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According to a new market research report titled, ‘Smart Manufacturing Market by Technology (Robotics, AI, IIoT, Cloud, AR/VR), Application (Machine Inspection, Energy; Quality, and Warehouse Management; Planning, Surveillance, Optimization), End-use Industry, and Geography—Global Forecast to 2029”, the smart manufacturing market is expected to grow at a CAGR of 21.5% from 2022–2029 to reach $446.24 billion by 2029.
              
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The growth of this market is attributed to the factors such as the increasing number of government initiatives to promote industrial automation, the rising number of investments in Industry 4.0, growing demand for safety regulation compliance, and high labor costs in developed economies.

In addition, the advent of 5G connectivity in smart manufacturing and the proliferation of smart manufacturing in developing countries are expected to offer lucrative growth opportunities for the growth of this market. However, the high capital and operating expenses and a lack of standardization for technology platforms are some of the major factors restraining the growth of this market.

Impact of COVID-19 on the Smart Manufacturing Market

The outbreak of the COVID-19 pandemic had unprecedented impacts on public health, disrupting industrial structures, halting supply chains, and accelerating social reforms globally. Although the macro challenges, such as disrupted supply chains, decentralized workforce, and the provision of safe and healthy employee workspaces, were different than in past recessions, market players had to deal with monumental market dynamics.

The spread of COVID-19 severely impacted the performance of several industries and economies globally. Governments were forced to shut down manufacturing plants and halted import-export operations. As a result, several industries stopped their ongoing production operations, which disrupted supply chains and affected the demand-supply balance.

The COVID-19 outbreak significantly influenced the manufacturing industry by reducing its dependency on manual labor and highlighted the importance of adopting advanced technologies, such as AI, machine learning, and IoT. Thus, there is increasing adoption of smart manufacturing technologies from various industries in their production processes. The adoption of smart manufacturing has resulted in improved productivity, higher quality, near-zero design error, energy efficiency, leaner process, flexibility in production scale, increased agility, improved predictability, and enhanced process monitoring. These benefits align with the requirement of the new dynamic protocols precedent by the COVID-19 pandemic, influencing the adoption of smart technologies, digital automation, and industrial IoT demand across the industry.

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Smart manufacturing improved companies’ productivity and optimized the workforce required for the same role. It also facilitated remote factory monitoring at greater efficiency irrespective of time and place constraints. It provided the much-required flexibility to the manufacturing units to change the product design and quickly adapt to new processes as per clients’ demands.

Furthermore, the digital twin technology drastically reduced the cost of designing products in a single go. It also offered benefits such as accelerated risk assessment and production time, improved OEE through reduced downtime and improved performance, reduced risks in areas such as product availability and marketplace reputation; new business opportunities through mass customization, mixed manufacturing, small-batch manufacturing, improved product quality and enhanced insights into the performance of products in multiple real-time applications and environments.

Thus, the COVID-19 pandemic positively impacted the smart manufacturing market. It is anticipated that this trend of smart technologies adoption will continue and grow during the forecasted period. 

The smart manufacturing market is segmented by technology (robotics & automation, artificial intelligence, industrial IoT, cloud computing & storage, digital twin, industrial cybersecurity, additive manufacturing, blockchain, AR/VR), application (machine inspection & maintenance, quality management, inventory & warehouse management, production planning, surveillance & safety, energy management, resource optimization), end-use industry (automotive, heavy machinery & tools, electronics & semiconductors, aerospace & defense, fast-moving consumer goods, medical devices, food & beverages, pharmaceuticals, paints & chemicals, oil & gas, metals & mining, energy & power, pulp & paper, others), and geography. The study also evaluates industry competitors and analyses the market at the country level.

Based on technology, the smart manufacturing market is segmented into industrial IoT, cloud computing & storage, robotics & automation, industrial cybersecurity, additive manufacturing, AR/VR, digital twin, artificial intelligence, and blockchain. In 2022, the industrial IoT segment is expected to account for the largest share of the smart manufacturing market. The large market share of this segment is attributed to factors such as the consistent declining cost of industrial IoT sensors, the significant rise in the overall equipment effectiveness (OEE) through industrial IoT usage, and the increasing government initiatives to promote digital transformation. However, the blockchain segment is slated to register the highest CAGR during the forecast period. The growth of this segment is driven by the increased demand for blockchain technology in the energy & power and industrial sectors, the increasing demand for real-time data analysis, and the rising need to enhance production with minimum maintenance, simplify business processes, and reduce downtime.

Based on application, the smart manufacturing market is segmented into surveillance & safety, quality management, resource optimization, inventory & warehouse management, machine inspection & maintenance, production planning, and energy management. In 2022, the surveillance & safety segment is expected to account for the largest share of the smart manufacturing market. The large market share of this segment is attributed to factors such as the growing requirement for reliable safety systems to ensure personnel and asset protection, the increasing need for video monitoring in manufacturing facilities, strict government mandates for safety regulations, and the rising need for real-time analysis and tracking. However, the inventory & warehouse management segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the growing need for tracking the movement of goods, increasing manufacturing output due to the adoption of Industrial IoT (IIoT), the growing significance of forecasting models, and the rise in automation for minimizing human interaction.

