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Meticulous Research®—leading global market research company, published a research report titled, ‘Smart Factory Market by Component (Solutions, Services, Technologies), Sector (Automotive, Heavy Machinery & Tools, Aerospace & Defense, Metals & Mining, Electronics & Semiconductors, Pharmaceuticals), and Geography – Global Forecast to 2030′. According to this latest publication from Meticulous Research^®, the smart factories market is expected to register a CAGR of 15.5% during the forecast period to reach $245.2 billion by 2030.

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Smart factory solutions automate and integrate machines, systems, and processes, including manufacturing, supply chain & warehouse management, human safety, and other functions at the factory level using advanced technologies such as AI, IoT, cybersecurity, digital twin, and blockchain, to enhance overall production performance. Several industries are increasingly implementing smart factory solutions & services for their benefits, such as improved data insights, maximized plant efficiency, faster issue resolution, and minimized human error.

The benefits of cloud-based smart factory solutions & services, increasing investments in Industry 4.0 technologies, and the growing adoption of robots in the manufacturing sector are the key factors driving the growth of the smart factories market. However, high capital & operating expenses restrain the growth of the smart factories market. The implementation of smart factories in developing countries and technological advancements in industrial sensors are expected to create market growth opportunities. However, privacy, data security, and confidentiality concerns are major challenges for the players operating in this market. Additionally, the incorporation of IIoT, digital twins, and robotic process automation in smart factories and the proliferation of smart technologies for pharmaceutical manufacturing are prominent trends in the smart factories market.

The smart factories market is segmented by component (solutions [industrial sensors, industrial robots {articulated robots, SCARA, cartesian robots, autonomous mobile robots, other industrial robots}, machine vision systems {cameras, optics, and LED lighting}, industrial automation and control systems/plant-level controls {SCADA, distributed control systems, programmable logic controllers, and other plant-level controls}, enterprise-level controls {product lifecycle management, enterprise resource planning, manufacturing execution systems}, industrial safety systems, asset performance management solutions, other smart factory solutions], services [professional services, managed services, technologies {artificial intelligence, cloud computing & storage, digital twin, industrial cybersecurity, blockchain AR/VR}]), sector (automotive, heavy machinery & tools, aerospace & defense, metals & mining, electronics & semiconductors, medical devices, food & beverage, pharmaceuticals, oil & gas, FMCG, paints & chemicals, energy & power, pulp & paper, and other sectors), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

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Based on component, the solutions segment is expected to account for the largest share of the smart factories market in 2023. This segment’s large market share is attributed to the increasing demand for automated factories, the rising popularity of connected factory solutions, and the growing need to analyze factory productivity and efficiency. Also, the increasing focus on solution-centric security capabilities and the rising R&D investments in developing advanced smart factory solutions are some of the factors driving the growth of this segment. In addition, the benefits of smart factory solutions, such as efficiency, reliability, improved quality control, and lower operating costs, contribute to the segment’s growth. Also, this segment is projected to register the highest CAGR during the forecast period.

Based on sector, the automotive segment is expected to account for the largest share of the smart factories market in 2023. However, the pharmaceuticals segment is projected to register the highest CAGR during the forecast period. The increasing need to implement cost-control measures in the healthcare sector, the adoption of digital technologies in medical device manufacturing, and the rising need to ensure the safety and security of the pharmaceutical supply chain are expected to drive the growth of this segment.

Based on geography, Asia-Pacific is expected to account for the largest share of the smart factories market in 2023. The presence of key smart factory technology providers in the region contributes to the large share of this regional market. Furthermore, the surging demand for cost-effective robotics and automation solutions, increasing investments in managing essential resources & machinery across industries, and market players’ increasing focus on launching advanced smart factory solutions & services are driving the growth of the smart factories market in Asia-Pacific.

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Asia-Pacific is also projected to register the highest CAGR during the forecast period. Infrastructural growth in APAC countries, particularly China, South Korea, Japan, and India, rapid economic growth in developing countries, the growing adoption of cloud-based smart factory solutions & services across emerging economies in APAC, and government initiatives to drive the adoption of smart factory technologies among small and medium-sized enterprises support the growth of this regional market.

The key players operating in the smart factories market are ABB Ltd (Switzerland), Emerson Electric Co. (U.S.), Rockwell Automation, Inc. (U.S.), General Electric Company (U.S.), Mitsubishi Electric Corporation (Japan), Siemens AG (Germany), Honeywell International Inc. (U.S.), Yokogawa Electric Corporation (Japan), Schneider Electric SE (France), Endress+Hauser Group Services AG (Switzerland), SAP SE (Germany), Oracle Corporation (U.S.), International Business Machines Corporation (U.S.), Cisco Systems, Inc. (U.S.), Microsoft Corporation (U.S.), and Ubisense Ltd. (U.K.).

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Scope of the Report:

Smart Factory Market, by Component                       

• Solutions
  • Industrial Sensors
  • Industrial Automation & Control Systems/Plant-level Controls
    • SCADA (Supervisory Control and Data Acquisition)
    • Distributed Control Systems (DCS)
    • Programmable Logic Controllers (PLC)
    • Other Plant-level Controls
  • Industrial Robots
    • Articulated Robots
    • Cartesian Robots
    • SCARA (Selective Compliance Articulated Robot Arm)
    • Autonomous Mobile Robots
    • Other Industrial Robots
  • Machine Vision Systems
    • Cameras
    • Optics & LED Lighting
  • Enterprise-level Controls
    • Product Lifecycle Management (PLM)
    • Enterprise Resource Planning (ERP)
    • Manufacturing Execution Systems (MES)
  • Asset Performance Management Solutions
  • Industrial Safety Systems
  • Other Smart Factory Solutions
• Services
  • Professional Services
  • Managed Services
• Technologies
  • Cloud Computing & Storage
  • Industrial Cybersecurity
  • Augmented Reality/Virtual Reality (AR/VR)
  • Digital Twin
  • Artificial Intelligence
  • Blockchain
  • Other Technologies

Smart Factory Market, by Sector

• Automotive
• Heavy Machinery & Tools
• Electronics & Semiconductors
• Aerospace & Defense
• FMCG
• Medical Devices
• Food & Beverage
• Pharmaceuticals
• Paints & Chemicals
• Oil & Gas
• Metals & Mining
• Energy & Power
• Pulp & Paper
• Other Sectors

Smart Factory Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia-Pacific
• Latin America
  • Mexico
  • Brazil
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Israel
  • Rest of the Middle East & Africa

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Related Reports:

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

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According to a new market research report titled, “Algae Market by Type (Macroalgae/Seaweed {Red, Brown}, Microalgae {Spirulina, Chlorella, D. Salina}), Distribution Channel (B2B, B2C), Form (Dry, Liquid), Application (Nutraceuticals, Food & Beverages, Animal Feed, Cosmetics) – Global Forecast to 2030”, the algae market is expected to reach $29.8 billion by 2030, at a CAGR of 9.3% during the forecast period 2023 to 2030.

