Amusement and Theme Parks

Number of amusement parksWithin the economic sector Arts, Entertainment and Recreation is the Amusement and Theme Park Industry. According to the U.S. Census Bureau “[t]his industry comprises establishments … primarily engaged in operating a variety of attractions, such as mechanical rides, water rides, games, shows, theme exhibits, refreshment stands, and picnic grounds. These establishments may lease space to others on a concession basis.” As the graph above shows (click graph to enlarge), the number of amusement and theme parks fluctuated from 1998 to 2016. Some years there were fewer than the previous year; some years there were more. However, overall the number trended downward. There were 37.7% fewer amusement and theme parks in 2016 than there were in 1998. Employment in this industry also fluctuated during this time period, but in this case, the trend was upward. There were 37.1% more people employed in this industry in 2016 than in 1998: 157,336 and 114,786 respectively.

Fewer amusement and theme parks employing more people would indicate that overall these parks were larger in 2016 than in 1998. In 1998, the top 3 states with the most amusement and theme parks were Florida (87), Texas (82) and California (81). By 2016, Texas had the most parks with 74, followed by Florida and California with 59 and 54 respectively. However, of these three states, Texas employed the fewest workers in this industry, 8,965; Florida the most, 58,187. In 1998, Florida also employed the most workers in this industry, 38,844, followed by California (31,330) and Texas (12,352). How much did employees earn? In 1998, the average yearly salary for an amusement and theme park worker was $16,378. In 2016, $26,427, a 61.4% increase. Adjusting for inflation, the increase was not as large, 11.3%, but still outpaced inflation.

Today’s market size shows the revenues amusement and theme parks in the United States earned in 1998 and 2016. Revenues increased 131.2% during this time period, or slightly more than 59% when adjusting for inflation.

Geographic reference: United States
Year: 1998 and 2016
Market size: $7.4 billion and $17.1 billion respectively
Sources: 2005, 2007, 2008, 2009, 2010, 2012, and 2016 Service Annual Survey, various publication dates available online here; County Business Patterns, various publication dates available online here; “Table B-3: Quantity and price indexes for gross domestic product, and percent changes, 1967-2017,” Economic Report of the President, February 2018 available online here; “2017 NAICS Definition: 713110 Amusement and Theme Parks,” North American Industry Classification System available online here.
Image source: Created in-house using data from County Business Patterns. Click graph to enlarge.

Polypropylene

Polypropylene recycling symbolPolypropylene is a thermoplastic polymer made from propylene monomers and catalysts. It was first polymerized in 1951 by Philips petroleum scientists Paul Hogan and Robert Banks. In 1954 Italian chemist Giulio Natta perfected and synthesized the first polypropylene resin. By 1957 it was in widespread commercial production across Europe. Currently, it is one of the most commonly produced plastics in the world.

Because polypropylene can be combined with other polymers, the types of end uses can vary widely making it a versatile material with which to work. In 2016 global demand was 45 million metric tons, 30% of which was used in the packaging industry. Some other uses include automotive parts, furniture, dishwasher-safe plates, toys, carpets, upholstery, laboratory equipment and medical devices.

Today’s market size shows the estimated global sales of polypropylene in 2017 and projected for 2022. Polypropylene homopolymers are expected to be the fastest-growing type during this time period due to increasing demand in the automotive and medical industries, especially in the Asia Pacific region. The market for polypropylene is expected to grow the fastest in China, followed by India and South Korea from 2017 to 2022.

Geographic reference: World
Year: 2017 estimated and 2022 projected
Market size: $75.40 billion and $99.17 billion respectively
Sources: “The Polypropylene Market Size is Estimated at USD 75.40 Billion and Projected to Reach USD 99.17 Billion by 2022, at a CAGR of 5.6% Between 2017 and 2022,” CISION PR Newswire Press Release, February 1, 2018 available online here; “Everything You Need to Know About Polypropylene (PP) Plastic,” Creative Mechanisms, 2016 available online here; and “Polypropylene,” Wikipedia, April 23, 2018 available online here.
Image source: OpenIcons,”recycle-5-pp-recycling-plastic-98858,” Pixabay, April 1, 2013 available online here.

Fatty Amides

Plastic food packagingFatty amides, organic compounds derived from fatty acids, are used as slip agents and anti-blocking agents in polyolefin film processing. They’re added to the polymer from which the film is made. When the film is pressed, the fatty amides come to the surface and decrease the coefficient of friction between the film and the machine rollers to aid in the processing of the film. The fatty amides also prevent the layers from sticking together so that the rolls of film can be more easily unwound for further processing. Erucamide, oleamide, stearamide, and behenamide are the most commonly used fatty amides. Oleamide is widely used in food packaging and as a dispersing agent in printing inks and dyes. Erucamide had the largest share of the fatty amide market in 2016. It’s used as a slip agent, anti-fogging agent, and lubricant for polyolefin films used in food packing.

Today’s market size shows the total worldwide sales of fatty amides in 2017 and projected for 2022. The increasing demand for bio-based products, as opposed to petroleum-based products, is expected to fuel growth in this industry in the next 5 years. However, price volatility is expected to impede this growth during this time period. The market for fatty amides in the Asia-Pacific region is expected to grow the fastest due to the rising population and increased demand for packaged foods.

