Carotenoids Market Will Hit Big Revenues In Future

The global carotenoids market size is projected to grow from USD 1.5 billion in 2019 to USD 2.0 billion by 2026, recording a compound annual growth rate (CAGR) of 4.2%, in terms of value, during the forecast period. Carotenoids are a group of yellow to red pigments, including the carotenes and the xanthophylls, found particularly in plants, algae, and photosynthetic bacteria and certain animal tissues. The increase in the usage of carotenoids as food colorants and the advancements end-user technologies are the major factors that are projected to drive the growth of the carotenoids market.

 

 

Download PDF Brochure @
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=158421566

 

Key carotenoids market players include Koninklijke DSM (Netherlands), BASF (Germany), Chr. Hansen (Denmark), Kemin Industries (US), Lycored Limited (Israel), Cyanotech Corporation (US), Fuji Chemical Industry Co Ltd. (Japan), Novus International (US), DDW The Color House (US), Dohler Group (Germany), Allied Biotech Corporation (Taiwan), E.I.D Parry (India), Farbest Brands (US), Excelvite Sdn. Bhd. (Malaysia), AlgaTechnologies Ltd. (Israel), Zhejiang NHU Co. Ltd (China), Dynadis SARL (France), Deinove SAS (France), Vidya Europe SAS (France), and Divi’s Laboratories (India). Product launches, expansions & investments, mergers & acquisitions, agreements, joint ventures, and partnerships were the dominant strategies adopted by major players. These strategies have helped them increase their presence in different regions.

 

KoninklijKE DSM (Netherlands), is a global science-based company engaged in health, nutrition, and materials businesses. The company operates through three segments, namely, nutrition, materials, and innovation center, and corporate activities. Carotenoids are offered under the nutrition segment and are used for a variety of applications in industries, such as food, feed, supplements, and pharmaceutical. The company is engaged in enhancing its market presence in the global carotenoids market through investments. For instance, in June 2018, Koninklijke DSM invested USD 3 billion to expand its nutrition business that includes carotenoids, vitamins, and enzymes.

 

BASF (Germany), is a leading chemical company, which manages its businesses through five segments, namely, chemicals, performance products, functional materials and solutions, agricultural solutions, and others. The performance products segment consists of four divisions, namely, nutrition &health, performance chemicals, dispersion & pigments, and care chemicals. Carotenoids are offered under the nutrition and health segment and have been categorized as animal nutrition (feed products) and human nutrition (food and beverage and supplements). It focuses on developing products to meet the EU regulatory requirements of feed. For instance, in September 2018, it launched new product lines, namely, Lucantin red 10% (Canthaxanthin), Lucantin Yellow 10% NXT ( C30 Ester), and Lucantin CX 10% NXT (Cintraxanthin) to meet the EU regulatory requirements for feed, which does not use antioxidant ethoxyquin.

 

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=158421566

 

The Europe region is forecasted to dominate the carotenoids market in terms of market share during the forecast period. This is due to the presence of consumers who are demanding natural and clean-label food products. The players in food and feed industry in Europe are widely using natural ingredients as a colorant in their products and easy availability of carotenoids makes it a preferrable option for these manufacturers. Furthermore, growing ageing population has led to increase in demand for carotenoids as it may benefit in curing cataract and other eye disorders.

Feed Antioxidants Market to Showcase Continued Growth in the Coming Years

The global feed antioxidants market is estimated to be valued at USD 356 million in 2019 and is likely to reach USD 474 million by 2025, growing at a CAGR of 4.9% during the forecast period. Factors such as the rise in demand for quality feed, improved technology for feed production, and an increase in the standardization of meat products stimulate the growth of the feed antioxidants market across the globe.

