Snacks Market Size Worth $708.6 Billion By 2025

The global snacks market size is projected to reach USD 708.6 billion by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 6.2% over the forecast period. Healthy eating, indulgence, informality, premiumization, provenance, and value scrutiny are some of the crucial factors driving the market.

The desire for fresh food is growing and people are rejecting industrial food. Consumer concerns with cues including locally grown, processed recognizable ingredients, and shortest ingredient lists have accelerated in recent years. Price drops in recent years, coupled with increased population, improved foodservice, and rising disposable income, is expected to drive demand for processed snacks in developing markets. Growing demand for convenience foods and ready-to-eat meals in modern trade channels is also expected to spur market growth.

The Central and South America market is expected to grow at a consistent rate over the forecast period. Brazil, Argentina, and Chile remain key markets for international brands to increase their customer base. Rising product sales, especially in emerging economies, indicate that people are willing to spend more on snack products owing to improving disposable incomes. This trend is anticipated to continue in the near future.

Various factors such as price-affordability, ease-of-use options, and enhanced product quality have been contributing to product demand. Regional players are focusing on providing products that suit varied preferences of consumers in their respective regions, which gives these players a substantial growth opportunity in developing countries.

The snacks market is highly competitive in nature and, therefore, marked by an extensive range of new products and flavors. Key players in the global snacks market include Tyson Foods, McCain Foods, Aviko, General Mills, and Pepsico. Acquisitions, mergers, joint ventures, and product innovation remain key strategies in order to increase sales.

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https://www.grandviewresearch.com/industry-analysis/snacks-market

Further key findings from the report suggest:

  • Based on non-extruded snacks, the refrigerated products segment is projected to exhibit a CAGR of 5.3% in terms of revenue over the upcoming period
  • The fruits and vegetable segment accounted for over 12.0% to the total market in 2018. Increasing awareness among consumers about these products, especially in European countries such as U.K., Germany, and France, is expected to propel segment growth over the forecast period
  • On the basis of extruded product type, the tapioca segment is anticipated to register a CAGR of 4.0% owing to rising demand for healthy snacking options. Moreover, the popularity of the product as an instant source of energy is expected to drive its demand in the market
  • While supermarkets and hypermarkets dominate the global market, convenience stores are gaining popularity as a distribution channel and the segment is likely to exhibit the highest CAGR of 6.8% over the forecast period
  • South Africa, Israel, UAE, Egypt, Iran, and Saudi Arabia are some of the major markets in terms of consumer spending. The UAE market is expected to exhibit a CAGR of 7.2% over the forecast period thanks to rise in consumer disposable income and changing food habits and preferences
  • The snacks market is highly competitive in nature and is driven by unique product offerings and high consumer demand. PepsiCo, General Mills, Tyson, Hormel, Hain Celestial, Nestlé, and Kellogg were the major players in 2018

Self-Defense Products Market Worth $3.6 Billion By 2025

The global self defense products market size is expected to reach USD 3.6 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.9% over the forecast period. The market growth is primarily attributed to rising incidences of civil unrest, along with the need for personal safety on recreational activities such as camping and hiking.

Hunting is considered to be one of the most common outdoor activities among the Americans, which, in turn, is driving the demand for folding knives to serve the purpose of self defense, along with other tasks. In 2016, about 11.5 million enthusiasts aged 16 years and above participated in hunting activities in U.S.

Folding knives accounted for the largest share of 71.2% in 2018. Due to the introduction of folding knives, the product has undergone various modifications with respect to utility features, designs, raw materials used for the blades, knife structures, and suitable applications. Manufacturers are also focusing on developing compact products integrated with more than one feature.

For instance, Gerber Auto Knife is a fully automatic equipped tool made of stainless steel designed with an oversized release button for the easy use. Gerber offers folding Tanto Knives equipped with torch lights. Such integrations will further enhance the capabilities and functioning of the folding knives, which, in turn, will favor the market growth.

Pepper sprays have been recording prominent sales and is expected to expand at a CAGR of 5.7% over the forecast period. They are gaining an increasing traction in the global market owing to growing acceptance among women as a convenient self defense product. Due to growing population of tech savvy people and popularity of online shopping, manufacturers are resorting to convenient methods of distribution to reach out to the large customer base. Third party retailers such as Amazon.com, PepperEyes.com, Flipkart, and Xboom Utilities are some of the common suppliers of personal defense products.

