October 31 is National Caramel Apple Day in the United States
Geographic reference: United States Year: 52 weeks ended June 13, 2021 Market size: $112.13 million
What does one do with a bunch of leftover caramel candies and apples from Halloween? Make caramel apples of course! Today’s market size shows total sales for caramel/taffy apples, kits, and dips for the 52 weeks ended June 13, 2021.
In the 1950s, a Kraft Foods employee, Dan Walter, had some caramel candies left over from Halloween and a few apples. In order to use up these leftovers, he decided to melt the caramels and coat the apples with the gooey result. Voilà! The caramel apple was born! Since then, these sweet, sticky treats have become a classic autumn snack. In the 1970s, Kraft Foods introduced “Wrappies”, sheets of caramel that could be wrapped over apples, creating a quick and easy way to make caramel apples at home.
As the chart below shows, by 2021 Kraft Foods, the inventor of the caramel apple, wasn’t even in the top 5 companies by brand sales. All of these brands saw their sales increase from pre-pandemic levels, which turned out to be a boon for Marzetti and Happy Apples. Both of these brands saw sales decline from 2018 to 2019. Overall, sales increased from $88.34 million (52 weeks ended September 8, 2019) to $112.13 million (52 weeks ended June 13, 2021), a 26.9% jump.
Leading Caramel/Taffy Apple/Kit/Dip Brands, 2021
Brand (Co.)
Sales ($ mil.)
Share (%)
Growth (%)
Marzetti (T. Marzetti Co.)
44.63
39.80
+19.56
Affy Tapple (Affy Tapple LLC)
15.29
13.64
+21.64
Litehouse (Litehouse Inc.)
10.98
9.79
+97.13
Tastee (Tastee Apple Inc.)
9.02
8.04
+13.03
Happy Apples (Happy Apples Inc.)
6.71
5.98
+20.47
Other
25.50
22.74
+31.99
Sales are shown for the 52 weeks ended June 13, 2021. Sales growth is shown from the 52 weeks ended September 8, 2019. Of the brands shown, Litehouse experienced the highest growth, 97.13%. Sales grew from $5.57 million during the 52 weeks ended Septebmer 8, 2019 to $10.98 million during the 52 weeks ended June 13, 2021.
Original source: IRI Sources: Crystal Lindell, “State of the Candy Industry 2021: Novelty Sector Navigates Licensing, Changing Consumer Trends Amid COVID-19,” Candy Industry, July 30, 2021 available online here; “National Caramel Apple Day — October 31, 2021,” National Today, October 31, 2021 available online here. Image source: Henry Becerra, “candy apples, caramel, sweet on a stick, with pecans,” Unsplash, July 7, 2020 available online here.
Geographic reference: United States Year: All of 2020 and the first half of 2021 Market size: $2.6 billion and $2.1 billion, respectively
Not too long ago, budding entrepreneurs with a new, innovative product or service would look to a handful of wealthy investors to fund their business ventures. Because of the riskiness of investing in startups — an overwhelming majority of startups fail, with more than a fifth failing in their first year — Securities and Exchange Commission (SEC) rules restricted investments into such ventures. Accredited investors, those that were allowed to invest in startups, were limited to persons who had an income over $200,000 ($300,000 joint income), had a net worth of greater than $1 million, or be a general partner, executive officer, or director for the startup company. Startups also preferred to deal with a small number of large investors rather than spend time processing a large number of small checks.
But, this has changed for some. New technological tools, such as crowdfunding websites, make fundraising from a large number of small investors easier. And, on August 26, 2020, the SEC began allowing less wealthy investors to become accredited. Now, SEC rules allow “persons to qualify as accredited investors based on certain professional certifications, designations or credentials or other credentials issued by an accredited educational institution.” However they qualify to become accredited, angel investors provide financial backing for small startups or entrepreneurs in exchange for ownership equity or convertible debt, the term “angel” coming from the Broadway theater when wealthy patrons would give money to produce theatrical productions. Today’s market size shows the total amount angel investors invested in startups in 2020 and in the first half of 2021 in the United States.
In 2020, there were 2,725 new angel investors. This number is expected to exceed 3,000 in 2021. Most new angel investors have ties to the tech industry, but they are outsiders in the world of venture capitalists. Others come from various walks of life including doctors, dentists, art curators, professional poker players, influencers, and retirees among others. The angel investor boom is part of the larger trend of investors seeking out riskier investments in recent years. Some are taking on these riskier investments because they have extra cash to invest and want a higher rate of return than what’s offered on traditional investments. Many are investing in tech startups, seeing the high profits companies in this sector are generating. Others are motivated by causes they believe in or want to give a hand up to those generally overlooked by traditional venture capitalists, like minority and women entrepreneurs. Less than 2% of venture capital funding goes to women-founded businesses.
While accepting the risk, most of these smaller investors are not going into this venture blindly. In addition to listening to investment podcasts and reading news articles, investors have at their disposal a range of companies that offer angel investor resources to help them navigate this type of investing. For example, companies such as Angel Squad, Seed Spot, and VC Academy, among others, provide training courses for would-be angel investors. Pipeline Angels, Launchpad Venture Group, TBDAngels, and Golden Seeds are just a few of the groups that angel investors can join to lessen individual investment risk. Generally, investors who join groups don’t have to put as much money down as individual investors do, although this varies by group. Also, by being a part of a group an investor does not have to seek out and vet deals independently. Some groups decide to invest in ventures as a group, writing one check; others allow individual investors to make their own decisions. Many angel groups are centered around a certain industry or have certain requirements for the type of company in which they will invest. For example, some groups will only invest in clean energy companies, while others will only invest in BIPOC-founded companies. Some groups invest only in local companies while others work with all companies. Some of the most successful angel investors of 2020 included Fabrice Grinda, Paul Buchheit, Esther Dyson, Alexis Ohanian, and Scott Banister. Fabrice Grinda was named the top angel investor in the world by Forbes. Although it varies by angel and angel group, companies typically raise between $250,000 and $500,000 through angel investors, and those investors generally aim to recoup their investment within 3 to 5 years. Due to their risky nature, angel investments commonly represent 10% or less of an angel investor’s portfolio.
Original sources: National Venture Capital Association and PitchBook. Sources: Erin Griffith, “Even Your Allergist is Investing in Startups,” The Denver Post, reprinted from The New York Times, September 12, 2021, p. 3K; Sean Bryant, “How Many Startups Fail and Why?” Investopedia, November 9, 2020 available online here; Veronica, “Founders + Funders: Angel Investing Advice and Resources,” Medium, February 17, 2021 available online here; “SEC Modernizes the Accredited Investor Definition,” Securities and Exchange Commission Press Release, August 26, 2020 available online here; Akhilesh Ganti, “Angel Investor,” Investopedia, July 26, 2020 available online here; Adam Hayes, “Accredited Investor,” Investopedia, August 25, 2021 available online here; “Angel Investor Training,” Seed Spot available online here; “VC Angel Investor Program,” VC Academy available online here; Dylan Taylor, “The Top 5 Angel Investors,” Morgan Brooks Capital, December 18, 2020 available online here. Image source: Markus Winkler, “White and Black Typewriter on White Table,” Unsplash, June 7, 2020 available online here.
Geographic reference: World Year: 2020 and 2028 Market size: $7.21 billion and $13.38 billion, respectively
AARP’s 2019 Brain Health and Dietary Supplements Survey found that more than 25% of Americans aged 50 and over regularly take brain health supplements. As the population ages, the incidence of Alzheimer’s disease and other forms of dementia increases. As of 2020, about 5.8 million people in the United States had Alzheimer’s; 50 million worldwide had some form of dementia.1 The World Health Organization (WHO) estimates that there are 10 million new cases of dementia yearly — one case diagnosed every 3 seconds worldwide. The fear of loss of brain function due to aging is contributing to the adoption of brain health supplements among older adults.
The increasing awareness of mental health issues among adolescents and millennials is fueling the demand for brain health supplements among these age groups. These consumers seek treatment for depression, stress, and anxiety, all common conditions among younger people. The COVID-19 pandemic increased the occurrence of these conditions and in turn increased the demand for brain health supplements to treat them.
Overall, by application, memory enhancement garnered the largest revenue share in 2020, more than 25%. This was followed by attention and focus, depression and mood, sleep and recovery, anti-aging and longevity, and stress and anxiety. The depression and mood segment is expected to see the fastest growth through 2028 due to the increasing rate of depression among millennials and the growing awareness of mental health and depression in countries such as India and Indonesia. According to the WHO, more than 264 million people worldwide suffer from depression.
Natural molecules accounted for more than half the market in 2020, likely due to their cost-effectiveness and ready availability. Omega-3 fatty acids, Huperzine-A and Acetyl-L-carnitine, for example, are used to improve focus and to treat depression, stress, and anxiety. Docosahexaenoic acid (DHA), eicosapentaenoic (EPA), and Alpha-linolenic acid (ALA) are three major omega-3 fatty acids used to treat depression and cognitive impairment, including Alzheimer’s disease.
Revenues for herbal extract products are expected to grow at the fastest rate through 2028 as interest in herbal supplements rises in such countries as the United Kingdom and the United States. Demand for ginkgo biloba, ginseng, lion’s mane, curcumin, echinacea, and bacopa monieri has been increasing in recent years. The vitamins and minerals segment has the smallest market share.
A large number of global and regional manufacturers have a presence in the industry. These companies have been using a combination of new product launches, innovation, mergers and acquisitions, and capacity expansion to increase their shares of the market. Some of the larger manufacturers include Teva Pharmaceutical Industries Ltd., HVMN Inc., Purelife Bioscience Co. Ltd., Peak Nootropics, AlternaScript, Liquid Health Inc., Natural Factors Nutritional Products Ltd., Reckitt Benckiser Group PLC, Onnit Labs Inc., and Quincy Bioscience. Leading brands include The Genius Brand, Bulletproof, Onnit Labs, Vital Vitamins, Prevagen, and Neuriva. Of the 348 brands sold on Amazon, only 18 brands garnered above a 1% share in 2020. The top 18 brands represented 56% of the market, with the other 330 accounting for the remaining 44%.
1 Figure for the United States is from the Alzheimer’s Association. Worldwide figure is from the World Health Organization.