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According to a new market research report titled, ‘Mealworms Market by Product Type (Whole Mealworm, Mealworm Powder, Mealworm Meal), Application (Animal Feed, Aquafeed, Pet Food, Food & Beverages), End Use (Animal Nutrition, Human Consumption)—Global Forecast to 2030,’ in terms of value, the mealworms market is expected to reach $1.27 billion by 2030, at a CAGR of 25.8% during the forecast period 2022–2030. In terms of volume, the mealworms market is expected to grow at a CAGR of 28.6% from 2022–2030 to reach 367,491.7 tons by 2030.

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The high demand for insect feed in emerging economies is expected to increase the number of investments by insect producers in such countries. Major market players are expanding in this market. For instance, in 2021, a France-based mealworm manufacturer, Ynsect, partnered with a food research center in South Korea, Lotte Research & Development Centre, to conduct joint research to develop alternative proteins from mealworms. Additionally, Ynsect also announced its plans to expand its human and animal nutrition businesses in Japan.

Impact of COVID-19 on the Mealworms Market

The COVID-19 pandemic significantly impacted the food sector, negatively affecting meat producers worldwide. The meat products sector faced several challenges, such as the risk of continuing production, distribution, transportation; lack of workforce; supply chain disruptions, and delays in development activities. These factors impacted the meat products sector, driving the demand for alternative proteins, such as insect protein products (mealworm proteins).

In May 2020, Wuhan’s municipal government banned breeding, hunting, and consuming wild animals for five years to prevent zoonotic diseases. This is expected to trigger restrictions on the consumption of certain animals and related products in some cities in East Asian countries, increasing the shortage of meat products and accelerating the demand for alternative substitutes, such as edible insects and plant-based products.

Moreover, increasing health & wellness trends and rising health awareness, such as the risk of viral infections, cardiovascular diseases, liver diseases, bone disorders, and the increased risk of certain types of cancers associated with the long-term use of animal proteins, have created the traction for sustainable protein sources such as mealworms. To capture this traction in the edible insect industry, many vendors are focusing on enhancing their production capacities, processes, and end products.

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In May 2020, Beta Hatch, a U.S.-based insect rearing technology company, received $3 million in a Series A1 funding round from Cavallo Ventures, Wilbur-Ellis’ venture capital arm; and early-stage venture firm–Innova Memphis. The round also included Klein Private Equity Investment and Brighton Jones Investment Partners investments. Moreover, in December 2020, the company raised $9.3 million to build a mealworm facility in North America.

Thus, the rising preference for alternative proteins over animal proteins due to the COVID-19 outbreak has significantly driven the growth of the mealworms market.

The mealworms market is segmented based on product type, application, end use, and geography.

Based on product type, the mealworms market is segmented into whole mealworm, mealworm meal, mealworm powder, and others. In 2022, the whole mealworm segment is expected to account for the largest share of the overall mealworms market. The large share of this segment is attributed to the growing preference for whole mealworms by food & feed manufacturers for further processing due to their easy availability and cost-effectiveness.

Based on application, the mealworms market is segmented into animal feed, aquafeed, pet food, food & beverages, and other applications. In 2022, the animal feed segment is estimated to account for the largest share of the overall mealworms market. The growth of this segment is driven by the wide availability of mealworm products for use in animal feed, growing usage of mealworm-based products by feed manufacturers, and the high nutritional value of mealworms in animal nutrition. Mealworms are rich in amino acids, minerals, fats, vitamins, and energy. They have the potential to be a valuable feed source for poultry, aquaculture, and pets. However, the food & beverages segment is slated to register the highest CAGR during the forecast period of 2022–2030. The rapid growth of this segment is driven by the rising awareness about the importance of nutrition, growing usage of protein supplements due to the health benefits of daily protein intake, and increased incorporation of mealworms in bakery products and snacks.

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Based on end use, the mealworms market is segmented into animal nutrition, human consumption, and other end uses. In 2022, the animal nutrition segment is estimated to account for the largest share of the overall mealworms market. The growth of this segment is driven by factors such as the increasing animal population, rapidly growing pet expenditure, increasing customer willingness to provide high-quality food to their pets, lower price of insect-based feed compared to other types of animal feed, and the growing demand for insect protein in the pet food industry.

Based on geography, the mealworms market is segmented into five major geographies: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Europe is expected to account for the largest share of the overall mealworms market. The large market share of this region is attributed to factors such as the presence of key mealworm manufacturers, increasing demand for alternative protein sources, high demand for protein-rich food & feed, the increasing number of government approvals for mealworms to be used in human, animal, and pet food applications; and the presence of supportive policies for insect farming.

