Market Overview
| Study Period | 2017 - 2030 |
|---|---|
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 571.8 Million |
| Market Size (2030) | USD 761.9 Million |
| Growth Rate (2025 - 2030) | 5.91% CAGR |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0. |
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India Soy Protein Market Analysis by Mordor Intelligence
The India Soy Protein Market size is estimated at 571.8 million USD in 2025, and is expected to reach 761.9 million USD by 2030, growing at a CAGR of 5.91% during the forecast period (2025-2030).
The Indian soy protein industry is experiencing significant transformation driven by changing dietary preferences and increasing health consciousness among consumers. A notable shift towards plant-based diets is evident, with recent data showing that 24% of Indians are strictly vegetarian, 9% are vegan, and 8% are pescatarian as of 2022. This dietary evolution is reshaping the industry landscape as manufacturers adapt their product portfolios to meet the growing demand for soy products in India and other plant-based alternatives. The trend is further amplified by the rising awareness of lactose intolerance, which affects approximately 61% of Indian adults, creating a substantial market for dairy alternatives.
Innovation in product development and formulation is becoming increasingly crucial in the soy protein market. Manufacturers are focusing on improving taste profiles and texture while maintaining nutritional value. This is particularly important as consumer preferences evolve, with approximately 71% of consumers actively avoiding artificial flavors in their food choices. The industry is witnessing a surge in clean-label products, with manufacturers emphasizing natural ingredients and transparent sourcing practices. Companies are investing in research and development to create novel applications, as evidenced by recent launches like Nestlé's KOKO KRUNCH Millet-Jowar in 2024, which combines traditional ingredients with modern nutrition.
The sports and performance nutrition segment is emerging as a significant growth driver for the soy protein market. With approximately 66% of adolescents actively participating in sports as of 2024, there is a growing demand for plant-based protein supplements. This trend is supported by government initiatives like the Khelo India program and India's improving performance in international sporting events. Manufacturers are responding by developing specialized soy protein formulations that cater to athletes and fitness enthusiasts, focusing on improved bioavailability and faster absorption rates.
The market is witnessing a remarkable surge in plant-based meat alternatives, with approximately 63% of Indians regularly purchasing these products in 2023. This trend is particularly strong in urban areas where consumers are increasingly seeking sustainable and healthier protein sources. Manufacturers are innovating with texture and flavor profiles to create products that closely mimic traditional meat products while maintaining the nutritional benefits of plant-based soy protein market. The industry is also seeing significant investments in processing technology and infrastructure to improve product quality and meet the growing demand for meat alternatives.
India Soy Protein Market Trends and Insights
India emerging as one of the major markets in terms of plant protein consumption
- Increased production of major plant proteins, like soybean, rice, pea, and wheat, is impacting availability of protein ingredients from the sources. Although many plant products are consumed as staple foods in the country, the increased applications of these protein ingredients in developing innovative foods are further boosting their consumption. The increasing number and engagement capability of vegan influencers among the internet-savvy young generation, who also believed that a vegan diet is healthy (74%), good for the environment (72%), and ethically sound (73%) as of 2023, has proven to be pivotal in the rise of the veganism trend in India. These are among the factors contributing to the rising demand for plant-based protein.
- With the increasing awareness of plant proteins, Indian consumers, especially younger generations, are turning toward plant protein-fortified foods. For instance, as of 2024, nearly 50% of Indians are familiar with plant-based dairy products, and 27.5% are aware of meat alternatives. Awareness of these products is most prominent in metropolitan areas and among individuals with monthly incomes ranging from INR 100,000 (USD 1,200) to INR 150,000 (USD 1,800). Among those who purchased plant-based milk in the previous six months, 82% expressed a willingness to buy it again, with a comparable 72% indicating the same for vegan meat.
- Moreover, in 2022-2023, a significant portion of India's population, nearly 80%, was deficient in daily protein intake, and a vast majority (90%) was unaware of their recommended daily protein needs. This unmet need fuels a strong forecast for increased demand for plant-based proteins, offering a sustainable and potentially more accessible alternative to meet this nutritional gap.
