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Digitally Printed Wallpaper

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digitally printed wallpaper
Digitally printed wallpaper with LED lights and germanium crystals.
Geographic reference: World
Year: 2020 and 2025
Market size: $2.9 billion and $7.5 billion, respectively

A new year. A fresh start. As many of us spend more time at home during the pandemic, some of us may be thinking about updating our décor. Perhaps a new couch to replace our old worn one. New artwork to personalize our home office. Or perhaps the walls in our home need a pop of color with a new coat of paint or new wallpaper? Today’s market size shows the estimated global revenues for digitally printed wallpaper in 2020 and projected revenues for 2025. Digitally printed wallpaper is a small slice of the overall $6.9 billion global wallpaper market.1

The majority of wallpapers sold are screen printed or printed using ink and rollers. They generally have repeating patterns and offer a limited number of colors and designs. In order to be profitable, large numbers of rolls have to be produced and sold by the manufacturer. In general, 30 to 50 different designs comprise a collection, with manufacturers producing and warehousing 30,000 to 100,000 rolls, not knowing which designs will sell well and which others will remain in the warehouse unsold. Because designs change periodically, consumers who may need to repair a section of their wallpaper in the future may find that the matching pattern has been discontinued.

Digitally printed wallpaper, on the other hand, can be custom-made to the preference of the consumer. Printed either using specialized, wide-format inkjet printers or electrophotography,2 the number of patterns and colors are endless, only limited by the design software, printer, and ink used. Because the wallpaper is created on-demand, there’s no need for manufacturers or interior design firms to store multiple rolls of wallpaper. Obtaining replacement sections when the wallpaper needs repair is easier also as the section needed can be printed from a digital file the manufacturer has on hand. Digitally printed wallpaper can have traditionally repeated patterns or large-scale patterns. It can also be high-definition photographic murals. Some manufacturers offer drawing-onto-wallpapers in which the entire wall can be like one big page in a coloring book. Others offer three-dimensional digitally printed wall coverings.

Wallpaper comes in many varieties, including paper, coated fabric, vinyl-coated paper, paper backed vinyl/solid sheet vinyl, fabric-backed vinyl, and solid vinyl. Vinyl led the digitally printed wallpaper market in both volume and value in 2020. Its high durability, easy maintenance, and lower cost will drive the growing demand for this type of wallpaper at least through 2025. Vinyl wallpaper is best suited for humid or high-traffic areas such as bathrooms, kitchens, and hallways.

Lack of raw materials and a reduced workforce due to COVID19 safety protocols hampered the digitally printed wallpaper supply chain in 2020. Also, the industry was impacted by the lockdowns in many countries as production facilities shut down. As a result, it’s estimated that revenue declined through the third quarter of 2020. In addition, the slowdown in the construction of both residential and non-residential buildings hampered growth in this industry. 

As life slowly gets back to normal in the coming years, industry revenues are expected to grow at a compound annual growth rate of 21.1% through 2025, with the residential segment leading the way, especially in the Asia-Pacific region. The major factor driving growth in this region is the ongoing and upcoming large-scale government investments in infrastructure in China, Japan, and India. Most major global manufacturers are based in Germany, the United Kingdom, and the United States. Those companies include A.S. Création Tapeten AG, Muraspec Group, Tapetenfabrik Gebr. Rasch GmbH & Co. KG, MX Display, 4Walls, Flavor Paper, The Printed Wallpaper Company, Hollywood Monster, and Great Wall Custom Coverings among others.

1 Figure for the overall global wallpaper market is for 2018.
2 In 2018, in the United States electrophotographic technology accounted for about 5-10% of digitally printed wallpaper.

Sources: “The Global Digitally Printed Wallpaper Market Size is Estimated at USD 2.9 billion in 2020 and is Projected to Reach USD 7.5 billion by 2025, at a CAGR of 21.1% from 2020 to 2025,” GlobeNewswire, December 21, 2020 available online here; “Wallpaper Market to Reach US$ 11,286.7 Million globally by end of 2027 – Coherent Market Insights,” GlobeNewswire, May 20, 2020 available online here; Melissa Donovan, “Digitally Printed Wallpaper,” Industrial Print Magazine, February 2020 available online here; “Why Interior Designers Use Digitally Printed Wallpaper,” Parallax available online here; “Environmental Graphics,” Parallax available online here; “What Are the Benefits of Digital Wallpaper Printing?” Xiekon available online here; “Digitally Printed Wallpapers vs Conventional Wall Decor Paintings,” Six Colors Printing available online here; Nancy EV Bryk, “Wallpaper,” How Products are Made available online here; “Types of Wall Coverings,” Wall Coverings Association available online here.
Image source: Viarasp, “File:Digitally Printed LED Wallpaper with Crystals Germanium.jpg,” Wikimedia Commons, July 15, 2015 available online here. This file is licensed under the Creative Commons Attribution Share-Alike 4.0 International License.

Cornea Exports

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cornea eye
The cornea helps the eye focus light so a person can see clearly.
Geographic reference: United States
Year: 1999, 2009, and 2019
Market size:12,745; 17,178; and 28,402 respectively

A cornea is the transparent, dome-shaped layer at the front of the eye. It helps the eye focus light so a person can see clearly. If the cornea is damaged by injury or disease, a cornea transplant may be necessary to restore a person’s sight. Corneal blindness is a condition where the cornea is damaged but the rest of the eye functions properly. In the United States, the most common cause of corneal blindness in those that undergo a cornea transplant is advanced Fuchs’ dystrophy. This condition is characterized by fluid buildup in the cornea causing it to swell and thicken. Other conditions that can cause corneal blindness include keratoconus, infectious keratitis, and bullous keratopathy. In 2019, there were more than 136,000 whole eye and cornea donations to U.S. eye banks, 59% of which were procured from registered organ donors; the rest by authorization through the next of kin. A total of 85,601 cornea transplants were performed globally with donations from U.S. eye banks. More than 95% of cornea transplants are successful.

It’s estimated that up to 10 million people worldwide suffer from corneal blindness. In 2012, the last year for which data exists, there was one cornea available for every 70 needed.1 That year there were 184,576 corneal transplants performed in 116 countries. These corneas were procured from more than 283,000 donations in 82 countries. Today’s market size shows the number of corneas exported by the United States in 1999, 2009, and 2019 for use in corneal transplants performed internationally. The United States is the largest exporter of corneas in the world, followed by Sri Lanka, Italy, the Philippines, the Netherlands, the Czech Republic, France, Australia, and Colombia. Currently, the U.S. exports about a third of all cornea tissue recovered by eye banks in the country.

1 Artificial corneas have been used for more than 50 years, but it has been only recently that the devices have become reliably successful. For most patients, however, using donated corneal tissue is the best option. Artificial corneas may be used when the patient has had multiple previous cornea graft failures, or severe ocular surface disease, such as after chemical burns, or when the patient has Stevens-Johnson syndrome, limbal stem cell deficiency, congenital aniridia, or severe dry eyes.

National Donor Day is February 14. “National Donor Day is a time to focus on all types of donation – organ, eye, tissue, blood, platelets and marrow – by participating in blood/marrow drives or donor registration events. It is also a day to recognize our loved ones who have given the gift of donation, have received a donation, are currently waiting or did not receive an organ in time.” — Donate Life America

Sources: 2019 Eye Banking Statistical Report, Eye Bank Association of America, April 2020 available online here; Philippe Gain, MD, PhD, et. al., “Global Survey of Corneal Transplantation and Eye Banking,” JAMA Ophthalmology, December 3, 2015 available online here; Philippe Gain, MD, PhD, et. al. “Supplementary Online Content to the Global Survey of Corneal Transplantation and Eye Banking,” JAMA Ophthalmology, December 2015 available online here; “2019 Year in Review,” Eye Bank Association of America, April 2020 available online here; “Fuchs’ Dystrophy,” Mayo Clinic available online here; “Important Information About Cornea Donation,” Saving Sight available online here; “Artificial Cornea,” Cornea Research Foundation of America available online here.
Image source: Daniil Kuz̆elev, Untitled, Unsplash, August 1, 2017 available online here.

Ready-to-Eat Popcorn

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ready-to-eat popcorn
National Popcorn Day is January 19th.
Geographic reference: World
Year: 2018 and 2026
Market size: $2.53 billion and $6.22 billion, respectively.

“Have you ever pondered the miracle of popcorn? It starts out as a tiny, little, compact kernel with magic trapped inside that when agitated, bursts to create something marvelously desirable. It’s sort of like those tiny, little thoughts trapped inside an author’s head that―in an excited explosion of words―suddenly become a captivating fairy tale!”
— Richelle E. Goodrich

Whether it’s buttered and salted, caramel-coated, or tossed with spicy buffalo sauce seasoning, popcorn is a favorite snack among those who are looking to indulge their cravings as well as those looking for better-for-you, healthier snack options. While certain coatings may negate some of its healthful benefits, popcorn contains concentrated sources of fiber, polyphenolic compounds, vitamin B complex, antioxidants, and assorted proteins. Air-popped popcorn has 31 calories per cup; oil-popped 55. Today’s market size shows the global revenues for ready-to-eat popcorn in 2018 and projected for 2026.

Many scholars agree that popcorn originated in the Americas. The oldest ears of popcorn ever found were discovered in a bat cave in west-central New Mexico in 1948. They are estimated to be 5,600 years old. Early North American explorers noticed Native Americans not only eating popcorn but also using it in necklaces and headdresses. European settlers ate popcorn as a breakfast food with milk or cream. During the Great Depression, popcorn became popular as a low-cost snack and with most of the supply of sugar used for the war effort, popcorn became an alternative to sugary snacks during World War II. 

Popcorn comes in two shapes: snowflake (or butterfly) and mushroom. The snowflake variety is larger and is the type sold in movie theaters, ballparks, and other entertainment venues. The snowflake variety is also the type people buy to pop at home. The mushroom variety is more compact and used in bagged snacks and in candy confections because it doesn’t crumble. 

In 2017, the last year for which data exist, there were 1,051 popcorn farms in the United States spanning more than 221,000 acres. In comparison, there were 304,801 farms (84.7 million acres) that grow corn for grain and 20,784 sweet corn farms (496,096 acres). Popcorn is grown in most states, with Nebraska harvesting the most crop, 368.62 million pounds shelled, in 2017. Indiana (352.39 million), Ohio (129.76 million), Illinois (93.29 million), and Missouri (46.84 million) round out the top 5 states. Together, they represent 92.5% of popcorn harvested that year. Almost all popcorn production in the U.S. is contracted with processors. Leading global ready-to-eat popcorn manufacturers include The Hershey Company, Conagra Brands Inc., Snyder’s-Lance Inc., Intersnack Group GmbH & Co. KG, PepsiCo, Eagle Family Foods Group LLC, Propercorn, Quinn Foods LLC, The Hain Celestial Group Inc., and Weaver Popcorn Company Inc.

Most of the popcorn consumed around the world is produced in the United States but popcorn is also grown in other parts of North America, South America, Europe, Australia, and South Africa. More than 80% of popcorn produced in the U.S. is consumed domestically. In the ready-to-eat segment, North America held 31.23% of the market in 2018. Consumers’ preference for convenience and a variety of flavors will spur demand through at least 2026. In the United Kingdom, 90% of popcorn sold in supermarkets is ready-to-eat, with most of the kernels sourced from the U.S., France, and Italy and then popped in the UK. The Asia-Pacific region’s market share is expected to increase the fastest over this time period as a growing preference for this type of snack and greater awareness of popcorn’s health benefits will create higher demand in the region.  

In 2018, the household segment claimed 53.23% of the market; commercial claimed the rest. With health departments shuttering movie theaters and other entertainment venues because of the coronavirus pandemic, the household segment is expected to dominate the market in 2020. In the United States, the ready-to-eat popcorn segment1 at retail amounted to $1.49 billion of the overall $26.7 billion salty snack market in the 52 weeks ended May 17, 2020, a 5% increase from the same period a year before. Although sales have been increasing in the last 5 years, the increases have been getting smaller. In 2015, this segment’s sales increased by 18.17%; In 2019, 4.1%. While the ready-to-eat segment has been increasing, the microwave segment has been declining year over year. Except in 2020. After declining an average of 3.39% from 2015 to 2019, sales jumped 13.3% in 2020 as more people stayed home with their families and binged watched favorite movies and TV shows. Raw kernel sales also saw a spike in sales. The convenience of ready-to-eat popcorn, which many may have reached for when life was busier, was eclipsed by the comfort of warm, home-popped, buttery (or sweet and savory) popcorn as people’s lifestyles slowed down dramatically.

1 Includes caramel corn.

Sources: “Global Ready-to-Eat Popcorn Market is Expected to Reach USD 6.22 Billion by 2026: Fior Markets,” GlobeNewswire, March 3, 2020 available online here; 2017 Census of Agriculture, United States Department of Agriculture, National Agricultural Statistics Service, April 2019 available online here; “Popcorn Statistics and Facts,” See California available online here; Romy Schafer, “Ready to Eat Popcorn Thrives: State of the Industry 2015,” Snack Food & Wholesale Bakery, July 15, 2015 available online here; Douglas J. Peckenpaugh, “Snack Market Overview: State of the Industry 2016,” Snack Food & Wholesale Bakery, July 11, 2016 available online here; Liz Parker, “State of the Industry 2017: Popcorn Offers More Choices for Consumers,” Snack Food & Wholesale Bakery, July 18, 2017 available online here; Melissa Kvidahl Reilly, “State of the Industry 2018: Ready-to-Eat Popcorn Tops Other Varieties,” Snack Food & Wholesale Bakery, July 17, 2018 available online here; Ed Finkel, “State of the Industry 2019: Popcorn Delivers on Healthy and Indulgent Options,” Snack Food & Wholesale Bakery, July 19, 2019 available online here; Ed Finkel, “State of the Industry 2020: Popcorn Sales Explode,” Snack Food & Wholesale Bakery, July 17, 2020 available online here; “Popcorn Profile,” United States Department of Agriculture, Agricultural Marketing Resource Center, October 2018 available online here; “Popcorn: Ingrained in America’s Agricultural History,” United States Department of Agriculture, National Agricultural Library, Special Collections Exhibits available online here; “Popcorn Facts,” Popcorn Boss available online here; Key Facts About Popcorn in the UK,” SNACMA available online here; John Balint, “Popcorn 101: Butterflies, Snowflakes & Mushrooms (Oh My!),” Popcornopolis, November 11, 2015 available online here; “Popcorn Quotes,” Goodreads available online here;
Image source: John R Perry, “popcorn-candy-food-sweet-dessert-463660,” Pixabay, October 8, 2014 available online here. Use of image does not constitute an endorsement.