However, North America is slated to register the highest CAGR during the forecast period of 2022 to 2030. The rapid growth of this market is driven by the growing demand for environment-friendly protein-rich food. In addition, the growing awareness of insects-as-food, decreasing food neophobia, and the altering attitudes of consumers towards insects as food products are expected to create significant opportunities for the growth of the mealworms market.

Key Players

Some of the key players operating in the overall mealworms market are Protix B.V. (Netherlands), Ÿnsect SAS (France), BETA HATCH (U.S.), Armstrong Crickets Georgia (U.S.), TEBRIO (Formerly MealFood Europe SL) (Spain), Tebrito AB (Sweden), Entec Nutrition (U.K.), Invertapro AS (Norway), Keil Co., Ltd (South Korea), EntoBreed Farming BV (Netherlands), and Goterra (Australia).

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According to a new market research report titled, ‘Insect Protein Market by Product (Whole Insect, Insect Powder, Insect Meal), Insect Type (Crickets, Black Soldier Fly, Mealworms), Application (Animal Feed, Protein Bar and Shakes, Bakery, Confectionery, Beverages), and Geography—Forecast to 2030,’  in terms of value, the insect protein market is expected to record a CAGR of 28.4% from 2022–2030 to reach $9.46 billion by 2030. However, in terms of volume, the insect protein market is expected to record a CAGR of 31.5% from 2022–2030 to reach 3,028,468.3 tonnes by 2030.

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The current food production needs to be doubled to fulfill the growing population’s food requirements. This effort would require finding environment-friendly and sustainable food production methods and food sources with high nutritional content. Hence, insect proteins could be a great solution due to their high nutritional values.

Impact of COVID-19 on the Insect Protein Market

The COVID-19 pandemic created numerous challenges for the food sector, especially meat products manufacturers across the globe. The meat products manufacturing industry has faced major challenges, such as the risk of continuing production, distribution, transportation, and other supply chain activities, limited workforce, and delays in product development. The rescheduling of private investment financing and public funding initiatives further restricted the development of the food sector. These factors are expected to impact the meat products industry, driving the demand for alternative protein sources, such as insect proteins.

The U.S. Department of Agriculture announced that between March and April 2020, the volume of frozen pork in storage declined by 4%, and slaughter rates dropped by 25%. However, many news sources have commented that it is still too early to declare a food crisis. Some economists predict that consumers will have significantly fewer options for meat and protein. All these factors could create such a snowball effect around the globe. As insects contain high quantities of protein, vitamins, and minerals, they could fill the gap left by U.S. meat producers during the COVID-19 crisis.

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The insect protein market is segmented based on product (whole insect, insect powder, insect meal), insect type (crickets, mealworms, black soldier flies, buffalo worms, grasshoppers, ants, silkworms, cicadas, and other insect proteins), application (food & beverages and feed), end use (human consumption and animal nutrition), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on the product, in 2022, the whole insects segment is expected to account for the largest share of the insect protein market. The easy availability and the lower cost of whole insects compared to processed insects is one of the major drivers fueling its demand in the market. Furthermore, the lack of insect processing facilities in some parts of the world and the growing demand for insects in the animal feed industry drives the growth of this segment. However, the insect powder segment is expected to grow at the highest CAGR during the forecast period of 2020–2030. Increasing health & wellness trends, the rising number of health clubs & fitness centers serving insect powder, the emergence of several start-ups producing insect protein bars & shakes, and busy lifestyles demanding highly nutritious & convenient foods, such as insect powder are some of the major drivers for the growth of this segment.

Based on insect type, in 2022, the crickets segment is estimated to account for the largest share of the insect protein market. The growth of the crickets segment is attributed to the higher incorporation of crickets into various food recipes and products, high nutritional value and ease of farming & processing of crickets, and the rising demand for cricket-based food products such as protein powders, protein bars, and snacks. However, the black soldier flies segment is estimated to witness significant growth during the forecast period of 2020–2030. The growth of this segment is attributed to the rising demand for alternative proteins from the animal feed industry due to the rising prices of fish and soy meal, the growing aquaculture industry, the rising number of government approvals for the use of insect meal in livestock feed, and the increasing number of investments by major players in the black soldier fly industry.

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According to a new market research report titled, “RFID Market by Component (Hardware (Printers, Antenna, Readers, Labels, Card, Tags, Implant), Software), Frequency (Ultra-high Frequency), Type (Active, Passive), End-user (Transportation & Logistics, Retail), and Geography – Global Forecasts to 2029,” the global RFID market is expected to grow at a CAGR of 9.7% from 2022 – 2029 to reach $31.4 billion by 2029.

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The growth of this market is attributed to the growing government initiatives for the use of RFID technology, the rise in the utilization of RFID solutions in the retail sector, and the increasing installation of RFID solutions in the transportation, healthcare, and manufacturing sectors. In addition, the rising adoption of RFID tags in the smart manufacturing industry for asset management and quality control is expected to offer significant growth opportunities for the growth of this market. Also, the increasing use of RFID technology in industrial IoT and the e-commerce sector is a new market trend. However, high capital expenditure for deploying RFID restrains the growth of this market up to a certain extent.