Sources: “Global Brain Health Supplements Market Size, Share & Trends Analysis Report by Product (Natural Molecules, Herbal Extract), by Application (Memory Enhancement, Depression & Mood), by Region, and Segment Forecasts, 2021-2028,” Research and Markets Report Description, January 2021 available online here; “Brain Health Supplements Market Size, Share & Trends Analysis Report by Product (Natural Molecules, Herbal Extract), by Application (Memory Enhancement, Depression & Mood), by Region, and Segment Forecasts, 2021 – 2028,” Grand View Research Report Overview, January 2021 available online here; “Global Brain Health Supplements Market Size, Share &
Trends Analysis Report 2021 – ResearchAndMarkets.com,” Business Wire, September 9, 2021 available online here; Sinan Atac, “Nootropic Supplement Sales on Amazon,” Natural Products Insider, April 2021, pp. 39-40 available online here. Image source: formulateHealth, “Health_Supplements_-_Nutraceuticals_-_50191152323.jpg,” Wikimedia Commons, CC BY 2.0, July 30, 2020 available online here.
Geographic reference: World Year: 2020 and 2028 Market size: $500 million and $623.63 million, respectively
Today’s market size shows total global revenues for resorcinol in 2020 and projected for 2028. Resorcinol is an organic compound, a 1,3-isomer of benzenediol, with the molecular formula C6H6O2. It’s used in a variety of products from dermatologic medications to treat acne, eczema, and other skin disorders to flame retardants, adhesives, hair dyes, and cosmetics. It’s also used in tire manufacturing. In 2019, rubber products accounted for 50.7% of global consumption. This compound is used for fusing natural and synthetic rubber to steel, nylon, polyester, aramid, glass, and rayon fibers. Other end-uses in descending order of market size include ultraviolet stabilization, wood adhesives, flame retardants, and others.
Rising disposable income in many parts of the world is contributing to higher demand for passenger vehicles, which in turn is contributing to the demand for tires and the resorcinol used in manufacturing them. A study published in May 2021 by Global Industry Analysts Inc. predicts the global tire market will reach 2.9 billion units in 2027, up from 2.1 billion units in 2020. Increasing demand for electronics and electrical products is also contributing to growth in the resorcinol market. This chemical is used in flame retardants in these products. A third factor fueling growth is the increasing demand for light screening chemicals to protect plastics from ultraviolet rays.
The Asia-Pacific region had the highest market share by far in 2019 with about double the revenue of North America, the region with the second-highest share. Europe ranked third. By 2027, Asia-Pacific’s share of the market is expected to be more than triple that of North America, as demand in this region is expected to grow the fastest. Tires dominated the end-use for resorcinol in the Asia-Pacific region, especially in India, China, and Japan. In addition, the high demand for medications to treat skin ailments contributed to this high revenue share. Resorcinol is primarily used in adhesives for tires and wood products in North America. Growth in this region will come from the increasing demand for specialty adhesives in the military, aerospace, tooling, and automotive sectors. In Europe, demand is driven by the pharmaceutical companies that develop topical medications to treat skin disorders and infections. By country, China and the United States ranked first and second, respectively, in the consumption of resorcinol. In China, about 25% of resorcinol is used to make ultraviolet stabilizers. Sumitomo Chemical Advanced Technologies is the largest resorcinol producer in the world. Other major producers include Alfa Aesar, Dynea AS, Kraeber & Co. GmbH, Atul Ltd., Jiangsu Zhongdan Chemical Group Corp., Akrochem Corp., Euram Chemicals Ltd., and MilliporeSigma.
Sources: “Resorcinol Market Size to Reach USD 623.63 Million in 2028 from USD 500.0 Million in 2020, with Offline Leading Among the Distribution Channel Segments: Reports and Data,” CISION PR Newswire, August 26, 2021 available online here; “Resorcinol Market Size, Share and Industry Analysis by Production Method (Benzene Sulfonation, Meta-Diisopropylbenzene Preoxidation), by Distribution Channel (Online, Offline), by Application (Rubber Products, UV Stabilization, Wood Adhesives, Flame Retardants, Others) and Region, Segment Forecasts to 2028,” Reports and Data Report Description, April 2020 available online here; “PubChem Compound Summary for CID 5054, Resorcinol,” PubChem, National Center for Biotechnology Information available online here;
“Tires: Global Market Trajectory & Analytics,” StrategyR Highlights & Report Index, May 2021 available online here; “Resorcinol,” Sumitomo Chemical Advanced Technologies available online here. Image source: erikmi, “car-tire-black-stacked-automobile-2413943,” Pixabay, June 17, 2017 available online here.
Geographic reference: World Year: 2020 and 2027 Market size: $4.56 billion and $26.68 billion, respectively
As farmworker shortages continue to worsen,1 and the pressure to produce more food for a growing global population increases, more farmers are turning to automation to operate at or near full capacity with fewer workers. Today’s market size shows the total global revenues from agricultural robot sales in 2020 and projected for 2027.
Agricultural robots can help farmers harvest crops, control weeds, and sort and pack produce. Robots can also autonomously mow, prune, seed, and thin plants. Robotic sprayers can keep workers safe as they can be operated autonomously. In addition, because robotic sprayers can be precise, up to 90% less herbicide can be used on crops. Moreover, they can be used in dairy and livestock management, automatic milking robots and sheep shearing robots being two examples. Currently, harvesting robots are the most common robots in use.
North America constitutes the largest share of the global market. This is due to high labor costs, shortage of workers, early adoption of advanced technology in agriculture, greater technological advancements, and the location of many manufacturers in the region. According to the American Farm Bureau Federation, 56% of farms in the United States use agrotechnology, with more than half citing the labor shortage as their reason for doing so. Small and medium-sized farms have suffered the most due to the labor shortage, however, some may find it difficult to invest in agricultural robots due to the high initial cost and need for training. The Asia Pacific region is expected to experience the highest revenue growth through 2027 due to technological advancements and increasing government support. In the Republic of Korea, the Intelligent Robot Development and Supply Promotion Act stated that robots are an essential component of the fourth industrial revolution. Their Basic Plan for Intelligent Robots, published in 2019, calls for systematically selecting industries for governmental and private assistance to integrate robots into business practices. In Japan, robots are a key strategy in Prime Minister Shinzō Abe’s growth policies, increasing the countries research and development budget with the goal of making Japan the world’s leading robot innovation center. Leading global manufacturers of agricultural robots include AGCO, AgJunction, Autonomous Solutions Inc., Autonomous Tractor Corp., Boumatic, Clearpath Robots, Deepfield Robots, DeLaval, GEA Group, Deere & Company, DJI, Harvest Automation John Deere, and Lely among others.
1 Labor shortages plagued the farming sector even before the COVID-19 pandemic, but they were particularly acute during 2020 as countries shut their borders to foreign tourists and workers alike to try to contain the virus.
Sources: “Agriculture Robots Market Size, Share & Trends Analysis Report by Types (Parallel Driverless, Unmanned Aerial Vehicles, Milking Robots, Automated Harvesting Systems, Others), by Application (Harvest Management, Dairy and Livestock Management, Soil Management, Irrigation Management, Field Farming, Pruning Management, Inventory Management, Others), by Farm Outlook (Fruit And Vegetable, Field Crops, Livestock, Others) Based on Region, and Segment Forecasts, 2021 – 2027,” Brand Essence Research Report Description, July 2021 available online here; Lauren Rosenblatt, “Farm Labor Shortage Nothing New, Getting Worse, Farmers Say,” AP News, July 3, 2021 available online here; “(Infographic) The U.S. Farm Labor Shortage,” AgAmerica Lending, February 26, 2020 available online here; “Robotics in Agriculture: Types and Applications,” Automate, December 12, 2017 available online here; Donovan Alexander, “9 Robots That Are Invading the Agriculture Industry,” Interesting Engineering, November 13, 2018 available online here. Image source: user6702303, “smart-robotic-farmers-concept_17573650,” Freepik, June 15, 2021 available online here
Geographic reference: World Year: 2020 and 2030 Market size: $230.2 million and $381.8 million, respectively
BMX racing made its Olympic debut in 2008 in Beijing, China. BMX Freestyle debuted at the 2020 Tokyo Olympics in the summer of 2021. In some cases, this may have been the first time some people had ever heard of these sports; however, they have been around for decades. BMX stands for Bicycle Motorcross. BMX racing began in the late 1960s or early 1970s in Southern California. Kids would modify their bicycles to make them more sturdy and race around empty dirt lots, performing jumps as their favorite motorcycle motocross stars did on the professional track. By 1977, loosely organized races were popping up all over the United States and the American Bicycle Association was founded to provide a national sanctioning body. It’s currently the largest BMX sanctioning body in the world, sanctioning tracks in both the United States and Canada. At the same time BMX racing was becoming popular, so was BMX Freestyle as kids would look for interesting places to ride, preferably with obstacles so they could perform stunts. By 1976, concrete skate parks were being converted for use by BMX riders, and more and more were being built around the country specifically optimized for BMX riders. By the end of the 1970s, competitions and teams were being formed and sponsors, magazines, and television started to take notice. In 1982, the American Freestyle Association, the sport’s first governing body, was founded. It organized and oversaw several competitions until 1989 when it ceased operations.
The popularity of BMX sports waned by the end of the 1980s, but since 2012, the sport has been gaining participants. In 2012, 1.86 million people aged 6 and above participated in BMX bicycling in the United States. By 2020, there were 3.88 million participants. As the popularity of BMX bicycling rose in both eras, so did the market for bicycles that could handle the rugged tracks and wear and tear of stunt riding. Today’s market size shows the total worldwide revenues for BMX bicycles in 2020 and projected for 2030. To put this data in perspective, according to Grand View Research, the overall global bicycle market totaled $54.44 billion in 2020.
Slowing down growth in this market is the high cost of equipment — bike prices range from several hundred to several thousand dollars — and the lack of biking infrastructure in many locations. As with the overall bicycle market, the BMX market saw added sales during the coronavirus pandemic, as more and more people turned to bicycling for fitness, entertainment, and in some cases, for a socially distanced alternative to public transportation. However, much of the parts used to construct BMX bicycles are manufactured in China. Factory shutdowns led to supply chain disruptions. This continued as factories opened but at reduced capacity, leading to several month delays for pre-ordered goods. Partial shutdowns at leading ports due to the pandemic are continuing to contribute to shipment delays.
