Study Period | 2017 - 2030 |
Base Year For Estimation | 2024 |
Forecast Data Period | 2025 - 2030 |
Market Size (2025) | USD 1.14 Billion |
Market Size (2030) | USD 1.54 Billion |
CAGR (2025 - 2030) | 6.15 % |
Market Concentration | Low |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
Indonesia Herbicide Market Analysis
The Indonesia Herbicide Market size is estimated at 1.14 billion USD in 2025, and is expected to reach 1.54 billion USD by 2030, growing at a CAGR of 6.15% during the forecast period (2025-2030).
Indonesia's agricultural sector has witnessed significant expansion in recent years, driving increased herbicide adoption across various crop segments. The intensification of farming practices has led to a substantial rise in herbicide consumption, with usage per hectare increasing by 30.7% between 2017 and 2022. This growth reflects the agricultural sector's modernization and farmers' increasing recognition of herbicides' role in maximizing crop yields. The expansion of cultivated areas, particularly in commercial crops, has created new opportunities for herbicide applications. The development of resistant weeds, such as Chinese sprangletop in rice fields, has prompted farmers to adopt more sophisticated weed control strategies, including the use of multiple herbicide formulations and application methods.
The export-oriented nature of Indonesia's agricultural sector has significantly influenced herbicide market dynamics. The country's vegetable exports increased from USD 3.0 million in 2021 to USD 3.3 million in 2022, highlighting the growing international demand for Indonesian agricultural products. This export growth has intensified the focus on crop quality and weed control, as international markets maintain strict quality standards. Farmers are increasingly investing in effective crop protection chemical solutions to meet these stringent requirements and maintain their competitive edge in global markets. The expansion of commercial crop cultivation, particularly in palm oil where the harvested area increased by 544.6 thousand hectares, has further accelerated the demand for specialized herbicide solutions.
Technological advancements and industry collaborations are reshaping the Indonesian herbicide market landscape. In 2022, significant industry developments included the collaboration between BASF and Corteva Agriscience to develop new soybean weed control solutions, demonstrating the industry's commitment to innovation. These partnerships have led to the development of more targeted and effective herbicide formulations, addressing specific challenges faced by Indonesian farmers. The integration of digital technologies and precision agriculture practices has enabled more efficient herbicide application methods, including chemigation and sophisticated soil treatment techniques.
The market has seen a notable shift towards sustainable and environmentally conscious practices. The pulses and oilseeds sector, with the harvested area reaching 18.6 million hectares in 2021, has become a key focus area for sustainable pesticide applications. Manufacturers are investing in research and development to create more selective, low-residual agrochemical solutions that minimize environmental impact while maintaining efficacy. The industry's focus on sustainability is reflected in the development of integrated weed management approaches that combine chemical and non-chemical control methods, addressing both agricultural productivity and environmental conservation concerns.
Indonesia Herbicide Market Trends
Growing weed infestation in major crops like rice and extending cultivation areas under this crop may drive the market
- Herbicide use in Indonesia has seen a notable increase in recent years. There has been a significant rise in herbicide consumption, indicating a growing demand for these products in agricultural practices and weed control. Between 2017 and 2022, herbicide consumption per hectare in Indonesia witnessed a significant growth of 30.7%. This increase can be attributed to farmers' heightened awareness of the benefits of herbicides and their desire to enhance the average agricultural output per hectare. The wide availability of a diverse range of herbicides in the market has contributed to the rise in herbicide usage.
- In Indonesia, like in many other countries, the development of resistant weeds to herbicides is a concern in agricultural practices. Over time, repeated and exclusive use of certain herbicides can lead to the emergence of herbicide-resistant weed populations. These resistant weeds are able to survive and reproduce even when herbicides are applied, making weed control more challenging for farmers.
- For instance, the most troublesome weed in rice fields is the Chinese sprangletop (Leptochloa chinensis (L.) Nees). Most lowland rice farmers in Indonesia habitually apply large dosages of herbicides repeatedly without rotation, resulting in increased resistance in Chinese sprangletop.