Impact of COVID-19 on the RFID Market

The RFID market witnessed significant growth due to the COVID-19 pandemic with the increasing installation of RFID systems in manufacturing units. In the healthcare industry, RFID solutions were used to better manage patient and employee safety during the pandemic. The RFID technology is used in the healthcare sector to track medical equipment and other valuable medical devices to locate the equipment present on the hospital premise. The market witnessed relatively high growth impacting the operations of the various RFID companies. The adoption of RFID technology helped the retail sector attain greater supply chain visibility.

Both government and private sector organizations started undertaking initiatives to keep people safe and combat the spread of COVID-19. The scenario created tremendous demand for RIFD technologies in the healthcare sector due to their capacity to be easily integrated with various healthcare devices & platforms to monitor and track equipment and support staff & patient workflows. Increased investments in the healthcare sector have also contributed to the growing demand for RFID technologies.

Post COVID-19, several companies have started using sensor-based RFID technology systems to monitor environmental conditions, enhance inventory management for omnichannel commerce, track assets in real-time, and improve the supply chain. For instance, in 2022, TrackCore, Inc. (U.S.) implemented 500th Terso Solutions with RFID-enabled technology to provide real-time inventory information in healthcare. In 2022, Equinix, Inc. (U.S.) collaborated with SML Group. (China) to enable efficient supply chain and inventory management for retailers by providing high-performance RFID tags and encoding services to the company. Also, in 2021, Tageos (France) launched the EOS-202 U9 RAIN RFID inlay for healthcare and pharmaceutical applications to track and trace pharmaceutical items.

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The global RFID market is segmented based on component (hardware (RFID printers/recorders, RFID antenna, RFID readers (handheld and fixed scanners), RFID labels, RFID card & badges, RFID tags, RFID implant, RFID key fob, RFID band), software), frequency (low frequency, high frequency, and ultra-high frequency (UHF)), type (active RFID and passive RFID), end user (retail, BFSI, government, manufacturing, healthcare, agriculture, sports & entertainment, aerospace & defense, transportation & logistics, consumer products, and other end-users), and geography. The study also evaluates industry competitors and analyses the market at the country level.

Based on component, the RFID market is segmented into hardware and solutions. In 2022, the hardware segment is expected to account for the largest share of the overall RFID market and is expected to grow at the highest CAGR during the forecast period. The growth of the segment is attributed to the surge in the installation of RFID systems in manufacturing units and the growing demand for RFID labels, implants, and readers for asset tracking, counting, and inventory management, among others.

Based on frequency, the RFID market is segmented into low frequency, high frequency, and ultra-high frequency. In 2022, the ultra-high frequency segment is expected to account for the largest share of the overall RFID market and is also expected to grow at the highest CAGR during the forecast period. The growth of the segment is attributed to the rising need for high-range RFID and the rising adoption of UHF tags in various applications, including asset counting, supply chain management, and vehicle tagging.

Based on type, the RFID market is segmented into active RFID and passive RFID. In 2022, the passive RFID segment is expected to account for the largest share of the overall RFID market and is also expected to grow at the highest CAGR during the forecast period. The segment’s growth is attributed to the increasing demand for inexpensive, smaller, and easier use of RFID in the manufacturing industry for tracking goods, increasing adoption of RAIN RFID frequency, and the growing need to improve production efficiency in pharmaceuticals retail and supply chain among others.

Based on end user, the RFID market is segmented into retail BFSI, government, manufacturing, healthcare, agriculture, sports & entertainment, aerospace and defense, transportation & logistics, consumer products, and other end-users. In 2022, the transportation & logistics segment is expected to account for the largest share of the overall RFID market and is also expected to grow at the highest CAGR during the forecast period. This is mainly attributed to the increasing demand for supply chain management and shipment tracking applications, growing adoption of tracking systems by logistics organizations, rising need to enhance customer experience, and improving delivery systems’ speed and accuracy in the transportation & logistics sector.

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Based on geography, the market is broadly segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the overall RFID market. This is mainly attributed to the rapid incorporation of RFID technology, increasing government initiatives to enhance AIDC technologies, the rapid expansion of industry 4.0 and digital transformation across end-users, and increasing installation of RFID systems in manufacturing units for enhanced and cost-saving asset tracking systems.

The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past four years (2019–2022). The RFID market has witnessed several partnerships & agreements in recent years that enabled companies to broaden their product portfolios, advance the capabilities of existing products, and gain cost leadership in the RFID market. For instance, in 2022, Datascan (U.S.) launched RFID solutions with Frequentiel (France) to provide enhanced inventory management in the retail market. Also, in 2021, Identiv, Inc. (U.S.) partnered with True Green Group (Australia) to accelerate radio frequency identification (RFID) and near field communication (NFC) technology for digitizing cannabis products and smart packaging.

