Market Trends and Growth

Wednesday, 7 September 2022

Cat Litter Products Market by The Clorox Company, Nestlé S.A., Oil-Dri Corporation of America

The global Cat Litter Products Market size is expected to reach USD 16.6 billion by 2030, expanding at a CAGR of 4.8% during the forecast period, according to a new report by Grand View Research, Inc. The growing number of cat owners around the globe is likely to boost the market growth. Most cat owners prefer not to let their cats outside of the house owing to human hostility and adverse weather conditions. These factors are expected to drive the product demand over the forecast period.

Consumer preference for a one-stop shopping experience is driving greater product sales in the retail and supermarket channels. However, due to the increasing use of smartphones across the country, the online platform category is expected to grow at the fastest rate from 2022 to 2030. In 2021, the retail and supermarkets segment held a market share of 76.3%. During the projection period, this segment is expected to develop at a steady CAGR. According to the Packaged Facts poll, supermarkets like Walmart are the most popular places for cat owners to buy cat litter products.

Consumers are more likely to opt for lower-priced non-discretionary pet products, such as pet food and cat litter products. Companies are facing adverse effects; for instance, several companies are meeting the increasing consumer demand but are facing distribution and inventory issues down the supply chain. The demand for traditional litter products is driven by a high preference for complete odor removal that is associated with cat urine and feces.

According to Boxscoop Designs Inc., the yearly expenditure for cat litter, such as corn, grass, and walnut, for one large cat is USD 90, USD 87, and USD 75 respectively for Boxscoop cat litter, and is USD 147 for clay litter. This is estimated to drive the growth of the conventional segment over the forecast period. Clumping cat litter product is primarily made of sodium bentonite. Multiple product varieties including biodegradable-based premium ultra-clumping, clay-based premium ultra-clumping, and clay-based standard clumping are available in the market.

Silica cat litter is made of silica gel crystals and is commonly used as a preservative for over-moisture and vulnerable products such as packaged foods and pharmaceuticals. Silica raw materials usually generate less waste than other raw materials. Companies are focused on expanding and establishing new manufacturing units to compete with their rivals. For instance, in February 2019, Nestlé Purina announced the expansion of its Bloomfield factory in Southeast Missouri, where Tidy Cats brand cat litter is made. Companies are also investing in mergers and acquisitions to strengthen their market position.

Related Press Release@ Cat Litter Products Market Report

Cat Litter Products Market Report Highlights

Clumping product type was valued at USD 8.23 billion in 2021 and is expected to reach USD 12.85 billion by 2030. Clumping cat litter products has been gaining consumer attention as cat urine and feces can be removed easily without having to empty the box
Conventional product type is anticipated to register a CAGR of 4.0% during the forecast period. The rising customer preference for completely eradicating the odor associated with cat urine and feces is driving the demand for traditional litter products
The Asia Pacific region is expected to witness substantial growth over the forecast period with a revenue-based CAGR of 6.7% from 2022 to 2030. Increasing pet ownership in the region, coupled with growing spending on their healthcare, food, and litter products, is expected to have a positive impact on the market over the forecast period

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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

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Tuesday, 6 September 2022

CBD Wine Market: Future Trends, Revenue Growth & Leading Players, Forecasts To 2030

The global CBD Wine Market size is anticipated to reach USD 126.8 million by 2030, expanding at a CAGR of 32.0%, according to a new report by Grand View Research, Inc. Rising awareness regarding health and wellness among consumers across the globe is a major factor driving the CBD wine market growth.

Consumers are spending more on alcohol-free and CBD-infused products, mainly in North American countries. The potential health benefits of CBD products are expected to drive the CBD wine market globally. A large part of CBD's popularity stems from the legalization of cannabis, which includes CBD with well-moderated levels of THC. Several countries have legalized the cultivation and production of cannabis, opening up a whole new market for CBD wine.

