Europe Almond Milk Market Size
Study Period | 2017 - 2029 | |
Market Size (2024) | USD 1.45 Billion | |
Market Size (2029) | USD 2.89 Billion | |
Largest Share by Distribution Channel | Off-Trade | |
CAGR (2024 - 2029) | 14.73 % | |
Largest Share by Country | Germany | |
Major Players |
||
|
||
*Disclaimer: Major Players sorted in no particular order |
Europe Almond Milk Market Analysis
The Europe Almond Milk Market size is estimated at 1.45 billion USD in 2024, and is expected to reach 2.89 billion USD by 2029, growing at a CAGR of 14.73% during the forecast period (2024-2029).
1.45 Billion
Market Size in 2024 (USD)
2.89 Billion
Market Size in 2029 (USD)
14.67 %
CAGR (2017-2023)
14.73 %
CAGR (2024-2029)
Largest Market by Distribution Channel
97.42 %
value share, Off-Trade, 2023
The growth of the segment in the region is largely driven by the existence of an inviting place for customers to shop, as they are constantly drawn to make large purchases.
Largest Market by Country
22.57 %
value share, Germany, 2023
The increasing vegan population in the country with the wider acceptance of innovation in the sector including almond milk products is influencing the growth of the segment in the market.
Fastest-growing Market by Distribution Channel
14.80 %
Projected CAGR, Off-Trade, 2024-2029
The feasible localities of off-trade retail channels like convenience stores allow consumers to shop within minimal distances, making it a larger segment in the market.
Fastest-growing Market by Country
24.79 %
Projected CAGR, Russia, 2024-2029
Russia's major consumption of almond milk is driven by the rise in several individuals with lactose intolerance and its' increased health-beneficial factors.
Leading Market Player
33.97 %
market share, Danone SA, 2022
The presence of exhaustive product offerings along with a larger distribution network and a wider presence throughout the country has made Danone S.A. a leading market player.
Strong presence of supermarkets in the region is supporting the market growth
- The off-trade channel plays a major in the sales of almond milk in Europe. Among these, supermarkets and hypermarkets accounted for a majority share of almond milk sales during the study period. In 2022, these retail channels accounted for 61.7% of the value share. They have a strong position due to the wide selection of brands offered, considerable shelf space, and frequent price promotions.
- Compared to vegan milk, dairy milk prices have increased in UK supermarkets. In 2022, 1 L of cow milk cost USD 1.52 in major supermarkets in the United Kingdom, a 36% rise since January, whereas plant-based milk, including almond milk, cost USD 1.30 per liter.
- During the study period, convenience stores stood second in terms of the sales of almond milk, after supermarkets and hypermarkets. In 2022, the sales value of almond milk through convenience stores experienced a growth rate of 15.9% from 2020 to 2022. The major factor behind this growth was the ease of access and longer opening hours compared to modern stores.
- The on-trade channel is the fastest-growing retail channel in the European almond milk market, which is anticipated to grow by 41.8% in 2025 compared to 2022. Many leading restaurants in Europe use almond milk as an ingredient in cocktails, smoothies, coffees, and espresso-based drinks. Major coffee chains, including Costa Coffee, Starbucks, McCafe, and Caffe Nero, already offer almond milk. As of 2022, Costa Coffee was one of the leading coffee shop chains operating with more than 3,263 outlets across the region. Starbucks stood second with more than 2,556 stores.
The growing lactose-intolerant population and people with cow's milk allergies in the region significantly drive the almond milk market
- Rising health consciousness among consumers is the key factor driving the demand for dairy-free products, including almond milk, in Europe. In 2022, the almond milk market grew by a value of 14.2% compared to 2021. People are switching to almond milk due to its associated health benefits and the rising greenhouse gas emissions from the dairy industry. Consumers also opt for almond milk due to their increasing interest in fitness and health consciousness. In 2021, the number of members at gyms and health clubs in Europe reached 56.3 million, 2% higher than in 2020.