Some of the key players operating in the global RFID market are HID Global Corporation (U.S.) (Assa Abloy AB), Avery Dennison Corporation (U.S.), Zebra Technologies Corporation (U.S.), GAO RFID Inc. (Canada), Honeywell International, Inc. (U.S.), Identiv, Inc. (U.S.), Impinj, Inc. (U.S.), Invengo Technology Pte. Ltd. (Singapore), NXP Semiconductors N.V. (Netherlands), Alien Technology, LLC. (U.S.), Nedap N.V. (Netherlands), William Frick & Company (U.S.), SML Group. (China), Datalogic S.p.A. (Italy), CAEN RFID S.r.l. (Italy), Jadak (U.S.), TSC Auto ID Technology Co. Ltd. (Taiwan), Seagull Scientific, Inc. (U.S.), Bluebird, Inc. (South Korea), and Unitech Electronics Co. Ltd. (Taiwan).

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 According to a new market research report titled, ‘3D Sensing and Imaging Market by Type, Technology (LiDAR, Structured Light, Time-Of-Flight), Application (Medical Imaging, Industrial Automation), and End-Use Industry (Consumer Electronics, Healthcare, Others), and Geography – Global Forecasts to 2029,’  the 3D sensing and imaging market is expected to reach $115.3 billion by 2029, at a CAGR of 24.1% during the forecast period.

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The growth of this market is mainly driven by the factors such as a surge in demand for 3D sensing integrated devices, rising use of VCSELs over LEDs, growing demand for ADAS, increasing emphasis and investment in cutting-edge security & surveillance solutions, and growing demand for 3D image sensors across various verticals.

In addition, the rising demand for optical 3D sensing in industrial applications, increasing government initiatives to support industrial automation, growing awareness regarding the benefits of 3D imaging technology in the medical field/imaging, the rising popularity of drone cameras, and growing demand for 3D accelerometers in smartphones and gaming consoles are expected to offer significant growth opportunities for this market. However, the high installation cost may hinder the market growth of this market.

Impact of COVID-19 on the 3D Sensing and Imaging  Market

The outbreak of the COVID-19 pandemic in 2020 made a massive impact on investments and technological advancements across different end verticals. The COVID-19 pandemic affected several end-users and industries, causing economic slowdowns, closures of manufacturing industries, and disruptions in the supply chain. Also, the pandemic severely affected numerous consumer electronics, healthcare, manufacturing, and retail industries. However, the COVID-19 pandemic had an overall negative impact on the 3D sensing and imaging Market.

Businesses across the region are planning to come back stronger; hence, 3D sensing and GIS service adoption would help them map COVID-19 density zones and plan their business operations. For instance, in May 2020, Transerve (Goa), a geospatial solutions provider, launched a solution to map COVID-19 density zones using 3D sensing and imaging technologies. The solution accurately maps COVID-19 cases and containment zones, allows tracking, analyzing, monitoring, and visually representing geospatial data and helps organizations make statistically driven, smarter business decisions.

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The COVID-19 pandemic has highlighted the importance of 3D sensing and imaging solutions for forecasting the region’s weather conditions. Connectivity has enabled companies to continue engaging with customers and conducting business transactions online. In addition, combining 3D sensing & imaging technology and digitalization creates new opportunities for service providers to extend their businesses beyond connectivity into various sectors ranging from public service, defense, and agriculture.

The 3D sensing and imaging market is segmented based on type (3D sensing and 3D imaging), technology/modality (LiDAR, stereoscopic imaging/vision, Time-of-Flight (ToF), structured light, laser triangulation, radar, ultrasound, x-ray, and other technologies), application (security & surveillance, mapping & imaging, industrial automation, medical imaging, navigation, scanning, surveying, and other applications), end-use industry (automotive, transportation & logistics, consumer electronics, defense & aerospace, healthcare, manufacturing & warehouses, media & entertainment, architecture, engineering & construction, and others), and geography. The study also evaluates industry competitors and analyses the markets at regional and country levels.

Based on type, the 3D sensing and imaging market is segmented into 3D sensing and 3D imaging. In 2022, the 3D imaging segment is estimated to account for the largest share of the 3D sensing and imaging market. The growth of this segment is attributed to the widespread adoption of 3D imaging technology in various medical devices, including X-ray devices, CT scanners, and MRI devices; increasing adoption of cloud-based 3D imaging solutions; and increasing implementation in gaming & entertainment applications. However, the 3D sensing segment is projected to register the highest CAGR during the forecast period.

Based on technology/modality, the 3D sensing and imaging market is segmented into LiDAR, stereoscopic imaging/vision, Time-of-Flight (ToF), structured light, laser triangulation, radar, ultrasound, x-ray, and other technologies. In 2022, the LiDAR segment is estimated to account for the largest share of the 3D sensing and imaging market. The growth of this segment is attributed to the rapid growth of automated driving vehicles, rising adoption of UAVs, and a surge in the need for better geospatial solutions that provide essential information for reliable object detection and collision avoidance by generating precise 3D images of the vehicle. However, the Time-of-Flight segment is projected to register the highest CAGR during the forecast period.