The COVID-19 pandemic affected the market negatively. The consumers became more open-minded and knowledgeable wine drinkers. The interest in wine is catching up with the interest in food. The lockdown phase of the pandemic, and the work-from-home policy, caused a spike in wine consumption. People spent more time preparing meals, drinking, and learning about new wines. The curiosity in wine enthusiasts to try new wines is driving the CBD wine market growth.

Related Press Release@ CBD Wine Market Report

CBD Wine Market Report Highlights

The cans segment is expected to expand at a CAGR of 36.6% during the forecast period. Millennials prefer canned wine anytime as it can be quickly refrigerated and is convenient for house parties and picnics. Aluminum cans are lighter than glass bottles, reducing the carbon footprint. As a result, there has been an increase in the demand for environmentally-friendly wine packaging
The no-alcohol CBD wine segment dominated the market in 2021. The segment is also expected to register the fastest growth of 32.4% during the forecast period owing to the consumer inclination toward healthy alcohol-free drinks
The hemp-derived CBD wine segment accounted for a 75.4% revenue share in 2021. The legalization of hemp-based cannabis edibles by various authorities in different countries is driving the market
The off-trade segment is projected to expand at a CAGR of 32.8% during the forecast period. Ecommerce wine sales escalated amidst the pandemic. As a result of the lockdown, there was an immense growth in first-time e-commerce wine buyers. Given the growth in e-commerce wine sales, businesses are expected to increase their digital innovation approach while still adhering to the laws and regulations governing CBD product marketing and labeling
North America dominated the CBD wine market and accounted for a market share of 56.5% in 2021. According to a Wine Intelligence Vinitrac survey of regular U.S. wine drinkers conducted in October 2019, 19% agreed or strongly agreed that cannabis products are an excellent alternative to alcoholic beverages. There is a connection between cannabis openness or current consumption and more adventurous, open-minded, and interested wine drinkers under 45 years of age

Friday, 2 September 2022

Lactic Acid Market Size is Estimated to Witness 8.0% CAGR till 2030

The global Lactic Acid Market size is expected to reach USD 5.8 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.0% from 2022 to 2030. The market growth can be attributed to the increasing demand for lactic acid in various end-use industries, including industrial, food and beverages, and pharmaceuticals, especially in emerging economies such as India, China, and Indonesia. Additionally, demand for this product as a feedstock in the production of Polylactic Acid (PLA) is anticipated to drive the market globally.

COVID-19 had a substantial effect on the expansion and dynamics of various businesses. Customers were concerned about social distancing, immunity, and contactless methods of defending themselves from the pandemic in the absence of vaccinations. These characteristics significantly impacted customer preferences for packaged items with protective advantages. Due to the limitations on public transport services throughout regions, there were mass food purchases and storage. The pandemic has had a favorable impact on the packaging business. Plastic is replacing earlier packaging solutions because of its price, durability, and safety. During the pandemic, food and beverage packaging was in great demand. Due to well-being and safety concerns, people were more likely to buy packaged food goods. As a result of these causes, the market has grown.

Various raw materials used for the production of lactic acid include carbohydrates such as corn, sugarcane, sugar beet, and tapioca. A large share of this product produced globally is obtained through the fermentation process owing to its lower production costs as well as rising consumer awareness regarding sustainable and environmentally friendly products. The production process is commercially mature with a significant number of manufacturers, including Corbion, NatureWorks LLC, Galactic, and Henan Jindan Lactic Acid Technology Co., Ltd., using it. The raw materials used for the commercial synthesis of this product include maltose or starch, lactose, sucrose, and glucose.

These raw materials are derived from various feedstocks, such as barley malt, whey, molasses, and beet sugar, which are used to produce lactic acid via microbial fermentation. The cost of raw material is a key factor to be considered in the fermentation process for the commercial production of this product. They may specifically cater to application areas such as industrial, food and beverage, pharmaceuticals, personal care, chemicals, and agrochemicals. In July 2020, Corbion appointed IMCD to distribute bio-based food and non-food components to New Zealand and Australia. This development would strengthen Corbion's influence in Asia Pacific. Polylactic acid is predominantly used to manufacture microwaveable containers, including disposable cutlery and food containers. Multiple beneficial properties such as improved aesthetic appeal and resistance to grease and oil are positively influencing the demand for polylactic acid in the formulation of food packaging products across the globe, further triggering the lactic acid demand.