- The growing lactose-intolerant population and people with cow's milk allergies in the region significantly drive the almond milk market. In 2020, 32% of UK consumers stated that they had an intolerance to cow's milk and other dairy products. In 2021, around 0.77 million Germans aged 14 and over preferred lactose-free products. Almond milk is considered healthier than other non-dairy milk due to its calorie content. Rice milk has 120 calories, whereas almond milk has 40 calories.
- Across Europe, inflation is rising in many industries, including food, energy, and transportation. As a result, consumers are looking for more cost-effective ways to shop, thus cutting down on animal products, including dairy, and switching to plant-based milk. In 2020, nearly 12% of Spanish consumed almond milk almost every day. In countries like the United Kingdom and Germany, almond milk prices were cheaper than whole milk. A two-pint bottle of cow milk in the United Kingdom costs USD 1.58, whereas almond milk costs USD 1.35.
Europe Almond Milk Market Trends
Conscious eating movement and expert endorsement fueling consumption trends in Europe
- The per capita consumption of almond milk grew by 27% from 2020 to 2022. The consumption of all types of plant milk in Europe is on the rise, and almond milk has become a staple in the conscious-eating movement. Among the various non-dairy milk alternatives available, almond milk is the most popular choice among consumers. It ranks among the top three plant milk consumed in Europe and has been a part of European cuisine since medieval times.
- Almond milk is particularly favored by fitness-conscious consumers seeking lean bodies, strength, and performance. It is perceived as a protein-rich, nut-based milk and is exclusively consumed for these benefits. The endorsement of nutritionists and fitness experts further boosts the market for sports nutrition in the region. The growing popularity of veganism, along with the increasing demand for plant-based products and changing dietary preferences, is evident globally. Consumers are showing a reduced inclination toward traditional dairy milk.
- The number of vegans in Europe doubled from 1.3 million to 2.6 million, representing 3.2% of the population in 2021. France, Italy, and Spain recorded the highest per capita consumption of almond milk, with 0.6 kg, 0.4 kg, and 1.4 kg, respectively, in 2022. Spain, in particular, leads the way in almond milk consumption in Europe. In 2020, nearly 12% of people in Spain consumed almond milk almost every day. The country boasts the largest cultivated area of almond trees in the world, with over 700,000 hectares. Almond milk is widely used as an ingredient in coffee, soups, tea, and salad dressings and can also serve as a milk replacement in baked goods.
OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Growing demand for almonds impacts European almond production, fuelled by plant-based diets and versatility in food products
Europe Almond Milk Industry Overview
The Europe Almond Milk Market is moderately consolidated, with the top five companies occupying 42.59%. The major players in this market are Britvic PLC, Calidad Pascual SAU, Danone SA, Ecotone and The Hain Celestial Group Inc. (sorted alphabetically).
Europe Almond Milk Market Leaders
Britvic PLC
Calidad Pascual SAU
Danone SA
Ecotone
The Hain Celestial Group Inc.
Other important companies include Blue Diamond Growers, Ecomil, Rude Health Foods Ltd, Simple Food Inc..
*Disclaimer: Major Players sorted in alphabetical order.
Europe Almond Milk Market News
- October 2022: Plenish launched a new line of plant-based products. The range of unsweetened Plenish is enriched with milk, almonds, oats, and soy and is fortified with nutrients, including iodine, omega 3, and vitamin D.
- March 2022: Plenish launched new premium packaging across a range of plant-based milk and other products as part of its growth strategy in the plant-based drinks category. The packaging demonstrates the brand’s commitment to sustainable practices, with 35% of the plastic in Tetra now made from bio-based sources.
- November 2021: Blue Diamond Growers expanded its product portfolio by introducing its new Extra Cream Almond Milk.
Free with this Report
We provide a comprehensive and exhaustive set of data pointers for global, regional, and country-level metrics that illustrate the fundamentals of the dairy alternatives industry. With the help of 45+ free charts, clients can access in-depth market analysis based on per capita consumption numbers and production data of raw materials for dairy alternatives, through granular level segmental information supported by a repository of market data, trends, and expert analysis. Data and analysis on dairy alternative products, categories of dairy alternative products, product types, etc., are available in the form of comprehensive reports as well as excel based data worksheets.