BMX bicycles are specifically designed for off-road racing and stunt riding. They are lighter in weight than other bicycles and optimized for sport riding. There are six categories of BMX bicycles. Race bikes, optimized for competition, have stiff frames and specific sizing, many made of carbon fiber. Dirt, park, and street bikes are optimized for the particular venue where they will be ridden. Skatepark-specific bikes, common for freestyle and recreational riders, have a wide variety of frame and wheel sizes. Retro bikes bring back the aesthetic of the BMX bikes of the 1980s with rugged frames and more rider room. The BikeLife1 style is newer and optimized for stunt riders who perform their stunts while doing wheelies in the street. BikeLife riders tend to prefer larger frames with larger wheels.
Most BMX bicycles sold have a 20-22 inch tube length and this is expected to continue to be the case through 2030, followed by 18-20 inches, less than 18 inches, and 22-inch and above. A majority of BMX bikes are bought by those who participate in BMX-related sports. Those that use these bikes for fitness comprise the second-largest group of buyers. Leading BMX bike manufacturers include Cult Crew, Elite BMX, Fit Bike Co., Haro Bikes, Kink, MafiaBikes, Pacific Cycles, Stolen BMX, GT Bicycles, and Redline Bicycles.
1The Cycle Squad Maniaccs invented BikeLife in Harlem, NY in 2011. Source: Riley Missel, “#BikeLife: The Revolution That’s Taking Back the Streets,” Bicycling, October 28, 2018 available online here.
Sources: “BMX Bikes Market by Top Tube Length (Less than 18 Inch, 18-20 Inch, 20-22 Inch, and 22 Inch & Above), Application (Sports, Fitness, and Others) and Distribution Channel (Online and Offline): Global Opportunity Analysis and Industry Forecast, 2021–2030,” Allied Market Research Report Overview, July 2021 available online here; “History,” USA BMX/BMX Canada, The American Bicycle Association, available online here; “BMX at the Olympics,” Union Cycliste Internationale, 2019 available online here; “Cycling BMX Freestyle,” The Tokyo Organizing Committee of the Olympic and Paralympic Games, 2020 available online here; “Extreme Sport of BMX Freestyle,” Bicycle History available online here; “Participants in BMX Bicycling in the U.S. from 2011 to 2020,” Statistia, February 2021 available online here; “American Bicycle Association,” Wikipedia, August 7, 2021 available online here; “American Freestyle Association,” Wikipedia, May 31, 2021 available online here; Ryan Fudger, “How the Coronavirus is Affecting the BMX Industry,” OurBMX, March 17, 2020 available online here; Jack Baruth, “The Best BMX Bikes for Every Rider — and Every Category,” Bicycling, April 26, 2021 available online here; Riley Missel, “#BikeLife: The Revolution That’s Taking Back the Streets,” Bicycling, October 28, 2018 available online here; Hanna Zlady, “The Shipping Crisis is Getting Worse. Here’s What It Means for Holiday Shopping,” CNN, August 23, 2021 available online here; “Bicycle Market Size, Share & Trends Analysis Report by Product (Mountain, Hybrid, Road), by Technology (Electric, Conventional), by End User (Men, Women, Kids), by Region, and Segment Forecasts, 2021 – 2028,” Grand View Research Report Summary, April 2021 available online here. Image source: jhagen, “bmx-shadow-bicycle-jump-freestyle-1206367,” Pixabay, February 19, 2016 available online here.
Geographic reference: World Year: 2020, 2021, and 2025 Market size: $50.75 billion, $52.27 billion, and $67.5 billion, respectively
Today’s market size shows total global revenues for military helicopters in 2020, estimated for 2021, and projected for 2025.1 Helicopters were first conceived by Leonardo da Vinci in 1486 but Igor Sikorsky invented the first practical and working helicopter. The first tethered flight took place on September 14, 1939, in Stratford, Connecticut. The first free flight happened on May 13, 1940.2
Nearly 4 years later, on April 25, 1944, the first U.S. helicopter flew in combat. The YB-R4, a modification of Sikorsky’s R-4, was used to rescue 4 men who crash-landed behind enemy lines in Burma. During the Korean War, helicopters were used for observation and for evacuating wounded soldiers from the front lines. During the Vietnam War, all branches of the military used helicopters. They were used for the movement of troops and supplies, medical evacuations, scouting, and providing air support for troops on the ground. Helicopters proved invaluable for moving troops and supplies quickly as Vietnam had no developed network of roads and the jungles and mountains were difficult to access. The “Huey”, the Army’s UH-1 “Iroquois”, is one of the most recognized images of the war, logging more than 10 million flight hours in Vietnam. Nearly 5,000 U.S. helicopter pilots and crewmembers died conducting aerial operations in Southeast Asia during the war. On April 18, 2018, the Vietnam Helicopter and Crewmember Monument was dedicated at Arlington National Cemetery.
Currently, there are 7 types of helicopters used by the military. Attack helicopters can reach high speeds and are heavily armed with autocannons, machine guns, rockets, and missiles. They are specifically designed for firing on enemy troops and vehicles. Search and rescue helicopters are durable and agile and contain sophisticated avionics and radar systems to navigate all types of terrain and weather conditions. They are also equipped with self-defense systems such as infrared jammers and laser detection systems. Some also have warfare armaments. Transport helicopters are designed to carry a large number of troops, light vehicles, and cargo near the battlefield. These helicopters are also designed to be quick. In the U.S. the most recognizable transport helicopter is the Boeing CH-47 Chinook, which can travel at a maximum speed of nearly 200 mph. Observation helicopters are used for intelligence gathering and reconnaissance. They have high-tech sensors and communications equipment, infrared cameras, low-light-level televisions, and multifunctional laser systems for range-finding or targeting. With the intelligence gained, the crew can call in or direct airstrikes and guide anti-tank missiles or laser-guided bombs fired from other aircraft. Utility helicopters perform a variety of tasks that all the previously mentioned specialized helicopters can perform from conducting ground attacks to air assault, reconnaissance, troop and equipment transport, and medical evacuations. The Sikorsky UH-60 Black Hawk and the Huey are examples of utility helicopters. Maritime helicopters are newer. They were developed to support naval missions including search and rescue, surveillance, and anti-submarine warfare. Multi-role helicopters are used by several branches of the military for a variety of missions. They’re used for rescue, medical evacuation, and recovery missions in inhospitable environments. The Boeing AH-64 Apache is an example of a multi-role helicopter. The U.S. Army uses it for precision strike and armed reconnaissance missions in all weather conditions.
In 2020, heavy-lift military helicopters, those weighing over 50,000 pounds maximum gross weight,3 held the highest share of the market at 39.1%. Light military helicopters, those weighing less than 12,000 pounds maximum gross weight, are expected to be the fastest-growing segment with anticipated annual sales growth of $3.98 billion through 2025. Sales of assault/attack helicopters are expected to rise by $2.68 billion by 2025.
The Asia-Pacific region held the highest revenue share, 30.8%, in 2020. North America ranked second. The regions with the fastest revenue growth through 2025 are expected to be Eastern Europe, with a compound annual growth rate of 7.4%, followed by the Asia-Pacific region (+6.1%), Western Europe (+5.17%), and the Middle East (+4.7%). In the United States, annual sales are expected to increase by almost $2.1 billion by 2025.
The global military helicopter market is concentrated with the top 10 companies accounting for 72.15% of the market in 2020. These include The Boeing Co. with a 14.76% share, followed by Airbus (12.45%), Russian Helicopters (10.13%), Lockheed Martin (8.99%), Leonardo SpA (6.20%), China Aerospace Science and Industry Corp. (5.34%), Textron Inc. (4.35%), Raytheon Technologies (4.12%), BAE Systems (3.94%), and Hindustan Aeronautics Ltd. (1.88%).
1 The report from which these numbers were taken was published before the United States ended its military operations in Afghanistan. It remains to be seen how this will affect the projections for 2025. 2 His first practical helicopter, the VS-300A, is currently on exhibit at The Henry Ford in Dearborn, Michigan. 3 In the U.S. Army, the term “heavy-lift” is reserved for helicopters that are greater than 80,000 pounds maximum gross weight.
Sources: “Military Helicopters Market Size, Share 2021 and Forecasts by TBRC,” Intrado Globenewswire, August 31, 2021 available online here; “Military Helicopters Global Market Report 2021: COVID 19 Impact and Recovery to 2030,” The Business Research Company, Report Description, January 2021 available online here; “World’s First Helicopter — Today in History: September 14,” ConnecticutHistory.org, September 14, 2018 available online here; “History of Helicopters,” available online here; “First Combat Helicopter,” History available online here; Otto Kreisher, “Rise of the Helicopter During the Korean War,” HistoryNet, January 16, 2011 available online here; “Featured Topics: Helicopters,” Vietnam Veterans Memorial Fund available online here; “World Wide Helicopters,” GlobalSecurity.org, September 20, 2013 available online here; “1939 Sikorsky VS-300A Helicopter,” The Henry Ford available online here; Talal Husseini, “Advanced Military Helicopters: How Function Dictates Capability,” Airforce Technology, April 17, 2019 available online here; “The 7 Types of Military Helicopters (with Examples),” AeroCorner, July 31, 2019 available online here. Image source: TheOtherKev, “chinook-helicopter-6196472,” Pixabay, April 26, 2021 available online here.
Geographic reference: World Year: 2020 and 2028 Market size: $7.08 million and $1.03 billion, respectively
3D printers have come a long way since they were invented by Charles W. Hull in the mid-1980s. 3D printing, also known as additive manufacturing, involves laying down material, layer by layer, to form three-dimensional objects. The instructions to do this come from digital files created using computer-aided design or computer-aided manufacturing software. The files can also be created using a 3D scanner. While much of 3D printing is used to create product models and prototypes, final products are also being made, from toys to auto parts to prosthetic devices. And, more recently, houses and other infrastructure. In January 2021, the first neighborhood of 3D printed houses was being built in California. In April 2021, a couple in the Netherlands became Europe’s first tenants of a fully 3D printed house. Venice is home to the first 3D printed concrete footbridge and Amsterdam is home to the first 3D printed steel footbridge.