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According to a new market research report titled, ‘Connected Logistics Market by Offering, Transportation Mode (Roadways, Railways), Application (Inventory Tracking, Real-Time Fleet Management, Others), End User (Automotive, Healthcare & Pharmaceuticals, Others ) and Geography – Global Forecast to 2029,’’ the connected logistics market is expected to reach $57.75 billion by 2029, at a CAGR of 11.5% from 2022 to 2029.

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Connected Logistics technology is a system of interconnected devices rendered by IoT solution providers to enhance the operating efficiency in the logistics industry. Its technologies include efficiency in fleet management and monitoring & tracking in warehouse management & asset management. Additionally, it includes other associated logistics operations, such as financial transactions, dispatching, order processing, and shipping. 

The growth of this market is mainly driven by the rising need for efficient warehouse management and the increasing adoption of IoT, cloud, and other technologies across industries. In addition, the incorporation of blockchain technology in freight management and the growing scope of leveraging connected logistics in developing regions are expected to offer significant opportunities for the growth of this market. However, the lack of standardization can restrain market growth.

Impact of COVID-19 on the Connected Logistics Market

The COVID-19 pandemic emerged in Wuhan, China, in December 2019. By March 2020, the virus had spread to most countries, with the WHO declaring COVID-19 a global pandemic. Governments worldwide imposed countrywide lockdowns to control the spread of the infection. The lockdown restrictions impacted manufacturing operations, with production facilities either completely shutting down or running at reduced capacities to ensure social distancing and employee safety. Most industries came to a standstill due to raw material & workforce shortages, supply chain disruptions, and restrictions on international trade. The pandemic impacted many businesses, including connected logistics.

The effects of COVID-19 are being felt across the transportation sector. From maritime transportation to airlines, all modes of transportation felt the negative impact of the pandemic. The travel restrictions that were put in place to minimize the spread of the virus, which hindered the capability of companies to transport goods. As a result, transportation revenues dropped significantly, resulting in the deduction of wages, jobs, and transport companies shutting their operation because of bankruptcy.

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In order to control the spread of COVID-19, countries worldwide placed restrictions on domestic transit and/or closed border crossings for road freight transport services. The maritime industry largely proved resilient to the COVID-19 outbreak. Despite the crises, most ports remain open to cargo operations. However, most of them remained closed for passenger traffic. Despite the disruptions at ports, the shipping industry largely continued to operate worldwide, facilitating the movement of essential supplies and medicines needed to keep countries dealing with the global public health crisis.

The connected logistics market is segmented based on offering (solutions and services), transportation mode (roadways, railways, airways, and maritime), application (inventory tracking, optimized warehousing, real-time fleet management, predictive maintenance, cargo integrity monitoring, end-to-end delivery tracking, and other applications), end-use industry (automotive, healthcare & pharmaceuticals, oil & gas, food & beverage, aerospace & defense, manufacturing, IT & telecommunications, retail & e-commerce, and other end-use industries), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on offering, the connected logistics market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the largest share of the global connected logistics market. The large share of this segment is mainly attributed to the rising need to remotely track & monitor inventories and the movement of goods in real-time, favorable government initiatives for improving the efficiency & efficacy of logistics, and the increasing adoption of eco-friendly automobile technologies.

However, the services segment is expected to grow with the highest CAGR during the forecasted period. The rise in demand for organizations’ growing need for real-time visibility into operations for diagnosing and troubleshooting problems before they impact the business or customer experience is driving the adoption of connected logistics services.

Based on transportation mode, the connected logistics market is broadly segmented into roadways, railways, airways, and maritime. In 2022, the roadways segment is expected to account for the largest share of the global connected logistics market. The growth of this segment is mainly attributed to the rising need for road safety, reduced traffic congestion, better and sustainable roadways, and increasing government initiatives and investments in infrastructure development. Additionally, the railways segment is expected to grow with the highest CAGR during the forecast period.

Based on application, the connected logistics market is segmented into inventory tracking, optimized warehousing, real-time fleet management, predictive maintenance, cargo integrity monitoring, end-to-end delivery tracking, and other applications. In 2022, the inventory tracking segment is expected to account for the largest share of the global connected logistics market. The benefits of IoT-powered, connected inventory tracking solutions, such as complete visibility into inventory movement, improved accuracy, and reduced error-prone manual operations via automated scanning of inbound and outbound items, are expected to drive segment growth.

However, the end-to-end delivery tracking segment is expected to grow with the highest CAGR during the forecast period owing to the ability to create user-friendly web dashboards that integrate separate stages of supply chain management into a single app.