Christmas Trees

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Geographic reference: United States
Year: 2019
Market size: $4.8 billion

“The Christmas tree is a symbol of love, not money. There’s a kind of glory to them when they’re all lit up that exceeds anything all the money in the world could buy.”
— Andy Rooney, “Andy Rooney: 60 Years of Wisdom and Wit”

The Christmas tree tradition as we know it, with trees brought into the home and decorated, began in Germany in the 16th century. In the 1800s German immigrants brought this tradition to the United States, but the tradition was not accepted by most Americans at the time as they considered a Christmas tree a pagan symbol. Then in 1846, the Illustrated London News published a sketch of Queen Victoria, Prince Albert, and their children standing around a Christmas tree. Due to Queen Victoria’s popularity and a desire to emulate the royal family’s customs, the Christmas tree became a popular decoration among high-society families in America.

Starting in 1851 Christmas trees began to be sold commercially in the United States, procured at random from nearby forests. In 1883 Sears, Roebuck & Company began selling artificial Christmas trees. The popularity of real Christmas trees increased across the country in the 1890s, so much so that by the early 1900s the national supply dwindled due to overharvesting.

The first Christmas tree farm was started in 1901, located in New Jersey. In 2017, the last year for which data are available, there were a total of 15,008 Christmas tree farms in the United States, down from 17,367 in 2007. This downward trend started earlier than 2007, however. An oversupply of Christmas trees in the 1990s led to prices falling and very little if any profit for farmers. Some farms went out of business. Those farmers that stayed in business planted fewer trees. Prices remained low, then the Great Recession hit in 2007. Fewer farms and fewer trees planted then mean fewer trees available now, although enough to meet demand. As a result, prices increased sharply since the recession. On average, a real Christmas tree cost $76.87 in 2019, up from $36.50 in 2008.

Today’s market size shows the amount U.S. consumers spent on Christmas trees in 2019. That year, 77% of U.S. households, nearly 96 million, displayed at least one Christmas tree over the winter holidays, with 16% of households displaying more than one. An overwhelming majority of these trees, 81%, were artificial, with 19% being real. In 2019, 26.2 million real Christmas trees and 25 million artificial Christmas trees were sold. While the number of real trees sold has stayed steady between 25-33 million trees over the past 15 years, artificial tree sales have trended upward since 2010 when 8.2 million trees were sold. Most artificial trees are imported, with 92.8% made of plastic. In 2020,1 the United States imported $230.3 million worth of artificial Christmas trees, $223.1 million of which came from China. Imports from Cambodia ($4.01 million), Thailand ($1.03 million), Mexico ($1.0 million), and Hong Kong ($772,546) round out the top 5.

Real Christmas trees are grown in all 50 states, but almost 80% of Christmas trees come from 5 states: Oregon, North Carolina, Michigan, Pennsylvania, and Wisconsin.2 Most people who bought real trees bought them from choose and harvest farms, followed by chain stores and retail lots. Online sales accounted for 6% of real tree sales in 2019.

As people spend more time at home during the pandemic in 2020, many more are opting to bring a bit of Christmas cheer into their homes. Christmas tree growers associations across the country are reporting that retailers and growers are seeing large increases in sales from last year. Farmers in Michigan reported a 50% increase in sales as of the beginning of December 2020. 

In a TRUE Global Intelligence survey conducted in the summer of 2020, 61% of respondents said that the pandemic has increased their desire to spend money on experiences this year, with about three-quarters saying that they think of real Christmas trees as an experience. About a fifth of respondents who put up an artificial tree, or no tree at all, last year said they are more likely to put up a real tree this year. What about artificial trees? Retailers are reporting a sales boom in that market also. And, for those who are wary about coming into a store to pick out a tree, real or not, many retailers are offering curbside pickup of trees bought online.

1 As of October 2020.
2 Data are for 2017, the last year for which data are available. Source: “Table 35. Cultivated Christmas Trees: 2017 and 2012,” 2017 Census of Agriculture, USDA, National Agricultural Statistics Service, April 11, 2019 available online here.

Sources: Chelsea Wells-Barrett and Catherine Choi, “Americans Will Spend Almost $5.5 Billion on Christmas Trees in 2020,” Finder.com, December 1, 2020 available online here; “Table 35. Cultivated Christmas Trees: 2017 and 2012,” 2017 Census of Agriculture, USDA, National Agricultural Statistics Service, April 11, 2019 available online here; “Table 35. Cut Christmas Trees: 2012 and 2007,” 2012 Census of Agriculture, USDA, National Agricultural Statistics Service, May 2, 2014 available online here; Jake Sherlock, “The Real Story About the Supply and Price of Christmas Trees in 2019,” National Christmas Tree Association, April 6, 2020 available online here; “History of Christmas Trees,” History.com, 2009 available online here; “History of Christmas Trees,” National Christmas Tree Association, 2017 available online here; “2020 Christmas Tree Statistics, Facts and Trends” available online here; “Ninety-Six Million U.S. Households Celebrated the Christmas Holiday with a Christmas Tree in 2019,” The American Christmas Tree Association available online here; “Artificial Christmas Trees – Imports,” U.S. Import and Export Merchandise Trade Statistics, U.S. Census Bureau, Economic Indicators Division, USA Trade Online available online here; Zachary Crockett, “The Economics of Christmas Trees,” The Hustle, December 5, 2020 available online here; Christina Morales and Natasha Frost, “Christmas Tree Sales are Booming as Pandemic-Weary Americans Seek Solace,” The New York Times, December 6, 2020 available online here; “Real Christmas Trees Can Help End a Difficult Year With Good Memories,” It’s Christmas Keep It Real available online here; Nichole Lyn Pesce, “‘Great Recession’ a Decade Ago is One Reason Your Christmas Tree Will Cost More This Year,” MarketWatch, December 14, 2019 available online here.
Image source: MustangJoe, “christmas-tree-christmas-tree-1236617,” Pixabay, March 9, 2016 available online here.

Scented Candles

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scented candles
Organic candles made of soy wax and infused with essential oils have become popular in recent years.
Geographic reference: World
Year: 2018 and 2025
Market size: $310.7 million and $545.2 million, respectively

Balsam and pine. Gingerbread and peppermint. All scents that conjure in many warm feelings centered around the winter holidays. Whether or not you have live greenery in your home, bake cookies, or fill a candy dish with mints, your home can still be suffused with these aromas by lighting scented candles. Today’s market size shows worldwide scented candle revenues1 for 2018 and projected for 2025. In 2018, scented candles constituted 9% of the overall global candle market.

Candles have been used for thousands of years as both a source of light and in religious observances and celebrations. At this time of year, candles are used to light the menorah to celebrate Hanukkah, the kinara to celebrate Kwanzaa, the Advent wreath in anticipation of Christmas, and the farolitos that mark the homes hosting Las Posadas.

Some early civilizations made wax candles from available plants and insects. In the West, candles originally were made of animal fats. Burning them gave off an unpleasant odor. Scents were added to cover up the pungent smell. Other materials were used to make candles as well, such as spermaceti, beeswax, and paraffin. Beeswax candles emitted a sweet smell but were expensive. Gas and kerosene lamps, then lightbulbs, replaced candles as a way to light homes after dark. As a result, the popularity of candles waned until the mid-1980s when candles became a luxury decor item. Now, candles with colored waxes and decorative holders adorn homes. Scented candles are designed with aromatherapeutic elements to create a relaxing and cozy home environment. Essential oil infused organic candles made of natural ingredients such as beeswax, soy wax, and coconut wax have become more popular in recent years. Scented candles are also popular gifts, especially among millennials. For some, giving scented candles shows “the givers’ wishes for one to always remain enlightened even during the darkest of times.”2

Scented candles come in thousands of varieties, from simple scents such as rose, lavender, and vanilla to more complex blends of scents. Most premium products are comprised of three layers of fragrance, or notes. The top note provides the initial impression. The middle note is the main body of the scent. The base note provides the final impression. For example, Yankee Candle’s Balsam & Cedar has citrus, herbs, and red berries as its top note; pine balsam, cedar, and sandalwood as its middle note; and vanilla, warm amber, and musk as its base note. Together, these provide a woody, forest scent.

Container-based candles garnered 55% of the market in 2018. These candles are convenient for the user. They don’t require a separate holder or stand and the liquid wax remains in the container when the candle is burned. Container-based candles are popular gifts. 

In 2018, convenience stores accounted for about 60% of revenues. The large number of convenience stores in India, China, Japan, and Australia are driving sales in this segment. Sales at hypermarkets and supermarkets accounted for a quarter of revenues, with online sales rounding out the rest. Online sales are expected to grow the fastest from 2019 to 2025, at a compound annual growth rate of 9.2%, as more major retailers shore up their online presence. Some of the major online sellers of scented candles include Candle Warehouse, Amazon, Nordic West, Prosperity Candle, and Candles Scandinavia Group AB.

This growth prediction by Grand View Research, however, was made before the COVID-19 pandemic. E-commerce revenues had been growing even before the pandemic, but e-commerce sales overall have spiked in 2020. For the first half of the year, worldwide e-commerce revenues grew 16.5%, with many regions of the world registering higher sales growth. While most of the growth came from essential items such as food and household cleaning supplies, buyers are not limiting themselves to these items. The more people spend time in their homes the more they may want to add comforting elements such as scented candles to their online shopping carts. In the United States, online shopping records were set on Thanksgiving Day, Black Friday, and Cyber Monday, while in-store traffic on Black Friday was down more than 50%. Many people who used to buy holiday gifts, including scented candles, at brick-and-mortar establishments were opting to do all or most of their holiday shopping online this year.

North America claimed 35% of the market in 2018. Before the pandemic, this region was expected to continue to garner a large share of the market through 2025 due to the increasing number of spas, wellness centers, and massage therapy establishments. According to IBISWorld, the number of health and wellness spas in the United States grew from 17,829 in 2012 to 20,067 in 2019. However, the number dropped to 19,733 in 2020. Revenues dropped 7.7% from 2019 to 2020. For those that are still in business, temporary shutdowns and strict health department guidelines due to the COVID-19 pandemic are impacting the number of customers served. It’s likely that these types of businesses have been impacted similarly throughout the region, limiting demand for scented candles in this sector. The Asia-Pacific region is expected to experience the highest growth through 2025 as the popularity of gifting scented candles grows in countries such as China, India, Japan, Thailand, Australia, and New Zealand. Several major global manufacturers of scented candles include Newell Brands,3 KORONA Candles Sp. z o.o., Gala-Kerzen GmbH, The Very Good Candle Co., Goose Creek Candle, The Copenhagen Candle Company Ltd., Broken Top Candle Co., Bridgewater Candle Co., and Kringle Candle Co.

1 At hypermarkets, supermarkets, convenience stores, and online.
2 “Scented Candles Market Size, Share & Trends Analysis Report by Product (Container Based, Pillars), by Distribution Channel (Hypermarket & Supermarket, Convenience Stores), by Region, and Segment Forecasts, 2019 – 2025,” Grand View Research Report Summary, January 2020 available online here.
3 Brands include Chesapeake Bay Candle, WoodWick, and Yankee Candle.

Sources: “Scented Candles Market Size, Share & Trends Analysis Report by Product (Container Based, Pillars), by Distribution Channel (Hypermarket & Supermarket, Convenience Stores), by Region, and Segment Forecasts, 2019 – 2025,” Grand View Research Report Summary, January 2020 available online here; “Scented Candles Market Size to Reach $545.2 Million by 2025 | CAGR: 8.4%: Grand View Research, Inc.,” CISION PR Newswire, January 28, 2020 available online here; “History,” National Candle Association available online here; “8 Farolito Photos to Brighten the Holiday,” The Santa Fe Travel Insider, December 8, 2015 available online here; “A Short History of Scented Candles,” Ashleigh & Burwood, March 18, 2019 available online here; “Candle Market Size, Share & Trends Analysis Report by Product (Votive, Container, Pillars, Tapers), by Wax Type (Paraffin, Soy Wax, Beeswax, Palm Wax), by Distribution Channel, and Segment Forecasts, 2019 – 2025,” Grand View Research Report Summary, July 2019 available online here; “How COVID-19 Has Transformed Consumer Spending Habits,” J.P. Morgan available online here; Alexandra Samet, “Ecommerce Sales Will Decelerate This Year Globally — But Certain National Markets May See Success,” Business Insider, July 22, 2020 available online here; Melissa Repko and Lauren Thomas, “Online Sales Reach $10.8 Billion on Cyber Monday, the Biggest U.S. E-Commerce Day Ever, Adobe Says,” CNBC, December 1, 2020 available online here; “Health & Wellness Spas in the US – Number of Businesses 2005-2026,” IBISWorld, June 30, 2020 available online here; “Health & Wellness Spas in the US – Market Size 2005-2026,” IBISWorld, June 30, 2020 available online here; Lauren Thomas, “Black Friday Shopping in Stores Craters 52% During Pandemic as E-commerce Sales Surge,” CNBC, November 28, 2020 available online here.
Image source: Untitled photo by Hanna Balan on Unsplash, April 22, 2020 available online here. Use of image does not constitute endorsement.