The advantages of 3D printing in the building sector include high accuracy, increased efficiency, reduced labor cost, and greater speed in construction. Some houses can be built in two or three weeks at a 40% lower cost. 3D printing also allows builders to construct complex building structures that would be difficult or impossible the traditional way. In addition, 3D printing construction is more eco-friendly than traditional building methods. According to the World Green Building Council, the building and construction sector produces 39% of all carbon emissions. However, 3D printing methods can prevent up to 2,000 kg of carbon dioxide from entering the atmosphere per house built. It also produces up to 10 times fewer waste products than traditional building methods.1 Major disadvantages hindering adoption of this technology on a wider scale are the high cost of investment in both equipment and materials,2 lack of skilled labor, limitation of the machinery, and concerns about the intellectual property rights of the structural designs.
Two of the most used methods of 3D printing construction are extrusion and powder bonding. Extrusion accounted for a greater than 61% revenue share in 2020. This method is mostly used for on-site construction. It uses traditional construction materials such as geopolymers, concrete, cement, clay, and plaster. Powder bonding is expected to see significant growth through 2028 as demand for faster, simpler, and more accurate methods for creating complex formwork increases.
Concrete had the highest revenue share in 2020, 32%. 3D concrete printing is used as an alternative to traditional concrete construction to reduce cost, labor, and time. Metal is expected to experience substantial growth through 2028. Metal 3D printing is used primarily for designing facade nodes and other connectors. It’s also used for bridge construction.
The construction of commercial, residential, and industrial buildings accounted for more than 73% of revenue in 2020; the other 27% was from infrastructure. The Asia-Pacific region held a 38% revenue share in 2020, the highest in the world. Major companies in this market include COBOD International A/S, Yingchuang Building Technique Co. Ltd., XtreeE, Apis Cor, WASP S.r.l., CyBe Construction, Sika AG, MX3D, Contour Crafting Corp., ICON Technology Inc., and Constructions -3D. Some developers and construction companies are partnering with 3D printing companies to strengthen their market share and increase their offerings. For example, 3Strands, a Kansas City developer, partnered with ICON to build 2- and 3-bedroom homes in Texas. Other companies are focusing on innovative product offerings to attract clients. Yingchuang Building Technique built the first 3D printed bus stop in Jinshan Garden, China. It was made using recycled waste material.
The 3D printing construction sector is a minuscule part of the overall $11.5 trillion global construction market and is expected to still be a tiny part of the overall market in the future, despite anticipated growth of more than 14,500% from 2020 to 2028. But, as the demand for green affordable housing and environmentally-friendly business practices grows and the supply of construction workers shrinks, 3D printing construction may take up an increasingly larger share of the overall construction market.
1 According to Mighty Buildings, a builder of modern 3D printed prefabricated buildings. 2 Industrial scale 3D printers used in construction, some measuring 20 feet high, 140 feet wide, and 120 feet long, cost more than half a million dollars. Materials used for these printers cost considerably more than traditional building materials.
Sources: “3D Printing Construction Market Size, Share & Trends Analysis Report by Construction Method (Extrusion, Powder Bonding), by Material Type, by End User (Building, Infrastructure), by Region, and Segment Forecasts, 2021 – 2028,” Grand View Research Report Overview, July 2021 available online here; “3D Printing Construction Market Size Worth $1,034,096.7 Thousand by 2028: Grand View Research, Inc.,” CISION PR Newswire, July 22, 2021 available online here; “Global Construction Market Expected to Reach $16.6 Trillion by 2025, Growing at a CAGR of 7% – ResearchAndMarkets.com,” Business Wire, March 9, 2021 available online here; Rosie Frost, “These 3D Printed Net-Zero Buildings Could Be the ‘Future of Housing’,” euronews.green, April 1, 2021 available online here; Sam Lubell, “3D-Printing Is Speeding Up the Automation of Construction,” Metropolis, February 15, 2021 available online here; Matt Hickman, “World’s First 3D-printed Steel Bridge Debuts in Amsterdam’s Red Light District,” The Architect’s Newspaper, July 21, 2021 available online here; Tony Hoffman, “3D Printing: What You Need to Know,” PC Mag, July 1, 2020 available online here; Daniel Boffey, “Dutch Couple Become Europe’s First Inhabitants of a 3D-printed House,” The Guardian, April 30, 2021 available online here. Image source: Mebner1, “printer-3d-pressure-3d-printing-1455166,” Pixabay, June 15, 2016 available online here.
Geographic reference: Japan Year: 2018 and 2019 Market size: $5.5 billion (¥600 billion) and $5.7 billion (¥623 billion), respectively
With lockdowns and travel bans in place during the COVID-19 pandemic and more people working from home, the cosmetics industry took a financial hit. As fewer people ventured outdoors, fewer people were using makeup to enhance their appearance. Skincare products, hair care products, sunscreens, and perfumes also suffered lower sales during this time. However, one segment saw sales increase: men’s cosmetics. As the market size above shows, men’s cosmetic sales had been increasing before the pandemic. Long before that, sales for men’s cosmetics grew 70% from the mid-1980s reaching $2 billion in the early 2000s. Young men in their teens and 20s are the primary customers. Social media plays a part. Increasingly men are uploading male care-related videos online and posting photos to social networking services. From 2017 to 2019, face-care product sales grew by nearly ¥6 billion. In a survey for men aged 20 to 50 who have never used makeup, conducted by the cosmetics company Shiseido, nearly 87% of respondents said that they would like to use it. During the pandemic, the market for men’s cosmetics expanded. More and more businessmen in their 40s, 50s, and 60s have been buying cosmetics to improve their appearance in online meetings. While younger men, in general, want makeup to transform the way they look (in some cases creating a more gender-neutral style), older men are looking for “natural makeup” focusing on concealer sticks and foundation. In addition to Shiseido, some other large companies that have introduced men’s lines of cosmetics in Japan include Acro Inc., Estée Lauder, Jean-Paul Gaultier, and Clarins. To meet the demand for men’s cosmetics across the board, some cosmetics stores are opening men’s only sections and more and more beauty salons are catering solely to men.
Sources: Chisato Tanaka, “Japanese Businessmen Brighten Makeup Industry,” The Denver Post, June 20, 2021, p. 8K; “Japanese Businessmen Boost Makeup Industry as Online Meetings Soar in Pandemic,” CNBC, April 20, 2021 available online here; Winnie Xiu and Rose Hong, “Three Trends in Japan’s Cosmetic Sector Amid COVID-19,” ChemLinked, June 3, 2021 available online here; “Male Beauty and Cosmetics for Men in Japan,” Facts and Details, July 2012 available online here; “Japan Has Created a ‘Make-up Boy’ Era with Cosmetics for Men,” Mono Marketplace Business Hub, February 17, 2020 available online here. Original sources: The Associated Press; Fuji Keizai Group Image source: NomeVisualizzato, “cosmetics-tone-concealer-palette-4442046,” Pixabay, September 1, 2019 available online here.
Geographic reference: World Year: 2020 and 2028 Market size: $10.37 billion and $14.47 billion, respectively
When one thinks of cow milk alternatives, what comes to mind might be soy milk, almond milk, or the recently popular oat milk. But, this post is about a different type of alternative: goat milk. Today’s market size shows total global goat milk product revenues for 2020 and projected for 2028.
In terms of nutrition, cow milk and goat milk are nearly identical. Goat milk has more calories, protein, and fat but has fewer milligrams of cholesterol. It also has more calcium, potassium, and vitamin A. However, cow milk has more vitamin B12, selenium, and folic acid. Goat milk may be easier to digest for some people. The fat molecules are smaller, making them easier for the body to process. Also, goat milk has less lactose than cow milk. The growing popularity of this product is driven by its lower cholesterol and lactose.
In 2019, the last year for which data are available, global production of whole fresh goat milk totaled 19.9 million tons, down 2.2% from 2018, but up slightly from 2016. By region, Asia produced the most by far, 11.7 million tons, followed by Africa (4.4 million) and Europe (3.1 million). Oceania produced the least, 39 tons, followed by North America at 25,706 tons. However, North America garnered a 26.2% share of global revenues for goat milk products in 2020, the U.S. accounting for most of that. The Asia-Pacific region had a 29.8% share. There are several well-established and small goat milk producers worldwide, but the market is dominated by various international companies including Emmi Group, Kavli, Ausnutria Dairy Corp. Ltd., Granarolo Group, Dairy Goat Co-operation, Gay Lea Foods Co-operative Ltd., Hay Dairies Pte Ltd., Cherry Glen Goat Cheese Co., Goat Partners International Inc., and Summerhill Goat Dairy.
By product, milk had a 41.3% revenue share in 2020 followed by cheese and milk powder. The cheese segment is expected to grow at the highest compound annual growth rate (CAGR) through 2028. Most goat milk products are bought at supermarkets and hypermarkets. Consumers tend to feel more comfortable choosing fresh groceries, especially fresh dairy products, in person. However, online sales ranked second ahead of convenience stores. This segment benefited from the overall surge in online grocery sales during the COVID-19 pandemic and is projected to have the highest CAGR through 2028.
Sources: “Goat Milk Market Size, Share & Trends Analysis Report by Product (Milk, Milk Powder, Cheese), by Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online), by Region, and Segment Forecasts, 2021 – 2028,” Million In$ights Report Summary, April 2021 available online here; “Goat Milk Market Size Worth $14.47 Billion By 2028 | CAGR: 4.3%: Million Insights,” CISION PR Newswire, April 28, 2021 available online here; Katherine Gillen, “Goat Milk vs. Cow Milk: Is One Actually Healthier Than the Other?” PureWow Blog, August 19, 2019 available online here; “Livestock Primary,” FAOSTAT, Food and Agriculture Organization of the United Nations available online here. Image source: Rita E, “goat-pet-farm-horns-livestock-3613728,” Pixabay, August 18, 2018 available online here. The picture is used for illustration purposes only. The goat in the picture is not necessarily a dairy goat.
High purity alumina is used in the production of synthetic sapphire which is used in the manufacture of substrates for LED lights.
