The Middle East region produces almost one-third of global crude oil, with more than 30 million barrels coming from the region per day. Crude oil prices, which plunged from 2014-16 and recently hit lows not seen since the 1998 oil crisis over 20 years ago, have had a significant impact on the region’s economies. Local governments have already implemented diversification plans following the 2014-16 oil crisis and have started to open up their economies to more foreign direct investment (FDI), set up free trade zones and districts, and encourage their manufacturing sectors to grow. However, the COVID-19 pandemic caused shutdowns across the region with businesses, schools, and travel being suspended. This unexpected slowdown also halted major events such as the World Cup and new offshore drilling with global partners. While recent events and ongoing socio-political troubles have slowed the region’s growth, it continues to play an important part in global trade, as well as in the finished lubricants market.
The period of rapid two-wheeler population growth appears to be over as the market matures in many countries. This is leading to a moderate growth expectation over the forecast period through 2024, globally. Due to the lack of an efficient public transportation system, especially in rural and semi-urban areas, Asia and Latin America will continue seeing strong growth in motorcycle, moped, and other two-wheeler sales. Owing to their commercial utility, easy manoeuvrability through traffic, and fuel efficiency, they are considered a utilitarian vehicle and continue to appeal to the urban populations. Similar to cars, shared mobility is gaining momentum in the two-wheeler market, although the shift has been slow. Interest in ownership of these vehicles remains strong due to the low cost. To learn more about this resilient market, REGISTER for our free webinar taking place on October 7, 2020.Continue reading
The wellness space has emerged in an exciting way, penetrating new market segments such as beauty, healthcare, and food & nutrition. Nowadays, wellness products can span the gamut from personal cleansing products, hand soaps, aromatherapy, and home fragrances to nutritional supplements, sleep aids, probiotics, and CBD. Our published studies in wellness show that all of these segments are seeing notable increases, ranging from 3% to an impressive 220% in 2020. As wellness is redefining these segments with new product positionings, we’ve compiled a list of our top 10 most valuable resources in this space:
Intimate beauty was deemed a trend poised to shape the cosmetics and personal care industry this year. Now, with the unprecedented COVID-19 outbreak, consumers have prioritized essential items such as hand sanitizers, body cleansing products, and facial skin care. So what does this mean for intimate beauty care products as we make our way through 2020? Continue reading
Following a year of respectable performance in 2019 with 4.2% sales gains, the U.S. home fragrances market is poised to end the year with flat growth, which is considered an outstanding result in these uncertain times. Continue reading
The global general industrial oils (GIOs) and grease market was growing slowly at a 0.2% CAGR from 2014 to 2019. But with the arrival of the COVID-19 pandemic, the market has been driven from low to negative growth, with some industries not likely to fully recover even by 2024, forecasts Kline’s recently published report, General Industrial Oils and Grease: Global Market Analysis and Opportunities. Kline’s most–likely COVID-19 scenario estimates the 2020 overall decline in GIOs and greases to be around 13%. However, a strong recovery with a CAGR of 2.7% is expected between 2020 and 2024. While North America is projected to see the greater rate of decline, developing markets such as Africa and the Middle East are estimated to grow quickly once they begin to recover from the COVID-19 shutdowns.
Consumers have shifted to hand sanitizers in the last few months as an adequate substitute for handwashing to protect themselves against COVID-19. Due to the unprecedented surge in demand, heritage players like Purell and Bath & Body Works are facing out–of–stock issues, while a new wave of products has emerged courtesy of beauty companies large and small, including LVMH and Tan-Luxe. Continue reading
Driven by health-conscious consumers, social influencers, technology, people who are increasingly adopting flexitarian diets, millennials, and the rise of Gen Z, food and beverage indies are witnessing double- and triple-digit growth rates. Some of the key product types offered by these indie companies include protein-based, meat-alternative, and plant-based products.Continue reading
As some coronavirus lockdowns are being lifted across the United States, restaurants are gradually reopening. Some are operating indoors with limited capacity, others offer outdoor dining, and some are selling food for delivery and take out. One thing they all have in common is that cleaning frequency has increased dramatically, and hygiene standards are more important than ever. Continue reading
Among the major shifts occurring in the salon industry are stylists moving from salons to independent businesses. The recently published Independent Stylist Study covering the United States, the United Kingdom, France, Russia, and Brazil reveals the key reasons independent hair stylists could become the turning point for the professional hair care industry. Here’s a rundown: Continue reading