Europe Almond Milk 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 Per Capita Consumption
-
4.2 Raw Material/commodity Production
- 4.2.1 Almond
-
4.3 Regulatory Framework
- 4.3.1 France
- 4.3.2 Germany
- 4.3.3 Italy
- 4.3.4 Spain
- 4.3.5 United Kingdom
- 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 Distribution Channel
- 5.1.1 Off-Trade
- 5.1.1.1 Convenience Stores
- 5.1.1.2 Online Retail
- 5.1.1.3 Specialist Retailers
- 5.1.1.4 Supermarkets and Hypermarkets
- 5.1.1.5 Others (Warehouse clubs, gas stations, etc.)
- 5.1.2 On-Trade
-
5.2 Country
- 5.2.1 Belgium
- 5.2.2 France
- 5.2.3 Germany
- 5.2.4 Italy
- 5.2.5 Netherlands
- 5.2.6 Russia
- 5.2.7 Spain
- 5.2.8 Turkey
- 5.2.9 United Kingdom
- 5.2.10 Rest of Europe
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 Blue Diamond Growers
- 6.4.2 Britvic PLC
- 6.4.3 Calidad Pascual SAU
- 6.4.4 Danone SA
- 6.4.5 Ecomil
- 6.4.6 Ecotone
- 6.4.7 Rude Health Foods Ltd
- 6.4.8 Simple Food Inc.
- 6.4.9 The Hain Celestial Group Inc.
7. KEY STRATEGIC QUESTIONS FOR DAIRY AND DAIRY ALTERNATIVE 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:
- PER CAPITA CONSUMPTION OF ALMOND MILK, KG, EUROPE, 2017 - 2029
- Figure 2:
- PRODUCTION VOLUME OF EUROPE ALMOND MILK MARKET - RAW MATERIAL, METRIC TONNES, EUROPE, 2017 - 2021
- Figure 3:
- VOLUME OF ALMOND MILK, METRIC TONNES, BY EUROPE, 2017 - 2029
- Figure 4:
- VALUE OF ALMOND MILK, USD MN, BY EUROPE, 2017 - 2029
- Figure 5:
- VOLUME OF ALMOND MILK MARKET BY DISTRIBUTION CHANNEL, METRIC TONNES, EUROPE, 2017 - 2029
- Figure 6:
- VALUE OF ALMOND MILK MARKET BY DISTRIBUTION CHANNEL, USD MN, EUROPE, 2017 - 2029
- Figure 7:
- VOLUME SHARE OF ALMOND MILK MARKET, BY DISTRIBUTION CHANNEL , %, EUROPE, 2017 VS 2023 VS 2029
- Figure 8:
- VALUE SHARE OF ALMOND MILK MARKET, BY DISTRIBUTION CHANNEL , %, EUROPE, 2017 VS 2023 VS 2029
- Figure 9:
- VOLUME OF ALMOND MILK MARKET BY SUB DISTRIBUTION CHANNELS, METRIC TONNES, EUROPE, 2017 - 2029
- Figure 10:
- VALUE OF ALMOND MILK MARKET BY SUB DISTRIBUTION CHANNELS, USD MN, EUROPE, 2017 - 2029
- Figure 11:
- VOLUME SHARE OF ALMOND MILK MARKET, BY SUB DISTRIBUTION CHANNELS , %, EUROPE, 2017 VS 2023 VS 2029
- Figure 12:
- VALUE SHARE OF ALMOND MILK MARKET, BY SUB DISTRIBUTION CHANNELS , %, EUROPE, 2017 VS 2023 VS 2029
- Figure 13:
- VOLUME OF ALMOND MILK MARKET SOLD VIA CONVENIENCE STORES, METRIC TONNES, EUROPE, 2017 - 2029
- Figure 14:
- VALUE OF ALMOND MILK MARKET SOLD VIA CONVENIENCE STORES, USD MN, EUROPE, 2017 - 2029
- Figure 15:
- VOLUME OF ALMOND MILK MARKET SOLD VIA ONLINE RETAIL, METRIC TONNES, EUROPE, 2017 - 2029
- Figure 16:
- VALUE OF ALMOND MILK MARKET SOLD VIA ONLINE RETAIL, USD MN, EUROPE, 2017 - 2029
- Figure 17:
- VOLUME OF ALMOND MILK MARKET SOLD VIA SPECIALIST RETAILERS, METRIC TONNES, EUROPE, 2017 - 2029
- Figure 18:
- VALUE OF ALMOND MILK MARKET SOLD VIA SPECIALIST RETAILERS, USD MN, EUROPE, 2017 - 2029