Geographic reference: World Year: 2018, 2020, and 2025 Market size: $1.83 billion, $1.8 billion, and $6.68 billion, respectively
Today’s market size shows the total global revenues for high purity alumina (HPA) in 2018, 2020, and projected for 2025.1 HPA is a high purity form of aluminum oxide (Al2O3). It is an essential ingredient in the production of synthetic sapphire. Synthetic sapphire is used in the manufacture of substrates for LED lights, semiconductor wafers, and scratch-resistant sapphire glass for wristwatch faces, optical windows, and smartphones. HPA is also used to manufacture bio-medical devices such as pacemakers, intraocular cataract lenses, vascular grafts, orthopedic pins, and surgical tools. As a coating, it is used on the separator sheets in lithium-ion batteries.
In 2018, global demand reached 19,000 tons per annum (TPA). By some estimates, demand will reach 272,000 TPA in 2028. Growth in the HPA market will primarily be driven by demand for LED lighting and electric vehicles. In 2018, LED lighting garnered about half of the HPA market. Growth will come from government incentives for the installation of energy-efficient lighting, declining prices, consumer demand for environmentally-friendly lighting alternatives, and the increased usage of LED lighting in automotive manufacturing. In 2020, electric vehicles accounted for 4.2% of light vehicle sales worldwide, almost double the percentage in 2019. Thirteen countries saw electric vehicle sales of greater than 10% of all passenger cars sold. Thanks to tax exemptions, toll exemptions, and other incentives nearly 75% of all passenger car sales in Norway in 2020 were for electric vehicles. By unit sales, China led with 1.3 million plug-in electric vehicles sold in 2020, a 15% jump from the year before. Some countries such as Germany, France, and the United Kingdom had triple-digit sales growth over this time. With battery costs dropping 90% over the last 10 years, more than 600 electric vehicle models launching by 2025, and governments worldwide mandating transitions to clean fleets by 2030 or 2050, the World Economic Forum predicts that by 2040, half of all new vehicles sold will be electric.
HPA comes in three grades. 4N is 99.99% pure. It’s commonly used in LEDs, energy storage capacitors, lithium-ion batteries, and decorative and bright finishes. In 2018, this grade of HPA constituted about 64% of sales.2 5N is 99.999% pure and is used in liquid crystal displays and in thin-film applications in the semiconductor industry. Because of its scratch resistance, chemical stability, and extreme hardness, it, along with 4N, is used in synthetic sapphire production. 6N is 99.9999% pure and is the most expensive grade of HPA. It’s used in semiconductors, solid-state lasers, sensors, abrasives, alumina ceramics, and separator membranes. 6N is expected to see significant growth as demand increases from the aerospace and defense, automotive, health care, and electronics industries.
By region, the Asia-Pacific region had a 67.3% revenue share in 2018, with China, Japan, and Australia being the major markets. All have been expanding manufacturing capacity to meet the demand for LEDs, lithium-ion batteries, and smartphones at home and elsewhere. Europe and North America are each expected to experience a greater than 14% compound annual growth rate through 2025 as demand for lithium-ion batteries in Europe and LEDs in both regions grows significantly. There are a small number of major producers operating globally. These include Sumitomo Chemical Co. Ltd., Sasol Ltd., Baikowski SAS, Hebei Heng Bo New Material Technology Co. Ltd., Nippon Light Metal Co. Ltd., Altech Chemicals Ltd., and Polar Sapphire Ltd.
1 Some sources predict much lower future revenues, in the $4.5 billion to $4.8 billion range for 2026-2027. The 2025 projection is from Grand View Research. 2 Source: “High Purity Alumina Market,” Transparency Market Research Report Preview, April 26, 2018 available online here.
Sources: “High Purity Alumina Market Size, Share & Trend Analysis Report by Product (4N, 5N, 6N), by Application (LED, Semiconductor, Lithium-Ion Battery, Sapphire), by Region and Segment Forecasts, 2019 – 2025,” Grand View Research Report Summary, November 2019 available online here; “High Purity Alumina Market Size Worth $6.68 Billion by
2025: Grand View Research, Inc.,” CISION PR Newswire, February 20, 2020 available online here; Kiran Pulidindi and Akshay Prakash, “High Purity Alumina (HPA) Market Size, by Technology (Hydrolysis, HCl Leaching), by Product (4N, 5N, 6N), by Application (LEDs, Semiconductors, Phosphor, Sapphire), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027,” Global Market Insights, February 2021 available online here; “High Purity Alumina Market,” Transparency Market Research Report Preview, April 26, 2018 available online here; Felix Richter, “Chart: Which Countries Have the Most Electric Cars?” World Economic Forum, February 19, 2021 available online here; Jonathan Eckart and Frank Muehlon, “Here’s How Electric Vehicles Can Keep Us on the Road to Paris,” World Economic Forum, September 11, 2020 available online here; Felix Richter, “Who Leads the Charge Towards Electric Mobility?” Statista, February 16, 2021 available online here; “High Purity Alumina (HPA),” Altech Chemicals Ltd. available online here; “Global High Purity Alumina Market (2020 to 2026) – by Type, Technology and Application – ResearchAndMarkets.com,” BusinessWire, October 15, 2020 available online here. Image source: Federico Bottos, “Idea,” Unsplash, July 19, 2018 available online here.
The rise in e-commerce has fueled the increasing demand for dropshipping.
Geographic reference: World Year: 2018 and 2025 Market size: $102.2 billion and $557.9 billion, respectively
Today’s market size shows total global revenues for dropshipping services in 2018 and projected for 2025. Dropshipping is a retail fulfillment service; however, the retailer does not keep a stock of inventory. The retailer transfers the customer order to the manufacturer or wholesaler who then ships the items to the customer directly on behalf of the retailer. The retailer charges the customer for the items and the manufacturer or wholesaler charges the retailer for the items. As with any retail transaction, each party marks up the price of the item to make a profit.
The growth in dropshipping services is fueled by the growth in online shopping. From 2016 to 2020, worldwide e-commerce sales grew from $1.8 trillion to $4.3 trillion. The proliferation of smartphones has pushed mobile commerce sales from $0.97 trillion to $2.91 trillion over this same time period, with a 22.3% jump in sales predicted for 2021.
Dropshipping has many advantages for aspiring entrepreneurs: the ability to test different business ideas and learn how to choose and market products, less capital investment, low overhead, flexible location, and easier scaling of the business. But, dropshipping also has many drawbacks. Because a retailer will have competing stores selling similar or identical products at low prices, profit margins most of the time will be low. Inventory issues may also arise as inventory can change daily and be out of the retailer’s control if it deals with a supplier or multiple suppliers that are also working with other clients. If a retailer does work with multiple suppliers, calculating shipping prices on orders can be complex. And, if something goes wrong with the fulfillment of an order, the retailer may have to take the blame, apologize, and refund the customer’s money even if the problem lies solely with the supplier. As a consequence, a retailer’s business reputation may be damaged through no fault of its own. After weighing the pros and cons, 27% of online retailers have decided to use dropshipping as of 2021.
By product, electronics garnered the largest revenue share in 2018. The food and personal care segment is projected to grow at a 30% compound annual growth rate through 2025 as consumers increasingly buy skincare products, perfumes, cosmetics, and personal care products online. The fashion segment is also projected to have significant growth over this time period. The popularity of branded products and the ability to shop for several brands on a single platform will drive growth in this area. In addition, the luxury furniture segment is expected to experience considerable growth through 2025.
The Asia-Pacific region claimed a 25% revenue share in 2018. An increasing number of e-commerce companies in the region is driving demand for dropshipping services. A rise in the number of e-commerce startups in India, for example, will fuel demand for dropshipping services as these services allow startups, especially those with limited resources, to focus on marketing to compete better with larger, more established retailers. North America is expected to experience considerable growth through 2025 as mobile commerce and voice-enabled virtual assistant purchases become more common. Easy ordering and returning will also spur e-commerce sales which will, in turn, create demand for dropshipping.
The dropshipping market contains many small and medium-sized firms, with a few large global companies. These include AliDropship, Doba Inc., SaleHoo Group Ltd., and Oberlo. In 2017, Shopify Inc., an e-commerce platform, acquired Oberlo to improve its market share. Several other major e-commerce companies have expanded their services to offer dropshipping to manufacturers and wholesalers.
Sources: “Dropshipping Market Size, Share & Trends Analysis Report by Product (Toys, Hobby & DIY, Furniture & Appliances, Food & Personal Care, Electronics & Media, Fashion), by Region, and Segment Forecasts, 2019 – 2025,” Grand View Research Report Summary, December 2019 available online here; “Dropshipping Market Size Worth $557.9 Billion by 2025 |
CAGR: 28.8%: Grand View Research, Inc.,” CISION PR Newswire, January 20, 2020 available online here; “Mobile Commerce Sales in 2021,” Oberlo available online here; Tugba Sabanoglu, “Retail E-commerce Sales Worldwide from 2014 to 2024,” Statista, March 26, 2021 available online here; Corey Ferreira, “What is Dropshipping?” Shopify Blog, January 1, 2021 available online here; Olusola David, “20+ Dropshipping Statistics & Facts 2021 [Full Analysis Report],” Torchbankz, January 4, 2021 available online here. Image source: rupixen, “payment-online-payment-card-payment-4334491,” Pixabay, July 13, 2019 available online here.
Geographic reference: United States Year: The year ended March 2021 Market size: $62 million
When one thinks of citrus fruit, oranges, grapefruit, or lemons may come to mind. Today’s market size shows the total U.S. sales of one type of orange, the Sumo Citrus, for the year ended March 2021. Sumo Citrus sales accounted for nearly 3% of the $2.1 billion citrus fruit market that year. Since March 2018, sales have grown 35% per year.
Sumo Citrus, the brand name in the United States, is a fairly new variety of mandarin orange.1 This fruit was first introduced in Japan in the 1970s and by the 1990s had become a popular, beloved fruit there. It’s a hybrid of navel oranges, pomelos, and mandarin oranges. After the U.S. government banned the seedlings for many years for fear they would spread plant viruses, Suntreat (now AC Brands) was finally given permission to grow the fruit about 20 years ago. The fruit was first sold in the United States in 2011.