Geographic reference: World
Year: 2017 and 2022 projected
Market size: $320.7 million and $391.5 million
Sources: “The Fatty Amides Market Size Will Grow From USD 320.7 Million in 2017 to USD 391.5 Million by 2022, at a CAGR of 4.07%,” CISION PR Newswire, March 8, 2018 available online here; “Fatty Amides Market,” Global Market Study on Fatty Amides: Increasing Demand from Film & Sheets Industry to Drive Growth of Market During the Forecast Period 2016 – 2022, Persistence Market Research Press Release, March 2016 available online here; Kenneth J. Longmoore and Edward K. Bullock, “Slip Agents and Polypropylene Films Prepared Therefrom,” United States Patent, No. US 6,497,965 B1, December 24, 2002 available online here.
Image source: ToddTrumble, “green-beans-plastic-bag-vegetable-1377124,” Pixabay, May 11, 2016 available online here.

Fitness Studios

Fitness studios are businesses that specialize in fitness activities such as personal training, Pilates, yoga, indoor cycling, small group training and martial arts. Dance studios are also considered fitness studios. In 2015, 22.5 million people in the United States were members or regular clients of fitness studios. Prior to 2010, many health-conscious consumers would visit large commercial health clubs, public recreation facilities or the YMCA to exercise. Since then there has been a shift toward wanting more specialized exercise programs. In addition, connecting with others who share their fitness interests has become a priority for many people. Fitness studios are smaller than traditional health clubs, offer personalized service and small class sizes. More than 88% are independently owned. In 2015 most were personal training studios (offering small group training in addition to personal training) and mind/body studios (offering yoga, Pilates, and barre classes). While people want specialization in their fitness routine, they are not limiting themselves to just one type. A majority of fitness studio members—64% to 91%, depending on studio discipline—belonged to more than one type of fitness studio in 2014.

Today’s market size shows the total revenue earned by fitness studios in the United States in 2015. There were more than 100,000 fitness studios operating in the United States that year. In 2014 most were located in the Pacific region, followed by the South East and Mid-Atlantic regions. The Pacific, Mountain, and Mid-Atlantic regions all had a higher percentage of fitness studios than health clubs. According to the Association of Fitness Studios 2018 Trend Report, some large health clubs are creating studio-in-the-club spaces in order to capitalize on members’ trending preferences for a fitness studio experience.

Geographic reference: United States
Year: 2015
Market size: $22 billion
Sources: “Fitness Studio Fact Sheet,” Association of Fitness Studios available online here; AFS and ClubIntel, 2015 Fitness Studio Operating & Financial Benchmarking Report, Association of Fitness Studios, 2015 available online here; Association of Fitness Studios Trend Report: Top 12 Fitness Studio Trends for 2018 available online here.
Image source: GabrielaLitschi, “yoga-practice-woman-health-876744,” Pixabay, August 7, 2015 available online here.

Bookmobiles

Bookmobiles GraphBookmobiles, mobile libraries in vans, trucks or other large vehicles, reach underserved populations in the community. In many parts of the country, especially in rural, remote areas, people live too far from a library branch to take advantage of its services. In poor neighborhoods, children may not have access to the public library. Their parents may not have time to take them to the library after a long day’s work or may not make reading at home a priority. Seniors in assisted living facilities and nursing homes are two other groups served by bookmobiles. Besides providing books and movies, bookmobiles also provide high-speed internet access to people who may not have access otherwise.

Today’s market size shows the number of bookmobiles in the United States in 1990 and 2015. As the graph above shows (click the graph to see more detail), the number of bookmobiles across the country has been on a steady decline since 1991. When library funding is cut or does not keep up with increasing expenses, many times bookmobiles are one of the first services to go. But some libraries see the advantages in having bookmobiles when budgets are tight. Bookmobiles provide outreach to the community, a “way to reach more patrons and prove their worth … as people become more accustomed to having goods and services delivered to their doors.”1 Some counties in Washington, Oklahoma, New York, Lousiana, and Virginia have added more than one bookmobile in the past decade.

1 Jen Fifield, “Yes, Bookmobiles Are Still a Thing,” The Pew Charitable Trusts, March 28, 2018

Geographic reference: United States
Year: 1990 and 2015
Market size: 1,102 and 647
Sources: “Bookmobiles in the U.S.,” American Library Association available online here; “Table 3. Number of Public Libraries with Branches and Bookmobiles, and Number of Service Outlets, by Type of Outlet and State: Fiscal Year 2015,” Supplementary Tables: Public Libraries Survey Fiscal Year 2015, Insititute of Museum and Library Services, September 2017 available online here; and Jen Fifield, “Yes, Bookmobiles Are Still a Thing. (We Checked),” Stateline, The Pew Charitable Trusts, March 28, 2018 available online here.
Image source: Created in-house using data from the American Library Association and the Institute of Museum and Library Services. Click on the image to see more detail.

Leggings

Woman wearing leggingsWhat’s old is new again. This can be said for leggings, the current and sometimes controversial fashion trend. Leggings, in some form, have been around for centuries. Originally leggings referred to leg coverings of various sorts, not necessarily pants. In the past, some Native Americans wore leggings that looked like high-top moccasins or boots. They were made out of deer, elk, and other game animals. This clothing protected the legs and ankles from plants and animals. It also served to cover women’s ankles for proper etiquette at the time.

In Europe and Colonial America, leggings referred to something resembling thick stockings. In the 18th century, in order to keep their legs warm men wore leggings that covered the leg from a few inches above the knee down to the top of the foot. These were made of wool, linen or leather. Military leggings of various forms were worn by soldiers from the late 19th century until the first part of World War II in order to prevent dirt, sand, and mud from getting into soldiers’ shoes. They also provided ankle support. In 1943 field boots replaced leggings in the U.S. Army. However, other branches of the military continued to use military leggings until the 1960s.