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Algae is a group of predominantly aquatic, photosynthetic, and nucleus-bearing organisms that lack true roots, stems, leaves, and specialized multicellular reproductive structures of plants. There are more than 10,000 algal species throughout the globe. Autotrophic microalgae are cultivated on land in large ponds or enclosed photobioreactors using enriched CO2. Heterotrophic microalgae are grown in large fermenters using sugar or starch. Seaweed (macroalgae) is cultivated in seawater. Algae are used in various industries. They are used in human food, animal and aquaculture feed, organic farming, and fertilizer products.

The global algae market continues to develop due to functional benefits beyond the usual nutritional and health benefits. Furthermore, algae can provide better oil yields in the biofuel industry than other biofuel feedstocks, such as beets, sorghum, and corn, among others. As a result, the global algae market is likely to flourish. Increasing R&D efforts by manufacturers are further expected to drive the expansion of the global algae market.

The Impact of COVID-19 on the Algae Market

The COVID-19 pandemic has adversely hit many economies around the world. Government measures to combat the COVID-19 pandemic, such as nationwide lockdowns and quarantines, have negatively impacted many industries. Most manufacturers of food products in the F&B sector have felt the brunt of the pandemic. Social distancing, self-isolation, and city-wide lockdowns have forced the closures of many establishments in countries across the world.

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The pandemic strained consumer F&B product manufacturers due to reduced consumption and disrupted supply chains. The F&B sector witnessed a minor decline due to the lockdowns imposed across various countries. This scenario negatively impacted the confectionery industry since people only purchased essential products. In addition, government bodies passed various rules and regulations on purchasing essential goods. According to trade organizations in the nutritional products industry, there has been a significant impact on the global supply chain for functional foods and dietary supplements, which has, in turn, lowered the consumption of microalgal biomass among end-users impacting the growth of this market.

In the algae industry, a major slowdown in algae sales was witnessed in the first quarter of 2020 due to disruptions in logistics and transportation. The market also witnessed interruptions in the entire value chain from raw materials supply for culture media to production, packaging, and biomass distribution.

The effects of the COVID-19 pandemic on this market were felt in China starting in 2020, as the country is one of the world’s largest producers and one of the leading consumers of algal species. In China, factory closures, algae processing facilities operating at reduced capacities, and restrictions on importing and exporting algae biomass strongly impacted the algae market. Moreover, the pandemic also adversely impacted the algae market in many countries, including the U.S., India, Australia, Brazil, and the EU-5 countries. Due to the countrywide lockdown in India, many commercial algae production and processing facilities shut down or were operating at reduced capacities, leading to substantial losses in domestic algal production.

However, good nutrition intake is the top priority to maintain an optimal immune system, supporting the strong demand for plant and algae protein food products & beverages through e-commerce platforms. In addition, some of the algal protein products are considered to support the human immune system. For instance, spirulina has immune-boosting and anti-viral properties.

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According to a new market research report titled, ‘Anesthesia Machines Market by Type (Anesthesia Workstations, Delivery Systems, Portable, Monitors, Ventilators, Accessories [Boyles Apparatus, Laryngoscopes]), End User (Hospital, Clinic, Ambulatory Surgical Center) — Global Forecast to 2030,’ published by Meticulous Research^®, the anesthesia machines market is projected to reach $7.71 billion by 2030, at a CAGR of 7.5% from 2023 to 2030.

Anesthesia is used on patients before surgery, dental procedures, and certain diagnostic tests, such as biopsies. Anesthesia prevents patients from feeling pain during these procedures. Anesthesia machines are responsible for administering precise dosages of anesthetics and monitoring the patient’s vital during surgical procedures. These machines include anesthesia ventilators, workstations, monitors, and accessories. These machines prove crucial during major surgical procedures.

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The growth of the anesthesia machines market is attributed to factors such as the growing number of surgical procedures, the growing prevalence of chronic diseases coupled with the aging population, and technological advancements in anesthesia devices. Additionally, increasing focus on patient comfort is expected to provide significant opportunities for players operating in the market.

Technological Advancements in Anesthesia Machines Drive the Anesthesia Machines Market

Technological advancements have significantly impacted the adoption of anesthesia machines due to improving patient safety, efficiency, and ease of use. Anesthesia machines are equipped with integrated patient monitoring systems that continuously track vital signs, including heart rate, blood pressure, oxygen saturation, end-tidal carbon dioxide levels, and the concentration of anesthetic gases. These monitoring systems deliver real-time data to anesthesiologists, enabling them to closely monitor the patient’s condition throughout the surgical procedure.

Anesthesia machines can integrate with electronic medical record (EMR) systems, transferring patient data, anesthesia records, and vital signs to the patient’s electronic health record. This integration helps documentation processes, enhances data accuracy, and promotes efficient communication among healthcare providers.

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Advanced gas delivery systems are integrated into anesthesia machines, providing precise control over the concentration and flow of oxygen, nitrous oxide, and inhalation anesthetics. These systems use digital flow meters, advanced pressure regulators, and electronic control mechanisms, improving accuracy and reliability in delivering gases to the patient.

Certain anesthesia machines provide wireless connectivity capabilities, allowing remote monitoring and control. Anesthesiologists can remotely access patient data, adjust settings, and receive real-time notifications. This wireless connectivity improves patient care, especially in critical surgical procedures.

Furthermore, technological advancements such as integrating AI and machine learning, safety features, and new vaporizer technologies are expected to drive the adoption of anesthesia machines in hospitals, clinics, and ambulatory surgical centers, driving the market growth.

Among the types covered in the report, the anesthesia workstations segment is projected to grow at the highest CAGR during the forecast period. The factors responsible for the growth of this segment are the growing number of surgical procedures due to the growing burden of chronic diseases and increasing healthcare expenditure in developing countries.

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According to a new market research report titled, ‘Africa In Vitro Diagnostics Market by Product & Services, Technology (Immunoassay, Point of Care, Molecular Diagnostics, Coagulation), Application (Infectious Diseases, Diabetes, Oncology), Diagnostic Approach (Lab, OTC, PoC), and Customer Type – Forecast to 2029,’ published by Meticulous Research^®, the Africa in vitro diagnostics market is expected to reach $1.78 billion by 2029, at a CAGR of 4.8% from 2022 to 2029.