E-Waste Management

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e-waste
Geographic reference: World
Year: 2019 and 2027
Market size: $41.97 billion and $102.62 billion, respectively

Broken appliances, VCRs, televisions, laptops, mobile phones, game consoles, printers, and tablets. These are just some of the items that are classified as e-waste. Electronic equipment is all around us whether in our homes or in manufacturing facilities, offices, retail establishments, or restaurants. What happens to all these electronic devices when they break or become obsolete? 

Today’s market size shows global revenues for e-waste management in 2019 and projected for 2027. E-waste management involves the reuse, resale, recycling, or disposal of electronic and electrical devices. Major global e-waste management companies include Aurubis AG, Boliden AB, Enviro-Hub Holdings Ltd., Electronic Recyclers International Inc., LifeSpan Technology Recycling Inc., MBA Polymers Inc., SIMS Metal Management Ltd., Stena Metall AB, Tetronics Ltd., and Umicore SA.

In 2016, of the 44.7 million metric tons of e-waste generated worldwide only 20% was recycled. In 2019, of the 53.6 million metric tons of e-waste generated only 17.4% was recycled. This despite “71% of the world’s population covered by some form of e-waste policy, legislation, or regulation”, up from 44% in 2014.1 By region, Asia generated the most e-waste in 2019, 46.5%, followed by the Americas (24.4%) and Europe (22.4%). Europe, however, had the highest e-waste recycling rate at 42.5%. Asia followed with 11.7% and the Americas with 9.4%.

E-waste is the fastest growing waste stream in the world. Higher levels of disposable income and lower cost of electronic devices, as well as increasing urbanization and industrialization, lead to rising consumption of electrical and electronic equipment. In turn, this growing consumption, along with short product life cycles and increasingly fewer options for repair lead to growth in the amount of e-waste.

This type of waste contains hazardous materials such as mercury, chromium, lead, brominated flame retardants, chlorofluorocarbons (CFCs), and hydrochlorofluorocarbons (HCFCs). If improperly disposed of these toxins can seep into the atmosphere, soil, and water, having significant negative effects on ecosystems and on people’s health. Every year 50 tons of mercury from improperly disposed of e-waste are released into the environment. In 2019, 98 metric tons of CO2-equivalent substances (greenhouse gases) were released into the atmosphere from improperly discarded refrigerators and air-conditioners.

Along with the toxins, e-waste contains several useful raw materials including metals such as iron, copper, aluminum, and gold. In 2019, these raw materials were estimated to be valued at $57 billion, with only about $10 billion of that recovered for recycling. Metal was the material most recovered from e-waste, followed by plastic and glass. Household appliances constituted the majority of e-waste in 2019, followed by IT and telecommunications equipment. Because of this, household appliances are a major source of revenue for companies involved in recycling e-waste. IT and telecommunications equipment are expected to take on a greater share of the e-waste stream through 2027. The COVID-19 pandemic has led to higher sales of mobile phones, laptops, and dongles as employees began working from home. Once pandemic restrictions are eased and workers return to their workplaces, companies are expected to dispose of many older electronic devices that are no longer needed thereby creating a high demand for e-waste management.

With only 17.4% of e-waste being properly recycled, where does the rest go? Most e-waste is thought to be mixed with other waste streams such as plastic or metal waste. Although some of this may be recycled, the focus of the recycling effort is on gathering a single material rather than extracting all the valuable materials available. Also, little or no thought may be given to mitigating the harmful effects of the toxic substances in the e-waste.

While some manufacturers offer to take back electronic devices to be refurbished or recycled, many other discarded electronic products are shipped from high-income countries to low- or middle-income countries where little or no formal e-waste management infrastructure exists, putting workers’ health at risk along with the health of those that live around these waste management activities. The Basel Convention on the Control of Transboundary Movements of Hazardous Waste and Their Disposal went into effect in 1992. Signed by 187 countries, it established written notification and approval processes for all cross-border movement of hazardous wastes, including most recently electrical and electronic waste. This was done so that countries would “take necessary measures to ensure that the management of hazardous wastes and other wastes including their transboundary movement and disposal is consistent with the protection of human health and the environment whatever the place of disposal.”2 This Convention makes an exception for goods that are destined for reuse. It’s estimated that 7-20% of e-waste generated in high-income countries is illegally exported as reusable goods or scrap metal. About 8% of e-waste in high-income countries ends up in landfills or is incinerated.

1 Sources: 2016 data: Baldé, C.P., Forti V., Gray, V., Kuehr, R., Stegmann, P., “The Global E-waste Monitor – 2017,” United Nations University (UNU), International Telecommunication Union (ITU) & International Solid Waste Association (ISWA), Bonn/Geneva/Vienna available online here; Other data: Forti V., Baldé C.P., Kuehr R., Bel G., “The Global E-waste Monitor 2020: Quantities, Flows and The Circular Economy Potential,” United Nations University (UNU)/United Nations Institute for Training and Research (UNITAR) – co-hosted SCYCLE Programme, International Telecommunication Union (ITU) & International Solid Waste Association (ISWA), Bonn/Geneva/Rotterdam available online here.
2 “Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal, Protocol on Liability and Compensation for Damage Resulting from Transboundary Movements of Hazardous Wastes and Their Disposal: Texts and Annexes,” United Nations Environment Programme, Revised in 2019 available online here.

Sources: Sneha Korad, et. al., “E-Waste Management Market by Processed Material Type (Metal, Plastic, Glass and Others), Source Type (Household Appliances, Industrial Electronics, and Consumer Electronics), Application (Trashed and Recycled): Global Opportunity Analysis and Industry Forecast, 2020-2027,” Allied Market Research Report Summary, April 2020 available online here; “International E-Waste Management Network (IEMN),” United States Environmental Protection Agency available online here; Baldé, C.P., Forti V., Gray, V., Kuehr, R., Stegmann, P., “The Global E-waste Monitor – 2017,” United Nations University (UNU), International Telecommunication Union (ITU) & International Solid Waste Association (ISWA), Bonn/Geneva/Vienna available online here; Forti V., Baldé C.P., Kuehr R., Bel G., “The Global E-waste Monitor 2020: Quantities, Flows and The Circular Economy Potential,” United Nations University (UNU)/United Nations Institute for Training and Research (UNITAR) – co-hosted SCYCLE Programme, International Telecommunication Union (ITU) & International Solid Waste Association (ISWA), Bonn/Geneva/Rotterdam available online here; “Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal, Protocol on Liability and Compensation for Damage Resulting from Transboundary Movements of Hazardous Wastes and Their Disposal: Texts and Annexes,” United Nations Environment Programme, Revised in 2019 available online here.
Image source: INESby, “computers-monitors-equipment-cables-814257,” Pixabay, June 19, 2015 available online here.

Packaged Salads

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salad
Geographic reference: World
Year: 2019 and 2027
Market size: $4.69 billion and $10.23 billion, respectively

“Salad can get a bad rap. People think of bland and watery iceberg lettuce, but in fact, salads are an art form, from the simplest rendition to a colorful kitchen-sink approach.” — Marcus Samuelsson

After a long weekend of eating turkey, mashed potatoes and gravy, stuffing, green bean casserole, pumpkin pie, and assorted other goodies, are you craving something lighter and healthier? A salad perhaps?

Today’s market size shows global revenues for packaged salad in 2019 and projected for 2027. Packaged salads were first introduced in 1986. At first, they mostly contained bite-sized pieces of iceberg lettuce and perhaps some shredded carrots, onions, and cheese. These products didn’t catch on with consumers until the mid-2000s when companies began adding a variety of greens such as arugula, baby spinach, and baby kale to their product offerings. More recently, companies have been including ingredients such as broccoli, cauliflower, peapods, avocado, almonds, pecans, and cranberries. Vegetarian packaged salad claimed 65% of revenues in 2019, but non-vegetarian revenues are expected to grow the fastest, at a compound annual growth rate (CAGR) of 10.5%, between 2020 and 2027 as companies add a variety of meats and seafood to their salad kits to appeal to a wide audience, from chicken, ham, and bacon to shrimp, salmon, and squid. 

As with other sectors of the food and beverage industry, the growing number of health-conscious consumers are contributing to growth in this segment also. In addition, packaged salads offer time-saving convenience for those who have little time to prepare healthy meals at home. Those shopping for organic produce have created a sizeable market for these products too. While the conventional segment constituted more than 70% of revenues in 2019, the organic segment is expected to grow the fastest through 2027 as demand for organic packaged food in general at both the consumer and commercial levels has increased, especially in Europe and North America. In the United States in 2019 organic produce revenues at retail set a record high of $5.8 billion, with almost 20% of organic produce sales coming from packaged salads. Millennials, especially, prefer packaged to pick-your-own produce. According to the Food Industry Association, “shoppers have the highest interest in nutrition and origin information, and preparation/storage instructions.”

More than 80% of packaged salads are bought offline at supermarkets and warehouse clubs, but online sales are expected to grow the fastest through 2027 as e-commerce and grocery delivery become more popular. Sales from traditional online retailers such as Amazon, along with e-commerce sales from supermarkets, grocery delivery firms, and direct sales from packaged salad firms are expected to grow at a CAGR of 11% over this time period. The North American region claimed 35% of revenues in 2019. The growing demand in the region has spurred companies to introduce new gourmet, restaurant-inspired products to the market. New product launches appealing to a variety of tastes has increased global sales over the past few years. The Asia-Pacific region is expected to experience the fastest growth in the next several years as more Millennial and Generation Z consumers seek out healthier food choices. Some prominent companies in the packaged salad market include BrightFarms, Dole Food Company Inc., Earthbound Farm, Eat Smart, Fresh Express, Garden Life, Gotham Greens, Mann’s, Misionero, and Bonduelle.

Sources: “Packaged Salad Market Size, Share & Trends Analysis Report by Product (Vegetarian, Non-vegetarian), by Processing (Organic, Conventional), by Distribution Channel, by Region, and Segment Forecasts, 2020 – 2027,” Grand View Research Report Overview, July 2020 available online here; “Packaged Salad Market Size Worth $10.23 Billion by 2027 | CAGR: 10.2%: Grand View Research, Inc.,” CISION PR Newswire, November 12, 2020 available online here; Keith Loria, “Produce Profits are in the Bag,” Supermarket News, March 21, 2019 available online here; Mary Ellen Shoup, “Organic Produce Sees Record Sales in 2019: ‘Packaged Salads are the Single Largest Driver of Organic Dollars’,” Food Navigator-USA.com, January 21, 2020 available online here; “Salad Quotes,” BrainyQuote available online here.
Image source: Michael Moriarty, “salad-food-dish-plate-meal-2150548,” Pixabay, March 21, 2017 available online here.

Potatoes

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potatoes
More than 200 varieties of potatoes are grown in the United States.
Geographic reference: United States
Year: 2018, 2019, 2020
Market size: $11.5 billion, $11.7 billion, and $13.0 billion, respectively

“Not everyone can be a truffle. Most of us are potatoes. And a potato is a very good thing to be.”
— Massimo Bottura, Massimo Bottura: Never Trust a Skinny Italian Chef

Despite Thanksgiving looking quite different this year due to the pandemic — minimal travel, smaller family gatherings, perhaps a smaller turkey too — there’s a good chance that whether mashed, baked, boiled, or fried, potatoes will still be on the menu.

Today’s market size shows total retail sales of potatoes for marketing years (MY) 2018 to 2020, July to June, in the United States. Figures include sales at supermarkets, drug stores, mass merchandisers, military commissaries, and select club and dollar chains. According to the U.S. Department of Agriculture, the United States produced 40.6 billion pounds of potatoes in 2019. More than 200 varieties are grown in the U.S. These varieties fall into 7 categories: russet, red, yellow, white, blue/purple, fingerling, and petite. Russets are the most preferred potato in the U.S. Potato production occurs in most states with Idaho producing the most in 2019, 15.9 billion pounds, followed by Washington (11.6 billion), Wisconsin (3.2 billion), Oregon (2.8 billion), and North Dakota (2.3 billion). A majority of potato farms in the United States are family-owned, including R.D. Offutt Farms, the largest potato grower in the United States. R.D. Offutt Farms operates farms in seven states growing more than 50,000 acres of potatoes annually. 

Most potatoes bought at retail, however, have been processed in some way. For MY 2020, potato chips took the highest share in terms of volume (37%). Fresh potatoes followed with a 31% share and frozen rounded out the top 3 with a 17% share. In terms of dollar sales, potato chips garnered the top spot with $6.3 billion in sales, followed by fresh ($3.3 billion), and frozen ($1.9 billion). Sales for all retail categories of potatoes, except deli prepared sides, increased from the previous year. Many categories increased by double-digits. By volume, frozen potato sales increased the most, 15.3%; by value, dehydrated did (22.1%). Fresh potatoes increased 9.5% and 14.7%, respectively.

The United States also exports and imports potatoes. Exports totaled 7.7 billion pounds and imports totaled 6.1 billion pounds in 2019. The United States ranked sixth in the world among top raw potato exporters and importers. The U.S. exported the most potato products to Japan, $365 million worth. Potato products from the U.S. account for nearly 70% of Japan’s total potato product imports annually. Besides Japan, Canada, Mexico, the Philippines, and South Korea are top markets for U.S. potatoes. By fresh weight equivalent, frozen potatoes constituted more than half (51%) of exports during MY 2020, followed by dehydrated (27%), fresh (15%), potato chips (6%), and seed potatoes (1%). Because of reduced demand in the foodservice sector due to the coronavirus pandemic, total exports fell 2.2% (-2.6% by value) from the previous year. However, the drop in exports did not affect all categories. Dehydrated potato export volume rose by 1% over this time period. Sizeable decreases in exports to Thailand, the Philippines, Taiwan, and Central America were offset by significant increases in exports to the European Union, northern Africa, the Middle East, and South Korea.