During World War II, due to the high demand for rubber, chemical companies were trying to invent a rubber alternative. In the process, DuPont chemist Joseph Shivers invented Lycra, also known as spandex, in 1959. In the 1960s more women were wearing pants and casual dress was trending. Fashion designers started using this new fabric in their pant designs. Leggings became “tight-fitting trousers made of a stretch fabric, worn especially by women and girls,” according to the 1970s version of the Oxford Dictionaries. Modern leggings are made of cotton, polyester, spandex, nylon, or leather.

After waning in popularity, leggings became popular in the 1980s again, this time as part of the gym-wear-as-fashion trend influenced by Jane Fonda and the aerobics craze. According to anthropologist Kaori O’Connor, leggings “became closely associated with workout culture and youth.”1 In the 2000s, leggings, or yoga pants, became popular with all ages of women and not just to wear to the yoga studio. Leggings are now worn at the gym, as casual wear around town, and in dressier situations, including at the office. In 2007 at the Marni Men’s show during Fall 2007 Fashion Week leggings designed for men were introduced, but this never caught on with the wider public.

Today’s market size shows the expected revenue earned from the worldwide sale of leggings in 2018 and projected for 2023. In 2017, the United States imported more women’s elastic knit pants than women’s blue jeans according to the U.S. Census Bureau. Since 2010 the sale of women’s blue jeans has been declining by 3.9% annually in the United States. Sales of elastic knit pants grew 25.7% per year on average during this same time period. In response to customer preferences, some blue jeans companies are adding stretch and moisture-wicking properties to their denim. Who manufactures leggings? Traditional athletic wear companies, such as Nike, Under Armour, and Adidas; high-fashion labels such as Tommy Hilfiger and Calvin Klein; and even traditional lingerie brands such as Victoria’s Secret, just to name a few.

1 Olivia B. Waxman and Melissa Chan, “How Leggings Became the Most Controversial Pants,” Time, March 27, 2017

Geographic reference: World
Year: 2018 and 2023
Market size: $23.17 billion and $30.87 billion
Sources: Stephan Marwa, “Global Leggings Market Size to Worth USD 30.87 Billion by 2023,” Healthcare Journal Press Release, April 9, 2018 available online here; Olivia B. Waxman and Melissa Chan, “How Leggings Became the Most Controversial Pants,” Time, March 27, 2017 available online here; “Leggings,” Wikipedia, April 17, 2018 available online here; David Yanofsky, “The US is Now Buying More Stretchy Pants Than Blue Jeans,” Quartz, March 1, 2018 available online here; and Audie Cornish, “Denim Companies Stretch to Compete With Leggings,” All Things Considered on NPR, April 9, 2018 available online here.
Image source: By Nicole.elocin [CC BY-SA 4.0], from Wikimedia Commons

Halal Nutraceuticals and Vaccines

NutraceuticalsAccording to recent research, more than 60% of the 1.8 billion Muslims around the world consume nutraceuticals in some form daily.1 Nutraceuticals are products that provide health benefits in addition to their nutritional value. They are thought to improve overall health, delay the aging process, prevent chronic diseases and increase life expectancy. They can be in the form of fortified foods and beverages or dietary supplements. In 2016 the global nutraceutical market was valued at nearly $200 billion. Not all nutraceuticals are halal, however.

Halal, translated as “lawful” or “permitted”, is a set of dietary guidelines based on the Qur’an. By definition, halal foods (which include dietary supplements and vaccines) are “free from any component that Muslims are prohibited from consuming according to Islamic law” and “processed, made, produced, manufactured and/or stored using utensils, equipment and/or machinery that have been cleansed according to Islamic law.”2 Many nutraceuticals contain beta-carotene, gelatin, stearates, glycerine, enzymes, emulsifiers and flavors that may be derived from unpermitted, or haram, ingredients such as pork. However, companies can substitute plant, fish or other permissible foods in the manufacture of these ingredients in order to make them halal and permissible for Muslims to consume.

Vaccines have become less popular among Muslims as evidenced by several outbreaks of preventable diseases such as polio, pertussis, and measles in majority Muslim countries in recent years. While some of the hesitancy about vaccines is due to misinformation spread by social media and influential celebrities, a majority of parents who fail to vaccinate their children cite concerns about the vaccines not being halal. Islamic law, however, does recognize that in dire and necessary circumstances, necessity outweighs prohibitions. “The Fatwa Council in Malaysia and internationally have ruled that vaccination is permissible for the purpose of treatment and prevention, and refusing vaccinations will result in greater harm.”3 Before 2018, there were no halal-certified vaccines available globally. The pharmaceutical company AJ Pharma Holding Sdn Bhd is expected to open a facility in Malaysia sometime in 2018 that will create halal vaccines and export them around the world. According to the company, the worldwide halal vaccine market will be worth between $1.3 billion and $1.4 billion by 2020. Overall, the global vaccine market, of which the halal vaccine market is a part, is expected to reach $34.7 billion in 2020, according to Evaluate Pharma.

Today’s market size shows the expected revenues earned from the sales of halal nutraceuticals and vaccines in 2018 and 2023 worldwide. Leading companies in these industries include Abbott Laboratories, AJ Biologics Sdn Bhd, PT Kalbe Farma Tbk, Amway, NoorVitamins, Chemical Company of Malaysia Berhad, Agropur Inc. and Kotra Pharma (M) Sdn Bhd.

