Euromonitor International is taking what it describes as a first and a new approach to ingredients market intelligence with the introduction of Passport: Ingredients, an information system that measures the use of ingredients in consumer products.
The new research system analyses and measures volume demand for 400 ingredients across 600 product categories in 80 countries worldwide, providing market intelligence for ingredient manufacturers, suppliers and their customers. Passport: Ingredients is described as a fully integrated market intelligence solution that combines ingredients statistics with Euromonitor International's latest analysis of the key drivers influencing ingredient demand.
“Using a unique methodology that starts with Euromonitor's well-established knowledge of global sales of fast moving consumer goods, Passport: Ingredients has been developed by applying actual recipes and formulations of leading brands to existing Euromonitor product volume data. The result is uniquely detailed ingredient tonnages by category based on actual consumption,” says Euromonitor. “This approach means gives unparalleled insight into the volumes of ingredients, flavours and fragrances used in fast moving consumer goods, enabling users to align their business with the future direction of the market.”
In addition to volume data, the system analyses both supply and demand-side issues, from consumer and product trends such as growing health awareness and flavour preferences, to product and technology developments.
“The further away from the consumer in the supply chain, the less information and industry consensus there is”, explains John Madden, ingredients manager at Euromonitor International. “Our ingredient clients are looking to us to give detailed insights on how their markets are evolving so they can build strategies for the future. Equally, it can play a valuable role within any company manufacturing and marketing products to the consumer, especially in terms of procurement efficiencies.
“Being able to transparently size the market for all these ingredients is valuable in itself, but being able to tell companies into which products ingredients are going, and how this is evolving over time, is a first.”
Euromonitor actually has a wider Passport system containing 115 million internationally comparable industry, country and consumer statistics, future-focused analysis from a global, regional, country and company perspective, daily comment from analysts and RealTime News, Euromonitor's online industry news monitoring service.
Companies that subscribe to Passport: Ingredients are assigned a dedicated Account Manager to help them get full value from the system and use it with confidence.