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In vitro diagnostics (IVD) are tests performed on samples of blood or tissue taken from the human body to detect a wide range of diseases. These tests help monitor overall health to prevent and treat various diseases. IVD involves the use of various reagents, assays, and kits based on technologies such as immunoassay, whole blood glucose monitoring, molecular diagnostics, point of care, clinical chemistry, hematology, coagulation & hemostasis, critical care, and urinalysis.

High Prevalence of Infectious Diseases Driving the Growth of the Africa IVD Market

Diagnostic tests play a crucial role in the medical care of patients with infections. The demand for IVD kits used to diagnose infectious diseases is high in Africa due to the increasing awareness regarding emerging and re-emerging infectious diseases and the adoption of advanced molecular testing and lab-on-chip technology. The burden of diseases such as HIV, tuberculosis, malaria, viral hepatitis, and neglected tropical diseases (NTDs) is large in Africa. For example, according to WHO, in 2020, 25.6 million people were living with HIV in the African Region. The annual number of new HIV infections also increased in the Middle East and North Africa (source: UNAIDS data 2021).

In addition, there is a frequent outbreak of endemic diseases in Africa. For instance, Lassa fever is endemic in Nigeria and continues to be reported throughout the country. According to Nigeria Centre for Disease Control and Prevention (NCDC). In January 2022, 981 suspected and 211 confirmed cases of Lassa fever were reported in Nigeria. There were 40 deaths reported among confirmed cases, indicating a case fatality rate of 19%. Thus, the high burden of infectious diseases increases the demand for IVD tests in Africa.

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Africa IVD Market: Future Outlook

The Africa IVD market is segmented based on Product Category (Reagents, Assays, and Kits, Instruments, and Software & Services), Technology (Immunoassay, Whole Blood Glucose Monitoring, Point-of-Care Diagnostics, Clinical Chemistry, Molecular Diagnostics, Hematology, Coagulation & Hemostasis, Critical Care, Urinalysis, and Other IVD Technologies), Application (Infectious Diseases, Oncology, Diabetes, Endocrinology, Cardiology, and Other Applications), Diagnostic Approach (Laboratory Testing, Point-of-Care Testing, and OTC/Self Testing), and Customer Type (Hospital Labs, Private Labs, Home Care/Self Testing, Government, and Other Customer Types), and Geography (South Africa, Egypt, Nigeria, Kenya,  Algeria, Tanzania, Morocco, Tunisia, and the rest of Africa). The study also evaluates industry competitors and analyzes their market shares.

Based on product category, the reagents, assays, and kits segment is slated to register the fastest growth rate during the forecast period. In Africa, infectious diseases cause chronic illnesses, premature deaths, and loss of productivity, affecting the region’s economic growth. Thus, the emerging threats of infectious diseases drive the demand for IVD in Africa. The frequent use of reagents for diagnosing diseases and the easy availability & accessibility of these tests are the major factors driving the growth of this segment.

Based on technology, the point of care segment is slated to register the fastest growth rate during the forecast period. The rising geriatric population, the growing prevalence of chronic diseases, and the rising incidence of infectious diseases are driving the growth of this segment. The increasing burden of chronic diseases and pathogen outbreaks has significantly increased the demand for PoC diagnostics in Africa. The increased need for early and accurate diagnosis, precise confirmation of clinical findings, and immediate & informed decision-making on treating diseases contributes to the growth of the PoC segment.

Based on application, the oncology segment is slated to register the fastest growth rate during the forecast period. Cancer involves a complex set of genetic alternations and subsequent changes in gene expression, leading to the uncontrolled proliferation of cells. In cancer diagnostics, early diagnosis and knowing the exact nature of the tumor are of prime importance. Early cancer detection and access to effective anti-cancer treatment can result in higher rates of survival and a better quality of life. According to GLOBOCAN 2020, 1.1 million new cases and 711,429 deaths were recorded in Africa. The growing demand for personalized medicines in cancer therapy, the increasing prevalence of cancer, and the rising demand for rapid cancer diagnosis tests drive the growth of the IVD market for oncology applications.

Based on diagnostic approach, the OTC/self-testing segment is slated to register the fastest growth rate during the forecast period. In Africa, over-the-counter (OTC)/self-testing is promoted for diseases, such as HIV and COVID-19, due to the high prevalence of infectious diseases. Self-testing reduces the burden on healthcare workers and the system. The OTC/self-testing kits are diagnostic tests that can be purchased from any pharmacy store and used by the patient. These tests can give rapid results and can be taken from anywhere.

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Based on customer type, the home care/self-testing segment is slated to register the fastest growth rate during the forecast period. The growth of this segment is attributed to the increasing need to monitor and manage chronic diseases, the growing awareness about home healthcare testing products, and the reduced waiting time and healthcare costs offered by self-testing kits.

This research report analyzes the market across major African countries and provides a comprehensive analysis of South Africa, Algeria, Nigeria, Kenya, Morocco, Tunisia, Tanzania, Egypt, and the rest of Africa.

Key companies operating in the Africa IVD market are Abbott Laboratories (U.S.), Becton, Dickinson and Company (U.S.), bioMérieux SA (France), Danaher Corporation (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), QIAGEN N.V. (Netherlands), Siemens Healthineers AG (Germany), Thermo Fisher Scientific Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Illumina, Inc. (U.S.), and Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China).

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Scope of the Report

Africa IVD Market, by Product Category

• Reagents, Assays, and Kits
• Instruments
• Software & Services

Africa IVD Market, by Technology

• Immunoassay
• Whole Blood Glucose Monitoring
• Point-of-Care Diagnostics
• Clinical Chemistry
• Molecular Diagnostics
• Hematology
• Coagulation & Hemostasis
• Critical Care
• Urinalysis
• Other IVD Technologies

Note: Other technologies include microscopy, hybridization, and loop-mediated amplification.

Africa IVD Market, by Application

• Infectious Diseases
• Oncology
• Diabetes
• Endocrinology
• Cardiology
• Other Applications

Note: Other applications include nephrology, toxicology, gastroenterology, neonatal, genetic, and neurological disorders.

Africa IVD Market, by Diagnostic Approach

• Laboratory Testing
• Point-of-Care Testing
• OTC/Self-testing

Africa IVD Market, by Customer Type

• Hospital Labs
• Private Labs
• Home Care/Self Testing
• Government
• Other Customer Types

Note: Other customer types include long-term care facilities, academic & research institutes, ambulatory care centers, and transfusion laboratories.

Africa IVD Market, by Country

• South Africa
• Egypt
• Nigeria
• Kenya
• Algeria
• Tanzania
• Morocco
• Tunisia
• Rest of Africa

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In Vitro Diagnostic (IVD) Reagents Market – https://www.meticulousresearch.com/product/in-vitro-diagnostic-reagents-market-5110

Zero Liquid Discharge Market to Reach $11.7 Billion by 2030

Meticulous Research®-a leading global market research company, published a research report titled, ‘Zero Liquid Discharge Market by Process (Pre-treatment Technology, Evaporation Process, Crystallization Process, Solid Waste Handling Process and Other Processes) Application (Non-industrial and Industrial) and Geography — Global Forecast to 2030.’

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The global zero liquid discharge market is expected to reach USD 11.7 billion by 2030, at a CAGR of 8.8% during the forecast period from 2023 to 2030. The growth of the zero liquid discharge market is driven by the need to meet wastewater treatment regulations, a lack of available water and wastewater disposal options, and the scarcity of freshwater sources. However, high installation, maintenance, and operating costs and intensive energy consumption restrain the growth of this market.

Furthermore, the recovery of valuable resources and growing demand for energy-efficient and advanced water treatment solutions are expected to create market growth opportunities. However, upgrading and repairing aging water infrastructure is a major challenge for the zero liquid discharge market.

The global zero liquid discharge market is segmented by process, application, and geography. The study also evaluates industry competitors and analyses the country and regional-level markets.

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Based on process, the global zero liquid discharge market is segmented into pre-treatment technology, evaporation process, crystallization process, solid waste handling process, and other processes. In 2023, the pre-treatment technology segment is expected to account for the largest share of the global zero liquid discharge market. The large market share of this segment is attributed to the stringent environmental regulations and wastewater discharge limits imposed by authorities that incentivize industries to implement sustainable practices like ZLD. Furthermore, growing concerns over water scarcity and the need for freshwater conservation push industries to reduce their water footprint and maximize water recovery through ZLD systems. In addition, the potential cost savings achieved by recovering valuable resources from wastewater and reducing freshwater intake make ZLD an attractive solution for industries. Moreover, the pre-treatment technology segment is expected to register the highest CAGR during the forecast period.

Based on application, the global zero liquid discharge market is segmented into non-industrial and industrial. In 2023, the non-industrial segment is expected to account for the largest share of the global zero liquid discharge market. The adoption of ZLD technologies by municipalities and hospitals drives the segment’s growth, leading to increased investments and advancements in ZLD technologies. Moreover, the need for regulatory compliance, hazardous waste management, infection control, water conservation, and resource management are key factors driving the adoption of ZLD systems across non-industrial sectors worldwide. Moreover, the non-industrial segment is expected to register the highest CAGR during the forecast period.

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Based on geography, the zero liquid discharge market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global zero liquid discharge market. Asia-Pacific’s major market share is attributed to the growing demand for advanced treatment solutions, advancements in membrane technology, environmental deterioration, declining availability of clean water, and increased research & development expenditures. Moreover, the market in Asia-Pacific is slated to register the highest CAGR during the forecast period.

Key Players

The key players operating in the global zero liquid discharge market are AQUARION AG (Switzerland), Veolia Environnement SA (France), Aquatech International LLC (U.S.), GEA Group Aktiengesellschaft (Germany), DuPont de Nemours, Inc. (U.S.), Evoqua Water Technologies LLC (U.S.), H2O GmbH (Germany), IDE Technologies (Israel), SafBon Water Service (China), Saltworks Technologies Inc. (Canada), WOG Technologies (India), Thermax Limited (India), Petro Sep Corporation (Canada), Samco Technologies, Inc. (U.S.), and Condorchem Envitech (Spain).

Key Questions Answered in the Report:

Which are the high-growth market segments in terms of process, application and geography?
What is the historical market size for the zero liquid discharge market across the globe?

What are the market forecasts and estimates for the period 2023–2030?
What are the major drivers, restraints, opportunities, and challenges in the global zero liquid discharge market?
Who are the major players in the market, and what are their market shares?
How is the competitive landscape for the global zero liquid discharge market?
What are the recent developments in the global zero liquid discharge market?
What are the different strategies adopted by the major players in the market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global zero liquid discharge market, and how do they compete with other players?

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According to a new market research report titled, ‘Digital Payment Market by Offering (Solution & Services), Payment Mode (Digital Wallets, Banking Cards, POS, Internet Banking), End User (BFSI, Retail, Travel & Hospitality, Healthcare, Others), Organization Size and Geography – Global Forecasts to 2029,’ the digital payment market is projected to reach $274.61 billion by 2029, at a CAGR of 16.6% from 2022 to 2029.

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Digital payments are transactions that take place via digital or online modes, with no physical exchange of money involved. This means that both parties, the payer and the payee, use electronic mediums to exchange money. Digital payment transactions have grown rapidly in emerging markets during the past two years as the pandemic accelerated shifts to contactless payments and e-commerce.

The growth of this market is attributed to the increased adoption of digital payment modes, rising government initiatives for the adoption of digital payment and growing partnerships between banks and fintech to leverage customer experience. In addition, the increasing use of payment applications across different industry verticals and the rising adoption of contactless payment are expected to offer significant opportunities for the growth of this market. However, a low level of awareness of online payments in rural areas can restrain the growth of this market to some extent.

Impact of COVID-19 on the Digital Payment Market

The outbreak of the COVID-19 pandemic resulted in increased usage of digital payment modes, leading to a significant increase in the growth of the payment security market. According to ACI Worldwide Inc., a payment systems company, real-time payments are expected to witness exponential growth due to the COVID-19 pandemic, with more than half a trillion transactions and a compound annual growth rate of almost 23% between 2019 and 2024.

Digital payment firms such as PhonePe, Paytm, and Amazon Pay witnessed a nearly 50% spike in transactions through their digital wallets since the COVID-19 pandemic. The sudden increase in digital adoption dramatically advanced the digital transformation agendas for numerous banks, with banking leaders recognizing online banking services as a critical means for increasing customer retention and growing revenue streams through personalized services. The impact of the COVID-19 pandemic accelerated the adoption of a broad range of digital banking offerings and shifted consumers of all ages away from traditional banking branches and ATMs at an unprecedented pace.