1 “Halal Guidelines,” Halal International Certification Pvt Ltd., 2016.
2 “What is Halal? A Guide for Non-Muslims,” Islamic Council of Victoria.
3 Ali Ahmed, et. al., “Outbreak of Vaccine-Preventable Diseases in Muslim Majority Countries,” Journal of Infection and Public Health, March-April 2018, pages 153-155.

Geographic reference: World
Year: 2018 and 2023
Market size: $39.3 billion and $81.2 billion
Sources: Stefan Marwa, “Global Halal Nutraceuticals & Vaccines Market Size to Worth USD 81,207 Million by 2023,” Healthcare Journal, April 9, 2018 available online here; “Halal Guidelines,” Halal International Certification Pvt Ltd., 2016 available online here; Conrad Hackett and David McClendon,” Christians Remain World’s Largest Religious Group, But They Are Declining in Europe,” Pew Research Center, April 5, 2017 available online here; Hamid Nasri, et. al., “New Concepts in Nutraceuticals as Alternative for Pharmaceuticals,” International Journal of Preventative Medicine, December 2014, pages 1487-1499 available online here; “What is Halal? A Guide for Non-Muslims,” Islamic Council of Victoria available online here; Ali Ahmed, et. al., “Outbreak of Vaccine-Preventable Diseases in Muslim Majority Countries,” Journal of Infection and Public Health, March-April 2018, pages 153-155 available online here; Salama, “AJ Pharma to Turn Malaysia into Halal Vaccine Hub,” Halal Focus, January 6, 2018 available online here; Pearl Liu, “Annual Hajj Points to Untapped, Growing Halal Vaccines Market,” BioWorld available online here; and “Global Nutraceuticals Industry Report: 2017-2021 – Analysis of the Multi-Billion Functional Food and Beverage Industries – Research and Markets,” PR Newswire Press Release, March 13, 2017 available online here.
Image source: kerkanno, “acupuncture-alternative-aroma-906144,” Pixabay, August 28, 2015 available online here.

Alpha Olefin Market

Alpha olefin word cloudAlpha olefins are organic compounds created by the processing of ethylene, a flammable hydrocarbon gas that occurs in natural gas, coal gas, and crude oil. It’s also a gas given off by ripening fruit. There are two types of alpha olefins: branched and linear. Linear alpha olefins, such as 1-butene, 1-hexene, 1-octene, and 1-decene, are created industrially by one of two processes: the oligomerization of ethylene or Fischer-Tropsch synthesis followed by purification. Three manufacturers’ processes have dominated alpha olefin processing: Chevron Phillips Chemical (CPChem), Ethyl (owned by INEOS) and Shell.

Today’s market size shows the total revenue earned from alpha olefin sales in 2016 and forecast for 2025. In 2016 North America produced the highest percentage of linear alpha olefin worldwide, 40%, followed by the Middle East (19%) and Western Europe (16%). That same year global demand for alpha olefin was more than 4.3 megatons. Demand is expected to increase to more than 6.3 megatons in 2025. Alpha olefins are used in the manufacture of high-density polyethylene (HDPE), linear low-density polyethylene (LLDPE), lubricants, plasticizers, detergents, metalworking fluids, oil field chemicals and personal care items, such as shampoos and bath and shower products.

Geographic reference: World
Year: 2016 and 2025 projected
Market size: $8.26 billion and $12.58 billion respectively
Sources: “Report Summary,” Alpha Olefin Market Analysis by Product, (1-Butene, 1-Hexene, 1-Octene, 1-Decene, 1-Dodecene), by Application (Polyethylene, Detergent Alcohol, Synthetic Lubricants), by Region, and Segment Forcasts, 2018 – 2025, Grand View Research, November 2017 available online here; “Alpha Olefin Market Size Worth $12.58 Billion by 2025 | CAGR 4.8%,” Grand View Research Press Release, November 2017 available online here; “Linear Alpha-Olefins,” Chemcial Economics Handbook, IHS Markit, March 2017 available online here; “Alpha-olefin,” Wikipedia, September 6, 2017 available online here; “Linear Alpha Olefin,” Wikipedia, November 8, 2017 available online here; “Table of Contents,” Alpha Olefin Market: By Type (1- Butene, 1-Hexene, 1-Octene, Others); By Application (HDPE, LLDPE, Lubricants, Plasticizers, Detergents, Paper Sizing, Oil Recovery, Metalworking Fluids and Others); By Geography – With Forecast (2016-2021), IndustryARC, February 15, 2016 available online here; and Saroja Narasimhan and Jon Toliver, “Examining Tomorrow’s Surfactant Personalities: Alpha Olefin Sulfonate in Personal Care,” Cosmetics & Toiletries, January 8, 2018 available online here; “Sodium Alpha-Olefin Sulfonates,” Cosmetics Info available online here.
Image source: Word cloud created in-house using Wordle™ available online here.

E-Commerce in Pakistan

Pakistani rupeeAs a percentage of total retail sales in the country, Pakistan’s e-commerce market is quite small, 0.34%, but is expected to grow as adoption of technology becomes more widespread. As of January 2018, there were 52 million subscribers to broadband internet, up from 44.5 million a year before. The number of online payment merchants increased nearly 60% during this time period, from 571 to 905. Banks are starting to allow debit and credit cards to be used for online purchases. However, fewer people have bank accounts than have broadband internet. And, fewer still—21.1 million— have either a debit or a credit card. Currently, 4 out of 5 online orders are cash on delivery. Several online payment gateways allow nearly every Pakistani to pay for their online purchases with cash.