- The cultivation of herbicide-tolerant crops allows farmers to employ herbicides with different modes of action, enabling effective weed management and reducing yield losses caused by weed competition. This, in turn, has led to higher application rates and the use of multiple herbicides in order to achieve better weed control and maximize crop productivity.
The increasing demand for herbicides and import tariffs are majorly altering the active ingredient prices in the country
- The price of atrazine in the Indonesian herbicide market has observed a noteworthy surge of 37.9% to USD 13.8 thousand per metric ton between 2020 and 2022. Atrazine is a herbicide that is utilized for controlling broadleaf and grassy weeds in various crops, with its highest usage in field corn, sweet corn, sorghum, and sugarcane. By effectively managing weeds, this herbicide can enhance crop production by up to 6%.
- Paraquat is a herbicide that farmers widely use to save arduous labor, protect against invasive weeds, and produce agronomically important crops like soy, corn, and cotton, among others. Paraquat dichloride is a non-selective contact herbicide currently used by farmers in Indonesia to control weeds on plantations, such as palm oil, rubber, and cocoa.
- Glyphosate was valued at USD 1.1 thousand per metric ton in 2022. It is a commonly used herbicide in Indonesia, and farmers heavily rely on it to manage and eradicate weeds and other unwanted plants in their crops. However, a lack of proper rotation of herbicide types has resulted in a heightened risk of resistant weed emergence. This poses a significant threat to crop production and may have negative consequences for the market demand for glyphosate, potentially impacting its pricing in the years to come.
- The herbicide market in Indonesia heavily depends on imports from various countries. In particular, China, Malaysia, the United States, Germany, and India are the top importers of herbicides to Indonesia. These importing countries play a crucial role in meeting the herbicide demands of the country's agricultural sector.
Segment Analysis: Application Mode
Soil Treatment Segment in Indonesia Herbicide Market
The soil treatment segment dominates the Indonesia herbicide market, commanding approximately 47% market share in 2024. This segment's prominence is driven by farmers' increasing recognition of soil treatment's effectiveness in weed control and its ability to provide better crop establishment through reduced weed competition. The segment is also experiencing the fastest growth trajectory, expected to grow at around 7% during 2024-2029, driven by the expanding agricultural sector in Indonesia. For instance, as more land is being cultivated for commercial agriculture, the implementation of efficient weed control methods becomes crucial, with soil treatment providing a convenient and effective solution. The rising awareness among farmers about the benefits of soil treatment in early-stage weed control and enhanced crop protection continues to fuel the segment's growth.

Remaining Segments in Application Mode
The foliar application segment represents a significant portion of the market, being the second-largest application method due to its precision targeting and broad-spectrum coverage capabilities. Chemigation has gained traction due to its integration with irrigation systems, offering precise and targeted herbicide application while minimizing wastage. The fumigation segment, while smaller, plays a crucial role in specific agricultural applications where soil sterilization and comprehensive weed control are required. Each of these application modes serves distinct agricultural needs, from broad-acre farming to specialized crop protection, contributing to the overall effectiveness of weed management strategies in Indonesian agriculture.
Segment Analysis: Crop Type
Pulses & Oilseeds Segment in Indonesia Herbicide Market
The pulses & oilseeds segment dominates the Indonesia herbicide market, commanding approximately 47% market share in 2024. This significant market position is driven by the cultivation of key crops like beans, lentils, chickpeas, soybeans, peanuts, and sunflowers. The segment's prominence is attributed to increasing consumer demand and expanding export opportunities in both domestic and international markets. The herbicide industry continues to innovate, developing new formulations and technologies specifically for pulses and oilseeds, enabling farmers to effectively manage weeds while minimizing crop damage. Furthermore, this segment is experiencing the fastest growth trajectory, projected to expand at around 7% during 2024-2029, driven by technological advancements in herbicide formulations and the expansion of cultivation areas to meet rising demand.
Remaining Segments in Crop Type
The other significant segments in the Indonesian herbicide market include grains & cereals, commercial crops, fruits & vegetables, and turf & ornamental applications. The grains & cereals segment maintains substantial market presence due to its importance in food security and the government's emphasis on increasing agricultural yields. Commercial crops, including palm oil, rubber, coffee, sugarcane, and cocoa, represent a vital segment due to their economic significance and export value. The fruits & vegetables segment continues to grow as Indonesia expands its fresh produce exports, while the turf & ornamental segment serves the increasing demand for landscaping and beautification in urban areas. Each of these segments contributes uniquely to the overall market dynamics, driven by specific crop protection needs and agricultural practices.