Related Press Release@ Lactic Acid Market Report

Lactic Acid Market Report Highlights

In 2021, sugarcane emerged as the dominant raw material segment with a revenue share of around 39.0% owing to its abundant availability in nature, low cost, and environmental friendliness
Corn emerged as the second-largest raw material segment in 2021 and is projected to witness considerable growth over the forecast period owing to the rising awareness regarding sustainable products in the major application industries
PLA emerged as the dominant application segment in 2021 in terms of both volume and revenue owing to the rising usage in the manufacturing of biodegradable and biocompatible products
In 2021, North America emerged as the largest regional market due to the presence of major personal care and cosmetic industries in this region, especially in the U.S.

Friday, 26 August 2022

Coiled Tubing Market Size is Expected to Experience a CAGR of 3.4% till 2030

The global Coiled Tubing Market size is expected to reach USD 2.41 billion by 2030, expanding at a CAGR of 3.4% during the forecast period. The increasing investments in the production of shale gas and offshore drilling are expected to augment the market growth during the forecast period. The crude oil price crossed the USD 100-per-barrel threshold in February 2022 due to the Russia-Ukraine conflict. Owing to this, the U.S. government has asked oil & gas producing companies to ramp up their production. The production of U.S. shale oil is anticipated to increase by 109,000 barrels per day. This trend is expected to positively impact the coiled tubing market growth during the forecast period.

Coiled tubing is a long continuous length of small-diameter steel pipe. Its applications include drilling, improving well efficiency, removing sand, pumping fluids at high temperatures, hydraulic fracturing, and well completions. As its cost-effectiveness sets it apart from other technologies, its demand is expected to surge over the next few years.Based on services, well intervention & production held the largest revenue share of the global market in 2021, and this trend is expected to continue across the forecast period. The well intervention services sector is growing due to producers wanting to increase their productivity by applying advanced enhanced oil recovery techniques and advancements in shale development for which coiled tubing is the best suitable and cost-effective option.

Based on the region, North America is anticipated to maintain its dominance in the global market during the forecast period, with the U.S. being its key market. Factors such as the rising focus of the key oil & gas players in the region on enhancing well efficiency, drilling new wells & fracturing treatments, and the increasing production of shale gas are pushing the demand for coiled tubing in the region. The global coiled tubing market is highly competitive. Strategic initiatives such as mergers & acquisitions and capacity expansions are being carried out by key market players to expand their business. For instance, in December 2021, Nexus Energy Technologies, Inc. and Lee Specialties Inc announced that the companies have merged to form NXL Technologies, Inc. This merger is expected to help NXL Technologies Inc. to become a market leader in coiled tubing and wireline pressure control equipment.

Related Press Release@ Coiled Tubing Market Report

Coiled Tubing Market Report Highlights

Based on service, drilling is anticipated to register a CAGR of 3.1%, in terms of revenue, from 2022 to 2030. The price rise and the shortage of oil & gas are augmenting the demand for the exploration of new wells, thus, aiding the market growth
Based on application, offshore is expected to register the fastest CAGR of 4.1%, in terms of revenue. With technological advancements, the low cost of offshore production compared to onshore is expected to drive the segment growth during the forecast period
Based on region, Asia Pacific is expected to register a CAGR of 3.7%, in terms of revenue, during the forecast period. Rising fuel demand from countries such as India and China is anticipated to drive market growth
Based on operation, pumping is expected to register a CAGR of 3.6%, in terms of volume, during the forecast period. Rising emphasis on raising well efficiency is increasing injecting chemicals and coiled tubing provides the best option here, as compared to others, which is expected to drive the market growth

Wednesday, 10 August 2022

Mining Equipment Market Size Worth $368.99 Billion By 2027

The global Mining Equipment Market size is anticipated to reach USD 368.99 billion by 2027, exhibiting a CAGR of 12.7% over the forecast period, according to a new report by Grand View Research. Growing trend of investment in renewable energy installations and deployment of innovative technologies are some of the key factors driving the market. Countries including India, Australia, and China are playing a significant role by meeting the growing demand for metals and minerals in order to increase their market share in the global minerals trade.

