The Smoke Ingredients for Food Market size was USD 690.5 million in 2022 and is expected to Reach USD 1027.9 million by 2030 and grow at a CAGR of 5.1% over the forecast period of 2023-2030.
Smoke ingredients for food are ingredients that are used to add a smoky flavor to food. Smoke ingredients can be used in a variety of food products, such as meat & seafood poultry, dairy products, snacks, and sauces.
Smoke ingredients are available in Liquid, powder, oil, and other forms. Liquid form is widely used. Liquid smoke is a concentrated form of smoke sold in bottles. It is simple to use and can be incorporated into cuisine at any point during the cooking process. The category is expected to grow due to properties such as high water solubility and ease of handling, which make liquid components the most popular among consumers.
Based on the application segment, the Meat & seafood segment is the fastest-growing application sector accounting for 35% of the market in 2022. during the forecasted period. Meats and seafood account for a sizable portion of the market, and this trend is likely to continue during the projection period. An increase in meat & seafood consumption, as well as changes in food habits, are significant drivers driving this segment's growth. Smoke tastes improve the flavor and scent of sausage, jerky, and other cured meats, as well as shrimp, smoked fish, and other seafood products.
KEY DRIVERS
High demand for Smoked Food
Consumers nowadays are becoming more specific towards their various eating habits. Smoke ingredients are mostly used in the food industry sector due to the growing popularity of various cuisines that incorporate smoked ingredients, such as barbecue, Mexican, and Indian cuisines, which is driving up demand for smoked ingredients for food. Furthermore, beneficial characteristics such as ease of handling and water solubility of the Smoke Ingredients for Food Market. The growing customer desire for smoke ingredients, as well as the readily available smoke components, are expected to drive the expansion of the smoke ingredients market.
Rising demand for processed food products
RESTRAIN
Health Risks associated with smoked food
Smoke contains a variety of compounds, including carcinogens known as polycyclic aromatic hydrocarbons (PAHs). PAHs are produced when organic matter is incompletely burnt. Furthermore, smoked meals are high in sodium and fat, which can raise the risk of heart disease and stroke. Furthermore, the smoke ingredients are not as pure or concentrated as smoke flavors already on the market. These are the adverse effects of smoked food which act as a challenge in the growth of the market.
OPPORTUNITY
Shift towards natural and organic smoke ingredients
Traditional smoke ingredients are derived from the combustion of wood or other organic materials. These materials, however, may include hazardous compounds such as polycyclic aromatic hydrocarbons (PAHs). Plant-based resources, such as wood chips, herbs, and spices, are used to make natural and organic smoke ingredients. Consumers view these substances to be healthy because they do not contain toxic chemicals. Smoke ingredient manufacturers are creating new products that are more natural, organic, and sustainable. Some firms, for example, are developing smoke additives manufactured from plant-based sources and certified organic.
CHALLENGES
Competition from other flavorings
There is a wide range of other flavorings available, such as spices and herbs These flavorings are frequently natural and organic, and they provide consumers with a wide range of flavor alternatives. Smoke components are a distinct flavoring, but they can be costly when compared to other flavorings. Furthermore, smoked components may not be appropriate for all culinary products. Smoke additives, for example, may not be good for food products consumed fresh or cooked at high temperatures.
Russia and Ukraine are both exporters and consumers of wood and other organic materials used in the manufacture of smoke components. Because of the disruption in supply caused by the war, the price of smoke ingredients has risen. The United States and other nations' trade sanctions against Russia have made it more difficult for Russian enterprises to export smoke ingredients. This has further restricted the global availability of smoke components. Since the commencement of the war, the global supply of smoke ingredients has been reduced by more than half. Since the start of the war, demand for smoke components in Europe has dropped by more than 10%.
Recession has impacted the food industry which indirectly affected the sales of smoke ingredients products used in the food industry which adds flavors and international cuisines such as barbecue, grilled food, and other items. The price of liquid smoke, a popular type of smoke ingredient, has increased by more than 20% since the start of the war. During inflation, people tend to spend less on expensive items. Inflation also affects consumers coming to restaurants, and hotels to enjoy cuisines. People may look for alternative options like wood, coal, and others which may impact climatic conditions.