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India is one of the top five soybean producers in the world
- Soybean is the world’s most important seed legume, being the largest source of vegetable seed oil and protein. Public and private companies are collaborating to develop various techniques and directly engaging with farmers to enhance farm incomes and increase soybean yield. In 2014, as soybean production continued to decline in Maharashtra, the State Government of Maharashtra and the Public-Private Partnership for Integrated Agriculture Development (PPPIAD) introduced new technologies in collaboration with ADM for soybean cultivation that aided farmers in increasing their yields. Soybean has turned out to be a major oilseed crop in India. The food derived from soybeans generally provides health benefits and is a cheaper source of high-quality protein. The crop has the potential to eliminate protein malnutrition prevailing in poor sections of society in the country.
- Soybean is cultivated over an area of 11.00 million ha, with a production of 11.53 million tons, registering productivity of 10.45 q/ha (QE 2015-16) under Vertitsol in the rainfed ecosystem in Madhya Pradesh, Maharashtra, Rajasthan, Karnataka, Chhattisgarh, and Telangana. There are wide variations in productivity, ranging from 9.5 q/ha in Karnataka and Chhattisgarh to 14.8 q/ha in Telangana, primarily due to farm-level inefficiencies. In the 2020 Kharif season, soybean cultivation took place in a 120-lakh-hectare area, with a yield of around 105 lakh tons.
- Local farmers encountered difficulties due to a lack of certified seeds and their exorbitant prices. Thus, farmers in a few states like Maharashtra and Rajasthan produced their own seeds to avoid market scarcity. The major soybean-growing states are Madhya Pradesh, Maharashtra, Rajasthan, Karnataka, Andhra Pradesh, and Chhattisgarh.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Growing concerns about infant nutrition are driving the market
- Non-alcoholic drinks are predicted to support market growth
- Home cooking is driving the market
- Dairy alternatives to witness significant growth rate
- Growing preference for a protein-rich diet to influence segment growth
- The healthier snacking option is driving the market
- Compound Feed Supporting the Demand for Animal Feed in India
- The increasing presence of organized bakeries is anticipated to impact the market
- Fortification and innovative packaging trends are expected to influence the breakfast cereals segment
- Growing per capita consumption and retail infrastructure are driving market growth
- Increase in the geriatric population is driving the segment
- The RTE/RTC segment is dominant in the food processing industry
- Rising Awareness Regarding Sport/Performance Nutrition Is Increasing the Consumer Base in the Market
- Premiumization and growing preference for natural ingredients boosting the segment
Segment Analysis: Form
Isolates Segment in India Soy Protein Market
Soy protein isolates dominate the Indian soy protein market, commanding approximately 47% market share in 2024. The segment's leadership position is driven by its superior protein content of 90% or more on a moisture-free basis, making it an excellent substitute for high-quality animal proteins. Isolates find extensive applications across all end-user segments, particularly in the food and beverage sector where they are widely used in sub-segments such as bakery, snacks, dairy, and dairy alternatives. The segment's growth is primarily fueled by consumers' increasing preference for dairy and meat alternatives, which has led manufacturers to develop substitutes that closely mimic the texture and high nutritional value of animal proteins. The rising demand for plant-based proteins, especially among India's large vegetarian population, further strengthens the isolates segment's market position. Leading soy protein isolate manufacturers in India are capitalizing on this trend.
Textured/Hydrolyzed Segment in India Soy Protein Market
The textured/hydrolyzed soy protein segment is projected to witness the most rapid growth in the Indian market during 2024-2029, with an expected growth rate of approximately 6%. This segment's accelerated growth is primarily driven by its increasing applications in the animal feed sector and the rising demand for meat alternatives. The segment benefits from its versatility in RTE/RTC food products, where it serves as an effective substitute for meat crumbs and chunks. The growth is further supported by its optimal pricing, being approximately 3.5% less expensive than soy protein isolates in India. The segment's expansion is also attributed to its superior functionality in dairy substitute products, where it aids in providing the necessary mouthfeel and texture. Additionally, the increasing adoption of textured soy protein in snack products and its rising use in the meat and meat substitute industries continues to drive its market growth.