 

 

Download PDF Brochure @
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=138013648

 

Among the animal segment, the feed antioxidants market was dominated by poultry in 2018. In poultry production, one of the major factors for feed is the cost, hence reducing feed costs per bird is a priority. Poultry production has to be efficient as feed has to be converted into meat and eggs. Feed costs can be reduced by adding feed additives such as enzymes and antioxidants, which increase digestibility and prevent the loss of nutrients, with the result that the poultry gains more nutritional value from the same amount of feed. Companies such as Cargill, Koninklijke DSM N.V., and Kemin provide feed antioxidants such as carotenoids, tocopherols, synthetic antioxidants and citric acid, BHT, butylated hydroxyanisole (BHA), and tocopheryl acetate for the poultry industry. BHT, BHA, and ethoxyquin are the most commonly used feed antioxidants for poultry.

 

The dry form dominated the feed antioxidants market in 2018. It experiences a higher demand among feed manufacturers, as it is easy to mix with feed, easy to store, and convenient to handle. Additionally, dry antioxidants such as powders, granules, and beadlets are more economical as compared to liquid alternatives.

 

The powder form of feed antioxidants dominated the dry feed antioxidants market. Powders witness higher demand as they are convenient to coat over the feed. In addition, as the size of the powder form is consistent, it helps to be coated on the feed easily. Antioxidants such as carotenoids, ethoxyquin, BHT, BHA, and TBHQ are available in this form. These antioxidants are preferred as they are also easy to use in combination with other feed antioxidants.

 

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=138013648

 

Asia Pacific accounted for the largest share in the feed antioxidants market. Asia, being the largest continent with a relatively fast economic development, is witnessing a rising demand for quality meat. Consequently, to produce quality meat, feed antioxidants are gaining importance. According to the Food and Agriculture Organization (FAO) 2016, the presence of a large livestock population and their growth rate drove the feed antioxidants market in the Asia Pacific region. The rise in demand for feed is leading to an increase in the number of feed mills in the region. Furthermore, countries such as India and Japan have witnessed an increase in the number of feed mills and feed production. According to the Alltech Feed Survey of 2018, the region experienced a 7% increase in its feed production from 356.5 million tons in 2012 to 381.1 million tons in 2017. While India and Japan demonstrate constant growth, China contributes to a significant share in the Asia Pacific feed production market. At the same time, Thailand and Indonesia are emerging as feed producing countries. Asia Pacific region has 80% of the global feed companies in this region. In addition, the hot and humid climate of the Asia Pacific region drives the demand for feed antioxidants. Thus, Asia Pacific is a highly competitive market in the feed antioxidants market.

Factors Driving the Controlled Release Fertilizer Market

The global controlled release fertilizers market is estimated at USD 2.4 Billion in 2021; it is projected to grow at a CAGR of 6.4% to reach USD 3.3 Billion by 2026. The necessity for highly efficient fertilizers, increase in environmental concerns, favorable government policies and regulations, and increasing adoption of precision farming technology are key factors that are projected to drive the growth of the controlled release fertilizer market during the forecast period.

 

Download PDF Brochure @
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=136099624

 

The controlled release fertilizers market consists of a few globally established players such as Yara International ASA (Norway), Nutrien Ltd. (Canada), The Mosaic Company (US), ICL Group (Israel), Nufarm Ltd. (Australia), ScottsMiracle-Gro (US), Koch Industries (US), Helena Chemical (US), and SQM (Chile), Haifa Chemicals (Israel), JCAM AGRI Co., Ltd. (Tokyo), COMPO EXPERT GmbH (Germany), The Andersons Inc. (US), Van Iperen International (Netherlands). Strategic partnerships were the dominant strategy adopted by the key players, followed by expansions and new product launches. These strategies have helped them to increase their presence in different regions and industrial segments.

 

Yara, formerly known as Norsk Hydro in 1905, changed its name to Yara International ASA in 2004, which is primarily engaged in the manufacture and marketing of fertilizers and industrial products. The company operates through major business segments, namely, fertilizer and chemical products, freight and insurance services. The company has its presence in 160 countries in Europe, Africa, Asia, North America, and South & Central America. Yara has 10,800+ retail outlets around the world. It operates through its subsidiaries, including Yara China Ltd. (China), Yara Guatemala S.A. (Guatemala), Yara North America, Inc. (US), Yara Colombia Ltda. (Colombia), Yara Hellas S.A. (Greece), and Yara Asia Pte. Ltd. (Singapore). It has global operations in more than 60 countries and sales offices in more than 160 countries. The company provides slow-release fertilizers and micronutrient-coated fertilizers through its brands, namely, YaraMila, YaraVita, and Yara Vera.