- Figure 19:
- VOLUME OF ALMOND MILK MARKET SOLD VIA SUPERMARKETS AND HYPERMARKETS, METRIC TONNES, EUROPE, 2017 - 2029
- Figure 20:
- VALUE OF ALMOND MILK MARKET SOLD VIA SUPERMARKETS AND HYPERMARKETS, USD MN, EUROPE, 2017 - 2029
- Figure 21:
- VOLUME OF ALMOND MILK MARKET SOLD VIA OTHERS (WAREHOUSE CLUBS, GAS STATIONS, ETC.), METRIC TONNES, EUROPE, 2017 - 2029
- Figure 22:
- VALUE OF ALMOND MILK MARKET SOLD VIA OTHERS (WAREHOUSE CLUBS, GAS STATIONS, ETC.), USD MN, EUROPE, 2017 - 2029
- Figure 23:
- VOLUME OF ALMOND MILK MARKET SOLD VIA ON-TRADE, METRIC TONNES, EUROPE, 2017 - 2029
- Figure 24:
- VALUE OF ALMOND MILK MARKET SOLD VIA ON-TRADE, USD MN, EUROPE, 2017 - 2029
- Figure 25:
- VOLUME OF ALMOND MILK MARKET BY COUNTRY, METRIC TONNES, EUROPE, 2017 - 2029
- Figure 26:
- VALUE OF ALMOND MILK MARKET BY COUNTRY, USD MN, EUROPE, 2017 - 2029
- Figure 27:
- VOLUME SHARE OF ALMOND MILK MARKET, BY COUNTRY , %, EUROPE, 2017 VS 2023 VS 2029
- Figure 28:
- VALUE SHARE OF ALMOND MILK MARKET, BY COUNTRY , %, EUROPE, 2017 VS 2023 VS 2029
- Figure 29:
- VOLUME OF ALMOND MILK MARKET, METRIC TONNES, BELGIUM, 2017 - 2029
- Figure 30:
- VALUE OF ALMOND MILK MARKET, USD MN, BELGIUM, 2017 - 2029
- Figure 31:
- VOLUME OF ALMOND MILK MARKET, METRIC TONNES, FRANCE, 2017 - 2029
- Figure 32:
- VALUE OF ALMOND MILK MARKET, USD MN, FRANCE, 2017 - 2029
- Figure 33:
- VOLUME OF ALMOND MILK MARKET, METRIC TONNES, GERMANY, 2017 - 2029
- Figure 34:
- VALUE OF ALMOND MILK MARKET, USD MN, GERMANY, 2017 - 2029
- Figure 35:
- VOLUME OF ALMOND MILK MARKET, METRIC TONNES, ITALY, 2017 - 2029
- Figure 36:
- VALUE OF ALMOND MILK MARKET, USD MN, ITALY, 2017 - 2029
- Figure 37:
- VOLUME OF ALMOND MILK MARKET, METRIC TONNES, NETHERLANDS, 2017 - 2029
- Figure 38:
- VALUE OF ALMOND MILK MARKET, USD MN, NETHERLANDS, 2017 - 2029
- Figure 39:
- VOLUME OF ALMOND MILK MARKET, METRIC TONNES, RUSSIA, 2017 - 2029
- Figure 40:
- VALUE OF ALMOND MILK MARKET, USD MN, RUSSIA, 2017 - 2029
- Figure 41:
- VOLUME OF ALMOND MILK MARKET, METRIC TONNES, SPAIN, 2017 - 2029
- Figure 42:
- VALUE OF ALMOND MILK MARKET, USD MN, SPAIN, 2017 - 2029
- Figure 43:
- VOLUME OF ALMOND MILK MARKET, METRIC TONNES, TURKEY, 2017 - 2029
- Figure 44:
- VALUE OF ALMOND MILK MARKET, USD MN, TURKEY, 2017 - 2029
- Figure 45:
- VOLUME OF ALMOND MILK MARKET, METRIC TONNES, UNITED KINGDOM, 2017 - 2029
- Figure 46:
- VALUE OF ALMOND MILK MARKET, USD MN, UNITED KINGDOM, 2017 - 2029
- Figure 47:
- VOLUME OF ALMOND MILK MARKET, METRIC TONNES, REST OF EUROPE, 2017 - 2029
- Figure 48:
- VALUE OF ALMOND MILK MARKET, USD MN, REST OF EUROPE, 2017 - 2029
- Figure 49:
- MOST ACTIVE COMPANIES BY NUMBER OF STRATEGIC MOVES, COUNT, EUROPE, 2017 - 2029
- Figure 50:
- MOST ADOPTED STRATEGIES, COUNT, EUROPE, 2017 - 2029
- Figure 51:
- VALUE SHARE OF MAJOR PLAYERS, %, EUROPE, 2022