Indonesia Herbicide Industry Overview
Top Companies in Indonesia Herbicide Market
The herbicide market in Indonesia is characterized by continuous product innovation and strategic expansion initiatives by leading players. Companies are actively investing in research and development to create novel crop protection chemical solutions, particularly focusing on sustainable and environmentally friendly formulations. Operational agility is demonstrated through the establishment of new manufacturing facilities and distribution networks across the region, enabling companies to better serve local agricultural needs. Strategic partnerships and collaborations have become increasingly common, with companies joining forces to develop specialized weed control solutions and expand their market presence. Market leaders are also emphasizing technological advancement in their product development, focusing on creating more targeted and effective herbicide solutions while expanding their geographical footprint through strategic acquisitions and partnerships.
Global Players Dominate Through Local Presence
The Indonesian herbicide market is predominantly controlled by global agricultural chemical companies that have established a strong local presence through subsidiaries and partnerships. These multinational corporations, including Bayer AG, FMC Corporation, BASF SE, and Syngenta Group, leverage their extensive research capabilities and global expertise while maintaining robust distribution networks within Indonesia. The market structure shows a moderate level of consolidation, with the top players holding significant market share through their comprehensive product portfolios and established brand reputation.
The market has witnessed several strategic mergers and acquisitions aimed at strengthening market positions and expanding product offerings. Companies are actively pursuing vertical integration strategies, acquiring local manufacturing facilities and distribution networks to enhance their operational efficiency and market reach. Local players, while fewer in number, maintain their competitive edge through strong regional knowledge and established relationships with farming communities, often serving as strategic partners for global companies seeking to expand their presence in the Indonesian market.
Innovation and Sustainability Drive Future Growth
Success in the Indonesian agrochemical market increasingly depends on companies' ability to develop innovative, sustainable solutions while maintaining strong local distribution networks. Market incumbents are focusing on developing more targeted and environmentally friendly organic herbicide formulations, investing in research and development to address evolving farmer needs and environmental concerns. Companies are also strengthening their position through digital agriculture initiatives, offering integrated solutions that combine herbicide products with precision agriculture technologies and advisory services.
For contenders looking to gain market share, success lies in developing specialized products for specific crop segments while building strong relationships with local farming communities. The market shows moderate substitution risk from biological alternatives and integrated weed management practices, pushing companies to diversify their product portfolios. Regulatory compliance, particularly regarding environmental and safety standards, is becoming increasingly important, with companies needing to adapt their products and practices to meet evolving regulations while maintaining competitive pricing strategies. Building strong technical support and after-sales service networks remains crucial for both incumbents and contenders to maintain and grow their market presence.
Indonesia Herbicide Market Leaders
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BASF SE
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Bayer AG
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FMC Corporation
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Syngenta Group
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UPL Limited
- *Disclaimer: Major Players sorted in no particular order
Indonesia Herbicide Market News
- January 2023: Bayer formed a new partnership with Oerth Bio to enhance crop protection technology and create more eco-friendly crop protection solutions.
- August 2022: BASF and Corteva Agriscience collaborated to provide soybean farmers with the weed control of the future. By working together, BASF and Corteva aim to satisfy farmers' demand for specialized weed control solutions that are distinct from those that are currently available or being developed.
- October 2021: By investing in a new chemist's center, ADAMA enhanced its R&D capabilities that are aimed to expand and accelerate its own research and development in the field of plant protection.
Free With This Report
Along with the report, We also offer a comprehensive and exhaustive data pack with 50+ graphs on insecticide, fungicides, and herbicides consumption per hectare and the average price of active ingredients used in insecticides, fungicides, herbicides, nematicides, and molluscicides. The data pack includes Globe, North America, Europe, Asia-Pacific, South America, and Africa.