North America accounted for the largest share of 30.0% in 2018. Majority of the demand is generated by the U.S. consumers using folding knives, pepper sprays, and stun guns. Rapid increase in investments in research and development of less harmful self-defense weapons for the civilians is expected to boost the market growth over the forecast period. Moreover, growing crime rates in Canada is resulting in government laws to undergo significant modifications, which, in turn, is expected to widen the scope of the market.

The companies operating in this market are focusing on developing new products with integration of multiple utility tools with an aim to meet the customer’s convenience in performing indoor and outdoor activities, along with self-defense purposes. For instance, Buck knives Inc. manufactures folding knives that are suitable for heavy duty applications.

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https://www.grandviewresearch.com/industry-analysis/self-defense-products-market

Further key findings from the study suggest:

  • North America accounted for the largest share of 30.0% in 2018. APAC is estimated to be the fastest market with a CAGR of 6.4% from 2019 to 2025, majorly driven by India and China
  • Sporting goods store accounted for the largest share of more than 55.0% in 2018 owing to easy availability of the products. Online distribution is expected to witness the fastest growth over the forecast period
  • By product, folding knives accounted for the largest share of 71.2% in 2018. Pepper sprays have been recording prominent sales and are expected to expand at a CAGR of 5.7% over the forecast period
  • Some of the key operating players operating in the global self-defense products market are Victorinox; Unisafe Technologies; GERBER GEAR; SABRE Security Equipment Corporation; Mace Security International, Inc.; Axon Entereprise Inc.; Salt Supply Company; and Self Defense Weapons.

Nylon Monofilament Market Is Expected to Reach USD 1.89 Billion by 2020

The global nylon monofilaments market is expected to reach USD 1.89 billion by 2020, according to a new study by Grand View Research, Inc. Growth of key end-use industries such as automotive, fishing, and consumer good in Asia Pacific and Latin America is expected to remain a key driving factor for the global nylon monofilament market. Growing nylon monofilament application development in the medical industry is also expected to have a positive impact on market growth over the forecast period. The threat of substitutes from other polymers such as PVDF and polypropylene is expected to remain a key challenge for market participants over the next six years.

Nylon 6 and nylon 66 commanded a major share in the global market. Together, they accounted for over 85% of total market volume in 2013. Nylon 6 is expected to witness the highest growth of 5.3% from 2014 to 2020. Global demand for nylon 66 based monofilaments is expected to exceed a market worth USD 850 million by 2020.

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http://www.grandviewresearch.com/industry-analysis/nylon-monofilament-market

Further key findings from the study suggest:

  • Global nylon monofilament market demand was 337 kilo tons in 2013 and is expected to reach 476.4 kilo tons, growing at a CAGR of 5.2% from 2014 to 2020.
  • Consumer goods were the largest application segment and accounted for 29.9% of total consumption in 2013. Increasing nylon monofilament demand for manufacturing sports equipment is expected to drive this segment. Medical is expected to witness the highest growth rate of 5.8% from 2014 to 2020. The development of novel applications in the medical industry is expected to spur growth for this segment over the forecast period.
  • Asia Pacific emerged as the leading regional market and accounted for 64.1% of total market volume in 2013. Asia Pacific is expected to maintain its lead position in the global market over the forecast period. Growth of fishing and automotive industries in China, India, and Indonesia is expected to drive the regional market. Central & South America is expected to witness the highest growth of 5.4% from 2014 to 2020. Positive outlook on the regional automotive industry and growing healthcare expenditure particularly in Brazil and Argentina is expected to spur growth in the region.
  • Major industry participants have been focusing to develop environmental friendly and superior nylon monofilaments. Key companies have also been developing proprietary products to cater to specific end-use markets. Some major companies operating in the global market include Hinafil India Ltd., Ashley Polymers Inc., Engineered Monofilaments Corporation, Superfil Products Ltd., Toray Monofilament Co. Ltd., Perlon Monofil GmbH, Wenzhou Ruichang Special Monofilament Factory, Luftkin Enterprise Co. and Ningbo Judin Special Monofilament Co. Ltd.

Insect Growth Regulators Market Size Worth $1.23 Billion By 2025

The global insect growth regulators market size is expected to reach USD 1.23 billion by 2025, according to a new report by Grand View Research, Inc. Globally increasing consumption of environment friendly pesticides has been a major factor driving market growth. In addition, growing adoption of organic farming techniques has led to the increased utilization of insect growth regulators. 