By Form Type
Oil
Liquid
Powder
Others
By Application
Pet Food
Bakery & Confectionary
Meat & Seafood
Dairy Products
Snacks & Sauces
Others
North America is currently the largest market for smoked ingredients for food, followed by Europe and Asia Pacific. The USA Smoke ingredients market is predicted to grow at a CAGR of 8.8% from 2022 to 2030. Consumption of ready-to-eat food products is increasing in North America as a result of disposable income in this region, increased consumer adoption, and rising demand for processed food in other countries.
Europe is expected to witness ample opportunities in 2022 with the growing popularity of smoky-flavored foods in Germany, the market will expand if commercial organizations seek smoke additives for food. Germany's smoked ingredients for food market is predicted to grow to USD 83.19 million by 2030. Major key players in the country are working on enhancing the quality of existing ingredients, which is driving the country's market growth.
Asia Pacific is one of the rising economies that will begin to offer growth prospects in the next years. It is attributable to the region's increased consumption of smoke-flavored food products and growing technological advancement in the food processing sector. The market size for smoke-related food ingredients in China was estimated at USD 53.18 million in 2022. India is growing with a CAGR of 5.7% from 2023 to 2030. Market growth is driven by technological advancements in the food processing industry and increasing consumption of products with smoked flavors.
The Middle East & Africa and South America are expected to support and increase the overall utilization of smoke components for food.
REGIONAL COVERAGE
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Some major key players in the Smoke Ingredients for Food Market are Dempsey Corporation, Azelis, Associated British Foods plc, B&G Foods, Redbrook Ingredient Services, Besmoke, Kerry Ingredients, Red Arrow, MSK WIBERG GmbH, and FRUTAROM Savory Solutions GmbH., and other key players.
In 2021, Azelis established a smoke flavor extraction and distillation factory. This new factory is one of just a few in the world that produces extremely concentrated smoke flavors for a variety of food applications such as mixes and sauces.
Report Attributes | Details |
Market Size in 2022 | US$ 690.5 Million |
Market Size by 2030 | US$ 1027.9 Million |
CAGR | CAGR of 5.1 % From 2023 to 2030 |
Base Year | 2022 |
Forecast Period | 2023-2030 |
Historical Data | 2019-2021 |
Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
Key Segments | • By Form (Oil, Liquid, Powder, and Others) • By Application (Pet Food, Bakery & Confectionary, Meat & Seafood, Dairy Products, Snacks & Sauces, and Others) |
Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Company Profiles | Dempsey Corporation, Azelis, Associated British Foods plc, B&G Foods, Redbrook Ingredient Services, Besmoke, Kerry Ingredients, Red Arrow, MSK WIBERG GmbH, and FRUTAROM Savory Solutions GmbH |
Key Drivers | • High demand for Smoked Food • Rising demand for processed food products |
Market Restrain | • Health Risks associated with smoked food |
Ans: Smoke Ingredients for Food Market is anticipated to expand by 5.1% from 2023 to 2030.
Ans: USD 1027.9 million is expected to grow by 2030.
Ans: Drivers are the rising demand for processed food with smoky flavor products.
Ans: North America is dominating the Smoke Ingredients for Food market.
Ans: Competition from other flavorings are challenge for the smoke ingredients market.
TABLE OF CONTENT
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.3. Introduction
4.3.1 Impact on Major Economies
4.3.1.1 US
4.3.1.2 Canada
4.3.1.3 Germany
4.3.1.4 France
4.3.1.5 United Kingdom
4.3.1.6 China
4.3.1.7 Japan
4.3.1.8 South Korea
4.3.1.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Smoke Ingredients for Food Market Segmentation, By Form
8.1 Oil
8.2 Liquid
8.3 Powder
8.4 Others
9. Smoke Ingredients for Food Market Segmentation, By Application
9.1 Pet Food
9.2 Bakery & Confectionary
9.3 Meat & Seafood
9.4 Dairy Products
9.5 Snacks & Sauces
9.6 Others
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Smoke Ingredients for Food Market by Country
10.2.2 North America Smoke Ingredients for Food Market by Form
10.2.3 North America Smoke Ingredients for Food Market by Application
10.2.4 USA