By weight, more than 60% of potato product imports to the U.S. in 2019 were frozen French fries and potatoes. Fresh potatoes garnered 21.1% of total imports. Potato starch (8.0%), dehydrated potatoes (5.0%), seed potatoes (4.0%), and potato chips (1.5%) constituted the remaining. Despite a decline in demand from the foodservice sector due to the coronavirus restrictions from April to June 2020, imports increased 8% from MY 2019 to MY 2020. Dehydrated potato imports increased the most, 24%, followed by fresh potatoes (10%), potato chips (7%), and frozen and seed potatoes (1% each). Nearly 100% of fresh potato imports came from Canada, as did seed potatoes. Canada also imported the most frozen French fries and potatoes and potato chips. Most dehydrated potatoes came from Mexico. Most imported potato starch came from the Netherlands. 

Sources: “Total Potato Sales: Marketing Year 2020,” Potatoes USA available online here; Daniel Workman, “Potatoes Exports by Country,” World’s Top Exports, July 6, 2020 available online here; Daniel Workman, “Potatoes Imports by Country,” World’s Top Exports, May 1, 2020 available online here; Annual Potato Yearbook, National Potato Council, 2020 available online here; “U.S. Imports of Potato Products Summary,” Potatoes USA, February 2020 available online here; “Food Availability (Per Capita) Data System,” United States Department of Agriculture, Economic Research Service, September 23, 2020 available online here; “Report: The US Dominates Japan’s Total Potato Product Imports,” Potato News Today, February 12, 2020 available online here; John Toaspern, “Dealing With Disruption,” Potato Grower, November 2020, page 37 available online here; “R.D. Offutt Company,” PotatoPro, October 15, 2013 available online here; “U.S. Potato Industry: U.S. Grower Profiles,” Potatoes USA available online here; “R.D. Offutt Company’s Proud Local History” available online here; M. Shahbandeh, “Preferred Potato Varieties in the U.S. 2019,” Statista, June 10, 2020 available online here; “Potato Types,” Potatoes USA available online here.
Original source: IRI
Image source: Andreas Böhm, “potatoes-harvest-autumn-color-3783878,” Pixabay, November 1, 2018 available online here.

Medical Device Outsourcing

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Medical device; pacemaker
Pacemaker. The cardiology segment of the medical device outsourcing market claimed the highest revenue share in 2019 and is expected to be the fastest growing segment through 2027.
Geographic reference: World
Year: 2019 and 2027
Market size: $104.5 billion and $231.2 billion, respectively

Today’s market size shows total global revenues for medical device outsourcing. Think about “outsourcing” and you might think “manufacturing,” especially if you live in the United States.1 In this case, you would be mostly correct. Contract manufacturing claimed 55.8% of the market in 2019. What other aspects of the business do medical device firms outsource? A quarter of the revenue came from a combination of quality assurance services, product design and development services, and product testing and sterilization services. Revenue from regulatory affairs services, product implementation services, product upgrade services, and product maintenance services rounded out the rest of the market. More than 300 medical device contract research organizations offer services such as clinical trial monitoring, clinical data management, initiation of clinical trials, medical writing, formulation of clinical strategies, and clinical product management.

Chronic diseases are on the rise across the world. Since 1990, rates of diabetes climbed 148%, chronic kidney disease 93%, ischemic heart disease 50%, and COPD 26%. As chronic disease rates rise, demand for medical devices also rises. The cardiology segment had the highest revenue share in 2019 and is expected to be the fastest-growing segment through 2027. In vitro diagnostic device (IVD) segment revenues are also expected to experience significant growth over this time period. IVDs are defined as “reagents, instruments, and systems intended for use in [the] diagnosis of disease[s] or other conditions, including a determination of the state of health, in order to cure, mitigate, treat, or prevent disease or its sequelae. Such products are intended for use in the collection, preparation, and examination of specimens taken from the human body,” according to the U.S. Food and Drug Administration.

The Asia-Pacific region had the highest revenue share for medical device outsourcing in 2019 and is expected to continue to hold the highest share through 2027 due to increasing research and development, adoption of new technology, availability of a skilled workforce, and lower cost of devices. North America also had a significant share of the market owing to its advanced electronics sector. Some leading companies providing outsourcing services to medical device firms include SGS SA, Toxikon Inc., Eurofins Scientific, Pace Analytical Services LLC, Intertek Group PLC, Wuxi Apptec, North American Science Associates Inc., Tüv Süd AG, American Preclinical Services, Sterigenics International LLC, and Charles River Laboratories International Inc.

1 In the United States, manufacturing jobs averaged a high of 19,428,000 in 1979 and fell to a low of 11,529,000 in 2010, a loss of more than 7.8 million jobs. While not all of these job losses were due to outsourcing—some were due to automation—the focus of the discussion around this issue has been on companies closing plants in the United States and opening them across the border in Mexico and overseas in the Asia-Pacific region. By 2019 manufacturing employment rebounded slightly to 12.8 million. For more information about the manufacturing sector as a whole and individual NAICS industries in the United States, see Manufacturing & Distribution USA, 9th Edition.

Sources: “Medical Device Outsourcing Market Size Worth $231.2 Billion by 2027,” Grand View Research Press Release, February 2020 available online here; “Medical Device Outsourcing Market Size, Share & Trends Analysis Report by Service (Quality Assurance, Regulatory Affairs Services), by Application (Cardiology, Diagnostic Imaging, Orthopedic), by Region, and Segment Forecasts, 2020 – 2027,” Grand View Research Report Summary, February 2020 available online here; “Manufacturing: NAICS 31-33,” Industries at a Glance, U.S. Bureau of Labor Statistics available online here; Mary Van Beusekorn, “Global Study Shows Deadly Convergence of Chronic Disease, COVID-19,” Center for Infectious Disease Research and Policy, University of Minnesota, October 16, 2020 available online here; “Overview of IVD Regulation,” U.S. Food and Drug Administration, September 16, 2019 available online here; “Global Burden of 369 Diseases and Injuries in 204 Countries and Territories, 1990-2019: A Systematic Analysis for the Global Burden of Disease Study 2019,” Global Health Metrics, October 17, 2020 available online here; “The Medical Device CRO Market is Projected to Reach USD 15.7 Billion by 2030, Growing at an Annualized Rate of 6.4%, Claims Roots Analysis,” CISION PR Newswire, June 23, 2020 available online here.
Image source: Ulrike Leone, “pacemaker-cardiac-pacemaker-1943662,” Pixabay, January 3, 2017 available online here.

Unified Endpoint Management

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Unified Endpoint Management consists of software tools that provide a single management interface for a variety of devices on multiple platforms.
Geographic reference: World
Year: 2019 and 2027
Market size: $2.75 billion and $23.98 billion, respectively

Today’s market size shows total global revenues for unified endpoint management (UEM) in 2019 and projected for 2027. UEM consists of software tools that provide a single management interface for a variety of devices (endpoints) such as desktop computers, tablets, smartphones, printers, Internet of Things devices, and wearables. UEM tools allow IT departments to configure, control, and manage devices on multiple platforms: Windows 10, macOS, Android, iOS, Chrome OS, Linux, among others. These tools also allow for simplified migration from legacy platforms to newer ones. 

In 2019 there were 1,506 data breaches in the United States alone, exposing more than 164 million records. In 2018, more than 471 million records were compromised. With more people working from home, especially during the pandemic, the need for organizations to remotely manage and secure a variety of devices on third-party networks in addition to their own networks is critical. More and more employees are accessing corporate networks and data from their personal devices; the devices themselves, and the software on them, aren’t sanctioned by the companies’ IT departments. Also, employees may be working while using unsecured home or public Wi-Fi hotspots. In the past most security breaches happened within a corporate network, now breaches are increasingly coming from unsecured endpoints. Some UEM tools use zero-trust security that blocks users whenever they try to access a different part of an organization’s network. Users are not automatically granted access because they have previously been granted access. Therefore, if a breach takes place, only part of the network is compromised.

UEM evolved from mobile device management and enterprise mobility management. Mobile device management allowed IT departments to manage mobile devices remotely, but these devices were dedicated to certain limited uses. Enterprise mobility management incorporates both mobile device management as well as mobile content management — document and data security and device-specific app management. These solutions, however, take a piecemeal approach to provide security and management features for legacy, desktop, mobile, and IoT devices. UEM provides users with “a comprehensive solution that requires organization through a single pane of glass, making the management process simpler overall.”1 This unified approach also helps organizations comply with government regulations such as GDPR by allowing administrators to encrypt multiple databases and their contents while maintaining compliance regulations. UEM tools provide auditing and reporting functionality to meet these requirements.

Large organizations held a 74% revenue share in 2019. This segment is expected to continue to hold the majority share through 2027. Growth is expected as more large organizations adopt a variety of endpoint solutions, complicating IT management. The increasing risk of cyber threats against large firms is also expected to spur growth. The fastest revenue growth, however, is expected to come from small and medium-sized businesses (SMEs) as they adopt more cloud-based solutions and increasingly need to secure company-owned as well as employees’ personal devices. The need to manage compliance requirements is also spurring SMEs to adopt UEM solutions. 

Businesses in the telecommunications and IT sectors held the highest market share in 2019, followed by the banking, financial services, and insurance sector, and government and defense. UEM in the healthcare sector is expected to experience the highest growth as more healthcare institutions adopt mobile and other IoT devices to remotely communicate, collaborate, and share critical information. Increased adoption of blood pressure monitors, wearable devices, and other cloud-based devices will also contribute to the growing adoption of UEM solutions.

North America claimed 42% of the market in 2019 and is expected to continue to hold the largest share through 2027 as companies continue to invest in advanced technologies to simplify their business operations. The Asia Pacific region is expected to experience the fastest growth over this time period. Organizations in this region are increasingly adopting mobile devices and IoT applications as well as cloud-based solutions and “bring your own device” policies. 

The market is fragmented with both large and emerging companies offering a range of UEM solutions. In some cases, UEM vendors are forming partnerships and collaborations in addition to acquiring companies to maintain their market share. Some major companies offering UEM solutions include 42Gears Mobility Systems Pvt. Ltd., BlackBerry Ltd., Citrix Systems Inc., IBM, Matrix42 AG, Microsoft, MobileIron Inc., Sophos Ltd., SOTI Inc., Zoho Corp., Ivanti, and VMWare Inc.

1 Source: Tess Hanna, “UEM or EMM: What’s Better for Endpoint Management? Mobility Management Solutions Review, October 26, 2018 available online here.

Sources: “Unified Endpoint Management Market Size $23.98 Billion by 2027: Grand View Research, Inc. – Press Release – Digital Journal,” Journal of Cyber Policy, October 8, 2020 available online here; “Unified Endpoint Management Market Size $23.98 Billion by 2027: Grand View Research, Inc.,” Digital Journal Press Release available online here; “Unified Endpoint Management Market Size, Share & Trends Analysis Report by Component (Solution, Services), by Organization Size (SMEs, Large Enterprises), by Vertical, by Region, and Segment Forecasts, 2020 – 2027,” Grand View Research Report Summary, September 2020 available online here; “What is Unified Endpoint Management?” VMware Glossary available online here; Tess Hanna, “UEM or EMM: What’s Better for Endpoint Management? Mobility Management Solutions Review, October 26, 2018 available online here; J. Clement, “Cyber Crime: Number of Data Breaches and Records Exposed 2005-2020,” Statista, October 1, 2020 available online here.
Image source: Gerd Altmann, “binary-one-cyborg-cybernetics-2302728,” Pixabay, May 11, 2017 available online here.

Spices

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cumin plant, spices
Flowers of the cuminum cyminum (cumin) plant. Cumin is the most popular spice in the world.
Geographic reference: World
Year: 2019 and 2027
Market size: $5.86 billion and $9.70 billion, respectively

I went into the garden in the morning dusk,
When sorrow enveloped me like a cloud;
And the breeze brought to my nostril the odor of spices,
As balm of healing for a sick soul.
— Moses ibn Ezra

What comes to mind when you hear the word “spice”? In autumn, the first thing that may come to mind is “pumpkin spice” and the warmth of cinnamon, nutmeg, ginger, cloves, and allspice. The smell of spices can be evocative, bringing back memories of a place visited, a beloved family recipe, or a special meal enjoyed with friends and family around the dinner table. Today’s market size shows worldwide revenues for spices in 2019 and projected for 2027.

Spices have been used as far back as 5000 B.C.E. Throughout the millennia they’ve been used as medicine and to promote health as well as to flavor and preserve food. They’ve been highly valued as trade goods for thousands of years. The spice trade developed around 2000 B.C.E. on the Indian subcontinent with cinnamon and pepper and in East Asia with herbs and pepper. Egyptians used spices for embalming. Their demand for exotic herbs and spices helped fuel global trade. Alexandria became the main trading center as Indonesian merchants traveled around China, India, the Middle East, and the east coast of Africa and Arab merchants traveled through the Middle East and India. 

During the Middle Ages, spices were among the most expensive and highly demanded products in Europe. They became status symbols and signs of luxury among the wealthiest citizens. Spiced wine was popular. The most common spices in demand were black pepper, cinnamon, cumin, nutmeg, ginger, and cloves. Explorers to the New World brought back allspice, capsicum peppers, and vanilla. By 1700, the importance of spices began to wane as Europeans preferred coffee, chocolate, and tobacco. The United States entered the spice trade in the latter part of the 18th-century trading salmon, codfish, tobacco products, flour, soap, candles, butter, cheese, and beef for spices. Salem, Massachusetts profited tremendously from the Sumatra pepper trade. Most of the pepper was re-exported to Europe or sent for processing and distribution to Philadelphia, Boston, and Baltimore. By the mid-1800s an overproduction of spices and the Civil War brought an end to the pepper trade. More recently, pepper shortages have raised prices in many parts of the world.