Indonesia Herbicide Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
- 4.1 Consumption Of Pesticide Per Hectare
- 4.2 Pricing Analysis For Active Ingredients
-
4.3 Regulatory Framework
- 4.3.1 Indonesia
- 4.4 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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5.1 Application Mode
- 5.1.1 Chemigation
- 5.1.2 Foliar
- 5.1.3 Fumigation
- 5.1.4 Soil Treatment
-
5.2 Crop Type
- 5.2.1 Commercial Crops
- 5.2.2 Fruits & Vegetables
- 5.2.3 Grains & Cereals
- 5.2.4 Pulses & Oilseeds
- 5.2.5 Turf & Ornamental
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
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6.4 Company Profiles (includes Global level Overview, Market level overview, Core Business Segments, Financials, Headcount, Key Information, Market Rank, Market Share, Products and Services, and analysis of Recent Developments)
- 6.4.1 ADAMA Agricultural Solutions Ltd
- 6.4.2 BASF SE
- 6.4.3 Bayer AG
- 6.4.4 Corteva Agriscience
- 6.4.5 FMC Corporation
- 6.4.6 Nufarm Ltd
- 6.4.7 PT Biotis Agrindo
- 6.4.8 Syngenta Group
- 6.4.9 UPL Limited
- 6.4.10 Wynca Group (Wynca Chemicals)
7. KEY STRATEGIC QUESTIONS FOR CROP PROTECTION CHEMICALS CEOS
8. APPENDIX
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8.1 Global Overview
- 8.1.1 Overview
- 8.1.2 Porter’s Five Forces Framework
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Market Dynamics (DROs)
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- HERBICIDE CONSUMPTION PER HECTARE, GRAMS, INDONESIA, 2017 - 2022
- Figure 2:
- ACTIVE INGREDIENT PRICE PER METRIC TON, USD, INDONESIA, 2017 - 2022
- Figure 3:
- HERBICIDE VOLUME METRIC TON, INDONESIA, 2017 - 2029
- Figure 4:
- HERBICIDE VALUE USD, INDONESIA, 2017 - 2029
- Figure 5:
- HERBICIDE MARKET BY APPLICATION MODE, METRIC TON, INDONESIA, 2017 - 2029
- Figure 6:
- HERBICIDE MARKET BY APPLICATION MODE, USD, INDONESIA, 2017 - 2029
- Figure 7:
- VALUE SHARE OF HERBICIDE BY APPLICATION MODE, %, INDONESIA, 2017 VS 2023 VS 2029
- Figure 8:
- VOLUME SHARE OF HERBICIDE BY APPLICATION MODE, %, INDONESIA, 2017 VS 2023 VS 2029
- Figure 9:
- CROP PROTECTION CHEMICALS APPLIED THROUGH CHEMIGATION, METRIC TON, INDONESIA, 2017 - 2029
- Figure 10:
- CROP PROTECTION CHEMICALS APPLIED THROUGH CHEMIGATION, USD, INDONESIA, 2017 - 2029
- Figure 11:
- VALUE SHARE OF CHEMIGATION BY CROP TYPE, %, INDONESIA, 2022 VS 2029
- Figure 12:
- CROP PROTECTION CHEMICALS APPLIED THROUGH FOLIAR, METRIC TON, INDONESIA, 2017 - 2029
- Figure 13:
- CROP PROTECTION CHEMICALS APPLIED THROUGH FOLIAR, USD, INDONESIA, 2017 - 2029
- Figure 14:
- VALUE SHARE OF FOLIAR BY CROP TYPE, %, INDONESIA, 2022 VS 2029
- Figure 15:
- CROP PROTECTION CHEMICALS APPLIED THROUGH FUMIGATION, METRIC TON, INDONESIA, 2017 - 2029
- Figure 16:
- CROP PROTECTION CHEMICALS APPLIED THROUGH FUMIGATION, USD, INDONESIA, 2017 - 2029
- Figure 17:
- VALUE SHARE OF FUMIGATION BY CROP TYPE, %, INDONESIA, 2022 VS 2029
- Figure 18:
- CROP PROTECTION CHEMICALS APPLIED THROUGH SOIL TREATMENT, METRIC TON, INDONESIA, 2017 - 2029
- Figure 19:
- CROP PROTECTION CHEMICALS APPLIED THROUGH SOIL TREATMENT, USD, INDONESIA, 2017 - 2029
- Figure 20:
- VALUE SHARE OF SOIL TREATMENT BY CROP TYPE, %, INDONESIA, 2022 VS 2029
- Figure 21:
- HERBICIDE MARKET BY CROP TYPE, METRIC TON, INDONESIA, 2017 - 2029
- Figure 22:
- HERBICIDE MARKET BY CROP TYPE, USD, INDONESIA, 2017 - 2029
- Figure 23:
- VALUE SHARE OF HERBICIDE BY CROP TYPE, %, INDONESIA, 2017 VS 2023 VS 2029
- Figure 24:
- VOLUME SHARE OF HERBICIDE BY CROP TYPE, %, INDONESIA, 2017 VS 2023 VS 2029
- Figure 25:
- HERBICIDE CONSUMED BY COMMERCIAL CROPS, METRIC TON, INDONESIA, 2017 - 2029
- Figure 26:
- HERBICIDE CONSUMED BY COMMERCIAL CROPS, USD, INDONESIA, 2017 - 2029
- Figure 27:
- VALUE SHARE OF COMMERCIAL CROPS BY APPLICATION MODE, %, INDONESIA, 2022 VS 2029
- Figure 28:
- HERBICIDE CONSUMED BY FRUITS & VEGETABLES, METRIC TON, INDONESIA, 2017 - 2029
- Figure 29:
- HERBICIDE CONSUMED BY FRUITS & VEGETABLES, USD, INDONESIA, 2017 - 2029
- Figure 30:
- VALUE SHARE OF FRUITS & VEGETABLES BY APPLICATION MODE, %, INDONESIA, 2022 VS 2029
- Figure 31:
- HERBICIDE CONSUMED BY GRAINS & CEREALS, METRIC TON, INDONESIA, 2017 - 2029
- Figure 32:
- HERBICIDE CONSUMED BY GRAINS & CEREALS, USD, INDONESIA, 2017 - 2029
- Figure 33:
- VALUE SHARE OF GRAINS & CEREALS BY APPLICATION MODE, %, INDONESIA, 2022 VS 2029
- Figure 34:
- HERBICIDE CONSUMED BY PULSES & OILSEEDS, METRIC TON, INDONESIA, 2017 - 2029
- Figure 35:
- HERBICIDE CONSUMED BY PULSES & OILSEEDS, USD, INDONESIA, 2017 - 2029
- Figure 36:
- VALUE SHARE OF PULSES & OILSEEDS BY APPLICATION MODE, %, INDONESIA, 2022 VS 2029
- Figure 37:
- HERBICIDE CONSUMED BY TURF & ORNAMENTAL, METRIC TON, INDONESIA, 2017 - 2029
- Figure 38:
- HERBICIDE CONSUMED BY TURF & ORNAMENTAL, USD, INDONESIA, 2017 - 2029
- Figure 39:
- VALUE SHARE OF TURF & ORNAMENTAL BY APPLICATION MODE, %, INDONESIA, 2022 VS 2029
- Figure 40:
- MOST ACTIVE COMPANIES BY NUMBER OF STRATEGIC MOVES, INDONESIA, 2017-2022
- Figure 41:
- MOST ACTIVE COMPANIES BY NUMBER OF STRATEGIC MOVES, INDONESIA, 2017-2022
- Figure 42:
- MARKET SHARE OF MAJOR PLAYERS, %, INDONESIA
Indonesia Herbicide Industry Segmentation
Chemigation, Foliar, Fumigation, Soil Treatment are covered as segments by Application Mode. Commercial Crops, Fruits & Vegetables, Grains & Cereals, Pulses & Oilseeds, Turf & Ornamental are covered as segments by Crop Type.Application Mode | Chemigation |
Foliar | |
Fumigation | |
Soil Treatment | |
Crop Type | Commercial Crops |
Fruits & Vegetables | |
Grains & Cereals | |
Pulses & Oilseeds | |
Turf & Ornamental |
Market Definition
- Function - Herbicides are chemicals used to control or prevent weeds from preventing crop growth and yield loss.