 

Nutrien, Ltd. was formed in 2018 through a merger between Agrium, Inc. (Canada) and Potash Corporation of Saskatchewan Inc. (PotashCorp) (Canada) to become one of the world’s largest premier providers of crop inputs and services. Nutrien Ltd. has the most extensive crop nutrient product portfolio, combined with its global retail distribution network, which includes more than 1,500 farm retail centers. The company is a leading manufacturer and distributes over 27 million tons of nitrogen, potash, and phosphate products for industrial, agricultural, and feed consumers worldwide, and the company also has an additional 5 million tonnes (5.5 million tons) of potash capacity. Nutrien Ltd. is the third-largest nitrogen producer in the world with over 7 million tonnes (7.7 million tons) of gross ammonia capacity and the ability to produce more than 11 million tonnes (12.1 million tons) of total nitrogen products in the US, Canada, and Trinidad. The company is involved in potash crop products (fertilizer, feed, industrial, metal finishing and purified acids) and Agrium products (Fertilizer, feed and industrial products). The company provides its fertilizer products in dry form and liquid form. The company offers fertilizer products such as nitrogen (dry), nitrogen (liquid), potash (dry), potash (liquid), industrial (dry), and industrial (liquid).

 

ICL, also known as Israel Chemicals Ltd., is a global manufacturer of fertilizers, chemicals, and minerals. It provides potash, phosphate, and advanced technology-based specialty fertilizers. Through specialty fertilizers, the company offers controlled-release fertilizers for crops such as ornamentals, fruits & vegetables, and turf. The company serves three key sectors, namely, agriculture, food, and engineered materials. The company operations are organized under four segments Industrial Products (Bromine), Potash, Phosphate Solution, and Innovative AG Solutions. Innovative Ag solution includes specialty fertilizer business. The company’s manufacturing operations are located in Israel, Europe, North & South America, and China.

 

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=136099624

 

Demand for controlled-release fertilizers has been growing in this region, due to increasing investment of overseas business lines in agricultural inputs to exclusively meet the demand of crop growers to attain export quality. Additionally, the regulations for controlled-release fertilizers are favorable in this region. China is estimated to account for the largest share in the Asia Pacific controlled-release fertilizers market due to the increasing investments by several multinational manufacturers in research & development.

Agricultural Adjuvants Market Will Hit Big Revenues In Future

The agricultural adjuvants market size is estimated to be valued at USD 3.7 Billion in 2022 and is projected to reach USD 4.7 Billion by 2027, recording a CAGR of 5.2% during the forecast period in terms of value. Due to high adoption rate of sustainable agricultural practices in North America and European regions, the demand for agricultural adjuvants is substantially increasing.

 

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1240

 

Key players in this market include Corteva Agriscience (US), Evonik Industries (Germany), Croda International (UK), Nufarm (Australia), Solvay (Belgium), BASF SE (Germany), Huntsman Corporation (US), Clariant AG (Switzerland), Helena Agri-Enterprises LLC (US), Stepan Company (US), Adjuvant Plus Inc., (Canada), Wilbur-Ellis Company (US), Brandt, Inc. (US), Plant Health Technologies (US), Innvictis Crop Care LLC (US), Miller Chemical and Fertilizer, LLC (US), Precision Laboratories, LLC (US), CHS Inc. (US), WinField United (US), Kalo Inc. (US), Nouryon (Netherlands), Interagro Ltd. (UK), Lamberti S.P.A (Italy), GarrCo Products, Inc. (US), Drexel Chemical Company (US), and Loveland Products Inc. (US).

 

The existing players in the agricultural adjuvants market are focused on improving their market shares while new startups are being established rapidly. The top players in the market have been focusing on expanding their market presence, enhancing their solutions, and partnering with many channel partners and technology companies to cater to consumers across the globe. The agricultural adjuvants market has many organized players at the global level and unorganized players at the local level in several countries. The top ten players in the industry have the majority of the market share. Furthermore, for new entrants, the entry barrier is too high as, this industry requires innovations in formulation of new agrochemical adjuvant products in order to stand out in the global market.