Sumo Citrus’s popularity has grown since then, despite its high price. Sumo Citrus can cost 4 times as much as navel oranges. As a premium product that’s only in the season from January through April each year, the price may be seen as justified. In the United States, this fruit is only grown in the San Joaquin Valley in California. Sumo Citrus is difficult to grow. The skin is delicate, prone to sun damage. A clay-like substance is put over each fruit to protect it. Trees are hand-pruned. The fruit is hand-picked and hand-packed into each crate to make sure they don’t bruise. The trailers that transport the fruit to retailers are designed to provide a smooth ride to minimize damage in transit.
Why has this fruit become so popular? Perhaps it’s a combination of sweet taste, convenience (seedless, easily peeled), and marketing. While the short growing season can be seen as a disadvantage, AC Brands has turned it into a way to hype the fruit, encouraging consumers to buy the fruit while they can. Paid partnerships with social media influencers, ads in magazines, billboards in key markets, and prominent displays in supermarkets are other marketing strategies employed to influence consumers’ citrus buying habits.
1 The brand name was derived from the way the fruit looks. It’s a large fruit with a top knot, something like a sumo wrestler wears in the ring. In the United States, the brand name is synonymous with the name of the fruit itself.
Sources: Danielle Wiener-Bronner, “This Little-known Japanese Fruit Now Has a Cult Following,” CNN Business, March 31, 2021 available online here; “FAQs,” Sumo Citrus available online here; “The Farms,” Sumo Citrus available online here. Image source: Haruo, “File:Sumo (dekopon) supermarket display in Seattle.jpg,” Wikimedia Commons, February 25, 2016 available online here, CC BY-SA 4.0
The increase in demand for cargo shipping through 2027 is expected to lead to a 45.4% compound annual growth rate for LNG bunkering over this time period.
Geographic reference: World Year: 2019 and 2027 Market size: $0.38 billion and $5.14 billion, respectively
Today’s market size shows the total global revenues from LNG (liquefied natural gas) bunkering in 2019 and projected for 2027. LNG bunkering is the process of fueling a ship with liquefied natural gas. On January 1, 2020, new International Maritime Organization regulations concerning sulfur dioxide emissions went into effect. The new rule limits sulfur in fuel oil used in marine vessels (bunker fuel) to 0.50% mass by mass (m/m), much lower than the previous 3.5% limit.1 Sulfur dioxides are linked to asthma, and pulmonary, cardiovascular, and respiratory diseases. Sulfur dioxides also cause acid rain. Traditional bunker fuel contains 27,000 parts per million (ppm) of sulfur compared to 10-15 ppm in vehicle fuel. Heavy fuel oil accounts for 14% of sulfur emissions. The use of liquefied natural gas, on the other hand, reduces sulfur dioxide emissions by 100%. In addition, carbon dioxide emissions are reduced by 25% and nitrogen oxide emissions are reduced by 90%. In 2020, fewer than 400 out of more than 80,000 registered ships globally ran on liquefied natural gas.2 This number is expected to grow to 1,000 by 2030. About 13% of the new build order book is for LNG-fuelled ships.
Ship-to-ship bunkering held 60.5% of the market in 2019 and is expected to maintain the highest share through 2027 due to the increasing number of LNG-fuelled ships, a fuel ship’s high capacity, and the fast transfer rate of fueling operations. The increase in demand for cargo shipping is expected to lead to a 45.4% compound annual growth rate in the cargo fleet segment through 2027. This segment also held the highest share of the market in 2019. By region, Europe had the highest revenue share in 2019 and is expected to maintain its lead through 2027 due to a broad customer base and a rise in shipping activity. In addition, this region is increasing its investment in LNG bunkering infrastructure. Some leading global LNG bunkering companies include Broadview Energy Solutions B.V., Crowley Maritime Corp., Gasum Oy, Harvey Gulf International Marine, Klaw LNG, Korea Gas Corp., Polskie LNG S.A., Royal Dutch Shell PLC, Petronas, and Exxon Mobile Corp. among others.
1 Certain parts of the world—the Baltic Sea area, the North Sea area, the North American area, and the United States Caribbean Sea area—have limits of 0.10% m/m. 2 Those that did not invest in LNG-fuelled ships took other steps to comply with the new environmental regulations. Some shipowners fitted their ships with exhaust-gas cleaning systems that prevent sulfur from being released into the atmosphere. Others started using very low-sulfur fuel oil (VLSFO) to meet the higher standards. By the end of 2020, 70% of major ships were using VLSFO. In some parts of the world, prices for such fuel were double that of heavy fuel oil and there were shortages at some ports. In addition, some shipping companies were reporting engine failures after switching to this new fuel blend.
Sources: “LNG Bunkering Market Size to Reach USD 5.14 Billion by 2027 at a CAGR 45.2% | Valuates Reports,” CISION PR Newswire, April 1, 2021 available online here; “LNG Bunkering Market by End-User (Container Fleet, Tanker Fleet, Cargo Fleet, Ferries, Inland Vessels and Others) – Global Opportunity Analysis and Industry Forecast, 2017-2023,” Valuates Reports Description, November 2019 available online here; “Bunker (Fuel),” Science Direct, 2019 available online here; Jack Wittels, “Shipping’s Big Bang Sends Two Global Industries Spinning,” Transport Topics, January 14, 2020 available online here; “IMO 2020 – Cutting Sulphur Oxide Emissions,” International Maritime Organization available online here; Peter Keller, “The Outlook for LNG as a Marine Fuel,” The Maritime Executive, February 20, 2021 available online here; “LNG: An Energy of the Future,” Elengy available online here; Jessica Jaganathan, “LNG-fuelled Tankers to More Than Double by 2030 – Petronas Exec,” Reuters, September 15, 2020 available online here; Nishan Degnarain, “Shipping-Gate: Why Toxic VLSFO ‘Frankenstein Fuel’ Is Such A Danger For The Planet,” Forbes, December 21, 2020 available online here.
Image source: John Simmons, “Melbourne Shipping,” Unsplash, April 9, 2021 available online here. Photo is used for illustration purposes. This particular vessel may not be LNG-fuelled.
Geographic reference: World Year: 2019 and 2027 Market size: $1.06 billion and $1.60 billion
July 19th is National Daiquiri Day in the United States. A daiquiri is a cocktail made with rum, sugar, and lime although other ingredients can be added for a more fanciful drink. Strawberries can be added, for example, to make a strawberry daiquiri. The daiquiri was invented by Jennings Cox, an engineer who supervised a mine in the village of Daiquiri, Cuba in 1898. After work, Cox and his colleagues would go out to the local bar to socialize. One day he mixed Bacardi rum, sugar, and lime into a glass filled with ice. The drink was named after the Daiquiri mines and eventually became a popular drink in Havana.
This post focuses on one of the ingredients in this cocktail: rum. Craft rum to be more specific. Today’s market size shows total global revenues for craft rum in 2019 and projected for 2027. Revenues for craft rum accounted for 6.93% of the $15.3 billion craft spirits market in 2019. Many craft rum producers manufacture their product on a small scale using a hands-on process to distill their product in such a way as to control for taste and quality. By managing the fermentation process and distillation speed, the distiller can control the product’s flavor. A rising interest in craft rum and craft spirits in general, especially among millennials; an increasing number of product launches; and product promotions on social media and in magazines are all expected to contribute to growth over this time period.
Bars, pubs, and restaurants are the major distribution channels for craft rum, representing more than 60% of the market in 2019.1 Craft spirit producers tend to sell to high-end bars and restaurants before selling their products in supermarkets and other retail establishments. Having a wide variety of rum and other spirits boosts the appeal of some bars, pubs, and restaurants and in turn, boosts demand for craft rum and other spirits. The popularity of cocktails, especially high-end cocktails, has also boosted sales. According to the CGA Mixed Drinks Report 2019, cocktail drinkers frequent bars, pubs, and restaurants 25% more than non-cocktail drinkers. The growing availability of craft rum at supermarkets, liquor stores, and other retail venues, including online, is expected to lead to the fastest revenue growth in this segment through 2027.
Europe held the highest share of the market in 2019, with the United Kingdom, Germany, and France being the largest consumers. The Asia-Pacific region, currently the second-largest market in the world, is expected to see the highest compound annual growth rate through 2027 due to rapid urbanization, increasing disposable income, and a growing bar, pub, and cocktail culture.
Because of the presence of many local and regional distillers, and few international ones, the craft rum industry is fragmented. In Europe, popular brands include Merser & Co., Drum & Black, Copalli, Burning Barn, Equiano, and Dark Matter. In North America, the third-largest market worldwide, Wicked Dolphin Rum, Drum Circle Distilling, Arizona Craft Beverage, Cannon Beach Distillery, Lost Spirits Distillery, and Lyon Distilling Co. are popular distillers. Worldwide, leading distillers include Bacardi Ltd., Suntory Holdings Ltd., Diageo, Maine Craft Distilling LLC, Charles Merser & Co., Drum & Black Rum Co., Wicked Dolphin Rum, Domaines Ellam, Arizona Craft Beverage, Belize Spirits Marketing Inc., and Rockstar Spirits Ltd.
1 In 2020, many restaurants, bars, and pubs were shut down to control the spread of COVID-19. As a result, the share of the craft rum market at these establishments dropped significantly. As establishments begin opening up and capacity restrictions ease, market share is expected to rebound.
Sources: “Craft Rum Market Size, Share & Trends Analysis Report by Distribution Channel (On-trade, Off-trade), by Region (North America, Europe, APAC, Central & South America, MEA), and Segment Forecasts, 2020 – 2027,” Grand View Research Report Summary, October 2020 available online here; “Global Craft Spirits Market – Forecasts from 2020 to 2025,” Research and Markets, May 2020 available online here; “National Daiquiri Day – July 19, 2021,” National Today, July 19, 2020 available online here. Image source: Adapted from Alexas_Fotos, “rum-alcohol-after-work-cozy-mood-3898745,” Pixabay, December 30, 2018 available online here.
July 13 is National French Fry Day. In a survey conducted by a San Francisco marketing agency, regular fries were the favorite of about a quarter of respondents, followed by curly fries, steak-cut fries, crinkle, waffle, and wedges.