Today’s market size shows the amount of e-commerce revenue in fiscal year 20171 and the projected revenue for fiscal year 2018. According to Adam Dawood, head of Yayvo, an online shopping portal, the most growth will be seen in areas that currently are the biggest inconvenience for customers, such as ordering bus tickets or obtaining national ID cards. Pakistanis no longer have to wait in line. They can now do these things online.

1Pakistan’s fiscal year is from July 1 to June 30.

Geographic reference: Pakistan
Year: FY 2017 and FY 2018 projected
Market size: $622 million and $1 billion respectively
Sources: Usman Sheikh, “Pakistan’s E-Commerce Market Size Set to Cross $1B This Year,” The Express Tribune, March 19, 2018 available online here; “Economy of Pakistan,” Wikipedia, April 11, 2018 available online here.
Image source: By Babloyi [CC BY-SA 3.0 or GFDL], from Wikimedia Commons

E-Commerce in India

E-CommerceSales in India’s overall retail sector totaled Rs 49 trillion during the 2017 fiscal year.1 Small to medium-sized independent businesses and mom-and-pop type stores make up the greatest share of this market, with chain stores, franchises, and large stand-alone stores making up a mere 7%. The e-commerce sector has an even smaller share, 1.5%, despite its share tripling in the three years prior. Currently, three-quarters of total e-commerce sales come from major cities in India.

Today’s market size shows the total e-commerce revenue earned in India in the 2017 fiscal year and projected earnings for fiscal year 2020. The largest segments of e-commerce in India are the apparel, mobile phone, and grocery sectors. In the next three years, the grocery sector is expected to grow the fastest, quadrupling its revenue to Rs 100 billion by fiscal year 2020. In 2017, Amazon, Flipkart, D-Mart and Reliance joined established online grocers BigBasket and Grofers to offer groceries online.

1 India’s fiscal year runs from April 1 to March 31.

Geographic reference: India
Year: FY 2017 and FY 2020 projected
Market size: Rs 700 billion and Rs 1.8 trillion respectively
Sources: ZeeBiz WebTeam, “E-Retail Market Size to Surge 250% in the Next 3 Years,” ZeeBusiness, February 19, 2018 available online here; “Unorganized and Organized Retail: A Global Comparison,” Reurbanist, August 22, 2012 available online here; Surojit Gupta, “Govt Will Not Change Fiscal Year for Now,” The Times of India, September 25, 2017 available online here.
Image source: geralt, “e-commerce-shopping-basket-shopping-402822,” Pixabay, July 27, 2014 available online here.

Food Fortification Ingredients

Fortified foods, cereal and milkFortified foods, such as iodized salt and vitamin-D fortified milk, originally addressed nutrient deficiencies in the general public. Some countries currently mandate the addition of folic acid to enriched flour to reduce the risk of neural tube birth defects. Most food fortification is voluntary but regulated by government entities in countries where the food is sold along with the European Food Safety Authority and the World Health Organization. The United States, for example, does not allow the fortification of fresh produce, meat, poultry or fish products. European countries do not allow fortification of unprocessed foods. Fortification of snack foods is also discouraged.

Food fortification ingredients include vitamins, minerals, probiotics, prebiotics, carbohydrates, proteins and amino acids. These added ingredients can be found in a wide variety of foods from juices, bread, and cereals to infant formula and pet food. Fortification indicates the addition of nutrients at levels higher than those naturally occurring in the food.

Today’s market size shows the value of food fortification ingredients in 2016 and 2025. The figure for 2025 is projected. The food fortification market is expected to grow at a compounded annual growth rate of 14.5% between 2017 and 2025 as consumers increasingly look for foods that provide additional health benefits beyond basic nutrition, such as omega-3 fortified foods for heart health and probiotics for digestive health.

Geographic reference: World
Year: 2016 and 2025 projected
Market size: $30.50 billion and $100.84 billion respectively
Sources: “2017 Global Food Fortification Ingredients – Market Size, Market Share, Application Analysis, Growth Trends, Key Players and Competitive Strategies (2015-2025) – ResearchAndMarkets.com,” Business Wire press release, February 23, 2018 available online here; “Food Fortification in Today’s World,” International Food Information Council Foundation, June 20, 2014, last updated December 29, 2015 available online here; “Food Fortification Ingredients Market Report 2017-2027,” Visiongain, June 15, 2017 available online here.
Image source: skeeze, “cereal-spoonful-strawberry-spoon-556786,” Pixabay, December 9, 2014 available online here.

LED Drivers

LED driverLEDs, or light-emitting diodes, produce light when current is run through semiconductor materials. In order for this to happen, LEDs need drivers to convert higher voltage, alternating current to lower voltage, direct current. LED drivers control the voltage and current flowing through the circuit at rated levels, protecting the LEDs from voltage and current fluctuations that can damage the LEDs.

Today’s market size shows the revenue generated from LED driver sales globally in 2015 and projected for 2021. According to the U.S. Department of Energy, LED residential lighting is 75% more energy efficient than incandescent bulbs and lasts 25 times longer. Increased demand for LED lighting in retail establishments, office complexes, and residences along with demand for LED streetlights is expected to drive the growth in the LED driver market through 2021. China’s and India’s recent focus on energy efficiency is expected to lead to a growth in the LED driver market for outdoor and traffic lighting. As rapid urbanization continues in several Asia Pacific countries, infrastructure demands will also provide a growing market for LED drivers.

Geographic reference: World
Year: 2015 and 2021 projected
Market size: $4.75 billion and $19.03 billion respectively
Sources: “LED Driver Market Size & Share to Exceed $19.03 Billion by 2021, Globally,” Nasdaq GlobeNewswire Press Release, January 12, 2018 available online here; “Understanding LED Drivers,” 1000Bulbs.com, May 2014 available online here; Maria Guerra, “5 Different Ways to Use LED Drivers, ” Electronic Design, September 15, 2016 available online here; and “LED Lighting,” Energy.gov, U.S. Department of Energy available online here.
Image source: By oomlout (IC-TLC5940) [CC BY-SA 2.0], via Wikimedia Commons. Use of the image does not constitute endorsement of brand.

Driving Apparel

motorsports driving apparelMotorsports describes a group of competitive sporting events in which motorized vehicles are used. Automobiles, motorcycles, boats and snowmobiles are some of the vehicles used in these types of competitions. Not all are racing competitions, however. Drifting and tractor pulling are two non-racing motorsports.

From 2015 to 2020, the global motorsports market is expected to grow at a compounded annual growth rate of nearly 10%, reflecting the popularity of the sport. Participating in this sport is dangerous and requires specialized driving apparel—helmets, jackets, gloves, boots, and other protective clothing—in order to keep the drivers of the vehicles safe. This apparel is usually thicker and heavier than regular clothing, heavily padded, and in some cases contains armor.

Today’s market size shows the amount spent globally on specialized driving apparel in 2016 and spending projections for 2025. The market is expected to grow between 2017 and 2025 primarily due to laws and regulations mandating the use of protective clothing and the drivers themselves concerned about their safety. The Asia-Pacific region spent nearly $4.5 billion on driving apparel in 2016, accounting for more than one-third of the total global spending on this type of apparel that year.

Geographic reference: World
Year: 2016 and 2025
Market size: $12.03 billion and $18.56 billion respectively
Sources: “Global Driving Apparel Market Size US$18.565.0 mn by 2025 | CAGR: 5.3% – Transparency Market Research,” Nasdaq GlobeNewswire Press Release, November 29, 2017 available online here; “Driving Apparel Market,” Transparency Market Research Press Release, November 6, 2017 available online here; “Motorsports Market Analysis: By Channels (Broadcasting Revenue In Motorsports Market, Ticketing Revenue in Motorsports Market and Others) and by Geography (Americas, APAC and Europe) – With Forecast (2015-2020),” Cision PR Newswire Press Release, April 21, 2016 available online here; “Motorsport,” Wikipedia, January 12, 2018 available online here; “Drifting (Motorsport),” Wikipedia, January 11, 2018 available online here.
Image source: sms467, “superbike-motorsport-fast-speed-930715,” Pixabay, September 11, 2015 available online here. Use of the image does not constitute endorsement of the brands shown.

Scotch Whisky

ScotchThe earliest recorded distilling of Scotch whisky was in 1494, by a monk named Friar John Cor, but the drink back then was not like the Scotch of today. It was considerably more potent and in some cases dangerous to drink. The quality improved in the 16th and 17th centuries as scientific knowledge and distilling equipment improved. Early on the distilling of Scotch took place in monasteries. After the monks were forced to leave, they employed their skills in the wider society and knowledge of the distilling process spread.

Initially, Scotch was consumed for medicinal purposes but later became popular as a social drink. As Scotch became more popular taxes began being imposed, first by the Scottish Parliament and then as a result of The Act of Union with England in the late 17th and early 18th centuries. After that, smuggling became standard practice until the 1830s. According to the Scotch Whisky Association, “by the 1820s, despite the fact that 14,000 illicit stills were being confiscated every year, more than half of the whisky consumed in Scotland was being enjoyed without payment of duty.” After the Excise Act was passed in 1823, which made the distilling of whisky legal in exchange for a license fee and a set payment per gallon, smuggling almost completely disappeared.

With the invention of the Patent Still in 1831, grain whisky was invented. Grain whisky was mixed with malt whisky to create a milder form of Scotch that appealed to more people. There are five categories of Scotch: single malt, single grain, blended malt, blended grain, and blended Scotch whisky. Since November 2009, in order for whisky to be called Scotch, it must be made in Scotland and adhere to the Scotch Whisky Regulations 2009, which define and regulate the production, labeling, packaging, and advertising. In 2015, Heather Nelson became the first woman to head a Scotch whisky distillery by herself.

Today’s market size shows the export value of Scotch in 2017, which equated to 1.23 billion 70cl bottles. Scotland exports this beverage to more than 200 countries around the world. In terms of volume, the top three countries that received these exports were France, the United States of America, and India.

Geographic reference: Scotland
Year: 2017
Market size: £4.36 billion
Sources: “2017 Export Figures,” Scotch Whisky Association, February 9, 2018 available online here; “History of Scotch Whisky,” Scotch Whisky Association, May 31, 2012 available online here; “Scotch Whisky,” Wikipedia, February 21, 2018 available online here; Matthew Vickery, “Woman Challenges Notion Scotch is a Man’s Drink,” Lansing State Journal, January 26, 2018, page B1.
Image source: Adapted from: stevepb, “scotch-whisky-drink-alcohol-glass-729638,” Pixabay, April 20, 2015 available online here.

Streaming Music Services

streaming musicHave you listened to music today? If you have you probably streamed it. In 2017, total U.S. music industry revenue was $8.7 billion, 65% of which came from streaming music services. Revenues from streaming services increased 217% from 2014 to 2017. The number of subscribers to paid streaming music services increased 358% during this time period, topping out at 35.3 million in 2017. Despite revenue and number of subscribers increasing, streaming music services are losing between $27 million and $426 million per year. How are musicians faring? On average, the top streaming services pay between $0.019 and $0.0007 per play in 2018. As a result, musicians need their songs streamed between 77,500 and 2.1 million times per month, depending on platform, in order to make a minimum wage.1

Today’s market size shows the amount of revenue earned in 2014 and 2017 from streaming music services in the United States. As of March 2018, the top streaming services in terms of the number of users worldwide were YouTube (1 billion users), Spotify (159 million), Pandora (81 million), Apple Music (36 million) and Amazon (20 million).

1 Minimum wage according to the source is $1,472 per month.

Geographic reference: United States
Year: 2014 and 2017
Market size: $1.8 billion and $5.7 billion respectively
Sources: Joshua P. Friedlander, “News and Notes on 2017 RIAA Revenue Statistics,” The Recording Industry Association of America, March 22, 2018 available online here; “Money Too Tight to Mention?” Information is Beautiful, March 3, 2018 available online here; Chris Cooke, “US Record Industry Revenues Up to $8.72 Billion Thanks to All Your (Mainly Premium) Streams,” CMU, March 23, 2018 available online here.
Image source: FirmBee, “mobile-phone-iphone-music-616012,” Pixabay, January 30, 2015 available online here.

Extended Warranties

broken smartphoneDid you buy a new TV to watch March Madness? Purchase the latest mobile phone or tablet? Have you bought a new home? If you have, you were probably offered an extended warranty on your purchases.

Today’s market size shows the total amount of premiums consumers paid for extended warranties in 2017. These premiums fall into 8 categories: vehicle service contracts, mobile phone insurance, consumer electronics service contracts, computer OEM service contracts, jewelry protection plans, home warranties, appliance protection plans, and furniture protection plans. How purchases are categorized depends on who sold the extended warranty and not on the item itself. For example, if an iPhone protection plan was sold by Apple, the plan will be considered a computer OEM service contract. If the plan was sold by a retailer, it falls into the consumer electronics protection plan category. If the plan was sold by a wireless phone carrier, then it’s considered mobile phone insurance.

Overall, the amount of premiums paid from 2016 to 2017 declined by $250 million. Vehicle service contract premiums, which brought in $16.7 billion in 2017, declined the most during this time period, down $300 million, followed by plans covering brown and white goods and mobile phone insurance plans. Home warranty premiums grew by $340 million from 2016 to 2017, a 16% increase. Total jewelry service plan premiums and furniture protection plan premiums also grew during this time period, by 2% and 3% respectively.

Geographic reference: United States
Year: 2017
Market size: $44.7 billion
Source: “Service Contract Market Size,” Warranty Week, February 1, 2018 available online here.
Image source: Glavo, “smartphone-mobile-phone-phone-2971080,” Pixabay, November 7, 2017 available online here.

Wedding Services

wedding rings

“In the Spring a young man’s fancy lightly turns to thoughts of love.”
— “Locksley Hall,” by Alfred, Lord Tennyson

Most people are aware of these four seasons: Winter, Spring, Summer and Fall. But there is a fifth season that soon will be upon us: Wedding Season. According to Priceonomics, in 2015, 80% of marriages took place between May and October. Traditionally, June has been the most popular month to get married. Why? According to The Old Farmer’s Almanac, “the goddess Juno (for whom June is named) was the protector of women in all aspects of life, but especially in marriage and childbearing, so a wedding in Juno’s month was considered most auspicious.” However, in more recent years, couples have been eschewing tradition and getting married in the Fall. In 2016, September and October were the most popular months for couples to get married, with June falling into third place.

Today’s market size shows the amount of revenue generated in the wedding services industry in 2016. The wedding services industry includes all the businesses that work together to create a wedding event, including wedding planners, stationers, bakeries, jewelers, photographers, videographers, caterers, banquet/reception locations, event transportation and formal wedding attire businesses. According to IBISWorld estimates, the amount of revenue in this industry has increased at a 3.2% annualized rate from 2012 to 2016. Despite the rate of marriage dropping—from 9.8 per 1,000 people in 1990 to 6.9 per 1,000 people in 2016—and the number of people cohabitating rising, marriage is not becoming a thing of the past. While many couples delay getting married, when they do get married they generally have more disposable income to spend on wedding services. As a result, revenue is expected to increase year over year from 2017 to 2021.

Geographic reference: United States
Year: 2016
Market size: $72.1 billion
Sources: “IBISWorld Industry Market Research: The U.S. Wedding Services Industry is Expected to Earn Revenue of $72.1 Billion in 2016,” PR Newswire, December 27, 2016 available online here; “Marriage Rate in the United States from 1990 to 2016 (per 1,000 of Population),” Statista, January 2018 available online here; Pamela N. Danziger, “Will a Booming Economy Bring a Wedding Market Boom? Not Likely,” Forbes, February 16, 2018 available online here; Sarah Schmidt, “The Wedding Industry in 2017 and Beyond,” Market Research.com, May 16, 2017 available online here; Christine Schultz, “Wedding Rituals: Traditional Wedding Ceremonies,” The 2002 Old Farmer’s Almanac available online here; Carolyn Lippo, “This is the Most Popular Month for Weddings,” Redbook, April 17, 2017 available online here; “Wedding Market Research Reports & Industry Analysis,” Market Research.com available online here; Renee Stepler, “Number of U.S. Adults Cohabiting With a Partner Continues to Rise, Especially Among Those 50 and Older,” Pew Research Center, April 6, 2017 available online here and “Locksley Hall,” Poetry Foundation available online here.
Image source: artemtation, “wedding-rings-ring-love-two-171843,” Pixabay, October 3, 2009 available online here.