Europe Almond Milk Industry Segmentation
Off-Trade, On-Trade are covered as segments by Distribution Channel. Belgium, France, Germany, Italy, Netherlands, Russia, Spain, Turkey, United Kingdom are covered as segments by Country.
- The off-trade channel plays a major in the sales of almond milk in Europe. Among these, supermarkets and hypermarkets accounted for a majority share of almond milk sales during the study period. In 2022, these retail channels accounted for 61.7% of the value share. They have a strong position due to the wide selection of brands offered, considerable shelf space, and frequent price promotions.
- Compared to vegan milk, dairy milk prices have increased in UK supermarkets. In 2022, 1 L of cow milk cost USD 1.52 in major supermarkets in the United Kingdom, a 36% rise since January, whereas plant-based milk, including almond milk, cost USD 1.30 per liter.
- During the study period, convenience stores stood second in terms of the sales of almond milk, after supermarkets and hypermarkets. In 2022, the sales value of almond milk through convenience stores experienced a growth rate of 15.9% from 2020 to 2022. The major factor behind this growth was the ease of access and longer opening hours compared to modern stores.
- The on-trade channel is the fastest-growing retail channel in the European almond milk market, which is anticipated to grow by 41.8% in 2025 compared to 2022. Many leading restaurants in Europe use almond milk as an ingredient in cocktails, smoothies, coffees, and espresso-based drinks. Major coffee chains, including Costa Coffee, Starbucks, McCafe, and Caffe Nero, already offer almond milk. As of 2022, Costa Coffee was one of the leading coffee shop chains operating with more than 3,263 outlets across the region. Starbucks stood second with more than 2,556 stores.
Distribution Channel | Off-Trade | Convenience Stores |
Online Retail | ||
Specialist Retailers | ||
Supermarkets and Hypermarkets | ||
Others (Warehouse clubs, gas stations, etc.) | ||
Distribution Channel | On-Trade | |
Country | Belgium | |
France | ||
Germany | ||
Italy | ||
Netherlands | ||
Russia | ||
Spain | ||
Turkey | ||
United Kingdom | ||
Rest of Europe |
Market Definition
- Dairy Alternatives - Dairy alternatives are foods that are made from plant-based milk/oils instead of their usual animal products, such as cheese, butter, milk, ice cream, yogurt, etc. Plant-based or non-dairy milk alternative is the fast-growing segment in the newer food product development category of functional and specialty beverage across the globe.
- Non-Dairy Butter - Non dairy butter is a vegan butter alternative that is made from a mixture of plant oils. With an increase in alternative diets like vegetarianism, veganism, and gluten intolerance, plant butter is a healthy non-dairy substitute for normal butter.
