size estimations for the forecast years are in nominal terms. Inflation is not a part of the pricing, and the average selling price (ASP) is kept constant throughout the forecast period.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms