A three-pronged approach was followed for deducing the europe nutrition and supplements market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for europe nutrition and supplements market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of europe nutrition and supplements market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The europe nutrition and supplements market was categorized into four segments, namely product (Sports Nutrition), formulation (Tablets, Capsules, Powder, Softgels, Liquid), sales channel (Brick & Mortar, E-commerce), consumer group (Infants, Children, Adults, Pregnant, Geriatric), and region (Europe).
The europe nutrition and supplements market was segmented into product, formulation, sales channel, consumer group, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The europe nutrition and supplements market was analyzed at a regional level. The country is divided into Europe keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eight countries, namely, the UK; Germany; France; Italy; Spain; Denmark; Sweden; and Norway.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The europe nutrition and supplements market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Herbalife International of America, Inc.: Herbalife International of America, Inc. is a global nutrition company that develops and sells weight management, sports & fitness, healthy meals & snacks, energy & targeted nutritional products, and personal care products. The company categorizes its products into five segments, namely, weight management, energy, sports & nutrition, targeted nutrition, literature, promotional & others, and outer nutrition.
BIOVEA: BIOVEA is a manufacturer, distributor, and online retailer of beauty and high-end health products. Some of the nutritional products offered by the company include dietary supplements such as vitamins, minerals, amino acids, CoQ10, Aloe Vera, and anti-ageing products. It also offers diet & fitness, beauty, personal care, and other organic products. The company is known for sponsoring 20 global charities primarily focusing on underprivileged children.
Amway International (Alticor Inc.): Jay Van Andel and Richard DeVos founded Amway. The company markets and sells homecare, health, and beauty care products. Nutrilite, Truvivity, and BodyKey are some of the leading nutrition brands. In 1972, the company acquired the Nutrilite, which is now a recognized brand for vitamin and dietary supplements.
Swanson Health Products Europe: Swanson Health Products Europe is a certified distributor of Swanson Health Products USA. The company offers more than 700 products in European countries such as Greece, Hungary, Poland, Netherlands, Denmark, Sweden, Austria, Bulgaria, Romania, Lithuania, Italy, Slovenia, France, Slovakia, Latvia, the UK, and Spain.
Abbott Nutrition: Abbott is a biotechnology company involved in the development of in vitro diagnostic instrument systems and tests for hospitals, physician offices, reference labs, clinics, and blood banks. Its portfolio offerings include medical devices, diagnostics, nutritionals, and branded generic pharmaceuticals. Since 1903, Abbott Nutrition has been introducing innovative products for infants, children, and adults.
Healthspan: Healthspan provides minerals, vitamins, and health supplements. The company offers various products such as antioxidants, amino acids, multivitamins, probiotics & prebiotics, omega oils, ginkgo & ginseng, krill oils, chondroitin, herbal medicines, plant sterols, elite nutrition, active & personalized nutrition, skin & hair care, glucosamine, and garlic. The company operates as a home shopping supplier in the UK. It has collaborated with elite partners and offers services to Scottish Rugby, British Sailing Team, Southampton FC, English Institute of Sport, Sport Northern Ireland, and Glasgow Warriors.
GNC Holdings, Inc.: GNC Holdings, Inc. is a global retailer of health and wellness supplements such as vitamins, minerals, sports nutrition products, and herbal supplement products. Products are sold under the brand names: Mega Men, Total LeanTM, Ultra Mega, Pro Performance AMP, GNC PuredgeTM, Beyond Raw, and GNC GenetixHD, few nationally recognized third-party brands, and Herbal Plus.
Ground & Pound Supplements: Ground & Pound Supplements identifies and approves premium grade ingredients for developing supplements. The company extensively focuses on R&D to develop a range of well formulated supplements. It sources ingredients and develop and manufactures all the formulas in a production facility based in the UK. Pre-workout formulas and fat burner are some of the product categories being developed by the company.
Bayer AG: Bayer AG is a life sciences company with core competencies in the fields of agriculture and healthcare. The company operates through business segments such as pharmaceuticals, consumer health, crop science, animal health, Covestro, and corporate functions & business services. The consumer health products comprise nonprescription products in the field of nutritional supplements, dermatology, gastroenterology, analgesia, allergy, foot care, sun, and sinus & flu.
Sanofi: Sanofi is a healthcare company dedicated to R&D, manufacturing, and marketing therapeutic solutions. It has two primary businesses, namely, pharmaceuticals and vaccines. The company’s broad portfolio of products consists of medications for rare diseases, multiple sclerosis, oncology, cardiovascular disorders, and diabetes. The company entered into a transaction with Boehringer Ingelheim to swap their animal health portfolio with Boehringer Ingelheim’s consumer healthcare business in all countries except China.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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