- Application Mode - Foliar, Seed Treatment, Soil Treatment, Chemigation, and Fumigation are the different type of application modes through which crop protection chemicals are applied to the crops.
- Crop Type - This represents the consumption of crop protection chemicals by Cereals, Pulses, Oilseeds, Fruits, Vegetables, Turf, and Ornamental crops.
Keyword | Definition |
---|---|
IWM | Integrated weed management (IWM) is an approach to incorporate multiple weed control techniques throughout the growing season to give producers the best opportunity to control problematic weeds. |
Host | Hosts are the plants that form relationships with beneficial microorganisms and help them colonize. |
Pathogen | A disease-causing organism. |
Herbigation | Herbigation is an effective method of applying herbicides through irrigation systems. |
Maximum residue levels (MRL) | Maximum Residue Limit (MRL) is the maximum allowed limit of pesticide residue in food or feed obtained from plants and animals. |
IoT | The Internet of Things (IoT) is a network of interconnected devices that connect and exchange data with other IoT devices and the cloud. |
Herbicide-tolerant varieties (HTVs) | Herbicide-tolerant varieties are plant species that have been genetically engineered to be resistant to herbicides used on crops. |
Chemigation | Chemigation is a method of applying pesticides to crops through an irrigation system. |
Crop Protection | Crop protection is a method of protecting crop yields from different pests, including insects, weeds, plant diseases, and others that cause damage to agricultural crops. |
Seed Treatment | Seed treatment helps to disinfect seeds or seedlings from seed-borne or soil-borne pests. Crop protection chemicals, such as fungicides, insecticides, or nematicides, are commonly used for seed treatment. |
Fumigation | Fumigation is the application of crop protection chemicals in gaseous form to control pests. |
Bait | A bait is a food or other material used to lure a pest and kill it through various methods, including poisoning. |
Contact Fungicide | Contact pesticides prevent crop contamination and combat fungal pathogens. They act on pests (fungi) only when they come in contact with the pests. |
Systemic Fungicide | A systemic fungicide is a compound taken up by a plant and then translocated within the plant, thus protecting the plant from attack by pathogens. |
Mass Drug Administration (MDA) | Mass drug administration is the strategy to control or eliminate many neglected tropical diseases. |
Mollusks | Mollusks are pests that feed on crops, causing crop damage and yield loss. Mollusks include octopi, squid, snails, and slugs. |
Pre-emergence Herbicide | Preemergence herbicides are a form of chemical weed control that prevents germinated weed seedlings from becoming established. |
Post-emergence Herbicide | Postemergence herbicides are applied to the agricultural field to control weeds after emergence (germination) of seeds or seedlings. |
Active Ingredients | Active ingredients are the chemicals in pesticide products that kill, control, or repel pests. |
United States Department of Agriculture (USDA) | The Department of Agriculture provides leadership on food, agriculture, natural resources, and related issues. |
Weed Science Society of America (WSSA) | The WSSA, a non-profit professional society, promotes research, education, and extension outreach activities related to weeds. |
Suspension concentrate | Suspension concentrate (SC) is one of the formulations of crop protection chemicals with solid active ingredients dispersed in water. |
Wettable powder | A wettable powder (WP) is a powder formulation that forms a suspension when mixed with water prior to spraying. |
Emulsifiable concentrate | Emulsifiable concentrate (EC) is a concentrated liquid formulation of pesticide that needs to be diluted with water to create a spray solution. |
Plant-parasitic nematodes | Parasitic Nematodes feed on the roots of crops, causing damage to the roots. These damages allow for easy plant infestation by soil-borne pathogens, which results in crop or yield loss. |
Australian Weeds Strategy (AWS) | The Australian Weeds Strategy, owned by the Environment and Invasives Committee, provides national guidance on weed management. |
Weed Science Society of Japan (WSSJ) | WSSJ aims to contribute to the prevention of weed damage and the utilization of weed value by providing the chance for research presentation and information exchange. |
Research Methodology
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: Identify Key Variables: 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-2: Build a Market Model: Market-size estimations for the forecast years are in nominal terms. Inflation is not a part of the pricing, and the average selling price (ASP) is kept constant throughout the forecast period.
- 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