Bharati Vidyapeeth

(Deemed to be University), Pune, India

Institute of Management and Entrepreneurship
Development, Pune

“A study on Analysis of Market Data with respect

to BMRC, Pune”

A Summer Training Project Report

Submitted in Partial Fulfilment of the Requirements for the

Award of Degree of Master of Business Administration

2022-2024

Submitted by- Guided by-

Sanskar Gupta Dr. Yogesh Gaurav
Roll no.: 144 (Internal Guide)
Division: C

1
2
 Certificate of Originality

This is to certify that the project report entitled “A study on Analysis of Market Data with
respect to BMRC, Pune” submitted to Bharati Vidyapeeth (Deemed to be University),
Pune in partial fulfilment of the requirement for the award of the degree of MBA is an
original work carried out by Mr. Sanskar Gupta under the guidance of Dr. Yogesh Gaurav.
The matter embodied in this project is a genuine work done by Mr. Sanskar Gupta to the
best of my knowledge and belief and has not been submitted before neither to this
University nor to any other University for the fulfilment of the requirement of any course of
study.

Signature of the student Signature of the Guide

3
 Certificate

This is to certify that the Project titled “A study on Analysis of Market Data with respect
to BMRC, Pune” is an academic work done by Sanskar Gupta submitted in the partial
fulfilment of the requirement for the Award of the Degree of MBA from Bharati Vidyapeeth
(Deemed to be University), Pune. It has been completed under the guidance of Dr. Yogesh
Gaurav. (Faculty Guide) and Mr. Yogesh Khade (Corporate Mentor). We are thankful to
Brand Essence® Market Research for having allowed our student to undergo project work
training. The authenticity of the project work will be examined by the viva examiner which
includes data verification, checking duplicity of information etc. and it may be rejected due
to nonfulfillment of quality standards set by the Institute.

Dr. Ajit More

Director (Incharge)
IMED

4
 Acknowledgement

Apart from my efforts, the success of my project depends largely on the encouragement, and
guideline of many others. Take this opportunity to express my gratitude to the people who
have been instrumental in the successful completion of this project.

I am gratefully indebted to our esteemed guide Dr. Yogesh Gaurav. for his sincere
guidance and priceless support which would have been impossible for us to complete this
project.

I express my gratitude to the staff members of Bharati Vidyapeeth (Deemed to be

University) who directly or indirectly helped me. I would also like to express my sincere
gratitude to all my office colleagues in Brand Essence® Market Research.

Finally, I thank Institute of Management and entrepreneurship Development (IMED) for

giving me this golden opportunity to do my summer internship in Brand Essence® Market
Research

Sanskar Gupta

5
 Preface
In this era of fast changing world, mere classroom teaching is not sufficient to attain
maturity and perfection for application of theory into practice. The dynamic economy,
political and technological environment in which we live continually place demand on us to
change, improve and learn more about jobs, superiors, and subordinates. Two years of
continuous classroom teaching is sufficient for students to directly implement their
knowledge in the market. A practical approach is needed.

The knowledge through project report is an essential requirement for M.B.A students. The
purpose of this project report is to prepare a analysis report of astrology market for the
purpose of understanding the businesses of online astrology companies.

I have tried my level best to do justice to the project. And I hope the study which was
conducted will help not only the organization but also me and the society too.

Sanskar Gupta

6
 TABLE OF CONTENT
S.NO TOPIC PAGE
NO.
1 Certificate from the company 2

2 Certificate of originality 3
3 Certificate 4
4 Acknowledgement 5
5 Preface 6
6 1. INTRODUCTION 8-19
1.1 Introduction to the title 9
1.2 Overview of Industry as a whole 10
1.3 Profile of the company 11
1.4 Competitor’s information 16
1.5 SWOT analysis of the organisation 19

7 2. RESEARCH METHEDOLOGY 20-22

2.1 Statement of the problem 21
2.2 Objective & scope of Study 21
2.3 Managerial usefulness of the study 21
2.4 Type of research and research design 21
2.5 Data collection method 21
2.6 Limitation of the study 22

8 3. CONCEPTUAL DISCISSION 23-25

3.1 Review of literature 24
3.2 Current issues 24
3.3 Major Challenges of the Market 25
4. DATA ANALYSIS 26-30
4.1 Method and technique of data analysis 27
9 4.2 Data analysis and Interpretation 27