10.2.4.1 USA Smoke Ingredients for Food Market by Form
10.2.4.2 USA Smoke Ingredients for Food Market by Application
10.2.5 Canada
10.2.5.1 Canada Smoke Ingredients for Food Market by Form
10.2.5.2 Canada Smoke Ingredients for Food Market by Application
10.2.6 Mexico
10.2.6.1 Mexico Smoke Ingredients for Food Market by Form
10.2.6.2 Mexico Smoke Ingredients for Food Market by Application
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Smoke Ingredients for Food Market by Country
10.3.1.2 Eastern Europe Smoke Ingredients for Food Market by Form
10.3.1.3 Eastern Europe Smoke Ingredients for Food Market by Application
10.3.1.4 Poland
10.3.1.4.1 Poland Smoke Ingredients for Food Market by Form
10.3.1.4.2 Poland Smoke Ingredients for Food Market by Application
10.3.1.5 Romania
10.3.1.5.1 Romania Smoke Ingredients for Food Market by Form
10.3.1.5.2 Romania Smoke Ingredients for Food Market by Application
10.3.1.6 Hungary
10.3.1.6.1 Hungary Smoke Ingredients for Food Market by Form
10.3.1.6.2 Hungary Smoke Ingredients for Food Market by Application
10.3.1.7 Turkey
10.3.1.7.1 Turkey Smoke Ingredients for Food Market by Form
10.3.1.7.2 Turkey Smoke Ingredients for Food Market by Application
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Smoke Ingredients for Food Market by Form
10.3.1.8.2 Rest of Eastern Europe Smoke Ingredients for Food Market by Application
10.3.2 Western Europe
10.3.2.1 Western Europe Smoke Ingredients for Food Market by Country
10.3.2.2 Western Europe Smoke Ingredients for Food Market by Form
10.3.2.3 Western Europe Smoke Ingredients for Food Market by Application
10.3.2.4 Germany
10.3.2.4.1 Germany Smoke Ingredients for Food Market by Form
10.3.2.4.2 Germany Smoke Ingredients for Food Market by Application
10.3.2.5 France
10.3.2.5.1 France Smoke Ingredients for Food Market by Form
10.3.2.5.2 France Smoke Ingredients for Food Market by Application
10.3.2.6 UK
10.3.2.6.1 UK Smoke Ingredients for Food Market by Form
10.3.2.6.2 UK Smoke Ingredients for Food Market by Application
10.3.2.7 Italy
10.3.2.7.1 Italy Smoke Ingredients for Food Market by Form
10.3.2.7.2 Italy Smoke Ingredients for Food Market by Application
10.3.2.8 Spain
10.3.2.8.1 Spain Smoke Ingredients for Food Market by Form
10.3.2.8.2 Spain Smoke Ingredients for Food Market by Application
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Smoke Ingredients for Food Market by Form
10.3.2.9.2 Netherlands Smoke Ingredients for Food Market by Application
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Smoke Ingredients for Food Market by Form
10.3.2.10.2 Switzerland Smoke Ingredients for Food Market by Application
10.3.2.11 Austria
10.3.2.11.1 Austria Smoke Ingredients for Food Market by Form
10.3.2.11.2 Austria Smoke Ingredients for Food Market by Application
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Smoke Ingredients for Food Market by Form
10.3.2.12.2 Rest of Western Europe Smoke Ingredients for Food Market by Application
10.4 Asia-Pacific
10.4.1 Asia Pacific Smoke Ingredients for Food Market by Country
10.4.2 Asia Pacific Smoke Ingredients for Food Market by Form
10.4.3 Asia Pacific Smoke Ingredients for Food Market by Application
10.4.4 China
10.4.4.1 China Smoke Ingredients for Food Market by Form
10.4.4.2 China Smoke Ingredients for Food Market by Application
10.4.5 India
10.4.5.1 India Smoke Ingredients for Food Market by Form
10.4.5.2 India Smoke Ingredients for Food Market by Application
10.4.6 Japan
10.4.6.1 Japan Smoke Ingredients for Food Market by Form
10.4.6.2 Japan Smoke Ingredients for Food Market by Application
10.4.7 South Korea
10.4.7.1 South Korea Smoke Ingredients for Food Market by Form
10.4.7.2 South Korea Smoke Ingredients for Food Market by Application
10.4.8 Vietnam
10.4.8.1 Vietnam Smoke Ingredients for Food Market by Form
10.4.8.2 Vietnam Smoke Ingredients for Food Market by Application
10.4.9 Singapore
10.4.9.1 Singapore Smoke Ingredients for Food Market by Form
10.4.9.2 Singapore Smoke Ingredients for Food Market by Application
10.4.10 Australia
10.4.10.1 Australia Smoke Ingredients for Food Market by Form
10.4.10.2 Australia Smoke Ingredients for Food Market by Application
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Smoke Ingredients for Food Market by Form
10.4.11.2 Rest of Asia-Pacific Smoke Ingredients for Food Market by Application
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Smoke Ingredients for Food Market by Country