 

BASF SE is one of the top players in agricultural adjuvants market in 2022. It is a chemical manufacturing company operating in the market segments of chemicals, performance products, functional materials & solutions, agricultural solutions, and oil & gas. Since January 1, 2019, BASFs activities were bifurcated into six segments—chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions. Some of the subsidiaries of BASF include Wintershall (Germany), Engelhard Corporation (US), PCI Augsburg GmbH (Germany), and Watson Bowman ACME (US). The company is currently focused in introducing new products in the agricultural adjuvants market. For instance, in March 2022, BASF launched an innovative product called Vesnit® Complete, an in-formulation adjuvant, which is a combination of two different modes of action i.e., Topramezone & Atrazine, and an inbuilt adjuvant which makes it unique in effectively controlling grasses & broadleaf weeds for longer duration.

 

Clariant AG develops, manufactures, distributes, and sells a wide range of specialty chemicals. It operates through four business segments such as care chemicals, catalysis, natural resources, and plastics & coatings. The company offers adjuvants through its care chemicals segment. It offers various types of surfactants for crop care and personal care formulations. The company is focused in acquiring and expanding its production across the globe. For instance, in September 2020, the Company, through its subsidiaries in Mexico, acquired Clariant (Mexico) S.A. de C.V.’s (Clariant) anionic surfactant business located in Santa Clara, Mexico. The acquisition did not include the purchase of a manufacturing site. And in May 2020, Clariant increased its production capacities at the European and US units, which will facilitate the company to fulfil the rising demands for the same in the countries.

 

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=1240

 

North America is the leading consumer of pesticides due to the high regulatory compliance requirements for pesticide application. As the adoption rate of agricultural adjuvants in these countries remains high, North America dominated the market in 2021. This market is also projected to witness a steady demand during the forecast period.

 

Since the number of bans on the usage of chemical pesticides in European countries is increasing, the market for agricultural adjuvants is projected to grow at a sluggish rate in this region compared to other regions. On the other hand, with increasing investments in the expansion of production facilities in the Asia Pacific, the market in this region is projected to witness exponential growth during the forecast period.

Soil Conditioners Market: Growth Opportunities and Recent Developments

The global soil conditioners market is estimated to be valued at USD 1.7 billion in 2020 and is projected to reach USD 2.5 billion by 2025, recording a CAGR of 8.3%. The market has high growth potential in emerging markets, such as Asia Pacific, South America, and Rest of the World (RoW), as these regions are backed by an expanding population base leading to an increased demand for agriculture crops in the region. Countries such as China and India are expected to be key revenue generators since these countries are among the leading producers of crops such as rice and wheat at a global level. Apart from this, in South America, Brazil is ranked among the leading producers of crops such as sugarcane, corn, and soybean. These countries are expected to create a lucrative opportunity for soil conditioner manufacturers in the years to come.

 

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=171774013

 

By type, the soil conditioners market is segmented into surfactants, gypsum, super absorbent polymers, and other types. The surfactant type accounted for a larger share during the forecast period. Surfactants are chemical substances that increase the function of penetration of an agrochemical by lowering its surface tension. They are also termed as soil wetting agents. The increased demand for crops in developing countries such as India, China, and Brazil is expected to drive demand for surfactants in the years to come. These countries are key producers of various crops, and with the rise in population, the demand for crops is only expected to increase in the years to come.

 

On the basis of soil type, the soil conditioners market is segmented into sand, clay, silt, and loam. Loamy soil finds its applications in gardening and agricultural purposes, owing to its water-retention capacity. This soil is suitable for most crops and vegetables. It has a high calcium content and a high aeration capacity. It is widely available across regions, due to which this segment is projected to be growing at a faster rate during the forecast period.