10 5. MY CONTRIBUTION TO THE BODY OF 31-32

KNOWLEDGE
11 6. FINDING, CONCLUSION AND SUGGESTION 33-34
12 7. SUMMARY OF THE PROJECT 35-36
13 8. REFERENCE/ BIBLOGRAPHY 37-38

7
CHAPTER 1

INTRODUCTION

8
1.1 Introduction to the title:
Market research is critical for driving growth. It can inform strategy development, product
development and marketing, setting you up for success. But it’s even more important when
it comes to growing your business in countries outside of your home market. Market
research is the process of determining the viability of a new service or product through
research conducted directly with potential customers. Market research allows a company to
discover the target market and get opinions and other feedback from consumers about their
interest in the product or service.

The global market research process looks different from domestic market research and
requires a different approach in order to get the best results. In this article, we’ll break down
why global market research is so important, the challenges involved, and how to do it as
effectively as possible.

Gur (Jaggery) is a natural, traditional sweetener made by the concentration of sugarcane

juice and is known all over the world in different local names. It is a traditional unrefined no
centrifugal sugar consumed in Asia, Africa, Latin America and the Caribbean. Containing all
the minerals and vitamins present in sugarcane juice, it is known as healthiest sugar in the
world. India is the largest producer and consumer of jaggery. Out of total world production,
more than 70% is produced in India.

Where liquid jaggery is first step of jaggery. While making jaggery liquid jaggery made in
the middle step of that process.

1.2 Overview of industry as a whole

Market research firms gather and analyse data about customers, competitors, distributors,
and other actors and forces in the marketplace. Market research allows a company to
discover the target market and get opinions and other feedback from consumers about their
interest in the product or service. It can be done through surveys, product testing, and focus
groups. Test subjects are usually compensated with product samples or paid a small stipend
for their time. Market research is a critical component in the research and development
(R&D) of a new product or service. BMRC is one of the leading market research companies,
having different sectors of market research like Chemicals, Healthcare, Industry, and Food
and beverage sector with different specialization employees, for different sectors to collect
information and to do secondary research to find out conclusion.
Market Research Company Types
Market research companies can be large corporate companies, small business companies, or
product-specific companies. These companies are usually categorized based on clients they
take up rather than based on market research work they undertake.
1) Syndicated market research firm: Such companies look at the market requirements and
then prepare their reports accordingly. These research reports are for the open market
rather than for specific companies.
2) Custom market research firm: Such firms offer customized market analysis basis for the
client’s needs.

9
3) Specialty market research firm: A firm with a focus on one specialty falls under this
category. Such firms are involved with an in-depth analysis of the client’s specific
requirements, for instance, conducting market feasibility studies for a soon to be
launched pilot product.
4) Online market research firm: These firms are considered to be useful for online
marketers, bloggers, and online e-commerce portals. They connect the brands/website
owners with their desired users while also conducting online analysis at the same time.
This online analysis enables the website owners to land up on top in search engines,
understand the gist of their brands in the online community, and thereby improvise their
existing product lines. Brands, for instance, taking a cue from the ‘trends’ showcasing top
websites like Twitter and Facebook.
Advantages of conducting business market research include:
1) Identify problem areas in business.
2) Identify changing market trends and associated business opportunities as well as new
areas for expansion.
3) Understand the existing customer’s needs and comparative analysis of services offered to
customers vis-à-vis competitors.
4) Develop effective strategies and make well-informed decisions about the services.
5) Set achievable targets for sales, business growth, and the latest product developments.
There are two types of market research: Qualitative research and Quantitative research.
Contribution of sector towards GDP
India Market Research provides an idea of the business and the consumer market pattern.
They pave the way to economic and business development and help to generate profit for the
country. An extensive Market Research in India takes care of all the queries of the marketers
- giving them the required information for a smooth marketing journey. Market research
involves giving
insight to all the categories of marketing - valuation, distribution, promotion of product and
services. For betterment and improvement, market research is absolutely essential.
The market research agencies pan India; cover all the main areas of marketing - spanning
B2B and industrial research, social research, media research, brand research, corporate and
employee research, channel and retail research, product and packaging research, pricing
research and business-specialized consumer research.
India Market research reports give an insight of the actual status of the economy as well as
the projected growth figures for the economy.
Gross Domestic Product slipped from an average of over 9% in the previous three fiscal
years to 6.7% during 2008-09
Wholesale price index (WPI) rose to around 13% in August 2008 and had faced an equally
sharp fall to zero percent in March 2009