10.5.1.2 Middle East Smoke Ingredients for Food Market by Form
10.5.1.3 Middle East Smoke Ingredients for Food Market by Application
10.5.1.4 UAE
10.5.1.4.1 UAE Smoke Ingredients for Food Market by Form
10.5.1.4.2 UAE Smoke Ingredients for Food Market by Application
10.5.1.5 Egypt
10.5.1.5.1 Egypt Smoke Ingredients for Food Market by Form
10.5.1.5.2 Egypt Smoke Ingredients for Food Market by Application
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Smoke Ingredients for Food Market by Form
10.5.1.6.2 Saudi Arabia Smoke Ingredients for Food Market by Application
10.5.1.7 Qatar
10.5.1.7.1 Qatar Smoke Ingredients for Food Market by Form
10.5.1.7.2 Qatar Smoke Ingredients for Food Market by Application
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Smoke Ingredients for Food Market by Form
10.5.1.8.2 Rest of Middle East Smoke Ingredients for Food Market by Application
10.5.2 Africa
10.5.2.1 Africa Smoke Ingredients for Food Market by Country
10.5.2.2 Africa Smoke Ingredients for Food Market by Form
10.5.2.3 Africa Smoke Ingredients for Food Market by Application
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Smoke Ingredients for Food Market by Form
10.5.2.4.2 Nigeria Smoke Ingredients for Food Market by Application
10.5.2.5 South Africa
10.5.2.5.1 South Africa Smoke Ingredients for Food Market by Form
10.5.2.5.2 South Africa Smoke Ingredients for Food Market by Application
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Smoke Ingredients for Food Market by Form
10.5.2.6.2 Rest of Africa Smoke Ingredients for Food Market by Application
10.6 Latin America
10.6.1 Latin America Smoke Ingredients for Food Market by Country
10.6.2 Latin America Smoke Ingredients for Food Market by Form
10.6.3 Latin America Smoke Ingredients for Food Market by Application
10.6.4 Brazil
10.6.4.1 Brazil Smoke Ingredients for Food Market by Form
10.6.4.2 Brazil Smoke Ingredients for Food Market by Application
10.6.5 Argentina
10.6.5.1 Argentina Smoke Ingredients for Food Market by Form
10.6.5.2 Argentina Smoke Ingredients for Food Market by Application
10.6.6 Colombia
10.6.6.1 Colombia Smoke Ingredients for Food Market by Form
10.6.6.2 Colombia Smoke Ingredients for Food Market by Application
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Smoke Ingredients for Food Market by Form
10.6.7.2 Rest of Latin America Smoke Ingredients for Food Market by Application
11. Company Profile
11.1 Azelis
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Red Arrow
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Associated British Foods plc
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Kerry Ingredients
11.4 Company Overview
11.4.2 Financials
11.4.3 Product/Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Redbrook Ingredient Services
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 MSK WIBERG GmbH
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 FRUTAROM Savory Solutions GmbH.
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Besmoke
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Dempsey Corporation
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/ Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 B&G Foods
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
The Eubiotics Market is projected to develop from USD 4.68 billion in 2022 and arrive at USD 8.83 billion by 2030 with a CAGR of 8.25% from 2023 to 2030.
A2 Milk Market Size was valued at USD 2.02 billion in 2023 and is expected to reach USD 7.74 billion by 2032 and grow at a CAGR of 16.09% over the forecast period 2024-2032.
The Flavonoids Market Size was esteemed at USD 1.59 billion out of 2022 and is supposed to arrive at USD 2.64 billion by 2030, and develop at a CAGR of 6.5% over the forecast period 2023-2030.
The Cognac & Brandy Market size was USD 12.5 billion in 2022 and is expected to Reach USD 18.83 billion by 2030 and grow at a CAGR of 5.26 % over the forecast period of 2023-2030.
The Frozen Desserts Market Size was esteemed at USD 91.98 billion out of 2022 and is supposed to arrive at USD 147.47 billion by 2030 and develop at a CAGR of 6.1% over the forecast period 2023-2030.
The Canned Meat Market size was valued at USD 13.6 Billion in 2023 and is expected to reach USD 17.6 Billion by 2032 and grow at a CAGR of 2.9% over the forecast period of 2024-2032.
Hi! Click one of our member below to chat on Phone