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Based on end-use industry, the connected logistics market is broadly segmented into automotive, healthcare & pharmaceuticals, oil & gas, food & beverage, aerospace & defense, manufacturing, IT & telecommunications, retail & e-commerce and other end-use industries. In 2022, the retail & e-commerce segment is expected to account for the largest share of the global connected logistics market. The segment’s growth is attributed to factors such as a rise in infrastructure improvements, increasing awareness of tech-enabled logistics platforms, and an increase in online shoppers.

However, the automotive segment is expected to grow with the highest CAGR during the forecast period. Factors such as the rising need to optimize visibility and introduce effective risk management solutions for potential issues in the logistics of automotive parts are expected to drive the segment growth.

Based on geography, the connected logistics market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, the North American region is expected to account for the largest share of the connected logistics market. The growth in this region is mainly driven by the factors such as increasing initiatives toward public safety, growing traffic congestion problems, favorable government initiatives for effective traffic management, increasing adoption of eco-friendly automobile technologies, and the development of smart cities. However, the Asia-Pacific region is expected to witness rapid growth during the forecast period owing to heavy investments in megacity projects and the perpetual ongoing process of modernizing local transportation networks to facilitate trade exchanges.

The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants between 2020 and 2022. The key players operating in the connected logistics market are International Business Machines Corporation (U.S.), SAP (Germany), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), Freightgate Inc. (U.S.), ORBCOMM (U.S.), AT&T Intellectual Property (U.S.), Honeywell International Inc. (U.S.), Bosch Service Solutions GmbH (Germany), HCL Technologies Limited (Noida), Infosys Limited (Bengaluru), Eurotech S.p.A. (Italy), Microsoft (U.S.), Siemens (Germany), Oracle (U.S.), Zebra Technologies Corp. (U.S.), Cloud Logistics (U.S.), NEC Corporation (Japan), Accenture (Ireland), and Sigfox (France).

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According to a new market research report titled, ‘Specialty Food Ingredients Market by Type (Enzymes, Emulsifiers, Flavors, Vitamins, Minerals, Antioxidants), Source (Natural, Synthetic), Application (Food {Bakery & Confectionery}, Beverages {Alcoholic Beverages}), and Geography – Global Forecast to 2029,’ the specialty food ingredients market is expected to reach $240.37 billion by 2029 at a CAGR of 5.3% from 2022–2029.

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Food enrichment refers to the process of making food more nutritional by adding ingredients. Over the last few years, consumers have rapidly shifted to products perceived as natural and healthier, driving the demand for organic and healthy products. Consumers have become more aware of the content of food products than ever before, influencing purchase decisions. Consumers now prefer minimally processed and more natural food & drinks in line with the clean-label trend. Also, most consumers prefer plant-based foods with intrinsic protein, mineral, and vitamin content, with no artificial ingredients added to fortify them. Today, people feel the inherent need to make progressive lifestyle changes to lead a more balanced and healthy life. Hence, several fitness trends such as Yoga, dietary supplements, and organic vegetables have become more popular.

An increase in the number of health-conscious consumers also drives the specialty food ingredients market due to the increased demand for clean-label products. Food manufacturers are incorporating specialty food ingredients in new formulations to fulfill the rising demand for healthier food products. Thus, the growing consumer demand for natural & healthy food products and the increasing applications of specialty food ingredients in many food & beverage categories, such as snacks, functional waters, and hot drinks, drive the specialty food ingredients market.

The Impact of COVID-19 on the Specialty Food Ingredients Market

Initially, the specialty food ingredients industry was adversely impacted by the COVID-19 pandemic. Key suppliers of specialty food ingredients, such as India and Europe, were under lockdown. On the other hand, shares of food & beverage and specialty ingredients companies outperformed the broader market indices. The pandemic spread across most countries around the world, driving the demand for natural immune enhancers, wellness formulas, and specialty food ingredients, including probiotics and vitamins.

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The demand for spices and seasonings also increased significantly during the pandemic. Some select spices meant to provide immunity, such as turmeric, ginger, and garlic, were in high demand globally. Consumers stockpiled health products, including herbal dietary supplements, driving the demand for natural food ingredients typically used in immunity-boosting supplements.

However, restrictions on manufacturing and logistics negatively impacted the specialty food ingredients market during the COVI-19 pandemic.

Key Findings in the Specialty Food Ingredients Market Study

Based on type, the enzymes segment is expected to account for the largest share of the specialty food ingredients market in 2022. The large share of this segment is mainly attributed to the extensive use of enzymes in the food industry for stabilizing and clarifying beverages, reducing ripening time for dairy products, increasing the loaf volume of bread, improving the quality and yield of products, modifying fats, and tenderizing meats. The food industry is always looking for new and innovative ingredients to improve production processes, optimize costs, guarantee quality, and offer the best products. Thus, the growing importance of enzymes in the food industry drives the growth of the enzymes segment. However, the probiotics segment is expected to record the highest CAGR during the forecast period due to rising consumer awareness regarding the health benefits of probiotics, the increasing use of probiotics as an alternative to antibiotics, and growing research on probiotics.