IGRs are considered as a safer alternative to insecticides. These are non-toxic in nature and degrade rapidly. They also do not contaminate the groundwater and soil. The application of IGRs does not lead to harmful effects on advantageous soil microbes, animals, and humans. Numerous advantages of IGRs, such as lesser harmful impact on the environment and enhanced compatibility with pest management practices, make them attractive alternatives to several insecticides.

Juvenile hormone analogs and mimics were the fastest growing product category in 2016 and is expected to maintain a substantial growth rate over the forecast period. Chitin synthesis inhibitors was the major IGR consumed with a share of over 42% in 2016.   

Commercial applications are expected to observe the fastest growth over the next eight years with an estimated CAGR of around 6.7% from 2016 to 2025. Commercial applications of IGRs include government pest control programs at public places, commercial office buildings, schools, hospitals, and aircrafts. Agriculture applications dominated the overall market in 2016. Farmers are adopting safer alternatives of harmful insecticides for application in farmlands and livestock. Moreover, increasing prevalence of organic farming and integrated pest management are posing huge demand towards demand of IGRs insect growth regulators in the global market.

Click the link below:
http://www.grandviewresearch.com/industry-analysis/insect-growth-regulators-market

Further key findings from the report suggest:

  • The global insect growth regulators revenue generated USD 723.3 million in 2016 and is expected to grow at a CAGR of 6.2% from 2017 to 2025
  • Chitin synthesis inhibitors emerged as the largest product segment in 2016
  • Global IGRs revenue from agriculture application is anticipated to witness staggered growth over the next eight years
  • The industry in Asia Pacific is projected to witness substantial growth over the next decade owing to various developments across major economies, especially in the agricultural industry.
  • Key players including Bayer AG, Central Life Science, OHP, Inc., Syngenta AG, Dow AgroSciences LLC, Helm Agro US, Inc., Nufarm Limited, Russell IPM, Valent USA LLC

Ethanol Fuel Market Size Worth $115.65 Billion By 2025

The global ethanol fuel market is expected to reach USD 115.65 billion by 2025, growing at a CAGR of 6.7%, according to a new report by Grand View Research, Inc. Asia Pacific is estimated to witness a fast paced growth during the forecast period. China, India, and Philippines are the key countries that are considered to positively impact the industry growth in the future.

The government of India is currently drawing efforts on enhancing the use of ethyl alcohol as an automotive fuel. The National Policy on Biofuels was implemented in India in 2009, which stated that the oil manufacturing companies were required to distribute petrol blended with a minimum of 5% ethyl alcohol. Furthermore, this policy proposed a target of 20% increase in the blending rate by the end of 2017 in the country.

Growth of the automotive industry in India is another vital factor that is expected to enhance the consumption of the product over the years ahead. Government of India is focusing on making automobile sector as one of the major drivers of the ‘Make in India’ initiative. The manufacturing output of passenger vehicles is likely to reach approximately 9.4 million units by the end of 2026, as stated by the Auto Mission Plan (AMP) 2016-26.

Significant blending mandates in Australia, China, and Philippines are considered to drive the market demand during the forecast period. Australia currently has an E7 ethanol blending mandate implemented in New South Wales. Furthermore, Australia focuses on reaching a 10% biofuels mandate by the end of 2020. In China, nine provinces have proposed a 10% ethanol blends that include Jilin, Henan, Heilongjiang, Liaoning, and Anhui.

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http://www.grandviewresearch.com/industry-analysis/fuel-ethanol-market

Further key findings from the report suggest:

  • In terms of volume, sugar-based segment is expected to rise at a CAGR of 5.4% from 2017 to 2025. In terms of revenue, the product demand is expected to reach USD 24.44 billion by the end of 2025.
  • Technological advancement in the production of ethyl alcohol from lignocellulosic raw materials is expected to propel the industry growth during the forecast period
  • In 2012, DuPont commenced the construction of its cellulosic ethyl alcohol facility in Iowa, U.S., that utilizes corn stover as a raw material source and has an anticipated annual manufacturing capacity of 30 million gallons per year. The construction of this manufacturing plant is anticipated to be completed by the end of 2017.
  • India is likely to witness fast paced growth in terms of product demand over the years ahead. In 2016, the Union Minister of Road Transport & Highways and Shipping announced the Indian Government is focusing on increasing the ethanol blend rate in petrol to 22.5% in the future.
  • Abundant availability of raw material substitutes is estimated to lower the bargaining power of suppliers over the years ahead. Barrier for new entrants is estimated to remain high over the years ahead, as longer duration is required to achieve economies of scale.
  • Companies are focusing on business growth by implementing various growth strategies such as forward and backward integration of business operations, acquisition, technology licensing, and distribution agreements.