 

Based on formulation, the soil conditioners market is segmented into dry and liquid. The liquid segment is projected to witness faster growth during the forecast period. The liquid forms are applied on a volume basis rather than a weight basis. The liquid form provides various options for crop growers to mix soil conditioners with insecticides, fungicides, or adjuvants. Compared to the dry form, little quantity of liquid soil conditioners is enough to cover larger crop areas, making it a preferable choice among farmers.

 

By crop type, the soil conditioners market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, and other crop types. The fruits & vegetables segment is projected to witness a faster growth during the forecast period. According to the FAO, in 2017-18, India was the second-largest producer of fruits & vegetables at a global level, accounting for a share of 8.6% of the total global production. Thus, the country is expected to be one of the key revenue generators for soil conditioner manufacturers in the years to come.

 

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=171774013

 

The market in South America is projected to drive market growth during the forecast period, in terms of value. South American countries have agricultural hubs such as Brazil, Argentina, and Chile, which contribute to the major farm outputs in the region. Brazil is the largest producer of soybean in the region as well at a global level. It is also the largest producer of other crops such as sugarcane and other key crops at a global level. The farmers in the region have largely adopted the use of liquid soil conditioners and wetting agents, as they are easy to apply, do not require much labor, and increase the yield. The availability of arable land and the expansion of farmlands, especially in Brazil, Argentina, and Chile, promise the growth of this market. Moreover, the need to improve the per hectare crop yield is another opportunity for the growth of the soil conditioners market in South America.

 

Key players such as BASF (Germany) and UPL (India) in the soil conditioners market are focusing on new product launches and acquisitions to expand their global footprint.

Factors Driving the Lycopene Market

The lycopene market is estimated to be valued at USD 126 million in 2020 and is projected to reach USD 161 million by 2025, at a CAGR of 5.0% during the forecast period. The increasing number of benefits offered by lycopene in preventive healthcare and its rising applications in an array of industries across the globe is projected to exponentially grow the lycopene market in the coming years.

 

Download PDF Brochure @
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=104131737

 

Lycopene is a carotenoid that gives some fruits and vegetables their red color. Lycopene is majorly present in tomato species known as Solanum lycopersicum, mostly found in Central and South American regions. It is a carotenoid and a phytonutrient substance, and is an essential antioxidant for the human body, which helps in protecting from degenerative diseases. Further, lycopene studies are associated with the prevention of diseases and conditions, including hypothesis, a number of cancers (prostate cancer, digestive tract cancer, bladder cancer, skin cancer, breast cancer, gastric cancer, and cervical cancer), cardiovascular diseases, osteoporosis & other bone disorder, male infertility, hypertension, and other human diseases; it is used in the treatment of various diseases such as human papilloma virus (HPV) infection, asthma, gingivitis, and cataracts, which has resulted in the significant expansion of the lycopene market over the last few years.

 

Lycopene can be sourced from synthetic as well as natural sources, and based on the source, the price and application of lycopene vary. The properties of lycopene are, however, independent of its source. The growing health concerns due to the consumption of synthetic ingredients have been restraining its adoption. Hence, the manufacturers have been shifting their product offering from synthetic sources to naturally extracted ingredients, and this trend has been witnessed to be true in the lycopene market as well.

 

Traditionally, the application of lycopene was limited to its use as a coloring agent. However, multiple clinical studies have proved its antioxidant and anti-inflammatory properties, and hence, the application of lycopene has broadened in multiple application industries. As a result, the application of lycopene has been growing as a health ingredient in the dietary supplement and functional food industries.

 

The lycopene market is growing exponentially in the Asia Pacific region, owing to the established manufacturers and the organized food industry in the region. Although the lycopene market was dominated by Europe, the market in Asia Pacific is projected to witness the highest growth rate due to its large population base and changing food consumption trends in emerging economies. Developing countries such as China, India, Indonesia, and Thailand have shown rapid growth in the dietary supplement and food industries. Also, the application of lycopene in the personal care & cosmetic industry is witnessing growth in these countries due to rising temperature and climatic condition issues, causing the market to grow exponentially.