- Non-Dairy Ice Cream - Plant based ice cream is a growing category. Non-dairy ice cream is a type of dessert made without any animal ingredients. This is typically considered a substitute for regular ice cream for those who cannot or do not eat animal or animal-derived products, including eggs, milk, cream, or honey.
- Plant-Based Milk - Plant based milks are milk substitutes that are made from nuts (e.g., hazelnuts, hemp seeds), seeds (e.g., sesame, walnuts, coconuts, cashews, almonds, rice, oats, etc.) or legumes (e.g., soy). Plant-based milk such as soy milk and almond milk have been popular in East Asia and the Middle East for centuries.
Keyword | Definition |
---|---|
Cultured Butter | Cultured butter is prepared by having the raw butter go through chemical processing and has been added with certain emulsifiers and foreign ingredients. |
Uncultured Butter | This type of butter is one which has not been processed in any way |
Natural Cheese | The type of cheese in its most natural form. It is made from natural and simple products and ingredients, including fresh and natural salts, natural colors, enzymes, and high-quality milk. |
Processed Cheese | Processed cheese undergoes the same processes as natural cheese; however, it requires more steps and many different forms of ingredients. Making processed cheese involves melting natural cheese, emulsifying it, and adding preservatives and other artificial ingredients or colorings. |
Single Cream | Single cream contains around 18% fat. It’s a single layer of cream that appears over boiled milk. |
Double Cream | Double cream contains 48% fat, more than double the amount of fat of single cream. It’s heavier and thicker than single cream |
Whipping Cream | This has a much higher fat percentage than single cream (36%). Used to top cakes, pies, and puddings and as a thickener for sauces, soups, and fillings. |
Frozen Desserts | Desserts that are meant to be eaten in frozen condition. E.g., sherbets, sorbets, frozen yogurts |
UHT Milk (Ultra-high temperature milk) | Milk heated at a very high temperature. Ultra-high-temperature processing (UHT) of milk involves heating for 1–8 sec at 135–154°C. which kills the spore-forming pathogenic microorganism, resulting in a product with a shelf-life of several months. |
Non-dairy butter/Plant-based butter | Butter made from plant-derived oil such as coconut, palm, etc. |
Non-dairy Yogurt | Yogurt made from typically made from nuts, like almonds, cashews, coconuts, and even other foods like soybeans, plantains, oats, and peas |
On-trade | It refers to restaurants, QSRs, and bars. |
Off-trade | It refers to supermarkets, hypermarkets, on-line channels, etc. |
Neufchatel cheese | One of the oldest kinds of cheese in France. It is a soft, slightly crumbly, mold-ripened, bloomy-rind cheese made in the Neufchâtel-en-Bray region of Normandy. |
Flexitarian | It refers to a consumer preferring a semi-vegetarian diet, that is centered on plant foods with limited or occasional inclusion of meat. |
Lactose Intolerance | Lactose intolerance is a reaction in digestive system to lactose, the sugar in milk. It causes uncomfortable symptoms in response to the consumption of dairy products. |
Cream Cheese | Cream cheese is a soft and creamy fresh cheese with a tangy taste made from milk and cream. |
Sorbets | Sorbet is a frozen dessert made using ice combined with fruit juice, fruit purée, or other ingredients, such as wine, liqueur, or honey. |
Sherbet | Sherbet is a sweetened frozen dessert made with fruit and some sort of dairy product such as milk or cream. |
Shelf stable | Foods that can be safely stored at room temperature, or "on the shelf," for at least one year and do not have to be cooked or refrigerated to eat safely. |
DSD | Direct Store Delivery is the process in supply chain management wherein the product is delivered from manufacturing plant directly to the retailer. |
OU Kosher | Orthodox Union Kosher is a kosher certification agency based in New York City. |
Gelato | Gelato is a frozen creamy dessert made with milk, heavy cream and sugar. |
Grass-fed Cows | Grass-fed cows are allowed to graze in pastures, where they eat a variety of grasses and clover. |
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 for each country.
- 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