Adoption of automated solutions & robotics to reduce human intervention at the excavation sites for workforce safety is expected to drive the market over the forecast period. Furthermore, demand for base metals is expected to elevate due to growing trend of decarbonization and technological advancements, thereby fueling the market growth. Significant improvements in equipment efficiency, investments in the sector by Original Equipment Manufacturers (OEMs), coupled with the need for sustainable products, are expected to positively augment the market growth over the next few years. For instance, in May 2019, Rio Tinto entered into a partnership with Caterpillar, Inc., wherein Caterpillar supplied 20 autonomous 793F trucks, along with four autonomous blast drills, for the Koodaideri iron ore operation.

Remanufacturing has emerged as a vital aspect of increasing the competitiveness of major players. This can be attributed to strong demand for products during the commodity supercycle, thus allowing manufacturers to increase the overall annual shipments. In order to fit into this trend, several manufacturers have started providing remanufacturing services. For instance, Liebherr Group established a mining remanufacturing program that allows consumers to reduce the entire lifecycle cost of the machinery.

The evolution of the mining equipment market is linked to the changes in the mining sector, expansion of the existing mines, coupled with the commissioning of new projects. Manufacturers and companies are taking effective measures to ensure labor safety by digitizing the existing equipment. Despite the unsolved safety challenges and commodity price struggles in the industry, the emerging mining trends are expected to offer plenty of growth opportunities for this market. However, stringent emission norms and safety standards to address environmental concerns are the significant factors challenging the mining equipment industry growth.

Related Press Release@ Mining Equipment Market Report

Mining Equipment Market Report Highlights

The global market is expected to witness noteworthy growth over the forecast period due to growing demand for the replacement of the mining equipment, which is attributed to increasing cases of aging, obsolescence, and risk of catastrophic failure
The underground mining equipment segment is anticipated to register the highest CAGR of over 15% from 2020 to 2027 owing to increasing demand for brownfield projects and replacement of equipment
Based on the application, metal mining is expected to expand at the highest CAGR over the forecast period due to increased demand for gold
The mining equipment market is highly competitive due to presence of few players capturing a major share. Notable players include Komatsu Ltd.; Caterpillar, Inc.; Atlas Copco AB; and Sandvik AB

Monday, 18 April 2022

Atmospheric Water Generator Market Worth $4.56 Billion By 2030

The global Atmospheric Water Generator Market size is expected to reach USD 4.56 billion by 2030, registering a CAGR of 9.0% over the forecast period, according to a new report by Grand View Research, Inc. The market is primarily driven by declining freshwater levels, rising technological advancements, and favorable government regulations. The demand for freshwater for industrial and drinking uses is expected to witness growth on account of the declining freshwater levels and depleting water supplies. Moreover, increasing infrastructural development and rapid industrialization have contributed to water scarcity, thereby augmenting the demand for these products over the forecast period.

Atmospheric water generators (AWGs) are manufactured using two principles, including cooling condensation and wet desiccation. Cooling condensation is the most widely used technique owing to large-scale installations in various industries. The wet desiccation technology is comparatively new and is primarily used in army base camps and large-scale industries. Atmospheric water generators are mainly utilized in industrial and commercial facilities owing to high installation costs. Initiatives taken by companies across several sectors to implement eco-friendly practices in the business are expected to drive the product demand in the industrial application segment.