Chlorine Market Size Worth $39.31 Billion By 2024

The global chlorine market size is expected to reach USD 39.31 billion by 2024, according to a new report by Grand View Research, Inc. Chlorine serves as an important raw material in various chemical industries. It is also an essential ingredient for PVC production, which has observed increasing demand in the construction, automotive, and packaging industries. These factors are anticipated to drive the global market. 

Increasing demand for chlorine across various industries for manufacturing intermediate products such as hydrochloric acid, chlorides, etc. is expected to be a key factor influencing the market growth. 

Price fluctuations due to uneven demand and supply particularly in Asia Pacific are expected to pose challenges to key industry participants in the region. Chlorine is highly reactive when it comes to contact with other materials which increases handling risk. The toxicological nature of chlorine also adds up to the market challenges. 

EDC/PVC was the largest application segment and accounted for 34.5% of global demand in 2015. Escalating PVC demand in the construction industry is expected to drive this segment over the forecast period. It is also expected to witness the highest growth of 4.8% over the forecast period. 

Click the link below:
http://www.grandviewresearch.com/industry-analysis/chlorine-market

Further key findings from the report suggest:

  • Global chlorine market demand was 71.26 million tons in 2015 and is expected to reach 104.70 million tons by 2024, growing at a CAGR of 43% from 2016 to 2024
  • Asia Pacific was the leading regional market and accounted for 56.6% of the total market volume in 2015. Increasing construction spending in China, India, Indonesia, and Thailand is expected to drive the regional market over the forecast period. The region is also expected to witness the fastest growth of 4.7% over the forecast period due to incessant demand for chlorine in construction as well as the chemical industry.
  • North America is expected to witness moderate growth mainly on account of recovery of construction in the industry in the U.S. The region is expected to grow at an estimated CAGR of 4.2% from 2016 to 2024.
  • Key market players include Hanwha Chemical Corporation, Ineos Group Ltd., The Dow Chemical Company, Tosoh Corporation, PPG Industries, Tata Chemicals Ltd., BASF SE, FMC Corporation, Olin Corporation, Formosa Plastics Corporation, Occidental Petroleum Corporation, Xinjiang Zhongtai Chemicals Co. Ltd., and Nirma Ltd. 

Frozen Pizza Market Size Worth $25.2 Billion By 2027

The global frozen pizza market size is expected to reach USD 25.2 billion by 2027, expanding at a CAGR of 3.2%, according to a new report by Grand View Research, Inc. Rising demand for the ready-to-eat food coupled with the immense popularity of pizzas among millennials, the young generation, and the working-class population across the globe is the key factor for market growth. Moreover, changing lifestyles and food preferences owing to a busy work schedules are also offering new scope for the market.

Over the past few years, pizza has achieved massive popularity as an iconic dish among the young generation and working-class population across the world. Moreover, rising house party culture is offering new market opportunities across the globe. Frozen pizzas have evolved as a ready to prepare food item for small get together. It takes less than 20 minutes to be prepared and contains a healthy dose of veggies, carbohydrates, protein, calcium, fats, and vitamins. It is often enjoyed with salads and fizz drinks, which makes it perfect for small gatherings. These consumer trends are anticipated to drive the market over the forecast period.

North America dominated the market and accounted for a revenue share of more than 35.0% in 2019. The U.S. and Canada are the largest consumers of frozen food owing to their higher shelf life and popularity. The popularity of such products is so high in the U.S that the ‘National Pizza Day’ is celebrated every year on the 9th of February. Moreover, according to Alto-Hartley, Inc., a kitchen equipment and installation company in the U.S., more than 40.0% of the U.S. population eats pizza every week. These consumer trends are propelling the demand for the product in the regional market.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/frozen-pizza-market

Further key findings from the report suggest

  • Regular was the largest product segment with a market share of more than 40.0% in 2019 and expected to maintain dominance over the forecast
  • The medium product segment is expected to witness a CAGR of 3.5% from 2020 to 2027. Rising trend of house parties among college grads, the young generation, and the working-class population is opening new scope for the product in the global market
  • HoReCa (Hotel/Restaurant/Café) was the largest distribution channel segment with a market share of more than 59.1% in 2019 and anticipated to maintain the dominance over the forecast period owing to the increasing occurrence of QSR (Quick Restaurant Services) chains
  • In Asia Pacific, the market is anticipated to witness a CAGR of 4.0% from 2020 to 2027. With the increasing popularity of pizzas in developing countries like China, India, Bangladesh, and the Philippines, the region is expected to remain one of the key potential regions.