10
Projections state that the real GDP will grow by 6% in 2009-10. For the year 2009-10, the
forecast for agriculture sector has been revised downwards from 2.5% to (-) 1.4%. For
industrial sector, the forecasts have been revised upwards from 4.8% to 6.3%
The profit growth of corporate sector in 2009-10 is revised upwards to 10.0% from 7.5%
Domestic savings to GDP is slated to be 33.6% in 2009-10, this is a revised figure
downwards from 35.0% WPI inflation would be approx. 5.5% which is revised upwards
from 5.3
Strategy Analysis
The method that analysts employ to learn more about the competition, supply chains, and
market trends is referred as the strategy research. This type of research's findings can give
firms a competitive edge. Solutions involving strategy research include the following:
• Market Opportunity Assessments
• Market Entry, Feasibility & Sizing
• Customer Research
• Competitive Intelligence & Analysis
• Best Practices Research
• Win/Loss Research
• Channel Intelligence
• Distributor Research
1.3 Profile of the organization: Brand Essence® Market Research
BMRC is one of the verticals of premier provider of market intelligence and consulting
services, BMRC is a market analysis firm that specializes in custom and syndicated reports.
It also has end-to-end advisory services, and in the last four years. Company provides small
and medium-sized businesses research solutions (SMEs). BMRC uses a wide range of
research databases, tools, and methodologies to provide customized research services.
Customized research reports are available for a variety of industry verticals and regions.
BMRC has a team of over 53 market research experts, each led by a research manager with
an average of 5+ to 8+ years of experience in the related domain. This means that the
company ensures that the clients receive trustworthy and accurate information from a team
that is well-versed in the markets. BMRC identifies opportunities and challenges early and
provides its clients the foundation for a winning strategy. Since its inception, it has closely
worked with both multinational conglomerates and SMEs.
Santosh Salgare, a former team lead at Zion, Vishal Sawant, and Aniket Patil started
Brandessence Market Research & Consulting Ltd. in 2018. The founders have prior
experience in business intelligence, consultancy, and market research. The business began in
Pune with just one store before growing in the US, the UK, and the UAE. BMRC quickly
established itself as a leading provider of market research services, working with Fortune
1000+ companies as well as SMEs throughout the world.
11
With its value proposition as a genuine venue for syndicated and personalized research
reports and consultancy services, BMRC gained notoriety. By providing genuine market
studies for all the major sectors at affordable costs, the company quickly began to dominate
the market research sector, which aided in their expansion internationally.
With the use of data insights and analytics that aid in drawing conclusions to develop a
competitive strategy that can help in establishing the right steps to achieve the goals, BMRC'
mission is to assist firms in growing organically.
Branches:

 Brand essence Market Research & Consulting Pvt ltd., 124, City Road, London
EC1V 2NX
 Gat no. 111, Fl no. F-706, GK Palacio, Borhadewadi, Moshi, Pune, Maharashtra,
India 412105
Annual sales and financial performance of the company:
 Revenue / turnover of Brandessence Market Research & Consulting Pvt. LTD. is
US$ 142 Million
 Net worth of the company has increased by 27.96 %
 EBITDA of the company has increased by 120.37 %
 Total assets of the company have increased by 197.79 %
 Liabilities of the company has decreased by -28.97 %
Operating Revenue US$ 142 Million
EBITDA 120.37 %
Net worth 27.96 %
Debt/Equity Ratio 1.71
Return on Equity 21.85 %
Total Assets 197.79 %
Fixed Assets 986.98 %
Current Assets 25.19 %
Current Liabilities -28.97 %
Trade Receivables 114.07 %
Trade Payables -33.94 %
Current Ratio 3.86

Vision
To be a premier center for the most sought-after market research reports, offering actionable
intelligence and inputs to businesses and leaders. To don the mantle of a strategic resource
center for organizations that need to be substantiated business-related research reports.