Spices are seeds, dried fruits, roots, and barks. They’re mostly used to add flavor, aroma, and color to foods. They’re also used in medicines, dyes, cosmetics, and perfumes. The most popular spice in the world is cumin. In the United States, cinnamon, ginger, and black pepper are the most popular. Powdered spices claimed more than 50% of global revenues in 2019 owing to their versatility and long shelf life. They also don’t have to be refrigerated. However, increasingly consumers are preferring whole spices to provide fresher flavors to their food. This segment of the market is expected to grow the fastest from 2020 to 2027. There has been a rising demand for ready-to-cook spice mixes also both for home use and in the foodservice industry. These save busy consumers time when preparing meals at home and provide a consistent flavor profile in recipes. Newer mixes that provide aromatic and fusion flavors are becoming more popular as people seek out more exotic foods. Demand for spices is also expected to increase as spice manufacturers advertise on social media platforms such as Facebook, Pinterest, and Twitter encouraging people to try various spices in recipes at home.

Many spices have antioxidants, substances that protect cells from damage. Some doctors and dietitians advocate adding spices to one’s diet to get added health benefits. Some people incorporate cinnamon into their diet to lower blood pressure, turmeric to fight inflammation, ginger to relieve nausea, cayenne (capsaicin) to ease pain, cumin to boost the immune system, and garlic for heart health and to lower cholesterol and triglycerides. In traditional medicine, black cumin has been used to treat asthma, diabetes, hypertension, fever, inflammation, bronchitis, dizziness, eczema, and gastrointestinal disturbances.

Studies on the health effects of spices generally focus on spices in the form of supplements although some doctors caution against taking commercial spice supplements that have not been independently verified by a third-party organization because they’re not regulated and may not contain what they say they do. Several spices are currently being investigated in preclinical, clinical, and therapeutic trials as new treatments for several diseases, including cancer. Perhaps in the future new spice-based drugs will be developed.

The Asia Pacific region is a leading producer and exporter of spices garnering more than a 35% revenue share in 2019. Most spices are grown in India, Vietnam, China, and Thailand, with China being one of the largest consumers of spices in the region. Over the last few years, Indian spices have seen a surge in demand worldwide. Leading spice manufacturers include Ajinomoto Co. Inc., Associated British Foods plc, Ariake Japan Co. Ltd., Baria Pepper, Kerry Group, The Bart Ingredients Co. Ltd., DS Group, Everest Spices, Dohler Group, and McCormick & Company Inc.

Sources: “Spices Market Size, Share & Trends Analysis Report by Product (Pepper, Turmeric), by Form (Powder, Whole, Chopped & Crushed), by Region (North America, Europe, APAC, CSA, MEA), and Segment Forecasts, 2020 – 2027,” Grand View Research Report Summary, October 2020 available online here; “Spices Market Size Worth $9.70 Billion by 2027 | CAGR: 6.5%: Grand View Research, Inc.,” CISION PR Newswire, October 12, 2020 available online here; “Spice,” Wikipedia, October 13, 2020 available online here; “The Most Used Herbs Across the Globe,” Urban Cultivator available online here; “History of the Spice Trade,” History & Special Collections, UCLA Louise M. Darling Biomedical Library, 2002 available online here; Alexander Yashin, Yakov Yashin, Xiaoyan Xia, and Boris Nemzer, “Antioxidant Activity of Spices and Their Impact on Human Health: A Review,” Antioxidants, September 15, 2017 available online here; “5 Spices With Healthy Benefits,” Johns Hopkins Medicine available online here; Krishnapura Srinivasan, “Cumin (Cuminum cyminum) and Black Cumin (Nigella Sativa) Seeds: Traditional Uses, Chemical Constituents, and Nutraceutical Effects,” Food Quality and Safety, Oxford Academic, March 2018 available online here; “Seasoning and Spices Market Size, Share & Trends Analysis Report by Product (Herbs, Salt & Salts Substitutes, Spices), by Application, by Region, and Segment Forecasts, 2020 – 2027,” Grand View Research Report Summary, July 2020 available online here.
Image source: Herbolario Allium, “Cuminum cyminum,” Wikimedia Commons, May 1, 2012, available online here. Creative Commons License CC BY 2.0.

Halloween

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Happy Halloween
Geographic reference: United States
Year: 2020
Market size: $8.05 billion

Will you be celebrating Halloween this year? If so, you’ll be among the 58% of consumers in the United States who plan to do so in 2020, an estimated 148 million people. However, this is fewer than the 172 million who planned to celebrate the holiday in 2019.

Concerns about the coronavirus pandemic have people avoiding many activities associated with the holiday, activities in which social distancing may be difficult. Fewer people are planning to throw or attend a party, visit a haunted house, go trick-or-treating, or hand out candy. However, more people are planning to carve a pumpkin and decorate their homes. More people are also expected to dress up their pets, pumpkin being the most popular costume.

Today’s market size shows the total amount U.S. consumers are expected to spend on Halloween in 2020. This continues a downward trend from the record high of $9.1 billion in 2017. Consumers are expected to spend about the same amount as they did in 2012. What will they buy? They plan to spend the most on costumes and decorations ($2.6 billion each), followed by candy ($2.4 billion), and greeting cards ($0.4 billion). Spending on costumes and candy is expected to be lower this year than in 2019 while spending on decorations and greeting cards is expected to remain unchanged. While fewer people will be celebrating the holiday, those that will are expected to spend more on average than they did a year ago, $92.12 per shopper, up from $86.27 in 2019. The average shopper is expected to spend more on decorations, candy, and greeting cards.

In the past 5 years, social media has had an increasing influence over what people buy for Halloween. Pinterest, Facebook, YouTube, and Instagram have the most influence among social media platforms. Of these four, YouTube’s influence grew the most (+3%) from 2019 to 2020, followed by Facebook and Instagram (+2% each). Pinterest’s influence stayed the same. Still, a greater percentage of consumers rely on online searches (35%) and browsing in stores (23%) for Halloween shopping inspiration. In 2019, ideas from friends and family edged out Pinterest and Facebook for shopping inspiration; In 2020, they’re in a three-way tie.

Sources: “Halloween Data Center,” National Retail Federation available online here; “Consumers Anticipate New Ways to Celebrate Halloween, Despite COVID-19,” National Retail Federation Press Release, September 15, 2020 available online here; “Halloween Consumer Spending and Celebration Plans,” National Retail Federation Infogram available online here.
Original source: Surveys conducted by Prosper Insights & Analytics for the National Retail Federation.
Image source: Adapted from Alexas_Fotos, “halloween-ghosts-pumpkin-4588378,” Pixabay, October 30, 2019 available online here.

Telehealth

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Telehealth telemedicine
Telemedicine had the highest revenue share in the telehealth market.
Geographic reference: World
Year: 2019 and 2027
Market size: $61.4 billion and $559.52 billion, respectively

The concept of telehealth is nothing new. An 1879 article in the Lancet spoke about using the telephone to reduce unnecessary office visits and in 1925 the cover of Science and Invention magazine showed a doctor diagnosing a patient by radio. Inside, the article speculated that one day there would be a device that allowed for video examination of a patient remotely.

While telehealth has been used in a clinical setting for decades, the coronavirus pandemic has brought it to the forefront of many people’s minds, especially one aspect: telemedicine. As businesses shut down due to the COVID-19 pandemic, so too did many doctors’ offices in order to protect doctors and staff from contracting the virus from the patients. Despite the shutdown, patients still needed medical care. As a result, many doctors consulted with patients via online videoconference or phone calls. In April 2020, 43.5% of primary care physician visits by those insured by Medicare1 were via telemedicine compared to 0.1% in February 2020 before the public health emergency (PHE) was declared.2 Overall, 6% of primary care visits in the United States were via telemedicine before the PHE, and 30% after.

Telehealth refers to health information services, health care education, and health care services delivered remotely using technology. In addition to doctor-patient consultations, telehealth includes health education services, remote monitoring of vital signs, ECG, and blood pressure, and telecare. Telecare involves remote monitoring devices and medical alert systems that allow physicians to continuously monitor patients to track changes over time and be alerted to emergency situations. For the patients, these monitors allow them to maintain independence and safety while living in their homes.

Today’s market size shows global telehealth revenues for 2019 and projected for 2027. Data include both products and services, with services claiming more than half of revenues. Revenues in North America totaled $26.4 billion in 2019, nearly half of worldwide revenues. Increasing patient preference for online healthcare consultation due to its cost-effectiveness, reduced wait times, and easy access coupled with a growing number of insurance companies reimbursing health care providers for this service will contribute to significant growth in this region of the world. However, not everyone prefers telehealth visits. In a University of Michigan study of older adults, while an overwhelming majority were comfortable with videoconferencing and were interested in using telemedicine for follow-ups with their doctor, 64% of those that actually used telehealth services felt that the health care quality was not as good as an in-person visit (4 out of 5 people were concerned because the doctor couldn’t physically examine them).

In rural areas around the world where healthcare services are lacking, telemedicine is a way to bring these services to those who need them. Government initiatives and investment to improve health care in rural areas will fuel growth worldwide in the coming years. But hampering growth is the lack of infrastructure in many developing counties. Deploying telehealth technology requires the latest telecommunications technology and high-speed internet with high bandwidth and storage capacity. Hundreds of millions of people around the world still lack internet access, especially those living in rural, remote areas. In India, the country with the second-highest number of internet users also has the highest number of people without internet access, more than 685 million. More than 582 million people in China lack internet access. By region, Africa and the Asia-Pacific region have the lowest percentage of internet users, 28.2% and 48.4%, respectively.

The telemedicine segment had the highest revenues in 2019 and is expected to continue to dominate the market through 2027 as more doctors integrate telemedicine into their everyday practices, purchasing telemedicine software and virtual conference apps to do so. Established companies and a growing number of startups are bringing more telehealth software and remote monitoring devices to market as they expand their scope into solutions for various specialties such as mental health, dermatology, and cardiology, to name a few.

The continuous monitoring segment is expected to see significant growth over this time period due to an aging population, advancements in the integration of medical data, and increased availability of wearable remote monitoring devices. According to the American Telemedicine Association, one million people in the United States use remote cardiac monitors. But, not all monitors need to be applied in a medical setting. The newer versions of several smartwatches by Apple, Samsung, Fitbit, Withings, and Amazfit have the ability to take an electrocardiograph (ECG) to detect atrial fibrillation and abnormal heart rhythms. Some smartwatches also have the ability to monitor blood oxygen levels.3 While ECGs taken using a smartwatch may not be as accurate or be able to detect as many problems as ECGs done in a hospital, “irregularities in heart rate can be episodic, and difficult to capture…so a personal ECG that you carry with you can help clinicians record when palpitations happen and help with diagnosis,” according to Dr. Keith Grimes, Medical Director and pioneer in clinical VR and artificial intelligence at Babylon Health in London, U.K.

Teledoc Health Inc. is the leading company in the telehealth market owing to its large customer base and an increasing number of paid memberships and virtual doctor visits. Its virtual doctor visits between January 2020 and March 2020 increased 60% from the fourth quarter of 2019. In January 2020 it acquired InTouch Health, which gave it access to a network of more than 450 hospitals and healthcare facilities. It also acquired InTouch Health’s Solo, an end-to-end fully integrated virtual care platform. Other major telehealth companies include American Well, MDLIVE Inc., Doctor on Demand Inc., Dictum Health Inc., Grand Rounds Inc., and OpenTeleHealth. Except for OpenTeleHealth which is headquartered in Denmark, all the other companies are located in the United States.

1 Medicare is the federal health insurance program for people age 65 or older in the United States. People younger than age 65 with certain disabilities, permanent kidney failure, or amyotrophic lateral sclerosis (Lou Gehrig’s disease), can also qualify for Medicare. Those that qualify for Medicare are generally at high risk for complications from COVID-19. Data are for those that have Fee-for-service Medicare.
2 Before the PHE, covered telehealth services were limited for Medicare beneficiaries. Passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020, expanded the list of telehealth-eligible services, allowing for audio-only communications as well as expanding the types of practitioners eligible to provide telehealth services. Due to a waiver, as of March 6, 2020, telehealth services were allowed to be delivered wherever a patient is located, including in their home or a temporary health facility. Before, a patient needed to go to a health care facility to receive telehealth services from a distant practitioner. These visits were generally reserved for rural residents.
3 Apple and Samsung smartwatches have U.S. Food and Drug Administration approval for detecting atrial fibrillation. Approval is pending for Fitbit.

Sources:“Telehealth Market to Exhibit 25.2% CAGR till 2027; Rising Video & Audio Consultation with Physicians to Boost Growth,” Fortune Business Insights Press Release, July 29, 2020 available online here; “Telehealth Market Size, Share & COVID-19 Impact Analysis, by Type (Products and Services), by Application (Telemedicine, Patient Monitoring, Continuous Medical Education, and Others), by Modality (Real-time (Synchronous), Store-and-forward (Asynchronous), and Remote Patient Monitoring), by End User (Hospital Facilities, Homecare, and Others), and Regional Forecast, 2020-2027,” Fortune Business Insights Summary, July 2020 available online here; “What’s the Difference Between Telemedicine, Telecare and Telehealth?” eVisit available online here; “HHS Issues New Report Highlighting Dramatic Trends in Medicare Beneficiary Telehealth Utilization amid COVID-19,” U.S. Department of Health and Human Services Press Release, July 28, 2020 available online here; “Thriving in the Post-COVID-19 World—Key Areas of Focus,” IQVIA Consumer Health available online here; “Medicare,” Social Security Administration, November 2019 available online here; “Medicare Beneficiary Use of Telehealth Visits: Early Data from the Start of the COVID-19 Pandemic,” Issue Brief, Assistant Secretary for Planning and Evaluation, U.S. Department of Health and Human Services, July 28, 2020 available online here; “List of Countries by Number of Internet Users,” Wikipedia, September 30, 2020 available online here; Carmen Ang, “These are the Countries Where Internet Access is Lowest,” World Economic Forum, August 17, 2020 available online here; Michael Sawh, “ECG Wearables: How They Work and the Best on the Market,” Wareable, August 28, 2020 available online here; Thomas S. Nesbitt, “The Role of Telehealth in an Evolving Health Care Environment: Workshop Summary,” Board on Health Care Services, Institute of Medicine, November 20, 2012 available online here.
Image source: National Cancer Institute, “Doctor Holding Cell Phone,” Unsplash, December 11, 2019 available online here.