Remaining Segments in Form Segmentation
The concentrates segment maintains a significant presence in the Indian soy protein market, offering a balanced combination of nutrition and cost-effectiveness. Concentrates are particularly valued for their optimal protein content and better price performance compared to other forms, making them attractive to small-scale manufacturers. The segment's importance is further enhanced by its retention of fiber from the original soy, making it valuable as both a functional and nutritional ingredient. Concentrates demonstrate superior solubility characteristics and find extensive applications in dry powdered products, while also serving as an excellent protein source in animal feed due to their advanced processing technology that eliminates anti-nutritional factors. The soy protein concentrate powder market is thus poised for steady growth.
Segment Analysis: End User
Food & Beverages Segment in India Soy Protein Market
The Food & Beverages (F&B) segment dominates the India soy protein market, commanding approximately 58% of the market share in 2024, while also emerging as the fastest-growing segment. This segment's prominence is driven by the increasing adoption of plant-based proteins, particularly in meat and dairy alternatives, which together account for over 81% of F&B applications. The segment's growth is further bolstered by India having the highest number of vegetarians in Asia-Pacific, with about 24% being strictly vegetarian and 9% following vegan diets. The rising preference for healthy, on-the-go meal options has significantly contributed to market expansion, with approximately 70% of Indians prioritizing dietary changes for improved health and immunity. The segment's strong performance is particularly evident in applications such as meat substitutes, dairy alternatives, bakery products, and nutritional supplements, where soy protein's versatility and nutritional profile make it an ideal ingredient for product formulation.
Remaining Segments in End User Segmentation
The animal feed and supplements segments represent significant opportunities in the Indian soy protein market. The animal feed segment has emerged as a crucial application area, driven by the growing livestock population and increasing demand for high-quality protein sources in animal nutrition. This segment benefits from soy protein's cost-effectiveness compared to animal-based proteins and its superior nutritional profile. The supplements segment, while smaller in market share, plays a vital role in addressing specific nutritional needs across various demographics, including sports nutrition, medical nutrition, and elderly care. Both segments are witnessing increased innovation in product formulations and applications, particularly in specialized feed solutions and targeted nutritional supplements, reflecting the evolving needs of the Indian market. The granulated soy protein market is also gaining traction in these applications.
Competitive Landscape
Top Companies in India Soy Protein Market
The competitive landscape is characterized by continuous product innovation and strategic expansion initiatives from major players. Companies are focusing on developing novel soy protein variants with enhanced functionality and nutritional profiles, particularly targeting the growing plant-based protein segment. Operational agility has become crucial as manufacturers adapt to changing consumer preferences and regulatory requirements, with many players investing in advanced processing technologies and R&D facilities. Strategic partnerships with local ventures and smaller firms have emerged as a key trend to boost market presence and distribution capabilities. Companies are also expanding their manufacturing capacities and strengthening their supply chain networks to ensure consistent product availability and meet the increasing demand from various end-user industries.
Market Structure Shows Mixed Global-Local Presence
The Indian soy protein market exhibits a fragmented structure with a significant presence of both international conglomerates and domestic specialists. Global players like International Flavors & Fragrances (through DuPont Nutrition & Biosciences) and Archer Daniels Midland leverage their technological expertise and extensive R&D capabilities to maintain market positions, while domestic players such as Vippy Industries and Sonic Biochem capitalize on their local market understanding and established distribution networks. The market is characterized by the strong presence of unorganized players involved in manufacturing and distribution, creating a competitive environment where price and quality differentiation become crucial factors.
The industry has witnessed limited consolidation activity, with companies primarily focusing on organic growth strategies rather than mergers and acquisitions. Local manufacturers are increasingly investing in modern processing facilities and quality control measures to compete with international players. The competitive dynamics are further shaped by the emergence of new domestic players who are introducing innovative products and targeting specific market segments, particularly in the food and beverage and animal feed sectors. This has led to increased competition and pressure on established players to maintain their market positions through continuous innovation and market expansion initiatives.
