The Specialty Products by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Specialty Products, The specialty products market size has grown strongly in recent years. It will grow from $5.79 billion in 2023 to $6.33 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to economic growth and affluence, rise in health and wellness awareness, globalization and trade expansion, regulatory changes and standards, cultural and lifestyle shifts.
The specialty products market size is expected to see strong growth in the next few years. It will grow to $9.07 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to focus on circular economy, innovations in materials and ingredients, evolving consumer preferences, rise of boutique and niche brands, global events and pandemic effects. Major trends in the forecast period include integration of artificial intelligence (ai), innovations in packaging, technological advancements in specialty chemicals, customization and personalization, digital transformation in specialty retail, biotechnology and genetic engineering.
The addition of precious rare elements like diamonds, sapphires, gold, and rubies is expected to propel the growth of the specialty products market. Precious rare elements refer to precious and semi-precious gemstones, such as diamonds, rubies, sapphires, and emeralds. Gemstones are minerals, rocks, or organic materials cut from naturally occurring crystals that are polished or carved into jewellery or other wearable accessories for humans for their appeal, toughness, and rarity. Diamonds, sapphires, gold, and rubies are now considered status symbols and are used to create jewellery, ornaments, bracelets, and unique rings, such as engagement rings. For instance, in January 2021, according to Alrosa, a Russia-based diamond mining company, a total of $4,169 million worth of raw and polished diamonds was sold in 2021, divided into $3,977 million from rough diamond sales and $192 million from polished diamond sales. Therefore, the addition of precious rare elements like diamonds, sapphires, gold, and rubies is driving the growth of the specialty products market.
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The specialty products market covered in this report is segmented –
1) By Product: Watches And Jewellery, Perfumes And Cosmetics, Clothing, Bags/Purse, Other Products
2) By Distribution Channel: Internet Retailing, Departmental Stores, Specialist Retailers, Exclusive Showrooms, Other Distribution Channel
3) By End User: Women, Men, Unisex
Top Major Players:
- LVMH Moët Hennessy Louis Vuitton
- Kering, L’Oréal S.A.
- Ralph Lauren Corporation
- Shiseido Company Limited
- Rolex SA
North America was the largest region in the specialty products market in 2023.
Product innovations are a key trend in the speciality products market. Major players in the speciality products market are concentrating on creating new technological innovations to improve their position. For instance, in August 2022, Calumet Specialty Products Partners, a US-based lubricating oil manufacturing company, launched a new line of transformer oils for Canada in collaboration with Aevitas Inc., a Canada-based engineering consultancy company that provides technical services for specialized insulating oil products. The new Caltran line of arctic-grade insulating oils has remarkable oxidation stability, corrosion protection, and low-temperature fluidity, making them the perfect option for Canadian conditions.
The specialty products market report table of contents includes:
1. Executive Summary
2. Specialty Products Market Characteristics
3. Global Specialty Products Market Trends And Strategies
4. Specialty Products Market – Macro Economic Scenario
5. Global Specialty Products Market Size and Growth
…….
26. Global Specialty Products Market Competitive Benchmarking
27. Global Specialty Products Market Competitive Dashboard
28. Key Mergers and Acquisitions Specialty Products Market
29. Specialty Products Market Future Outlook and Potential Analysis
30. Appendix
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