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The digital payment market is segmented based on offering (solutions and services), payment mode (digital wallets, banking cards, pos, and internet banking), end user (BFSI, retail, travel & hospitality, healthcare, and others), organization size, and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on offering, the digital payment market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the largest share of the global digital payment market. The growth of the segment is attributed to the declining cash usage, the growing e-commerce industry, development in mobile payment technology, and increased use of mobile wallets.

Based on payment mode, the digital payment market is segmented into digital wallets, banking cards, point of sales, internet banking, and other payment modes. In 2022, the digital wallets segment is expected to account for the largest share of the global digital payment market. Additionally, this segment is expected to grow at the highest CAGR during the forecast period. Factors such as increasing population, rising adoption of smartphones, rising number of internet subscribers, and rapid growth in the retail and e-commerce sector across the countries such as India and China are driving the market.

Based on end user, the digital payment market is segmented into BFSI, retail, travel and hospitality, healthcare, IT and telecom, media and entertainment, and others. In 2022, the BFSI segment is expected to account for the largest share of the global digital payment market. The rising demand for digital remittances for cross-border and domestic transactions is encouraging banks to adopt digital payment solutions. Moreover, banks are also enhancing their offerings to compete with digital payment solutions providers, such as Google, Amazon, and Facebook.

However, the retail segment is expected to grow with the highest CAGR during the forecasted period. Retail e-commerce sales are rapidly increasing due to government support, increased smartphone penetration, and application usage, and the promise of a better shopping experience is likely to boost. The increasing usage of mobile payments in the retail industry, primarily in the e-commerce sector, boosts the digital payment market in the retail sector.

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Based on organization size, the digital payment market is segmented into large enterprises, small and medium-sized enterprises. In 2022, the large enterprises segment is expected to account for the largest share of the global digital payment market. Additionally, this segment is also expected to grow at the highest CAGR during the forecast period. The increasing number of high valuations transactions in large enterprises is compelling these enterprises to opt for premium digital payment solutions.

Based on geography, the digital payment market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the digital payment market. North America’s strong financial position enables it to invest heavily in advanced solutions and technologies, which has provided regional organizations with a competitive edge in the market. The growing use of smartphones, increasing internet speed and reliability, and a growing user base of tech-savvy millennials provide significant opportunities for this market’s growth and integration. In addition, the rising consumer shift towards online payment mode is driving the growth of this market. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period.

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 digital payment market are PayPal Holdings, Inc. (U.S.), Fiserve, Inc. (U.S.), FIS (U.S.), Block, Inc., formerly Square, Inc. (U.S.), Stripe, Inc. (U.S.), Visa, Inc. (U.S.), Mastercard (U.S.), Worldline (France), Temenos (Switzerland), PayU (Netherlands), Apple Inc. (U.S.), JPMorgan Chase & Co. (U.S.),  WEX Inc. (U.S.), ACI Worldwide, Inc. (U.S.), and FleetCor Technologies, Inc. (U.S.).

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Scope of the report:

Digital Payment Market, by Offering

• Solution
  • Payment Gateway Solutions
  • Payment Processing Solutions
  • Payment Wallet Solutions
  • Payment Security and Fraud Management Solutions
  • Point of Sale Solutions
• Services
  • Integration Services
  • Support Services
  • Consulting Services

Digital Payment Market, by Payment Mode

• Digital Wallets
• Banking Cards
• Point of Sales
• Internet Banking
• Others Payment Modes

Digital Payment Market, by End User

• BFSI
• Retail
• Travel and Hospitality
• Healthcare
• IT and Telecom
• Media and Entertainment
• Other End Users

Digital Payment Market, by Organization Size

• Large Enterprises
• Small and Medium-sized Enterprises

Digital payment Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
  • Italy
  • Spain
  • Denmark
  • Sweden
  • Rest of Europe
• Asia-Pacific
  • China
  • India
  • Japan
  • Singapore
  • Malaysia
  • Indonesia
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Israel
  • Rest of the Middle East & Africa

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According to a new market research report titled, ‘Mobile Security Market by Component (Solution, Services), Operating System (Android, iOS), Deployment Mode (On-premise, Cloud-based), End User (BFSI, Telecom, Retail) and Geography – Global Forecasts to 2029,’ the global mobile security market is expected to reach $19.5 billion by 2029, growing at a CAGR of 21.7% during the forecast period 2022–2029.

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The growth of this market is attributed to the increase in mobile-related cyber-attacks and the increasing use of third-party applications. Additionally, the increasing demand for cloud-based solutions is expected to offer significant growth opportunities for this market. However, the growing adoption of open-source and free security solutions restrains the growth of this market to a certain extent.

Impact of COVID-19 on the Mobile Security Market

Government bodies worldwide imposed restrictions during the COVID-19 pandemic, encouraging employees to work from home. The combat measures like complete lockdowns and quarantines adversely impacted many industries, including a portion of the enterprise security industry. With many employees working from home and students learning virtually, enterprise virtual private network (VPN) servers became a lifeline to organizations and institutions.

The impact of the COVID-19 outbreak on the global mobile security market started in early 2020 in China, one of the world’s largest producers and consumers of endpoint devices, including smartphones, laptops, and tablets. The closing of production plants for a few months in China and restrictions on the export and import of the endpoint devices to and from China’s restricted area strongly impacted the supply chain, production, sales, and operation of these industries. However, as most IT companies adopted work-from-home policies in response to the COVID-19 pandemic, cybersecurity has become a grave issue for organizations across the globe and, thus, is expected to provide some relief to the global mobile security market and help the market to recover at a much faster rate.

The global mobile security market is segmented by Component (Solution (Mobile Application Security, Mobile Data Security, Mobile Device Security, Others), Services), Operating Systems (Android, iOS, and Other Operating Systems), Deployment Mode (On-premise and Cloud-based deployment), and End user (Enterprises (BFSI, Telecom, Retail, Healthcare, Manufacturing, Other End Users) and Individuals). The study also evaluates industry competitors and analyses the market at the country and regional levels.

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Based on component, the global mobile security market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the largest share of the overall mobile security market. The rising demand for security solutions on mobile devices to increase data privacy is expected to drive this market’s growth. However, the service segment is projected to grow at the highest CAGR during the forecast period.

Based on operating system, the global mobile security market is segmented into android, iOS, and other operating systems. In 2022, the android segment is expected to account for the largest share of the mobile security market.

Based on deployment mode, the market is segmented into on-premise and cloud-based. In 2022, the cloud-based deployment segment is expected to account for the larger share of the mobile security market. The growth of this segment is attributed to the increasing demand for BYOD services in enterprises. Moreover, this segment is also projected to grow at the highest CAGR during the forecast period.