Geographic reference: North America Year: 2018 and 2026 Market size: $7.8 billion and $9.9 billion, respectively
July 13 is National French Fry Day in the United States but most residents do not need an excuse to eat one of their favorite fried foods. Per capita, Americans eat an estimated 30 pounds of french fries per year. Today’s market size shows the total revenues for french fries in North America for 2018 and projected for 2026. The United States accounted for more than four-fifths of the North American market in 2018. Growth is expected due to the increasing consumption of convenience foods, fried foods, and fast foods. This growth will be tempered, however, by an increasingly health-conscious population. Fried foods are linked to obesity and cardiac problems. To appeal to these health-conscious consumers, companies have introduced low carbohydrate, air-fried, and baked varieties.
Frozen french fries dominated the market in 2018 and are expected to continue to do so through 2026. Revenues in this segment are also expected to experience the highest compound annual growth rate over this time period. Frozen french fries are easier to store and have a longer shelf life than the fresh-cut variety.
Consumers in the 20-35-year-old range accounted for the highest share of consumers in 2018. People of this age group tend to snack frequently and consume more fast food, packaged food, and ready-to-eat meals than other age cohorts mainly due to their busy lifestyles.
Quick-service restaurants held the highest market share in 2018, followed by other types of restaurants and institutions. The quick-service restaurant segment is expected to experience the highest compound annual growth rate through 2026 as more consumers prefer fresh food cooked in a short amount of time at an affordable price. In a survey conducted by Top, a marketing firm in San Francisco, consumers in the United States selected McDonald’s fries as their favorite, followed by Chick-fil-A, Five Guys, Wendy’s, and Arby’s.
To increase profitability and market share french fry manufacturers rely on new product launches, company acquisitions, and business expansion. Some major firms in the North American market (in alphabetical order) include Agristo NV, Alexia Foods, Aviko (Royal Cosun), Cavendish Farms, J.R. Simplot Co., Lamb Weston Holdings Inc., Luxfries BVBA, McCain Foods Ltd., Nathan’s Famous Inc., and Ore-Ida. McCain Foods produces one-third of the world’s french fries.
Sources: Sumesh Kumar and Roshan Deshmukh, “North America French Fries Market by Product (Regular and Frozen), Application (Below 18 Years, 20-35 Years Old, and Above 35 Years Old), and Distribution Channel (QSR, Institutional, Restaurants and Others): Opportunity Analysis and Industry Forecast, 2019-2026,” Allied Market Research Report Overview, January 2020 available online here; “North America French Fry Market Expected to Reach $9,948.3 Million in 2026,” Allied Market Research Press Release available online here; “National French Fry Day — July 13, 2021,” National Today available online here. Image source: StockSnap, “french-fries-salt-food-brown-food-923687,” Pixabay, September 4, 2015 available online here.
July 4 is Independence Day in the United States. Because July 4th is a Sunday in 2021, the Federal holiday is celebrated on July 5th.
Geographic reference: United States Year: 2000, 2009, 2019 Market size (display): 50.6 million pounds, 31.7 million pounds, and 24.1 million pounds, respectively Market size (consumer): 102 million pounds, 182.2 million pounds, and 248.9 million pounds, respectively
For many, Independence Day celebrations aren’t complete without fireworks, either large professional displays or smaller pyrotechnics in one’s yard. Today’s market size shows the amount of fireworks consumed in 2000, 2009, and 2019 both by professional displays and by consumers. Even before many fireworks shows were canceled in 2020 due to the pandemic, the amount of fireworks used in professional displays has been going down, a drop of more than 52% from 2000 to 2019. Meanwhile, the cost of display fireworks went from $203 million in 2000 to $375 million in 2019, a nearly 85% jump. With the added costs of not just the fireworks, but the cost of hiring professional pyrotechnic experts, insurance, and police, fire, and paramedic presence, many cities and towns have found it cost-prohibitive to continue their annual fireworks displays or have scaled them back. In some cases, cities and towns have looked to sponsors to fund all or most of their events, with mixed success. In certain parts of the country prone to drought conditions, especially in the West, fireworks displays and consumer fireworks have been banned altogether. Consumption of consumer fireworks followed an opposite trend over this time period. From 2000 to 2019, sales of consumer fireworks jumped 144% (pound basis), and revenue jumped 145%.
In 2019, the United States imported $319.3 million worth of fireworks. Nearly 96%, or $304.5 million, came from China. Other countries in the top 5 include Spain ($4.8 million), Hong Kong ($4.6 million), Thailand ($1.7 million), and Germany ($1.4 million). Which states import the most? Missouri topped the list both by value ($51.1 million) and per capita ($8.34). Following Missouri by value were Mississippi ($42.3 million), Ohio ($30.4 million), Alabama ($28.4 million), and South Carolina ($18.9 million). Per capita, Alabama ($5.80), Kansas ($5.53), Wyoming ($4.07), and South Carolina ($3.72) round out the top 5.
The United States also exports fireworks, but the export value is only a fraction of imports: $5.6 million in 2019. The top states for exports include New Jersey, Florida, Montana, New York, and Alabama. Only New Jersey and Florida exported a total of more than $1 million: $1.9 million and $1.7 million, respectively. According to Thomasnet.com, the leading fireworks manufacturers in the United States based on estimated annual sales include TNT Fireworks, Young Explosives, International Fireworks Co., Fireworks by Grucci Inc., Santore & Sons Inc., Dominion Fireworks Inc., American Fireworks, Fireworks Supermarkets, and Rozzi’s Famous Fireworks Inc. Leading novelty fireworks suppliers include Zambelli Fireworks Manufacturing Co., Wholesale Fireworks, Atomic Fireworks Wholesale, Galaxy Fireworks Inc., and Pyro Direct. Both Santore & Sons and Zambelli Fireworks have been in business since the 1890s.
Sources: “U.S. Fireworks Consumption Figures 2000-2019,” American Pyrotechnics Association available online here; “U.S. Fireworks Industry Revenue Figures Breakdown by Industry Segment 1999-2019,” American Pyrotechnics Association available online here; Sterling Price, “Fourth of July: Who Uses the Most Fireworks in the US?” ValuePenguin, June 26, 2020 available online here; Christian Cavallo, “The Top Fireworks Manufacturers and Suppliers in the USA,” Thomas Publishing Company available online here; “Economy Affecting Fireworks Displays?” abc7ny, July 3, 2008 available online here; Brad Tuttle, “Why Your Town Isn’t Having a July 4 Fireworks Show This Year,” Money, June 29, 2016 available online here; Curt Yeomans, “Fireworks Shows Carry Big Costs for Local Cities,” Gwinnett Daily Post, June 30, 2019 available online here. Image source: Free-Photos, “sparkler-usa-american-flag-united-839806,” PIxabay, July 12, 2015 available online here.
Geographic reference: World Year: 2020 and 2028 Market size: $70.38 billion and $101.88 billion, respectively
Clean air and clean water. Two essentials for life on earth. In many ways, the use of filters is necessary for achieving this. Today’s market size shows total global revenues for filters in 2020 and projected for 2028. Growing concerns about reducing emissions from automotive and industrial applications as well as the increasing popularity of air and water purifiers among consumers will fuel demand for filters over this time period.
By application, motor vehicles garnered more than 47% of the market in 2020, followed by consumer goods, utilities, industrial and manufacturing, and others. Increasing automotive production, especially in China, Indonesia, South Korea, Japan, Malaysia, and Taiwan along with stringent regulations aimed at reducing automotive pollution will create increased demand for automotive filters. Filters are used in several motor vehicle applications: oil intake, air filtration, and emission filtration. Filters for internal combustion engines accounted for more than 40% of the market in 2020.
Fluid filter demand will increase due to the increased construction of water treatment plants globally. Fluid filters are also used in cold sterilization of beverages and pharmaceuticals, petroleum refining, dairy processing, and wine production. Air filters are expected to experience the fastest revenue growth through 2028 due to governments mandating the reduction of pollutants from vehicle emissions and the growing popularity of air purifiers that kill harmful bacteria and viruses in homes, hotels, airplanes, and train compartments. Demand for filters in the industrial and manufacturing sectors will center around Europe, North America, and the emerging industrialized regions of India, South Africa, Brazil, Thailand, and Indonesia.
The Asia-Pacific region held a 42% revenue share in 2020 due to the rapid industrialization in the region. The increasing pollution levels are leading governments to impose environmental quality regulations. As a result, demand for air and water filtration devices is expected to grow. In Europe, the rising demand for air filtration equipment in industries such as cement, chemicals, and metallurgy along with increasing adoption of air purifiers in Germany, France, Italy, and Spain will spur growth in this region. The North American automotive industry is expected to contribute to growth in filter revenue in this region. Also, technological breakthroughs in filtration processes, such as the implementation of nanotechnology, will lead to increased demand. In Central and South America, fluid filter demand is expected to significantly increase through 2028 as several wastewater treatment plants undergo construction due to growing water pollution levels in Brazil, Argentina, and Uruguay among others. The use of filters in Brazilian mining operations to control emissions is also expected to fuel demand in the region.
There are several major filter manufacturers around the world. Many companies are developing sustainable products that offer improved efficiency and value. Some are expanding their production capabilities to meet demand in various markets. Some major companies in this industry include 3M, Airex Filter Corp., Koch Filter, Freudenberg Filtration Technologies SE & Co. KG, Donaldson Co. Inc., Camfil AB, Parker Hannifin Corp., DENSO Corp., Clark Air Systems, and Spectrum Filtration Pvt. Ltd.
Sources: “Filters Market Size, Share & Trends Analysis Report by Product (ICE Filters, Air Filters, Fluid Filters), by Application (Motor Vehicles, Consumer Goods), by Region, and Segment Forecasts, 2021 – 2028,” Grand View Research Report Summary, March 2021 available online here; “Filters Market Size Worth $101.88 Billion By 2028 | CAGR:
4.7%: Grand View Research, Inc.,” CISION PR Newswire, April 5, 2021 available online here. Image source: bb20_pt10, “air-filter-automotive-car-2690190,” Pixabay, August 28, 2017 available online here.