CBD Pet Products

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Dog being given a CBD pet product - CBD oil
A dog being given CBD oil. CBD oil is usually given to pets to relieve joint pain. Increasingly it is given to treat anxiety and stress-related disorders. Joint pain can be a consequence of obesity. October 14, 2020, is National Pet Obesity Awareness Day. Click the picture to be taken to the Association for Pet Obesity Prevention website for more information.
Geographic reference: World
Year: 2019 and 2027
Market size: $27.7 million and $399.2 million, respectively

Today’s market size shows the global revenues for CBD-infused pet products in 2019 and projected for 2027.1 The CBD pet product market is a minuscule segment in the overall $4.6 billion CBD product market,2 however, the compound annual growth rate (CAGR) is expected to be nearly double that of the overall market, 40.3% vs. 22.2% in the near future.3 Growth in this industry is unsurprising. According to a Gallup poll, 64% of people in the United States alone are familiar with CBD and/or CBD products. In 2019, Consumer Reports announced that 64 million Americans had tried CBD products between 2017 and 2019, with 22% saying it helped them supplement or replace over-the-counter or prescription drugs. Twenty-four percent of pet owners consume CBD products either for themselves or for their pets.

As more CBD products become available, more people are expected to try these products. And, for those that are helped by them, they may be more inclined to try CBD products on their pets. Even those that have not tried CBD themselves, but have heard the health claims, may consider it for their pets’ health, especially those looking for natural and organic remedies.

CBD is legal in most countries around the world, however, some countries where it’s legal impose regulations about who can grow, produce, or purchase it. In the United States, President Donald Trump signed the Agriculture Improvement Act of 2018, commonly called the Farm Bill. This bill made hemp and hemp products legal by modifying the Controlled Substance Act to exclude hemp from the definition of marijuana and excludes the THC in hemp from being classified as a Schedule I controlled substance, as long as the THC content does not exceed 0.3 percent.

The U.S. Food and Drug Administration (FDA) has the authority to regulate cannabis and cannabis-derived compounds, including hemp-derived CBD under the Federal Food, Drug, and Cosmetics Act. Marketing CBD products promoting use in the “diagnosis, cure, mitigation, treatment or prevention of diseases” without first getting FDA approval and selling unapproved products with unsubstantiated health claims violate this Act.4 To date, only one CBD product has been approved by the FDA, a prescription drug used to treat two rare forms of epilepsy in humans.

In 2019, there were more than 4 dozen types of products containing CBD on the market, with three — oil/tincture, treats/chews, and topicals — geared toward pets. The pet food-grade segment of the market accounted for the largest market share, more than 60%, as pet parents spend more on products for their pets’ health. The therapeutic grade segment of the market is expected to see significant growth through 2027 as CBD oils become increasingly popular to treat inflammation and pain. According to the Association for Pet Obesity Prevention, about 56% of dogs and 60% of cats in the United States are overweight or obese.4 As with humans, obesity in pets can lead to joint pain. As pets age, joint pain from arthritis becomes a concern. The American Pet Products Association reports that 25% of dogs in the U.S. suffer from arthritis. In 2019, the treatment of joint pain disorders claimed a 23.6% revenue share with CBD oil driving this segment of the market. Revenues from CBD products used to treat anxiety and stress-related disorders in pets is expected to grow the fastest through 2027. In a survey conducted by the cannabis market research firm Brightfield Group, more than 60% of human CBD users have taken it for anxiety.

The easy online availability of CBD products without a prescription led to a more than 40% share for the e-commerce segment in 2019. Discounted prices and increasing use of smartphones and the internet in developing countries are expected to contribute to e-commerce growth. Pet specialty stores held the second-highest revenue share. North America accounted for more than 35% of global revenues. The passage of the Farm Bill as well as several major manufacturers located in the region contribute to growth there. In addition, according to a survey conducted by the American Pet Products Association, 34% of cat owners and 39% of dog owners prefer CBD-infused pet products. Europe also held a significant market share in 2019 as CBD is legal in most countries in the region, and both the pet population and people’s expenditures on their pets have been increasing. The Asia-Pacific region is expected to experience significant growth through 2027 due to a growing pet population, higher disposable income, and an unregulated market.

Leading companies include Honest Paws, Canna-Pet, Fomo Bones, Pet Relief, HolistaPet, Joy Organics, Wet Noses, CBD Living, Pet stock, Petco, and Charlotte’s Web. While CBD pet products exist in legal limbo in the United States, products from Honest Paws and Charlotte’s Web have earned the National Animal Supplement Council (NASC) Quality Seal. NASC is an independent agency that performs facility audits on companies that manufacture veterinary supplements. To obtain permission to display the Quality Seal on their products, companies must pass an independent facility audit every two years and demonstrate ongoing compliance with a set of guidelines, two of which include: “having an adverse event reporting/complaint system in place to monitor and evaluate products in real time” and “submitting to random product testing by an independent lab to ensure ingredients meet label claim.”6

To capitalize on the growing popularity of CBD pet products large companies such as Nestlé, Mars Inc., and General Mills plan to enter the market in the near future either with new product launches, by acquiring companies that currently manufacture CBD products, or with collaboration. In February 2019, Martha Stewart collaborated with Canopy Growth Corp., a Canadian cannabis research, product development, and production company, to develop a line of CBD infused animal health products.

1 CBD stands for cannabidiol, the nonpsycoactive ingredient in hemp and marijuana. THC stands for tetrahyrocannabinols. It’s the psychoactive ingredient in these plants.
2 Data for 2018.
3 Revenue for CBD pet products is expected to grow at a compound annual growth rate (CAGR) of 40.3% from 2020 to 2027. Revenue for CBD products overall is expected to grow at a CAGR of 22.2% from 2019 to 2025.
4 Source: Harold B. Hilborn, “2018 Farm Bill Legalizes Hemp, but Obstacles to Sale of CBD Products Remain,” The National Law Review, March 5, 2019 available online here.
5 October 14, 2020 is National Pet Obesity Awareness Day
6 Source: “The NASC Quality Seal,” National Animal Supplement Council available online here.

Sources: “CBD Pet Market Size, Share & Trends Analysis Report by Product (Therapeutic Grade, Food Grade), by Application (Joint Pain, Anxiety), by End-use, by Region (North America, Europe, APAC, Latin America, MEA), and Segment Forecasts, 2020 – 2027,” Grand View Research Report Summary, August 2020 available online here; “CBD Pet Market Size Worth $399.2 Million by 2027 | CAGR: 40.3%: Grand View Research, Inc.,” CISION PR Newswire, September 16, 2020 available online here; “Cannabidiol Market Size, Share & Trends Analysis Report by Source Type (Hemp, Marijuana), by Distribution Channel (B2B, B2C), by End Use, by Region, and Segment Forecasts, 2019 – 2025,” Grand View Research Report Summary, December 2019 available online here; Harold B. Hilborn, “2018 Farm Bill Legalizes Hemp, but Obstacles to Sale of CBD Products Remain,” The National Law Review, March 5, 2019 available online here; Dawn MacKeen, “What are the Benefits of CBD?” The New York Times, October 16, 2019 available online here; “The NASC Quality Seal,” National Animal Supplement Council available online here; “CBD Products are Everywhere But Do They Work?” Harvard Women’s Health Watch, August 2019 available online here; “CBD Statistics 2020,” The Checkup, May 13, 2020 available online here; “52 CBD Products on the Market in 2019,” Ministry of Hemp, September 30, 2019 available online here.
Image source: RR_Medicinals, “dog-husky-cbd-oil-cbd-hemp-oil-4432830,” Pixabay, August 27, 2019 available online here.

Vegan Cheese

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vegan cheese pizza
Mozzarella is the top-selling type of vegan cheese.
Geographic reference: World
Year: 2019 and 2027
Market size: $1.01 billion and $2.66 billion, respectively

Today’s market size shows the global revenues for vegan cheese in 2019 and projected for 2027. The global vegan cheese market is a very small fraction of the $69.7 billion dairy cheese market, however, due to the increasing popularity of vegan cheese revenues are expected to more than double by 2027, growing at a compound annual growth rate (CAGR) of 12.8% from 2020 to 2027. Demand is increasing for all plant-based foods including vegan cheese. Veganism is more common among consumers, either as a health choice or in response to concern for animal welfare and the environment. But vegan cheese is not just in demand among vegans. Flexitarians seek out plant-based alternatives in order to reduce the amount of meat and dairy in their diets. And, according to the U.S. National Institutes of Health, 65% of the global population has trouble digesting lactose, the sugar found in dairy products. Substituting vegan cheese for dairy cheese in many recipes allows this population the ability to enjoy foods they might not be able to eat otherwise.

Vegan cheese made with cashews held the largest share of the market at 35%. Products made with soy are expected to gain market share through at least 2027. Soy is a low-cost dairy alternative and is low in cholesterol with other health benefits. By type, mozzarella held the highest share at 30%, followed by Cheddar, cream cheese, and parmesan. Vegan mozzarella is in high demand in western countries where Italian food, including pizza, are popular. Ricotta-style vegan cheese is expected to see the fastest growth as more popular recipes incorporate this ingredient in appetizers, pizza toppings, and desserts.

With the increasing consumer demand for plant-based cheese, these products are no longer relegated to health food stores and specialty grocers. Increasingly supermarkets and convenience stores are stocking these products. More than 50% of vegan cheese is consumed in the household. Growth in this segment is due to higher availability and a willingness by consumers to pay for premium products. The foodservice segment of the market is expected to see the fastest growth as more restaurants, fast-food chains, and casual-dining establishments add plant-based offerings to their menus. The growing popularity of vegan meal kit services will also contribute to the growth in vegan cheese sales. Plant-based meal kits by Allplants Ltd. have been so popular in the United Kingdom, the company plans to expand to other parts of Europe and North America. Europe accounted for a 40% share of global vegan cheese revenues, the highest in the world, with the United Kingdom and Germany being the major markets in the region. The Asia-Pacific region is expected to experience the fastest CAGR, 14.3%, from 2020 to 2027.

In the United States, brands such as Daiya, Follow Your Heart, Kite Hill, Violife, and Go Veggie, whose companies exclusively create vegan and vegetarian food items, have seen top 10 sales in 2020. Of the top 5 processed/imitation shredded cheese brands, 4 were vegan/vegetarian brands. Kraft Velveeta claimed the top spot with sales of $9.9 million, followed by Daiya ($8.8 million), Follow Your Heart ($2.5 million), Violife ($1.3 million), and Go Veggie ($1.1 million). In the processed/imitation sliced cheese category Daiya and Follow Your Heart ranked 8 and 10 respectively. In the soft cream cheese category, Kite Hill was the third-ranked brand (excl. Private label) with sales of $2.5 million, above Crystal Farms and Kraft. Tofutti and Daiya ranked sixth and seventh, respectively.1

To capitalize on the growing popularity of plant-based foods, some established dairy firms are including plant-based dairy items in their portfolios, either by acquiring companies with plant-based brands or developing products in house. In 2018, Miyoko’s joined Nestlé-backed accelerator Terra and has been working with the company to craft plant-based cheese and butter by combining proprietary technology and age-old creamery methods. In September 2019 Kraft Heinz provided seed funding for San Francisco-based animal-free cheese company New Culture. Before that, in September 2017, J Sainsbury PLC created vegan cheese products under its private label brand to sell in its Sainsbury’s supermarkets in the United Kingdom. As Dominic Borrelli, President of Plant-Based Food and Beverages and Premium Dairy at Danone North America states: “Overall, consumers are recognizing dairy-free doesn’t only need to be for those with allergens or those practicing a dairy-free lifestyle but can simply be enjoyed because it’s delicious!”

1 Ranking and sales data for processed/imitation cheese are for the 12 weeks ended March 22, 2020. Ranking and sales data for soft cream cheese are for the 12 weeks ended April 19, 2020. All data are originally from IRI, a market research firm, and can be found in Frozen & Refrigerated Buyer. See source note for more information.

Sources: “Vegan Cheese Market Size, Share & Trends Analysis Report by Product (Mozzarella, Cheddar, Parmesan, Ricotta, Cream), by Source (Cashew, Soy), by End-use (Household, Foodservice), by Region, and Segment Forecasts, 2020 – 2027,” Grand View Research Report Summary, September 2020 available online here; “Vegan Cheese Market Size Worth $2.66 Billion by 2027 | CAGR: 12.8%: Grand View Research, Inc.,” CISION PR Newswire, September 15, 2020 available online here; “Market Value of Cheese Worldwide from 2019 to 2025,” Statista.com available online here; Frozen & Refrigerated Buyer, May 2020, pp. 10-12 available online here; Frozen & Refrigerated Buyer, June 2020, p. 12 available online here; Brian Kateman, “Plant-Based Meal Kits and Delivery Services are on the Rise,” Forbes, December 11, 2019 available online here; Andy Coyne, “Plant-based Priorities — Dairy Companies with a Stake in Dairy-free,” just-food, August 4, 2020 available online here; Andy Coyne, “Nestlé-backed U.S. Accelerator Terra Reveals Latest Cohort,” just-food, October 4, 2018 available online here; “Danone: ‘The Emphasis on Plant-Based Nutrition Will Accelerate Over Time & We Are Here to Help Meet Those Needs,'” Vegconomist, May 6, 2020 available online here.
Image source: Amber Engle, “Rainbow Veggie Pizza Slice,” Unsplash, July 25, 2020 available online here.