Rising research & development activities in this technology are likely to enable manufacturers to develop generators with increased efficiency and reduced ow environmental impact. New product development initiatives undertaken by various manufacturers now integrate onboard power generation units, including wind turbines and solar panels. Many emerging manufacturers, such as Akvo Atmospheric Water Systems Pvt. Ltd. and Drinkable Air, are primarily involved in making domestic AWGs on account of the relatively simple production process. In addition, increasing investments by various governments in water infrastructure is expected to boost the demand for AWGs in residential applications.

Related Press Release@ Atmospheric Water Generator Market Report

Atmospheric Water Generator Market Report Highlights

The cooling condensation segment accounted for the largest revenue share in 2021 owing to the improving technology, along with rising demand for cooling condensation water generators in water-stressed regions
The industrial sector is expected to witness a significant CAGR from 2022 to 2030 on account of the growing demand for water in electricity generation, papers, mining, textiles, and pharmaceutical drugs applications
The product demand in Asia Pacific is likely to grow at the fastest CAGR over the forecast period due to water scarcity and depleting freshwater resources coupled with the rising infrastructural activities and rapid industrialization
In January 2020, Energy and Water Development Corp. (EAWD) sold its self-sufficient energy supply AWG system to a Mexican company engaged in manufacturing bottled waters

Tuesday, 5 April 2022

IoT Microcontroller Market Size Worth $12.94 Billion By 2030

The global Iot Microcontroller Market size is projected to reach USD 12.94 billion by 2030, registering a CAGR of 12.7% from 2022 to 2030, according to a new study by Grand View Research Inc. Increase in adoption of smart home devices integrated with mobile applications and advancements in low power Microcontroller (MCU) are expected to drive the market growth. The surge in the number of enterprise IoT connections across industries such as manufacturing, healthcare, and energy and power is also expected to drive the growth of the market over the forecast period.

Advancements in short-range wireless connectivity such as Zigbee, Bluetooth, and KNX technologies, notably in Europe and North America also expected to drive IoT adoption over the next few years. Advancements in disruptive technologies such as big data analytics, Artificial Intelligence (AI), and industrial IoT are further expected to propel the adoption of IoT-connected devices. Increasing investments through funding in start-ups such as Hypervolt, HIXAA, SmartRent, and other SMEs that help to gain new IoT-based projects in industries likely to create the need for a high-performance, low-power IoT MCUs market over the forecast period.

Key IoT MCU manufacturers such as RENESAS Electric Corporation, NXP Semiconductors, and STMicroelectronics are innovating high-performance MCUs to meet the demand. For instance, in 2022, Renesas Electric Corporation launched the 32-bit RA Family of microcontrollers (MCUs). The launched product is based on the Arm Cortex-M23 core, which offers shallow power consumer MCUs developed explicitly for IoT endpoint applications, including industrial automation, medical devices, intelligent home appliances, and wearables.

The COVID-19 outbreak positively impacted the IoT MCU market in 2020. Government-imposed restrictions and stay-at-home mandates increased the demand for smart wearables, including fitness trackers, health-based wearables, and other consumer IoT devices. Due to a sudden increase in demand for consumer IoT devices and a temporary halt of production units, the market experienced a shortage of MCUs in 2021, creating an imbalance in supply and demand. In light of these factors, device manufacturers are expected to hike the connected product prices in 2022, which is likely to continue until 2023.

Related Press Release@ IoT Microcontroller Market Report

IoT Microcontroller Market Report Highlights

32-bit captured more than 40% market share of the overall IoT MCU market in 2021, with the market size expected to register a CAGR exceeding 13% over the forecast period. An increase in the adoption of smart utilities and industrial robotics is expected to drive market growth over the forecast period
By 2030, the wearables segment is expected to surpass USD 700 million with a CAGR exceeding 13%. It is ascribed to increasing awareness for health and fitness among individuals, significantly contributing to the adoption of wearable technology, supporting market growth
Asia Pacific led the market in 2021, a trend expected to continue over the mid-term. The regional CAGR is expected to exceed 13.6% from 2022 to 2030. Adding to this, increasing government initiatives to develop innovative and connected infrastructure signifies market growth