Geographic reference: United States Year: 1980, 1990, 2000, 2010 and 2020 Market size: $143.3 million, $247.6 million, $238.8 million, $674.8 million and $398.8 million, respectively
June 24th is National Pralines Day in the United States. A praline is a confection made of nuts and a sugary, caramelized coating. While the exact inspiration behind pralines is in doubt, what is certain is that it was named after a French sugar industrialist and diplomat from the early 17th century, César, duc de Choiseul, comte du Plessio-Praslin, whose personal chef, Clement Lassagne, invented the sugary treat. It’s believed that pralines were brought to the United States by the Ursuline nuns who came to New Orleans in 1727. The Ursuline nuns were in charge of young women who were sent from France at the request of the colonial governor of Louisiana and founder of New Orleans, Jean-Baptiste Le Moyne de Bienville, in order to marry colonists living in New Orleans. As part of their education, the women were taught “the art of praline making.”1 Pralines were originally made with almonds, but almonds were in short supply in Louisiana so cooks substituted pecans whose trees are native to the area. In the mid-to-late 19th century Pralinières were women who sold pralines on the streets of the French Quarter. This provided a source of income, without any strings attached, for free women of color.
Today’s market size shows the value of utilized pecan production in the United States from 1980 to 2020 in 10-year intervals. As the graph above shows, since 1980, production has varied widely from year to year, with the lowest and highest production falling in back-to-back years: 146.4 million pounds in 1998 and 406.1 million pounds in 1999. Since 2009, production has stabilized between about 245 million pounds and 302 million pounds. The value of production also varied during this time period but trended steadily upward until 2010 when the value of pecans reached its highest level in at least the past 30 years, a 57% increase from 2019. Over the next three years, the value of pecans dropped, with the biggest drop coming between 2011 and 2012.
From 2013 to 2017, the value of utilized production trended upward again, reaching a high of $709.4 million. 2017 was also the year with the highest utilized production since 2007 at almost 304.9 million pounds. Since then, the value has trended downward. From 2017 to 2018, utilized production dropped 27%, but has been climbing steadily ever since, reaching 302.4 million pounds in 2020. Production value, on the other hand, dropped 43.8% over this time period.
The fall in value from 2018 to 2020 from the 2017 high may be attributed, in part, to the trade war between China and the United States. Before the trade war, China was the largest export market for U.S. grown pecans. Chinese demand for pecans influenced the type of pecans growers produced, varieties of oversized nuts with high yields. Since the trade war began, Chinese demand for pecans grown in the United States dropped considerably, with prices falling in parallel. But consumer demand did not abate. Many of China’s pecan buyers have since turned to Mexico. Mexico’s exports to China increased by more than 3,000% in 2018 from a year earlier. Mexican pecans exported to China carry a 7% tariff. A tariff of 47% is applied to pecans from the United States.
Meanwhile, Mexican pecan growers have expanded their market into the U.S. and more U.S. buyers are buying. The United States is the largest export market for Mexican pecans. Because of lower production costs, pecans grown in Mexico are less expensive than pecans grown in the United States.2 According to Lanair Worsham, owner of Worsham Farms in Camilla, Georgia, and a member of the Georgia Pecan Commission, “If you eat a pecan product here in America, there’s a 75% chance that it’s Mexican.” Pecans from Mexico can be found in pies and other products on grocery store shelves and on restaurant menus.
Several officials, including the Georgia Agricultural Commissioner, lobbied during negotiations on the U.S.-Mexico-Canada Agreement to include a provision to make it easier for U.S. farmers to file anti-dumping and countervailing claims against exporters, but the provision was ultimately left out of the agreement. In 2020 some growers were worried about the challenges facing the U.S. pecan industry, especially in the southeast where growers were still recovering from hurricanes. Will the industry remain sustainable for the foreseeable future?
Mexico is the largest producer of pecans in the world, claiming 48% of the global supply. The United States follows with 46%. South Africa (4%) and Australia (1%) also produce pecans for the world market. In the United States, 15 states produce pecans commercially: Alabama, Arkansas, Arizona, California, Florida, Georgia, Kansas, Louisiana, Missouri, Mississippi, North Carolina, New Mexico, Oklahoma, South Carolina, and Texas. Georgia produced the most in 2020, 142 million pounds, followed by New Mexico (77 million) and Texas (45.4 million). There are more than 1,000 varieties of pecans, many named after Native American tribes. Only 20 varieties are produced commercially, the most popular being Cape Fear, Desirable, Moreland, Stuart, and Natives. Natives are wild seedlings. Wild varieties tend to have thicker shells and less nutmeat. Improved varieties have thinner shells that can be broken by hand and have more nutmeat. Improved varieties are preferred for commercial use.
1 Source: “History of the Praline,” Southern Candymakers available online here. 2 Production costs in Mexico are approximately $860 per acre. In the southeastern United States, $1,500 per acre.
Sources: “Tree Nuts,” Fruit and Tree Nuts Yearbook Tables, Economic Research Service, United States Department of Agriculture, October 29, 2020 available online here; “History of the Praline,” Southern Candymakers available online here; “Pecan Production,” National Agricultural Statistical Service, Agricultural Statistics Board, United States Department of Agriculture, January 21, 2021 available online here; “What are the Differences in Pecan Varieties?” Royalty Pecan Farms, December 1, 2014 available online here; Matthew Bailey, “Pecan Prices and Trade Tensions Between China and the US,” Pecan Report, July 23, 2020 available online here; Clint Thompson, “Georgia Pecan Grower: Industry on Brink of Collapse,” VSCNews, November 20, 2020 available online here; “3000% Increase in Mexican Pecan Exports to China,” Produce Report, August 12, 2019 available online here; Bill Tomson, “Georgia’s Pecan and Blueberry Farmers Plead for Protection from Mexico,” Agri-Pulse, August 19, 2020 available online here; Clint Thompson, “Southeast Pecan Industry Continues to Face Challenges,” VSCNews, February 14, 2020 available online here; “History of Pecans,” U.S. Pecan Growers Council available online here; “How Pecans are Grown,” U.S. Pecan Growers Council available online here; “Jean-Baptiste Le Moyne de Bienville,” Encyclopedia Britannica, March 2, 2021 available online here. Image source: Graph was created in-house from the data in “Tree Nuts,” Fruit and Tree Nuts Yearbook Tables, October 29, 2020 available online here and “Pecan Production,” National Agricultural Statistical Service, Agricultural Statistics Board, United States Department of Agriculture, January 21, 2021 available online here.
Because organic bedding is made with natural fibers and without chemical additives, it is considered by many to be healthier for those with sensitive skin.
Geographic reference: World Year: 2018 and 2025 Market size: $760.1 million and $1.1 billion, respectively
A few weeks ago, the subject of our weekly Market Size post was home bedding. The subject of this week’s post is a subset of that market: organic bedding. Today’s market size shows total global revenues for 2018 and projected for 2025. In 2018, organic bedding revenues claimed a mere 1.25% of the global home bedding market.1
Organic bedding is made with natural fibers such as cotton, hemp, bamboo, or linen and follows the Global Organic Textile Standard. This standard covers the processing, manufacturing, packaging, labeling, trading, and distribution of all textiles made with at least 70% certified organic fibers.2 To be certified “organic”, the textile must contain a minimum of 95% certified organic fibers. Organic fibers are grown without the use of synthetic pesticides, insecticides, herbicides, or genetically modified organisms.
As more consumers seek out eco-friendly and sustainable products, the demand for organic bedding will rise. Organic products, whether food or bedding, are generally seen as healthier due to their lack of chemical additives. It’s for this reason, that those with asthma and skin sensitivities are encouraged to switch to organic bedding to reduce breathing issues and skin irritations. Many people also consider organic bedding products more durable and comfortable than non-organic products. In addition, an increasing consumer preference for higher-end products is expected to contribute to the global demand for organic bedding.
By category, bed linen garnered the highest revenue share in 2018, 33.7%, and is expected to maintain its leading share through 2025. Bed linen includes bedsheets, bed and pillow covers, and duvet covers. These products are associated with a good night’s sleep by many therefore demand will remain high. Newer products such as sheets made of natural fibers other than cotton with cooling features and more breathable fabric will contribute to growth over this time period. Mattresses are expected to experience the fastest revenue growth through 2025 as manufacturers focus on products that promote good sleep postures and eliminate back pain.
In 2018, the Asia-Pacific region held the highest revenue share, followed by North America and Europe. In the Asia-Pacific region, growing retail networks, coupled with a rising population, and increasing consumer preferences for luxurious bedding are contributing to demand for organic bedding. As well, infrastructure investments in the hospitality sector in China and India and investment in commercial infrastructure as part of India’s Smart Cities Mission will create increasing demand at least through 2025. India’s Smart Cities Mission focuses on sustainable and inclusive development, a clean environment, and the use of Smart technologies to create improved living conditions for its citizens. In North America, a growing preference for organic and natural products along with more and more consumers focused on healthy lifestyles will lead to growth in the industry. To stay competitive manufacturers are focusing on expanding their product line and introducing new products with innovative technologies. In some cases, manufacturers are focusing on the direct-to-consumer market. For example, in January 2019, Parachute Home introduced an organic, eco-friendly mattress for sale directly to consumers. In addition to Parachute Home, leading organic bedding manufacturers and sellers include Good Night Naturals, The Natural Sleep Store, COYUCHI, L.L.Bean, Boll and Branch, The Company Store, Magnolia Organics, WJ Southard, and The Organic Mattress.
1 According to a report by Grand View Research, revenues for home bedding totaled $60.76 billion in 2018. 2 Textiles with a minimum of 70% organic fibers are certified “made with organic materials.”
Sources: “Organic Bedding Market Size, Share & Trends Analysis Report by Type (Mattress, Bed Linen, Pillows, Blankets), by Region (North America, Europe, APAC, CSA, MEA), and Segment Forecasts, 2019 – 2025,” Grand View Research Report Summary, January 2020 available online here; “Organic Bedding Market Size Worth $1.1 Billion by 2025 | CAGR: 5.1%: Grand View Research, Inc.,” CISION PR Newswire, January 30, 2020 available online here; “Home Bedding Market Analysis Report by Type, by Distribution Channel, by Region and Segment Forecasts from 2019 to 2025,” Million In$ights, June 2020 available online here; “Ecological and Social Criteria,” Global Organic Textile Standard available online here; “Smart Cities Mission: Building a Smart India,” National Portal of India, May 13, 2016 available online here. Image source: Pexels, “baby-baby-feet-bed-blanket-child-1866623,” Pixabay, November 29, 2016 available online here.