Smart Bed Market Size Worth $3.1 Billion By 2027

The global smart bed market size is anticipated to reach USD 3.1 billion by 2027, expanding at a CAGR of 4.5%, according to a new report by Grand View Research, Inc. Rising prominence for gaining a healthy sleep through the infusion of sensor-based advanced technology is the growing demand for smart beds. In addition, rising penetration of smart homes across regions is also paving way for technologically integrated household products, thereby paving the way for increased growth of the market.

The rapid development of smart home technology and their penetration across developed nations of America and Europe is positively impacting the demand for the product. According to the European Commission in 2017, Europe’s smart home revenue is expected to reach USD 19.0 billion by 2021, through its massive markets in the U.K. and Germany. Additionally, useful features compiled in the product such as customized mattress firmness that can sense and react to body temperature, tracking breathing, heart rates, and restfulness is gaining consumer’s attention.

Increasing instances of sleeping disorders among individuals particularly in the U.S. is deriving higher traction in the industry. According to American Sleep Association (ASA), insomnia is the most common sleep disorder, with short term issues reported by about 30.0% of adults and chronic insomnia by 10.0% in the country as of December 2019. In addition, 37.0% of those among 20-39-year-olds, and 40.0% of those among 40-59-year-olds expressed short sleep duration. While 35.3% of adults reported less than 7 hours of sleep during a typical day. These instances have raised the need for healthy and quality duration of sleep among consumers, thereby driving product demand in various application segments including households, hospitals, and hospitality.

In terms of application, the residential segment held a dominant position in the market in 2019. Lifestyle inflation among low, middle as well as high-income individuals are paving the way for increased spending among consumers towards relaxation and comfort, thereby scaling the demand for smart beds. Also, new innovations led by manufacturers in the industry with new product launches are likely to ramp up the sales for the product. For instance, in February 2019, Eight Sleep introduced a new biometric-monitoring smart bed.

The specialty stores segment accounted for a dominating revenue-based share of 66.5% in 2019. These stores provide training to their employees to assist customers and few of them also offer price-matching guarantees. In addition, major retail chains are focusing on establishing new stores with innovative layout, which is projected to support the growth of this segment in the coming years.

North America dominated the market with a revenue share of 60.2% in 2019. Increasing penetration of home automation in the region is also boosting the demand for smart furniture such as smart beds. According to the European Commission in 2017, smart home revenue in the U.S. is expected to grow over three-fold between 2016 and 2021, exceeding USD 32.0 billion. Additionally, various sleep-related disorders prevalent in the U.S. is triggering higher demand for quality sleep patterns among individuals. According to the American Sleep Association, 50-70 million adults in the U.S. have a sleep disorder. Also, around 25.0 million adults in the U.S. have obstructive sleep apnea.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/smart-bed-market

Further key findings from the study suggest:

  • The hospital application segment is expected to reach USD 628.4 million by 2027 and is anticipated to witness a CAGR of 5.2% from 2020 to 2027
  • The specialty stores segment was valued at USD 1.4 billion in 2019 and is expected to reach USD 2.1 billion by 2027
  • In Asia Pacific, the market is expected to witness substantial growth over the forecast period with a revenue-based CAGR of 5.6% from 2020 to 2027.

Enhanced Water Market Size Worth $11.3 Billion By 2027

The global enhanced water market size is expected to reach USD 11.3 billion by 2027, expanding at a CAGR of 8.3%, according to a new report by Grand View Research, Inc. These products are extremely popular among people suffering from kidney stones, bladder infection, fever, vomiting, and diarrhea. Enhanced water is also highly recommended for pregnant and breastfeeding women. Moreover, these products are consumed by people involved in a high-intensity workout and sports enthusiasts. Increasing the adoption of enhanced water among all age groups is expected to positively influence market growth. Health benefits associated with these products, along with the rising interest of millennials in sports and fitness-related activities, play a substantial role in boosting the demand for electrolyte hydration drinks. Moreover, increasing the number of product launches to suit the changing need of customers is driving market growth.