Innovation and Distribution Key to Growth
For incumbent players to maintain and expand their market share, a multi-faceted approach combining product innovation, quality enhancement, and distribution network optimization is essential. Companies need to focus on developing specialized soy protein products that cater to specific end-user requirements, particularly in high-growth segments like meat alternatives and sports nutrition. Building strong relationships with food manufacturers and investing in application development support can help create sustainable competitive advantages. Additionally, establishing robust quality control systems and obtaining relevant certifications becomes crucial for maintaining customer trust and meeting regulatory requirements.
New entrants and smaller players can gain ground by focusing on niche market segments and developing innovative product formulations that address specific consumer needs. Establishing strategic partnerships with local distributors and investing in modern processing technologies can help overcome entry barriers and compete effectively with established players. The industry's future success will largely depend on companies' ability to navigate regulatory changes, particularly regarding food safety and labeling requirements. Players must also consider the growing influence of e-commerce channels and adapt their distribution strategies accordingly while maintaining strong relationships with traditional distribution partners.
India Soy Protein Industry Leaders
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Agro Solvent Products Pvt. Ltd
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Archer Daniels Midland Company
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International Flavors & Fragrances Inc.
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Sonic Biochem Extractions Pvt. Ltd
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Vippy Industries Limited
- *Disclaimer: Major Players sorted in no particular order
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Recent Industry Developments
- July 2020: DuPont Nutrition & Biosciences (DuPont), a subsidiary of IFF, offers the industry's broadest assortment of ingredients for plant-based product development with the new Danisco Planit range. Danisco Planit is a global launch that includes services, expertise, and an unparalleled ingredient portfolio for plant-based food and beverages, including plant proteins, hydrocolloids, cultures, probiotics, fibers, food protection, antioxidants, natural extracts, emulsifiers, and enzymes, as well as tailor-made systems.
- March 2020: Sun Nutrafood launched soy protein isolate variants with a protein range of 90% or more, mainly for protein fortification in the food sector for various applications.
- February 2020: Vippy Industries Limited invested a CAPEX of USD 271.84 million toward setting up a new plant in Dewas, Madhya Pradesh, for manufacturing soybean-based value-added products.
India Soy Protein Market Report Scope
Concentrates, Isolates, Textured/Hydrolyzed are covered as segments by Form. Animal Feed, Food and Beverages, Supplements are covered as segments by End User.
Form
| Concentrates |
| Isolates |
| Textured/Hydrolyzed |
End User
| Animal Feed | ||
| Food and Beverages | By Sub End User | Bakery |
| Beverages | ||
| Breakfast Cereals | ||
| Condiments/Sauces | ||
| Dairy and Dairy Alternative Products | ||
| Meat/Poultry/Seafood and Meat Alternative Products | ||
| RTE/RTC Food Products | ||
| Snacks | ||
| Supplements | By Sub End User | Baby Food and Infant Formula |
| Elderly Nutrition and Medical Nutrition | ||
| Sport/Performance Nutrition | ||
| Form | Concentrates | ||
| Isolates | |||
| Textured/Hydrolyzed | |||
| End User | Animal Feed | ||
| Food and Beverages | By Sub End User | Bakery | |
| Beverages | |||
| Breakfast Cereals | |||
| Condiments/Sauces | |||
| Dairy and Dairy Alternative Products | |||
| Meat/Poultry/Seafood and Meat Alternative Products | |||
| RTE/RTC Food Products | |||
| Snacks | |||
| Supplements | By Sub End User | Baby Food and Infant Formula | |
| Elderly Nutrition and Medical Nutrition | |||
| Sport/Performance Nutrition | |||
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Market Definition
- End User - The Protein Ingredients Market operates on a B2B basis. Food, Beverages, Supplements, Animal Feed, and Personal Care & Cosmetic manufacturers are considered to be end-consumers in the market studied. The scope excludes manufacturers buying liquid/dry whey to be used for application as a binding agent or thickener or other non-protein applications.