 

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=104131737

 

Europe comprises the highest number of the aging population. Italy and Germany collectively comprise 32.1% of the total population aging 65 and above. According to experts in the lycopene industry, lycopene aids in the treatment of cataracts occurring in the older population across the globe. Furthermore, lycopene also exhibits anti-aging properties, aiding in the prevention of wrinkles. Hence, the growing aging population in the region is driving the demand for lycopene due to its distinct functionalities, bolstering Europe’s market share, globally, throughout the forecast period.

Food Encapsulation Market Growth by Emerging Trends, Analysis, & Forecast

The global food encapsulation market is estimated to be valued at USD 10.6 billion in 2021. It is projected to reach USD 15.6 billion by 2026, recording a CAGR of 8.0% during the forecast period. The food encapsulation market is driven by factors such as the growing demand and awareness for value-added products in various areas such as nutrition, food, and healthcare and the growing consumption of packaged food. Encapsulation helps increase the shelf life of packaged foods. Due to the benefits provided by the encapsulation technology in increasing the shelf life and bioavailability of products, the market for food encapsulation is experiencing high growth.

 

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=68

 

Key players in this market include Cargill, Incorporated (US), BASF SE (Germany), DuPont (US), Kerry (Ireland), and DSM (Netherlands).

 

Cargill, Incorporated is involved in the production of various specialty ingredients and other industrial products for various applications. The company operates through four business segments: animal nutrition & protein, food ingredients & applications, origination & processing, and industrial & financial services. Cargill, Incorporated not only provides encapsulated products such as flavors, powders, and starches but also offers technologies for the encapsulation and emulsion of food & beverages. Various types of food ingredients offered by the company include probiotics and protein ingredients, which find applications in the beverage, bakery, dairy, and meat sectors. It offers various ingredients to enhance the appearance, taste, and stability of fresh meat and specialty meat products. In November 2020, Cargill Incorporated is investing USD 100 million in its Indonesian sweetener plant to build a corn wet mill with a starch dryer to increase the production of starches & sweeteners.

 

BASF SE is the largest chemical producer company in the world. The company is segmented into four major categories: chemicals, functional materials & solutions, performance products, and agricultural solutions. The BASF SE Group consists of subsidiaries and joint ventures in more than 90 countries and operates under 355 other production sites in North America, Europe, Asia Pacific, South America, Africa, and the Middle East. BASF SE provides a wide range of encapsulated vitamin products and has a strong base in R&D. The global research divisions of the company are operated from three major regions: Europe, Asia Pacific, and North America. This enables the company to strengthen its product portfolio. In April 2021, BASF SE agreed with Sandoz GmbH, a subsidiary of Novartis, to invest at the Kundl/Schaftenau Campus in Austria. This agreement enables BASF SE to further develop its production footprint for enzymes and biotechnology products.

 

Dupont is an American company formed by the merger of Dow chemical and E.I. du Pont de Nemours and company in 2017. It is one of the leading players in the chemical industry. The company occupies different industries, including synthetic fibers, high-performance materials, specialty chemicals, electronics, biotechnology, and agriculture. The company caters to a wide range of products in numerous end-use industries, such as beverages, bars, bakery, culinary, confectionery, dairy, fruit applications, frozen desserts, meat, poultry & seafood, meat alternatives, oil & fats, and pet food. Encapsulation technology is used by the company to maintain the taste, texture, and flavor of products.

 

DuPont provides a wide range of encapsulated food enzymes for improving freshness, texture; ensuring quality and consistency, as well as reducing costs and optimizing the production of products. These enzymes are provided for various applications, including bakery, brewing, fish processing, meat & culinary processing, and dairy. In December 2019, DuPont merged with IFF; this merger would help DuPont to become a global leader in high-value ingredients and solutions for global food & beverages, home & personal care, and health & wellness markets.

 

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=68

 

North America dominated the food encapsulation market due to the presence of a large number of players in the region and the growing consumer awareness and demand for functional food products, North America is projected to dominate the food encapsulation market through 2026. Demand for encapsulation is also driven in the region due to its growing use in the development of several products such as functional and fortified food products, packaged products, and nutraceutical products. Most of the key market players have a presence in the region.