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Based on end user, the global mobile security market is segmented into enterprise and individual. The enterprise segment is further sub-segmented into BFSI, telecom, retail, healthcare, manufacturing, and other end users. In 2022, the enterprise segment is expected to account for the largest share of the overall mobile security market. The increasing attacks on enterprise devices, such as malware and data breaches, is driving the market growth.

Based on geography, the global mobile security market is 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 global mobile security market. The growth of this region is attributed to the increasing adoption rate of mobile security software by various SMEs and other enterprises in the region and the high concentration of IT hubs in the region. Also, this region is projected to grow at the highest CAGR during the forecast period.

Some of the key players operating in the global mobile security market are Trend Micro Incorporated (Japan), Armis, Inc. (U.S.), AT&T, Inc. (U.S.), Check Point Software Technologies Ltd. (Israel), IBM Corporation (U.S.), Nokia Corporation (Finland), Huawei Technologies Co., Ltd. (China), VMware, Inc. (U.S.), Thales Group (France), Microsoft Corporation (U.S.), CrowdStrike Holdings, Inc. (U.S.), Broadcom Inc. (U.S.), AO Kaspersky Lab, (Russia), Fortinet, Inc. (U.S.), and Juniper Networks, Inc. (U.S.).

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Scope of the Report:

Mobile Security Market by Component                         

• Solutions
  • Mobile Application Security
  • Mobile Data Security
  • Mobile Device Security
  • Others
• Services

Mobile Security Market by Operating System              

• Android
• iOS
• Other Operating Systems

Mobile Security Market by Deployment Mode

• On-premise
• Cloud-based

Mobile Security Market by End User

• Enterprises
  • BFSI
  • Telecom
  • Retail
  • Healthcare
  • Manufacturing
  • Other End Users
• Individuals

Mobile Security Market by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Latin America
• Middle East & Africa

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Related Report:

Cloud Security Market by Component (Solutions, Services), Security Type (Network Security, Application Security), Service Model, Organization Size, and End User (BFSI, Government, Retail, and Other End Users) – Global Forecast to 2029
https://www.meticulousresearch.com/product/cloud-security-market-5379

Application Security Market by Component (Software Tools, Services), Type (Web Application Security, Mobile Application Security), Deployment Mode, Organization Size, End User (Retail, Healthcare, BFSI, and Others) – Global Forecast to 2028
https://www.meticulousresearch.com/product/application-security-market-5224

Application modernization is the practice of updating older software for newer computing approaches, including newer languages, frameworks, and infrastructure platforms. This practice is also sometimes called legacy modernization or legacy application modernization.

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The growth of this market is driven by enterprises’ growing need for improved software features due to dynamic business environments, the rising demand for flexibility and scalability in legacy applications, and organizations’ growing inclination toward modernizing legacy applications with cloud capabilities. However, security and privacy issues associated with application modernization services and the lack of IT skills among employees restrain the growth of this market.

In addition, the existence of a large number of legacy and mainframe applications, the increasing focus on omnichannel integration, and the rising adoption of containerization to create and deploy applications faster and more securely are expected to create significant opportunities for market growth.

The application modernization services market is segmented based on type, deployment mode, sector, organization size, and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

The key players profiled in the application modernization services market study are IBM Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Hewlett Packard Enterprise Company (U.S.), HCL Technologies (India), Capgemini (France), Atos (France), Infosys Limited (India), Cognizant (U.S.), Dell Inc. (U.S.), Fujitsu Limited (Japan), Bell Integrator Inc. (U.S.), Kyndryl Holdings, Inc. (U.S.), Accenture (Ireland), and Softura (U.S.).

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Based on type, the application modernization services market is segmented into application modernization consulting services, cloud migration services, UI/UX modernization services, and application containerization services. In 2023, the cloud migration segment is expected to account for the largest share of the application modernization services market. The segment is also expected to record the highest CAGR during the forecast period. The growth of this segment is driven by the benefits of cloud migration services, such as increased scalability, flexibility, remote collaboration, task automation, mobility, and data protection. Furthermore, growing networks of connected devices have led to massive data growth. As a result, the rising need for low-cost data storage solutions is projected to increase the use of cloud migration services.

Based on deployment mode, the application modernization services market is segmented into public cloud and private cloud. In 2023, the public cloud segment is expected to account for the larger share of the application modernization services market. The segment’s large share is attributed to the easy accessibility and cost-effectiveness of public clouds and small and medium-sized enterprises’ increasing migration to public clouds.

However, the private cloud segment is expected to record the higher CAGR during the forecast period. This segment’s high growth is driven by organizations’ increased inclination toward private clouds due to enhanced data security and control over data backup and recovery and the rising adoption of private clouds among SMEs.

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Based on sector, the application modernization services market is segmented into BFSI, IT & telecom, retail, media & entertainment, healthcare & life sciences, government, manufacturing, transportation & logistics, energy & utilities, and other sectors. In 2023, the IT & telecom segment is expected to account for the largest share of the application modernization services market. The segment’s large share is attributed to IT & telecom companies’ rising need to increase operational efficiency, improve customer experience, and move from mainframe to cloud platforms.

However, the BFSI segment is expected to record the highest CAGR during the forecast period. The growth in this segment is driven by the benefits of modernizing applications for BFSI organizations, such as fast and convenient transactions, reduced task complexity, Improved security and compliance, clients’ demand for speed and advanced capabilities, and rising concerns over data security and privacy.

Based on organization size, the application modernization services market is segmented into large enterprises and small & medium-sized enterprises. In 2023, the large enterprises segment is expected to account for the larger share of the application modernization services market. However, the small & medium-sized enterprises segment is expected to record the higher CAGR during the forecast period. The growth in this segment is driven by the rising need to modernize outdated applications, the ongoing digital transformation of SMEs, and the growing need for business agility, security, and scalability.

Based on geography, the application modernization services market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the application modernization services market. North America’s large share is attributed to the region’s robust IT infrastructure, investments in digital infrastructure, and the existence of large enterprises.

However, Asia-Pacific is expected to record the highest CAGR during the forecast period. The growth of this market is primarily driven by rising investments in digital transformations, increasing acceptance of emerging technologies, rising IT spending across the region, increasing technology adoption across regional countries such as China, South Korea, Japan, India, and growing urbanization in developing countries in Asia-Pacific.