- Penetration Rate - Penetration Rate is defined as the percentage of Protein-Fortified End User Market Volume in the Overall End User Market Volume.
- Average Protein Content - Average protein content is the average protein content present per 100 g of product manufactured by all end-user companies considered under the scope of this report.
- End User Market Volume - End-user market volume is the consolidated volume of all types and forms of end-user products in the country or region.
| Keyword | Definition |
|---|---|
| Alpha-lactalbumin (α-Lactalbumin) | It is a protein that regulates the production of lactose in the milk of almost all mammalian species. |
| Amino acid | It is an organic compound that contains both amino and carboxylic acid functional groups, which are required for the synthesis of body protein and other important nitrogen-containing compounds, such as creatine, peptide hormones, and some neurotransmitters. |
| Blanching | It is the process of briefly heating vegetables with steam or boiling water. |
| BRC | British Retail Consortium |
| Bread improver | It is a flour-based blend of several components with specific functional properties designed to modify dough characteristics and give quality attributes to bread. |
| BSF | Black Soldier Fly |
| Caseinate | It is a substance produced by adding an alkali to acid casein, a derivative of casein. |
| Celiac disease | Celiac disease is an immune reaction to eating gluten, a protein found in wheat, barley, and rye. |
| Colostrum | It is a milky fluid that’s released by mammals that have recently given birth before breast milk production begins. |
| Concentrate | It is the least processed form of protein and has a protein content ranging from 40-90% by weight. |
| Dry protein basis | It refers to the percentage of "pure protein" present in a supplement after the water in it is completely removed through heat. |
| Dry whey | It is the product resulting from drying fresh whey which has been pasteurized and to which nothing has been added as a preservative. |
| Egg protein | It is a mixture of individual proteins, including ovalbumin, ovomucoid, ovoglobulin, conalbumin, vitellin, and vitellenin. |
| Emulsifier | It is a food additive that facilitates the blending of foods that are immiscible with one another, such as oil and water. |
| Enrichment | It is the process of addition of micronutrients that are lost during the processing of the product. |
| ERS | Economic Research Service of the USDA |
| Extrusion | It is the process of forcing soft mixed ingredients through an opening in a perforated plate or die designed to produce the required shape. The extruded food is then cut to a specific size by blades. |
| Fava | Also known as Faba, it is another word for yellow split beans. |
| FDA | Food and Drug Administration |
| Flaking | It is a process in which typically a cereal grain (like corn, wheat, or rice) is broken down into grits, cooked with flavors and syrups, and then pressed into flakes between cooled rollers. |
| Foaming agent | It is a food ingredient that makes it possible to form or maintain a uniform dispersion of a gaseous phase in a liquid or solid food. |
| Foodservice | It refers to the part of the food industry which includes businesses, institutions, and companies which prepare meals outside the home. It includes restaurants, school and hospital cafeterias, catering operations, and many other formats. |
| Fortification | It is the deliberate addition of micronutrients that are not found in them naturally or which are lost during processing, to improve a food product's nutritional value. |
| FSANZ | Food Standards Australia New Zealand |
| FSIS | Food Safety and Inspection Service |
| FSSAI | Food Safety and Standards Authority of India |
| Gelling agent | It is an ingredient that functions as a stabilizer and thickener to provide thickening without stiffness through the formation of gel. |
| GHG | Greenhouse Gas |
| Gluten | It is a family of proteins found in grains, including wheat, rye, spelt, and barley. |
| Hemp | It is a botanical class of Cannabis sativa cultivars grown specifically for industrial or medicinal use. |
| Hydrolysate | It is a form of protein manufactured by exposing the protein to enzymes that can partially break the bonds between the protein's amino acids and break down large, complicated proteins into smaller pieces. Its processing makes it easier and quicker to digest. |
| Hypoallergenic | It refers to a substance that causes fewer allergic reactions. |
| Isolate | It is the purest and most processed form of protein which has undergone separation to obtain a pure protein fraction. It typically contains ≥ 90% of protein by weight. |