In June 2020, Daily Edge launched a new Enhanced Fruit Drinks, which is intended for providing support to increase hydration level and improve gut functions. It claims to provide a natural performance boost to its consumers. The product is available in flavors such as coconut citrus, berry punch, blood orange mango, and tropical ginger. The company claims that the product is 100% natural, free from caffeine and dairy, with no-GMO ingredients, and does not require to be refrigerated.

Consumers are focusing on purchasing hydration beverages owing to the associated health benefits such as digestion and circulation and for enhancing their appearance since adequate hydration leads to clearer and healthier skin. Such benefits are expected to drive the consumption of electrolyte hydration drinks among health-conscious consumers. The shifting interest of millennials towards sports and fitness activities is expected to further drive the market across the globe.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/enhanced-water-market

Further key findings from the study suggest:

  • Flavored products registered a sale of USD 3.6 billion in 2019. The product is preferred as it is a perfect replacement for all modern beverages that are not considered appropriate for health but yet are consumed because of their taste
  • The plain product category is expected to account for the largest revenue share during the forecast period with a CAGR of 8.6% from 2020 to 2027. These products are the perfect replacement for regular water and have the least possibility of having a certain color or flavor added to them.
  • The online distribution channel is expected to register the fastest CAGR of 8.9% during 2020 to 2027. The dominance of Generation Y, Z, and Alpha in the consumer segment who are more into shopping through the electronic media is driving the segment
  • In Asia Pacific, the market is expected to register a CAGR of 8.9% from 2020 to 2027. Rising spending on fitness among millennials in developing economies including China and India is expected to promote the scope of products such as hydration drinks among buyers.

Online Book Services Market Size Worth $27.8 Billion By 2027

The global online book services market size is anticipated to reach USD 27.8 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.8% from 2020 to 2027. The rising number of digitally-savvy readers, coupled with increasing usage of smartphones and tablets for reading books online, is likely to spur market growth.

The online books are gaining significant popularity over traditional books owing to easy accessibility online and convenience offered. As per the independent research, e-book penetration was 10.5% in 2018 and is expected to reach around 12% by 2022. Besides, a growing number of adults who own either a tablet, smartphone, or an e-reader device is expected to create a positive outlook for the market in the coming years.

Although e-book subscription services have existed for several years and currently, they are witnessing significant traction. Subscription services are known to give users access to huge, deep catalogs of content at a fixed monthly price. Very few players in the market have achieved a level of success in generating revenue through these models, for instance, as of 2020, Amazon has over 2.5 million and Scribd, Inc. has 1 million paying subscribers. However, other major players are channelizing on this model to gain a competitive edge in the market.

Several players operating in the market are focusing on strategic measures to reach a large number of consumers to boost revenue growth. For instance, in May 2020, Media Do Holdings announced that it is planning to enable blockchain e-books distribution. The company specializes in the distribution of digital products, like e-books, and upon seeing significant sales before and after the lockdown order, the company is looking to invest approximately USD 2.8 million for the blockchain e-books distribution project. The company added that the blockchain e-books distribution would be introduced first to My Anime List, which is considered the world’s biggest social community and database for anime and manga.

However, the low penetration of smartphones and similar devices in emerging countries can lead to low sales of online books, which is ultimately likely to impede market growth up to some extent over the forecast period.

By product type, the trade segment is projected to remain at the forefront in terms of share and growth rate over the forecast period. Many consumers are inclined towards reading fiction, non-fiction, and literature among others. Easy availability of such books online at minimum prices is foreseen to drive its demand in the coming years.

Asia Pacific is foreseen to expand at a maximum CAGR of 7.1% over the forecast period. Growing usage of smartphones and similar devices, rising internet penetration, and growing consumers’ preference for online books over printed ones are likely to fuel market growth in the coming years. In addition, closure of non-essential business amidst pandemics, such as physical bookstores and schools, as an effort to curtail the spread of the virus has surged the demand for online books. For instance, in April 2020, during the lockdown period, the Media Do Holdings recorded a 20% year-on-year growth on the sales of digital books.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/online-book-services-market

Further key findings from the report suggest:

  • The trade product segment is expected to reach USD 20.0 billion by 2027
  • Asia Pacific is expected to witness substantial growth over the forecast period with a revenue-based CAGR of 7.1% from 2020 to 2027.
  • The key market players are focusing on strategic initiatives such as blockchain distribution to reach a larger consumer base