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Scope of the Report

Application Modernization Services Market, by Type   

• Application Modernization Consulting Services     
• Cloud Migration Services
  • Application Replatforming Services
  • Application Rehosting Services
  • Application Rearchitecting Services
• UI/UX Modernization Services
• Application Containerization Services         

Application Modernization Services Market, by Deployment Mode

• Public Cloud
• Private Cloud

Application Modernization Services Market, by Sector

• BFSI
• IT & Telecom
• Retail
• Media & Entertainment
• Healthcare & Life Sciences
• Government
• Manufacturing
• Transportation & Logistics
• Energy & Utilities
• Other Sectors

Application Modernization Services Market, by Organization Size

• Large Enterprises
• Small & Medium-sized Enterprises

Application Modernization Services Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
  • Italy
  • Spain
  • Switzerland
  • Netherlands
  • Rest of Europe
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Singapore
  • Rest of Asia-Pacific
• Latin America
  • Mexico
  • Brazil
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Israel
  • Rest of the Middle East & Africa

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According to a new market research report titled, ‘High-intensity Sweeteners Market by Product (Sucralose, Stevia, Aspartame, Acesulfame-K, Saccharin, Neotame, Others), Source (Natural, Artificial), Form (Solid, Liquid), Application (Beverages, Food, Pharmaceuticals, Others) – Global Forecast to 2029,’ the high-intensity sweeteners market is expected to grow at a CAGR of 5.3% from 2022–2029 to reach $4.20 billion by 2029.

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The increasing health consciousness among consumers and the rising demand for low-calorie food products are the major factors driving the growth of the high-intensity sweeteners market. Regular consumption of high-calorie sugar negatively impacts health leading to health issues such as diabetes, obesity, high blood pressure, and cardiovascular and liver diseases. These factors have influenced people to reduce sugar intake and adopt low-calorie sweeteners, such as stevia, monk fruit, sucralose, saccharin, and other high-intensity sweeteners.

The Impact of COVID-19 on the High-intensity Sweeteners Market

The outbreak of the COVID-19 pandemic reshaped everything from global economies to pricing, stock availability, and consumer behavior. Numerous countries worldwide declared emergencies and announced complete nationwide, statewide, or citywide lockdowns, halting all travel, transport, manufacturing, educational institutions, and non-essential trade to curb the spread of infection. These restrictions significantly impacted many industries, reducing manufacturing and distribution globally. The sweeteners industry faced significant disruptions in raw material supply due to the pandemic. In addition, imports and exports in many countries were restricted or delayed due to the outbreak of the COVID-19 pandemic creating numerous challenges for sweetener suppliers.

However, the COVID-19 pandemic led to the adoption of some best-practice models for the food industry as it highlighted the importance of hygienic and nutritious foods comprising reduced sugar, calories, and fats in the prevention of diseases. This industry faced unprecedented demand from consumers, particularly for low-calorie food products.

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According to an article published in August 2021 by the Massachusetts General Hospital, cutting down 20% of sugar from packaged foods and 40% from beverages could prevent 2.48 million cases of cardiovascular disease, 490,000 deaths related to cardiovascular disease, and 750,000 diabetes cases in the U.S. Therefore, many companies in the food industry have already started changing their strategies by replacing sugar with high-intensity sweeteners.

In addition, there is a rapid surge in demand for less sugary and immunity-boosting products as people seek solutions to boost overall health and wellbeing. The COVID-19 pandemic has also prompted most health-conscious customers to turn to low-calorie or sugar-free food products. Hence, the increasing health consciousness among consumers and high demand for sugar-reducing solutions have compelled manufacturers and product formulators to opt for high-intensity sweeteners.

According to an article published by Nutrition Outlook, the sales of dietary supplements increased during the pandemic due to their immune-boosting properties. During the last week of March 2020, the sales growth for overall dietary supplements skyrocketed to more than 35% in the U.S. Also, according to Glanbia plc., the purchase of dietary supplements in retail outlets increased significantly during April 2020.

The COVID-19 pandemic highlighted the importance of consuming nutritious foods with reduced sugar content, resulting in the increased demand for fortified foods and functional beverages loaded with low-calorie sweeteners and other healthy components globally. Also, food & beverages with zero/low-calorie sweeteners are experiencing a rapid surge in demand due to the increasing health awareness among consumers. According to Glanbia plc, the U.S. functional beverage market was valued at $48.4 billion in 2020 and is expected to grow at a CAGR of 6.6% between 2020 and 2025.

Thus, growing health and wellness concerns, strong demand for dietary supplements, and the surge in demand for sugar-free products are expected to propel the growth of the high-intensity sweeteners market.

The high-intensity sweeteners market is segmented based on product (sucralose, stevia, aspartame, acesulfame-k, neotame, saccharin, luo han guo [monk fruit], neotame, and other high-intensity sweeteners), source (natural and artificial), form (solid, liquid), application (beverages, food, nutrition and health supplements, pharmaceuticals, and other applications), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on product, in 2022, the sucralose segment is expected to account for the largest share of the high-intensity sweeteners market. The large share of this segment is attributed to the increasing application of sucralose in food & beverages and its benefits, such as prolonged shelf-life and low quantity required to achieve desired sweet taste. However, the stevia segment is expected to register the highest CAGR during the forecast period of 2022–2029. The growth of this segment is driven by the increasing number of new stevia-based product launches, rising demand for stevia application in the beverage industry, and increasing consumer preferences for reduced sugar and healthy products.

Based on source, in 2022, the artificial high-intensity sweeteners segment is expected to account for the largest share of the high-intensity sweeteners market. However, the natural high-intensity sweeteners segment is expected to register the highest CAGR during the forecast period of 2022–2029. The high growth of this segment is driven by factors such as the increasing awareness about the importance of consuming food products with natural ingredients, growing consumer preference for clean label and healthy products, and the increasing use of stevia and other natural sweeteners by leading food & beverage companies.

Based on form, in 2022, the solid segment is expected to account for the largest share of the high-intensity sweeteners market. The large market share of this segment is attributed to its wide availability and benefits such as ease of handling, transportation, and storage, better shelf-life, ease of use in various applications due to high mixability, and effective product formulation.

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Based on application, in 2022, the beverages segment is expected to account for the largest share of the high-intensity sweeteners market. The large share of this segment is attributed to factors such as the health benefits of high-intensity sweeteners in beverages, increasing number of product development and launches of high-intensity sweetener-based beverages, and rising demand for sugar-free beverages. Also, the increasing demand for natural health and sports drinks with enhanced nutritional value further boosts the growth of this segment. However, the food segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by factors such as the increasing consumer preferences for healthy food and the increasing application of high-intensity sweeteners in different food products, including baked goods, confectionery, and savory snacks. In addition, the changing food consumption patterns and the rise of clean-label trends supports the growth of high-intensity sweeteners.