Sign Manufacturing

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sign manufacturing
The International Sign Association’s Sign Manufacturing Day, in partnership with the National Association of Manufacturers’ Manufacturing Day, is October 2, 2020. On this day, in a typical year, participating manufacturing facilities host tours of their facilities to encourage students to explore careers in manufacturing. In 2020, due to COVID-19, many of the events at various manufacturing facilities will be virtual. For more information visit: https://www.signs.org/mfgday and https://creatorswanted.org/
Geographic reference: United States
Year: 1982, 1992, 2002. 2012. 2018
Market size (billions of real dollars): $2.7, $5.4, $9.8, $10.5, and $12.6, respectively
Market size (billions of constant 2018 dollars): $6.2, $8.9, $13.4, $11.6, and $12.6, respectively

Whether hand-written, laser-printed, neon or digital, signs are everywhere. Stop signs, street signs, point-of-purchase displays, signs above retail establishments, signs in restaurants displaying their menus, digital advertisements. Most people take these for granted, but sign manufacturing in the United States is a multi-billion dollar industry employing more than 75,000 people at 5,853 establishments around the country. Today’s market size shows sign manufacturing’s value of shipments for 1982, 1992, 2002, 2012, and 2018 in both real dollars and constant 2018 dollars. The graph shows more thorough views of the value of shipments in constant dollars and employment from 1982 to 2018. The gray boxes in the graph show recessionary periods.

Although sign manufacturing shipment values rose and fell several times throughout this time period, they trended upward from 1982 to 2007, reaching a high of $15.5 billion,1 before the advent of the Great Recession. By the end of the Great Recession, the value of shipments fell to 1998 levels. Since then, again, values have risen and fallen, however, the peak in 2016 fell short of the 2007 peak value. Since 2016, values have trended downward. In 2020, with manufacturing operations temporarily suspended and consumer demand for signs down due to the lockdowns in response to the COVID-19 pandemic, shipment values are expected to continue the downward trend. However, not all types of signage will see a drop. There has been increased demand for medical equipment displays for ventilators and respirators and signage for retail establishments detailing social distancing guidelines and safety practices.

Worldwide in 2018, the printed signage market totaled $45.73 billion while the digital signage market reached $18.55 billion. Printed signage is the most widely used due to its lower cost and longer lifespan without additional maintenance costs. It’s mostly used for advertisement and marketing purposes to attract customers or to showcase a product. Globally, printed signage revenues are expected to grow at a compound annual growth rate (CAGR) of 0.31% through 2025, however, in North America, revenues are expected to contract by a CAGR of -0.68% as demand for more dynamic and customized advertising has led to a decrease in printed signage demand and an increase in demand for digital solutions. As a result of this downturn, major companies are focusing their efforts on expanding their customer base outside the region. Leading printed signage companies in North America include Avery Dennison Corp., Sabre Digital Creative, Print Source Signs & Display, James Printing & Signs, Kelly Signs Inc., Chandler Inc., RGLA Solutions Inc., Accel Group Inc., AJ Printing and Graphics, Southwest Printing Co. and Vistaprint.

Digital signage revenues are expected to grow by a CAGR of 8.0% globally through 2025, and 6.4% in the United States through 2027.2 Demand for biometric technology3 and digitized information management that can be accessed from a remote location are leading to greater adoption of digital signage. In the United States increasing adoption of touch-based and gesture-based displays will lead to a significant boost to the market. Also, many advertisers prefer digital display advertising over conventional marketing for its ability to include eye-catching pictures and motion.

Video walls garnered the highest market share globally as well as in the United States due to their ease of installation, mounting, and connectivity. In-store displays4 had a higher market share than out-store displays, but out-store displays are expected to experience the highest growth over the next few years as more digital displays are installed in transportation venues such as bus stands, train stations, railway stations, airports, and inside taxi cabs, buses, trains, and subway cars in order to show promotional as well as informational content. Digital signage demand at concert and other entertainment venues will see a drop in 2020 while they remain closed during the COVID-19 pandemic, however, interest is expected to increase in 2021 and beyond as more sites open to patrons again.

Worldwide, vertically-oriented content—safety signs and information, corporate communication, sales dashboards, direction and transportation information—had a market share of more than 50% in 2018. Health and wellness and news also accounted for significant market share and these two categories are expected to grow substantially in the coming years due to higher demand in the healthcare and corporate sectors. In the U.S., the retail sector topped market share as leading adopters of the technology, but there is also tremendous growth potential in this sector. Revenues for digital signage in the healthcare sector are expected to grow substantially in the United States through 2027. Digital signage in healthcare is used to manage inventory and staff, notify staff and visitors, and display patient-related information. Leading digital signage manufacturers in the United States include NEC Display Solutions of America Inc., BrightSign LLC, Planar System Inc., Cisco Systems Inc., Intel Corp., Microsoft Corp., Keywest Technology Inc., Scala Inc., Visix Inc., Panasonic Corp. of North America, and Hughes Network Systems LLC. Worldwide, companies are focusing on innovation to increase revenues. Intel Corp. introduced the Open Pluggable Specification that is helping to standardize the design of digital marketing and Nippon Telegraph and Telephone Corp. has developed digital signs that use aroma-emitting devices.

1 Real dollar value: $13.0 billion.
2 All compound annual growth rates reported were calculated before the COVID-19 pandemic response slowed or halted production and demand.
3 Biometric technology includes gaze tracking software that can record how many people look at an ad, even in a crowded area.
4 In-store displays include all displays deployed within buildings, not just in retail locations.

Sources: Annual Survey of Manufactures, U.S. Census Bureau, various years available online here; Economic Census, U.S. Census Bureau, various years available online here; County Business Patterns, U.S. Census Bureau, June 25, 2020 available online here; Dan Barufaldi and Jim Chappelow, “A Review of Past Recessions,” Investopedia, June 8, 2020 available online here; “Five Jobs and Industries That Are Thriving Amid The COVID-19 Pandemic (and Why),” The Marlin Company, June 4, 2020 available online here; “Printed Signage Market – Growth, Trends, and Forecast (2019-2024),” 360 Market Updates, June 1, 2019 available online here; “North America Printed Signage Market – Growth, Trends, and Forecast (2019 – 2024),” Research and Markets Report Description, February 2019 available online here; “Printed Signage Market – Growth, Trends, and Forecast (2020-2025),” Mordor Intelligence About This Report available online here; “Digital Signage Market Size Analysis Report by Type, by Component, by Technology (LCD, LED, Projection), by Application, by Location, by Content Category, by Size, by Region, and Segment Forecasts, 2019 – 2025,” Grand View Research Report Summary, May 2019 available online here; “U.S. Digital Signage Market Size, Share & Trends Analysis Report by Component, by Hardware Components, by Display Type, by Display Technology, by Application, by Location, by Region, and Segment Forecasts, 2020 – 2027,” Grand View Research Report Summary, February 2020 available online here; Nina Goetzen, “Entertainment Digital Ad Spend Will Drop 6.9% This Year, But Gaming and SVOD Growth Will Offset Losses,” Business Insider, September 10, 2020 available online here.
Image source: Created in-house by The Editors from Annual Survey of Manufactures and Economic Census data.

Pharmaceutical Packaging

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bottles, pharmaceutical packaging
Plastic bottles had the highest revenue share in the primary packaging segment of the market.
Geographic reference: World
Year: 2019 and 2027
Market size: $98.58 billion and $188.79 billion, respectively

Today’s market size shows the total global revenues for pharmaceutical packaging in 2019 and projected for 2027 according to a report by Grand View Research. Demand for pharmaceutical packaging is expected to rise based on many factors: a growing pharmaceutical industry in China, India, and Brazil; rising demand for over-the-counter drugs; new drug discoveries; increased access to medicines as healthcare infrastructure improves in developing countries; an aging population; and a rise in the number of people with chronic diseases. 

Growth is also expected as demand rises for more convenient packaging types, such as pre-filled syringes and autoinjectors, and for sustainable packaging made of biodegradable and recycled materials. The growing use of biologics to treat illnesses will increase demand for specialized packaging. Biologics are manufactured using animal, human, or plant cells which tend to be heat sensitive and prone to contamination.

Increasing regulations and anti-counterfeit measures such as the Drug Supply Chain Security Act in the United States and the European Union’s Falsified Medicine Derivative have increased packaging costs as new infrastructure has to be developed to meet the requirements outlined in the laws.1 As costs go up, more pharmaceutical companies are outsourcing their packaging needs. Pharmaceutical contract packaging revenues totaled $28.2 billion in 2019 or 28.6% of the overall global pharmaceutical packaging market. This is expected to increase to $47.7 billion in 2027. Many small pharmaceutical companies without packaging capabilities have maintained relationships with contract packaging organizations and contract development and manufacturing organizations all along.

Primary packaging, the packaging that comes in direct contact with the product itself, held the highest revenue share in 2019, 75.16%, with plastic bottles having the highest share within this category. Oral drug delivery packaging and injectable packaging together accounted for more than three-quarters of all pharmaceutical packaging revenue. By end-use, most revenues came from pharmaceutical manufacturers, then retail pharmacies, contract packaging, institutional pharmacies, and others.

North America had the highest revenue share in 2019, 37.8%. The United States is the largest pharmaceutical market worldwide. It has a large healthcare system, the population has high per capita income, and it invests heavily in new drug development. Also, many large pharmaceutical companies such as Pfizer Inc., Johnson & Johnson, Merck & Co. Inc., Bristol-Myers Squibb Company, and AbbVie Inc. are located there. The Asia-Pacific region is expected to see the highest compound annual growth rate through 2027 with China, India, Japan, and South Korea being the largest markets. Economic growth along with population growth and increasing drug safety regulations are expected to increase product demand. While the global market is fragmented with several regional and local pharmaceutical packaging companies, some major companies in this industry include Amcor PLC; Gerresheimer AG; AptarGroup Inc.; Becton, Dickinson and Company; Schott AG; West Pharmaceutical Services Inc., Berry Global Inc.; WestRock Company; International Paper Company; Comar LLC; CCL Industries Inc.; and Vetter Pharma International.

1 Some product tracing and product identification regulations under the Drug Supply Chain Security Act were waived for certain COVID-19 medications. Source: “FDA Lifts Drug Supply Chain Security Requirements for COVID-19 Products,” Regulatory Focus, Regulatory Affairs Professionals Society, April 30, 2020 available online here.

Sources: “Pharmaceutical Packaging Market Size, Share & Trends Analysis Report by Material (Plastics & Polymers, Paper & Paperboard, Glass), by Product, by End Use, and Segment Forecasts, 2020 – 2027,” Grand View Research Report Summary, February 2020 available online here; “Pharmaceutical Packaging Market Size Worth $188.79 Billion by 2027: Grand View Research, Inc.,” CISION PR Newswire, February 11, 2020 available online here; “Pharmaceutical Contract Packaging Market Size, Share & Trends Analysis Report by Type (Primary, Secondary, Tertiary), by Material (Plastic & Polymer, Glass), by Region, and Segment Forecasts, 2020 – 2027,” Grand View Research Report Summary, August 2020 available online here; “Pharmaceutical Contract Packaging Market Size Worth $47.7 Billion by 2027: Grand View Research, Inc.,” CISION PR Newswire, August 26, 2020 available online here; “Pharmaceutical Packaging Market to Hit USD 142.59 Bn by 2027; Rising Demand for Efficient Packaging of Drugs by Healthcare Facilities to Boost Market Growth: Fortune Business Insights,” CISION PR Newswire, June 2020 available online here; “Pharmaceutical Packaging Market Size, Share & Industry Analysis, by Material (Plastics, Glass, Metal, Paper & Paperboard), by Product (Plastic Bottles, Caps & Closures, Pre-Fillable Inhalers, Vials & Ampoules), by Packaging Type (Primary, Secondary, and Tertiary), by Drug Delivery Mode (Oral Drug Delivery Packaging, Injectable Packaging, Topical Drug Delivery Packaging, Pulmonary Drug Delivery Packaging), and Regional Forecast, 2020-2027,” Fortune Business Insights Report Summary, June 2020 available online here; “Drug Supply Chain Security Act (DSCSA),” U.S. Food and Drug Administration, May 8, 2020 available online here; “Falsified Medicines,” Medicinal Products, European Commission, June 30, 2017 available online here; Michael Mezher, “FDA Lifts Drug Supply Chain Security Requirements for COVID-19 Products,” Regulatory Focus, Regulatory Affairs Professionals Society, April 30, 2020 available online here.
Image source: Bob Williams, “medicine-bottle-medical-health-2520463,” Pixabay, July 19, 2017 available online here.

Antimicrobial Textiles

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surgical scrubs antimicrobial textiles
More than 45% of antimicrobial textiles are used in the healthcare industry.
Geographic reference: World
Year: 2019 and 2026
Market size: $10.48 billion and $20.50 billion, respectively

Antimicrobial textiles are fabrics coated with substances that destroy or inhibit the growth of microorganisms such as bacteria, viruses, protozoans, mold, and mildew. These substances can also be incorporated within the fibers of the fabric. Today’s market size shows the global revenues for antimicrobial textiles in 2019 and projected for 2026. These specialty textiles accounted for about 1% of total worldwide textile revenues in 2019.