Social Media Analytics

social media analyticsWhat do people think of our product? How successful was our last marketing campaign? Not that long ago if businesses wanted to know the answer to these questions they would have to hire market research firms that would poll select customers about their thoughts. With the widespread use of social media and improved natural language processing and machine learning algorithms, social media analytics tools can provide a more comprehensive picture of how consumers feel about companies and their products.

Social media analytics software is used to gather data from various social media sites in order to guide a business’ marketing strategy. Each social media platform offers its own analytics interface, but for companies whose presence on social media is multi-faceted, a more robust software option is necessary, one in which data is tracked on several platforms at once, and in some cases, in real time. Sophisticated software with natural language processing will attempt to understand meaning and context in text and human speech. The analyzed data can then be used to target marketing campaigns, improve customer service, or improve existing products, among others.

Today’s market size shows the amount businesses around the world spent in 2016 and are projected to spend in 2022 on social media analytics tools. According to the source, cloud-based social media analytics tools are expected to experience the highest growth during this time period due to their cost-effectiveness, scalability and flexibility in allowing businesses to oversee their campaign management and performance monitoring. Currently, there are more than 25 key companies worldwide that create social media analytics tools.

Geographic reference: World
Year: 2016 and 2022 projected
Market size: $2.1 billion and $9.5 billion respectively
Sources: “Social Media Analytics Market: Global Market Size to Reach $9463.54 Million by 2022,” Nasdaq GlobeNewswire Press Release, December 22, 2017 available online here; Margaret Rouse and Ed Burns, “Social Media Analytics,” TechTarget, June 2017 available online here; Margaret Rouse and Craig Stedman, “Unstructured Data,” TechTarget, January 2018 available online here.
Image source: Maialisa, “marketing-social-media-advertising-1573711,” Pixabay, August 8, 2016 available online here.

Database Security

database securityGlobally the number of cyber security incidents increased 1,637% from 3.4 million incidents in 2009 to more than 59 million incidents in 2015. In the United States the number of data breaches alone increased from 446 in 2007 to 1,579 in 2017. According to Steve Langan, chief executive at Hiscox Insurance, cybercrime cost the global economy more than $450 billion dollars in 2016.

As a result of the growing threats from viruses, worms, Denial of Service attacks and other malware the need for increasingly sophisticated cyber security solutions grows year by year. In 2017 the business sector was the most vulnerable to data breaches in the United States followed by the medical/healthcare sector, accounting for 55% and 23.7% of all data breaches respectively.

Today’s market size shows the amount industries around the world spent on database security in 2017 and the amount they are projected to spend in 2022. The market is expected to grow at a compounded annual growth rate of 18.9% due to the increase in the amount of data that needs protecting, the increase in malware threats, and the increase in regulations protecting the privacy and security of customers’ health and financial data.

Geographic reference: World
Year: 2017 and 2022
Market size: $2.95 billion and $7.01 billion respectively
Sources: “Database Security Market by Software, Service, Business Function, Deployment, Organization Size, and Vertical Global Forecast to 2022 – Research and Markets,” Business Wire Press Release, January 2, 2018 available online here; “Global Number of Cyber Security Incidents From 2009 to 2015 (in Millions),” Statista, October 2015 available online here; Luke Graham, “Cybercrime Costs the Global Economy $450 Billion: CEO,” CNBC, February 7, 2017 available online here; “Data Breaches: The Insanity Continues,” Identity Theft Resource Center, 2015 available online here; “2017 Annual Data Breach Year-End Review: Executive Summary,” Identity Theft Resource Center, 2017 available online here.
Image source: Geralt, “Binary-hands-keyboard-tap-enter-2372131,” Pixabay, June 2017 available online here.

Intraocular Lenses

intraocular lenses, eyeIntraocular lenses are artificial lenses that are implanted in the eyes to replace a person’s natural lenses that were damaged by cataracts or another eye disease. Monofocal-type intraocular lenses captured the largest share of the market in 2015. Why? They cost less than other types of intraocular lenses, insurance companies are more likely to adequately reimburse providers for implanting them, and monofocal lenses have fewer post-operative complications than other types of lenses according to the source.

Although hospitals were the highest end users of intraocular lenses in 2015, ambulatory surgery centers and ophthalmology clinics are expected to experience a higher compound annual growth rate in their use of these lenses from 2016 to 2024 due to the growing popularity of outpatient cataract surgery at these venues. An aging population with an increased incidence of cataracts, an acceptance of more technologically advanced products and techniques, and a demand for premium intraocular lenses by patients led to North America having the highest share of the global intraocular lens market in 2015. North America’s share, valued at more than $1.1 billion, accounted for more than a third of the global market that year.

Today’s market size shows the total value of sales of intraocular lenses globally in 2015 and projected for 2024. Five manufacturers of intraocular lenses combined—Biosensors International, Biotronik, Terumo Europe NV, Abbott Laboratories, and Boston Scientific, Inc.—had an 80.5% share of the market in 2016.

Geographic reference: World
Year: 2015 and 2024
Market size: $3.2 billion and $5.0 billion, respectively
Sources: “Global Intraocular Lens Market Size US$5.0 bn by 2024,” Transparency Market Research, Nasdaq GlobeNewswire Press Release, November 29, 2017, available online here and “Intraocular Lenses Market,” Transparency Market Research available online here.
Image source: Engin_Akyurt, “eye-human-macro-beauty-portrait-2586698,” Pixabay, December 1, 2016, available online here.