Based on geography, in 2022, North America is expected to hold the major share of the high-intensity sweeteners market. The major share of this regional market is attributed to factors such as the increasing obese and diabetic population, growing health and wellness concerns, a well-established food & beverage industry, and strong demand for sugar-free products in North America. However, Asia-Pacific is slated to register the highest CAGR during the forecast period of 2022–2029. The high market growth in Asia-Pacific is driven by the change in consumer lifestyles, the emerging trend of healthy food & food ingredients, the rising awareness about the health benefits of sugar-free products, the rising incidence of obesity & diabetes, and rapid urbanization.

The high-intensity sweeteners market has witnessed several new product launches, partnerships, agreements, and collaborations in recent years. The report includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past four years (2019–2022).

The key players operating in the high-intensity sweeteners market are Tate & Lyle PLC (U.K.), Roquette Frères (France), Archer-Daniels-Midland Company (U.S.), Cargill, Incorporated (U.S.), Ingredion Incorporated (U.S.), JK Sucralose Inc. (China), Ajinomoto Co. (Japan), The NutraSweet Co. (U.S.), Südzucker AG (Germany), Guilin Layn Natural Ingredients Corp. (China), Zhucheng Haotian Pharm Co., Ltd. (China), HSWT France SAS (France), and STEVIALITE Holding (Colombia).

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Scope of the Report:

High-intensity Sweeteners Market, by Product

• Sucralose
• Stevia
• Aspartame
• Acesulfame-K
• Luo Han Guo (Monk Fruit)
• Saccharin
• Neotame
• Other High-intensity Sweeteners

High-intensity Sweeteners Market, by Source

• Natural
• Artificial

High-intensity Sweeteners Market, by Form

• Solid
• Liquid

High-intensity Sweeteners Market, by Application

• Beverages
• Food
• Nutrition and Health Supplements
• Pharmaceuticals
• Other Applications

High-intensity Sweeteners Market, by Geography

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • U.K
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• Latin America
• Middle East & Africa

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According to a new market research report titled, “Meat Market by Product Type (Processed Meat, Fresh Meat), Animal Type (Cattle and Buffalo, Pig, Poultry, Sheep and Goat), by Distribution Channel (Business to Consumer (B2C), Business to Business (B2B) – Global Forecast to 2029”, the meat market is expected to reach $1,345.9 billion by 2029, at a CAGR of 5.7% during the forecast period 2022 to 2029.

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The meat industry is one of the largest segments of the food industry. Globally, meat consumption has increased gradually in the last 50 years and dramatically in some countries. Continuous rise in the consumption pattern of meat-eaters has been increased with a rise in the income levels. Fresh meat is usually characterized as meat that has not undergone any special processing prior to being sold, and meat that has been modified in some way to increase its flavor or extend its shelf life is considered processed meat. Meat demand is associated with higher incomes and a shift towards urbanization, especially in food consumption and dietary patterns.

The Impact of COVID-19 on the Meat Market

The COVID-19 pandemic impacted meat production, supply chain, and meat prices, causing a severe socio-economic crisis globally. Initially, meat and meat products’ prices were increased because of less production and increased demand, owing to the panic buying. Later, both meat production and demand decreased significantly due to lockdown restrictions and lower purchasing power of the consumers, further resulting in lowering meat prices. In April 2020, meat packing facilities started to shut down due to the rapid spread of the COVID-19 virus among workers in most countries, including the U.S. and European countries. Apart from this, the meat producers and processors also faced difficulty in harvesting and shipment of the products due to lockdown situations, a decrease in the labor force, restrictions in the movement of animals within and across the country, and changes in the legislation of local and international export market. These conditions adversely impacted the meat industry.

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The global meat market is segmented on the basis of animal type, product type, and distribution channel. The study also evaluates industry competitors and analyzes the market at a regional and country level.

Based on animal type, the global meat market is segmented into cattle and buffalo, pigs, poultry, sheep and goat, and other animals. In 2022, the cattle and buffalo segment is expected to dominate the overall meat market.  The dominant position of this segment is mainly attributed to the growing demand for beef, as it is a major source of proteins. Usually, cattle and buffalo meat have a higher protein content as compared to other meat types, including chicken, pork, turkey, and lamb. Surging awareness associated with the consumption of protein through high nutritional food and growing preference for beef over other meats owing to various diseases associated with poultry and pork is further expected to drive the growth of this market.

Based on product, the processed meat segment is expected to account for the largest share of the overall meat market in 2022, owing to the factors such as its ease of use and high availability and shelf life; and increasing demand for ready-to-cook food products due to busy lifestyles. Also, the growing urbanization and increasing per capita income among millennials is further expected to boost the growth of the processed meat market during the forecast period.

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Based on distribution channel, in 2022, the business to consumer (B2C) segment is expected to account for the largest share of the overall meat market due to the growing number of supermarkets and hypermarkets and increased overall product sales from these outlets; consumer preference for shopping from brick-and-mortar grocers due to easy access and availability; and increasing use of e-commerce platforms for purchase of essential goods.

Geographically, the meat market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is estimated to account for the largest share of the overall meat market in 2022. The major share of this region is mainly attributed to the increasing awareness regarding the importance of protein-rich diets, the increasing technological advancement and new product innovations in the food & beverages industry, the fast-growing economy, and the strong demand for meat and meat products in developing countries including China and India. Moreover, rapid urbanization, rising income, and changing lifestyles in the Asia-Pacific region have resulted in consumers opting for convenient ready-to-cook meat products.

The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4-to 5 years. Some of the key players operating in the global meat market are Cargill Incorporated (U.S.), Tyson Foods, Inc. (U.S.), JBS S.A. (Brazil), Hormel Foods Corporation (U.S.), American Foods Group, LLC (U.S.), Koch Foods, Inc. (U.S.), Smithfield Foods, Inc (U.S.), National Beef Packing Company, LLC (U.S.), Perdue Farms Inc. (U.S.), and Allanasons Private Limited (India), among others.

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Scope of the Report:

Meat Market, by Product

• Processed Meat
  • Frozen Meat
  • Chilled Meat
  • Canned Meat
• Fresh Meat

Meat Market, by Animal Type

• Cattle and Buffalo
• Pig
• Poultry
• Sheep and Goat
• Other Animals

Meat Market, by Distribution Channel

• Business to Consumers (B2C)
  • Modern Groceries
  • Wet Market & Butcher Shops
  • Convenience Stores
  • Other Channels
• Business to Business (B2B)

Meat Market, by Geography

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

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