Based on source, the natural segment is expected to account for the larger share of the specialty food ingredients market in 2022. The segment’s large share is attributed to the increasing demand for organic food products, the growing use of natural ingredients to avoid chronic diseases, the increasing consumption of premium foods, the rising popularity of clean-label products, and health hazards associated with synthetic food ingredients. Also, the lower risk of allergies and intolerance with the use of natural ingredients supports the growth of this segment.

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Based on application, the food segment is expected to account for the larger share of the specialty food ingredients market in 2022. The large share of this segment is attributed to changing consumer lifestyles and the increasing preferences for convenience food. Also, increasing health awareness among consumers is steadily causing a shift towards safer and healthier foods, driving the demand for specialty food ingredients. However, the beverages segment is expected to record the higher CAGR during the forecast period due to the growing demand for authentic-tasting drink options beyond soft drinks, the increasing health awareness among consumers causing a shift towards safer & healthy beverages, and the growing application of specialty food ingredients in sports drinks.

Based on geography, Asia-Pacific is expected to account for the largest share of the specialty food ingredients market in 2022. The region’s large share is mainly attributed to increasing consumer awareness regarding the benefits of consuming products with natural ingredients, the rising demand for packaged food, and growing government initiatives encouraging the adoption & raising awareness of the benefits of specialty food ingredients.

Key Players

The key players operating in the specialty food ingredients market are Givaudan (Switzerland), Naturex (France), Ingredion Incorporated (U.S.), Kerry Group plc (Ireland), Ashland Global Specialty Chemicals Inc. (U.S.), The Archer-Daniels-Midland Company (U.S.), Cargill, Incorporated (U.S.), Koninklijke DSM N.V. (Netherlands), Chr. Hansen A/S (Denmark), Tate & Lyle plc (U.K.), Associated British Foods plc (U.K.), and BASF SE (Germany), among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/specialty-food-ingredients-market-5326

Scope of the Report:

Specialty Food Ingredients Market, by Type

• Enzymes
• Emulsifiers
• Flavors
• Colorants
• Acidulants
• Specialty Starches
• Sugar Substitutes
• Starter Cultures
• Bulk Sweeteners
• Proteins & Amino Acids
• Vitamins
• Minerals
• Prebiotics
• Probiotics
• Hydrocolloids
• Essential Oils
• Omega-3 & 6 Fatty Acids
• Carotenoids
• Antioxidants
• Preservatives
• Other Specialty Food Ingredients

Specialty Food Ingredients Market, by Source

• Natural
• Synthetic

Specialty Food Ingredients Market, by Application

• Food
  • Bakery & Confectionery
  • Dairy Products
  • Breakfast Cereals
  • Frozen Foods
  • Meat, Poultry, and Seafood
  • Infant Food
  • Sauces, Dressings, and Condiments
  • Other Foods
• Beverages
  • Alcoholic Beverages
  • Non-alcoholic Beverages
  • Carbonated Soft Drinks
  • Flavored Dairy Products
  • Sport Drinks
  • Ice Tea
  • Other Beverages

Specialty Food Ingredients Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia-Pacific (APAC)
  • China
  • India
  • Australia
  • Japan
  • Rest of Asia-Pacific (RoAPAC)
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America (RoLATAM)
• Middle East & Africa

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Biopharmaceuticals are among the most innovative and sophisticated achievements of modern science. Biopharmaceuticals are recombinant biological entities obtained from biological sources such as cell lines, organs and tissues, microorganisms, animal fluids, or genetically modified cells and organisms. With high complexity in the structure and remarkable properties offering high efficacy and few side effects- it forms the core of pharmaceutical industry. Over the last 8-10 years, the biopharmaceuticals market has grown at a CAGR of ~11% and at present, they represent ~25% share of the overall pharmaceutical market.

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The prevalence of cancer, autoimmune, cardiovascular, and infectious diseases is growing across the globe. Biopharmaceuticals have emerged as an important therapeutic class for treatment of such diseases. Biopharmaceuticals have many advantages over synthetic drugs and are capable of targeting specific sites and rarely cause side effects that are often observed with synthetic drugs. Owing to this, demand for biopharmaceuticals such as vaccines, therapeutic proteins, and antibodies is growing day by day. Among all biopharmaceuticals, antibody-based products are likely to witness a significant demand in the coming years. In fact, the antibody-based products currently under the biologic license application (BLA) or equivalent stage of regulatory submission- accounts for ~67% of all biopharmaceuticals. Thus, there is a high demand for cell culture products for the antibody research applications and this demand is likely to be extended to commercial applications as more and more antibody-based products enter commercial stage.

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However, focus on maintaining competitiveness by ensuring affordability and quality-pose a critical challenge in front of biopharmaceutical vendors. Despite of challenges, the global cell culture market will grow at a lucrative CAGR of 9.4% to reach $11,180.2 million by 2024, according to Meticulous Research®.

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