The use of antimicrobial substances is nothing new. The ancient Egyptians used spices and herbs to preserve mummy wraps. The Chinese used bamboo, which contains the antimicrobial substance bamboo-kun, in housing structures and decor. And, during World War II the militaries on both sides of the conflict used antimicrobials to protect military gear from rotting. The antimicrobials used during World War II, however, were found to cause serious health problems and polluted the earth. In the 1960s, after Rachel Carson’s book Silent Spring was published, public and private organizations hired ecologists, scientists, and industrial chemists to develop more eco-friendly antimicrobials. Some antimicrobials such as silver nanoparticles and triclosan can wash off fabrics when laundered and pollute local water sources. Several newer antimicrobial coatings currently in use and in development do not do this thereby minimizing the harmful effects to the environment and prolonging the antimicrobial properties of the fabric.

Nearly half of the antimicrobial textiles used are made of polyester. The fiber is readily available and can be combined with other fibers such as cotton, vinyl, and others to create a wide range of fabrics for use in many different applications. Antimicrobial textiles are used in healthcare; hygiene; medical devices; sportswear; food packaging; storage; thermal and mechanical protection; automotive textiles; heating, ventilation and air conditioning; air filters; and water purification systems. 

More than 45% of consumption occurs in the healthcare sector. Surgeon’s gowns, bed sheets, curtains, and masks are some of the items made with these textiles. Increasing requirements to reduce hospital-acquired infections, growing demand for advanced safety products, and increasing need for personal protective equipment due to the COVID-19 pandemic are all expected to contribute to the growing demand for antimicrobial textiles in the coming years. In May 2020, the first antiviral chemical coating for textiles that kills the SARS-CoV-2 virus, PROTX2-AV, was proven effective in lab tests and is awaiting Environmental Protection Agency approval in the United States to market it. The company that developed it, Intelligent Fabric Technologies North America, is producing its own line of personal protective equipment and other clothing using fabrics coated with it. The company is also working with manufacturing partners to produce healthcare and athletic apparel, military uniforms, medical dressings, and car and aircraft seats treated with PROTX2-AV. Other producers of antimicrobial textiles include Kolon Industries, Milliken & Company, Toyobo Co. Ltd., Unitika Ltd., Trevira GmbH, and Thai Acrylic Fibre Co. Ltd.

Sources: Kiran Pulidindi and Hemant Pandey, “Antimicrobial Textiles Market Size by Fabric (Polyester, Polyamide, Cotton), by Application (Healthcare, Apparels, Home Textile), by Active Agents (Metal & Metallic Salts, Synthetic Organic Compounds, Biobased Agents), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026,” Global Market Insights Summary, April 2020 available online here; “Antimicrobial Textiles Market is Likely to Surpass $20.5 Billion by 2026, Says Global Market Insights Inc.,” CISION PR Newswire Press Release, April 19, 2020 available online here; Leslie Haddad, “A Beginner’s Guide: What is Antimicrobial Fabric?” February 16, 2017 available online here; “Textile Market Size, Share & Trends Analysis Report by Raw Material (Wool, Chemical, Silk, Cotton), by Product (Natural Fibers, Polyester, Nylon), by Application, by Region, and Segment Forecasts, 2020 – 2027,” Grand View Research Report Summary, February 2020 available online here; Susan Karlin, “With This Antiviral Fabric Coating, Your Clothing Could Protect You From COVID-19,” Fast Company, May 26, 2020 available online here.
Image source: skeeze, “surgery-instruments-surgeons-688380,” Pixabay, March 25, 2015 available online here.

Boat Dealers

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Boat dealers
Source: County Business Patterns
Geographic reference: United States
Year: 1998, 2008, 2018
Market size: 5,219, 5,500, and 4,178, respectively

Each year approximately 141 million people in the United States go boating. With summer winding down and Labor Day past, many may be getting ready to put their boats in storage for the winter, while others may be dreaming of next summer and being out on the water in a newly-purchased watercraft of their own. Today’s market size shows the number of boat dealers in the United States in 1998, 2008, and 2018.1 Dealers sell new and used boats, boat motors, and trailers. Some dealers also offer replacement parts and repair services. 

Sales of boats, marine products, and services totaled $42 billion in 2019. This same year, 11,878,542 recreational vessels were registered in the United States, up slightly from 2018. These numbers are expected to be significantly higher in 2020 as sales of new boats increased by 75% from the previous year. With many people canceling their summer vacations and children’s summer camps staying closed due to COVID-19, some chose to spend the money they would’ve spent on these activities on a boat instead. According to Ellen Bradley of the National Marine Manufacturers Association, “people are realizing it is a safe environment for social distancing. [They] are in an environment where [they] can control what [they] encounter, who [they] go boating with.” In some cases, however, demand was outpacing production, as several boat manufacturers shut down either temporarily or permanently in March as a result of the effects of the stay-at-home orders imposed by many state governments. Ninety-five percent of boats sold in the United States are made in the U.S. According to Boating Industry, the top 10 dealers in the United States for 2019 were Quality Boats of Clearwater Inc., M & P Mercury Sales Ltd., Marine Connection, Regal & Nautique of Orlando, BMC Boats, Irwin Marine – NH, Marine Sales Group Inc., Futrell Marine, Hampton Watercraft & Marine, and Buckeye Sports Center.

1 According to a report by Dun & Bradstreet First Research, the number of boat dealers totaled about 4,300 in 2020.

Sources: County Business Patterns, U.S. Census Bureau, various years available online here; “U.S. Boat Sales Reached Second Highest Volume in 12 Years in 2019, Expected to Remain Strong in 2020,” Business Wire, January 7, 2020 available online here; “Exerpt from Boat Dealers Industry Profile,” Dun & Bradstreet First Research, June 22, 2020 available online here; “Recreational Boating: An American Pastime & Economic Engine,” National Marine Manufacturers Association available online here; “Boat Sales Have Increased by 75 Percent in 2020 as Consumers Seek Ways to Enjoy Summer,” WJLA, July 3, 2020 available online here; “Top 100 Dealers,” Boating Industry, December 2019 available online here; 2019 Recreational Boating Statistics, U.S. Department of Homeland Security, U.S. Coast Guard, Office of Auxiliary and Boating Safety, June 4, 2020 available online here; Ed Killer, “Coronavirus: One of Florida’s Largest Boat Builders Shutters as Sales Plunge Amid COVID-19; 500 Out of Work,” TCPalm, April 2, 2020 available online here.
Image source: Created in house from County Business Pattern data.

Clinical Trials

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clinical trial laboratory
Geographic reference: World
Year: 2019 and 2027
Market size: $46.8 billion and $69.8 billion, respectively

Clinical trials are carefully designed studies that test the benefits and risks of new medical treatments and devices. Each clinical trial is led by a principal investigator, usually a doctor, along with a team of nurses and researchers. In the United States, once scientists have completed laboratory research and pre-clinical testing and achieved a successful result—work that can involve years of experiments on animal and human cells—the pharmaceutical or device company submits its data to the Food and Drug Administration (FDA) for approval to begin testing on human volunteers.

Before an investigational medication1 can be sold to the public, it must successfully pass through 3 clinical trial phases. Phase I trials last several months and involve small numbers of volunteers, 20 to 100. This study determines the effects of the drug on humans and the side effects as dosages are increased. About 70% of experimental drugs pass this phase of clinical trials.

Phase II trials typically last several months to two years. They test the efficacy of a drug. Several hundred volunteers participate in randomized trials where one group receives the experimental drug and another either receives a standard treatment or a placebo. Often neither the patient nor the researchers know who is receiving the experimental drug. This allows investigators to compare information about relative safety and effectiveness. About 33% of experimental drugs pass these first two phases.

Phase III trials are also randomized, blind studies but involve several hundred to several thousand patients. This stage can last several years and provides the pharmaceutical company and the FDA a more complete picture of the drug’s effectiveness, benefits, and adverse reactions. Between 70% and 90% of drugs that enter Phase III successfully complete this level of testing. Phase III trials garnered a 53% revenue share in 2019, followed by Phase II with a 19.8% share. Phase III trials are the most expensive because they involve a large number of patients and a long treatment period.

After a successful Phase III completion, the pharmaceutical company can request FDA approval to market the product. According to PhRMA, less than 12% of drugs that enter Phase I trials go on to be approved by the FDA. Over the past decade, the average research and development cost to bring a new FDA-approved medication to market was $2.6 billion, the development process taking an average of 10-15 years.

With COVID-19 affecting the lives and livelihoods of millions of people around the world and causing hundreds of thousands of deaths, currently more than 150,000 in the United States alone, President Donald Trump announced Operation Warp Speed on May 15, 2020. This is a public-private initiative to “accelerate the development, manufacturing, and distribution of COVID-19 vaccines, therapeutics, and diagnostics.” One of its goals is to “have substantial quantities of a safe and effective vaccine available for Americans by January 2021,” a mere 7 months in the future, although researchers had been working on a vaccine since January 2020. As of July 30, 2020, there were 42 potential vaccines in various stages of development around the world according to the Regulatory Affairs Professionals Society COVID-19 Vaccine Tracker.2 Earlier in 2020, the World Health Organization announced an international clinical trial launch, called Solidarity, to find effective treatments for this virus. In May 2020, as a part of Solidarity, it announced an international alliance for simultaneously developing a number of vaccines for COVID-19. In addition, regulatory agencies across the globe issued guidelines related to conducting clinical trials during the COVID-19 pandemic, restricting face-to-face interactions and supporting the incorporation of virtual services, including performing decentralized clinical trials in which many trial functions are done remotely and researchers rely on help from the patients, their family members, and other caregivers instead of healthcare professionals.

Today’s market size shows the revenues for clinical trials worldwide in 2019 and projected for 2027. Funding for clinical trials comes from government agencies such as the National Institutes of Health and the Department of Defense in the United States, pharmaceutical and biotechnology companies, medical institutes, and foundations. Predicted revenue growth during this time period will be due to many factors: the increasing prevalence of chronic diseases, the rising number of biologics, the need for personalized medicines and orphan drugs, as well as increasing demand for clinical trials in developing countries. The globalization of clinical trials, increased use of technology to meet stringent regulations, and increased use of contract research organizations by pharmaceutical companies to organize and conduct clinical trials are additional factors contributing to future growth. In 2019, oncology clinical trials accounted for the largest share of revenue, 23.2%, followed by trials for drugs to treat central nervous system conditions, autoimmune diseases/inflammation, and diabetes. As of August 4, 2020, there were more than 347,000 studies registered at ClinicalTrials.gov, located in all 50 states and 216 countries. Recruiting studies totaled 52,249.

The coronavirus pandemic has disrupted clinical trials for a variety of disease treatments. The number of patients enrolled in clinical trials in March 2020 dropped 65% worldwide from a year earlier. Some studies have halted altogether as medical center resources are diverted to treating patients with COVID-19 and biotechnology firms divert resources to develop therapeutics and vaccines to treat and prevent the spread of the virus.

As of May 2020, interventional design studies accounted for 79% of all registered studies, the majority being for drugs and biologics. Expanded access trials, also known as compassionate use trials, are predicted to grow at the fastest rate, a compound annual growth rate (CAGR) of 5.2%, through 2027. These trials are a way for patients with serious diseases to obtain treatment outside of clinical trials when other treatments prove ineffectual. For example, many oncology drugs considered as a part of expanded access trials are administered to patients before getting FDA approval. As of May 2020, there were 20 therapeutics for COVID-19 in Phase II and Phase III expanded access trials.

North America accounted for 51.2% of the market in 2019 and is expected to maintain its majority share due to increasing research and development and adoption of new technologies. The Asia-Pacific region is expected to grow the fastest, at a CAGR of 6.1%. A growing number of biotechnology firms are seeking to recruit patients for their COVID-19 trials in this region due to its large patient pool and fast-track trial procedures.

Some major companies in the clinical trial market include ICON Plc, Wuxi AppTec, PRA Health Sciences, SGS SA, Syneos Health, Eli Lilly and Company, Novo Nordisk A/S, Pfizer, Clinipace, IQVIA, PAREXEL International Corp., Pharmaceutical Product Development LLC, and Charles River Laboratory.

1 We concentrate on investigational medications in the text, but the market size figures include revenue for all types of clinical trials: drug, biologic, behavioral, clinical procedure, and device studies.
2 According to a June 16, 2020 U.S. Department of Health & Human Services press release, there are more than 100 COVID-19 vaccines in development.

Sources: “Clinical Trials Market Size, Share & Trends Analysis Report by Phase (Phase I, Phase II, Phase III, Phase IV), by Study Design (Interventional, Observational, Expanded Access), by Indication, and Segment Forecasts, 2020 – 2027,” Grand View Research Report Summary, May 2020 available online here; “Clinical Trials Market Size Worth $69.8 Billion by 2027 | CAGR: 5.1%: Grand View Research, Inc.,” CISION PR Newswire, February 18, 2020 available online here; “What is Clinical Research?” WCG CenterWatch available online here; “Clinical Trials,” PhRMA available online here; “Trends, Charts, and Maps,” ClinicalTrials.gov, National Institutes of Health, U.S. National Library of Medicine, August 4, 2020 available online here; “The Impact of Industry Sponsored Clinical Trials,” PhRMA available online here; Jeff Craven, “COVID-19 Vaccine Tracker,” Regulatory Focus, Regulatory Affairs Professionals Society, July 30, 2020 available online here; “Trump Administration Announces Framework and Leadership for ‘Operation Warp Speed,'” U.S. Department of Health & Human Services Press Release, May 15, 2020 available online here; “Fact Sheet: Explaining Operation Warp Speed,” U.S. Department of Health & Human Services Press Release, June 16, 2020 available online here; Bryan Hill, Pratik Maroo, Venu Mallarapu, and Vidya Viswanathan, “Reinventing Clinical Trials for a Stay-at-Home World,” Perspectives, June 22, 2020 available online here; Ben Fidler, “A Guide to Clinical Trials Disrupted by the Coronavirus Pandemic,” BioPharma Dive, May 15, 2020 available online here.
Image source: Belova59, “laboratory-medical-medicine-hand-3827745,” Pixabay, November 15, 2018 available online here.