| Keratin | It is a protein that helps form hair, nails, and the outer layer of skin. |
| Lactalbumin | It is the albumin contained in milk and obtained from whey. |
| Lactoferrin | It is an iron‑binding glycoprotein that is present in the milk of most mammals. |
| Lupin | It is the yellow legume seeds of the genus Lupinus. |
| Millenial | Also known as Generation Y or Gen Y, it refers to the people born from 1981 to 1996. |
| Monogastric | It refers to an animal with a single-compartmented stomach. Examples of monogastric include humans, poultry, pigs, horses, rabbits, dogs, and cats. Most monogastric are generally unable to digest much cellulose food materials such as grasses. |
| MPC | Milk protein concentrate |
| MPI | Milk protein isolate |
| MSPI | Methylated soy protein isolate |
| Mycoprotein | Mycoprotein is a form of single-cell protein, also known as fungal protein, derived from fungi for human consumption. |
| Nutricosmetics | It is a category of products and ingredients that act as nutritional supplements to care for skin, nails, and hair natural beauty. |
| Osteoporosis | It is a medical condition in which the bones become brittle and fragile from loss of tissue, typically as a result of hormonal changes, or deficiency of calcium or vitamin D. |
| PDCAAS | Protein digestibility-corrected amino acid score (PDCAAS) is a method of evaluating the quality of a protein based on both the amino acid requirements of humans and their ability to digest it. |
| Per-capita consumption of animal protein | It is the average amount of animal protein (such as milk, whey, gelatin, collagen, and egg proteins) that is readily available for consumption by each person in an actual population. |
| Per-capita consumption of plant protein | It is the average amount of plant protein (such as soy, wheat, pea, oat, and hemp proteins) that is readily available for consumption by each person in an actual population. |
| Quorn | It is a microbial protein manufactured using mycoprotein as an ingredient, in which the fungus culture is dried and mixed with egg albumen or potato protein, which acts as a binder, and then is adjusted in texture and pressed into various forms. |
| Ready-to-Cook (RTC) | It refers to food products that include all of the ingredients, where some preparation or cooking is required through a process that is given on the package. |
| Ready-to-Eat (RTE) | It refers to a food product prepared or cooked in advance, with no further cooking or preparation required before being eaten. |
| RTD | Ready-to-Drink |
| RTS | Ready-to-Serve |
| Saturated fat | It is a type of fat in which the fatty acid chains have all single bonds. It is generally considered unhealthy. |
| Sausage | It is a meat product made of finely chopped and seasoned meat, which may be fresh, smoked, or pickled and which is then usually stuffed into a casing. |
| Seitan | It is a plant-based meat substitute made out of wheat gluten. |
| Softgel | It is a gelatin-based capsule with a liquid fill. |
| SPC | Soy protein concentrate |
| SPI | Soy protein isolate |
| Spirulina | It is a biomass of cyanobacteria that can be consumed by humans and animals. |
| Stabilizer | It is an ingredient added to food products to help maintain or enhance their original texture, and physical and chemical characteristics. |
| Supplementation | It is the consumption or provision of concentrated sources of nutrients or other substances that are intended to supplement nutrients in the diet and is intended to correct nutritional deficiencies. |
| Texturant | It is a specific type of food ingredient that is used to control and alter the mouthfeel and texture of food and beverage products. |
| Thickener | It is an ingredient that is used to increase the viscosity of a liquid or dough and make it thicker, without substantially changing its other properties. |
| Trans fat | Also called trans-unsaturated fatty acids or trans fatty acids, it is a type of unsaturated fat that naturally occurs in small amounts in meat. |
| TSP | Textured soy protein |
| TVP | Textured vegetable protein |
| WPC | Whey protein concentrate |
| WPI | Whey protein isolate |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: Identify Key Variables: The quantifiable key variables (industry and extraneous) pertaining to the specific product segment and country are selected from a group of relevant variables & factors based on desk research & literature review; along with primary expert inputs. These variables are further confirmed through regression modeling (wherever required).
- Step-2: Build a Market Model: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
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