12
Mission
To extend statistical assistance to expansion plans and strategies of businesses through crisp
market trends and forecasts. To acquire, curate and offer analytical reports that actively aid
decision making processes in enterprises that aim to achieve market dominance.
Origin and Growth of company
BMRC has come a long way, constantly changing, and striving to be exceptional. BMRC
began operations in 2018 and has since established itself as a reliable market research
partner for clients all over the world. BMRC is based in London, U.K, and now has three
global offices, including a distribution center in India. New business growth and customer
engagements are handled by the US and UK offices.
Automotive & transportation, technology, consumer goods, automation and machinery, food
& beverage, services & utilities, chemicals & materials, biomass, mining, and oil & gas are
among the industries that BMRC serves.
Some of the world's largest economies, as well as emerging markets, are the focus of our
study. We cover over 100 nations, with an emphasis on the United States, Germany, France,
Italy, Spain, the Nordics, the United Kingdom, Brazil, India, China, South Korea, the Gulf
Cooperation Council, and Japan.
Industries Covered
 Aerospace & Defense
 Automotive Consumer Product Food & Beverages
 Chemical and Materials Healthcare
 Travel and Tourism Technology
 Industry Automation Services & Utilities
 Oil & Gas Packaging
 Testing Equipment
 Others
Various department and their functions Research Team
The Research team is the major department in the organization as that department defines
the organization. The research department carry out research as per the client requirement.
Some of the member of the team will be working on syndicate reports when there are no
existing client reports assigned to them.
Digital Marketing
The digital mark company's digital marketing team has an integral role in the organization as
they are for taking care of implements and manages digital marketing campaigns in-house or
through digital agencies.

13
Client Interaction
They will assist teams in identifying customer pain points, determining how to improve
customer loyalty, and determining what measures they need to take to improve the overall
customer experience.
Sales
Sales teams play an important role in establishing consumer loyalty and trust. The sales team
in the organization is the one who brings potential prospects into clients. The sales team is
responsible for marketing the report and attracting new clients for the company. The sales
team connects clients across the globe and most of the clients seems to be from European
region. Sales team will be responsible for all queries related for service timeline and cost.
The queries related to report are usually done by the people in research team.
Graphics Team
Graphic team usually does design and reproduction of images. Usually, the graphics team
will make and design templates, images etc. for the report and this often published on the
website. Graphic design is important for developing a professional brand and optimizing the
marketing strategies across all platforms. Consistency with the marketing collateral makes
your brand more identifiable and helps your consumers and clients to quickly learn about
what you have to offer.
Content Writing
A content team is in charge of not only producing high-quality content that "talks" to a
particular audience, but also of tracking its success and determining how it affects marketing
efforts. The content writing team will also edit the file and report made by the analyst and
format it in a better way.
IT Support
Within a corporation, the IT department oversees the implementation and maintenance of
computer network systems. This can only necessitate one IT employee, or a team in the case
of larger organizations. Its primary goal is to keep the network running smoothly. In BMRC
we have more than 3 people in IT department and they take care of the issues with the
server, laptop, and connectivity.
HR
The Human Resources (HR) department is in charge of overseeing the employee life cycle
(i.e., interviewing, hiring, onboarding, training, and firing) as well as employee benefits
administration. The organization has 1 people as HR.

14
What make company unique?
Refining Services
BMRC’s take on research pushes clients to take their services to a whole new level. It is our
research on customer satisfaction - alongside journey mapping methods – that empowers
you refine your services and gain measurable returns.
Driving Engagement Strategies
Understanding your customers and building engagement strategies – often requirements of
the business community. BMRC’s first-hand, contemporary insights on the business
landscape trail apt methods for you to build a strong entourage of potential audiences.
Promoting Ceaseless Innovation
We leverage the best of both worlds – research and analytics – to help forward-looking
brands keep innovating. Our intelligence is a source of inspiration to our clients for
transforming ideas into value.
Values of the company Integrity
Breaches of confidentiality are a far-cry from BMRC’s ethical research practices. We respect
the privacy and rights of clients, consistently building credibility and trust.
Professionalism
BMRC deeply understands the crux of professionalism in the consulting landscape. We
promote the interests of the research industry and comply with laws & regulations to foster
confidence and loyalty in our clients.
Agility
We rid the monotony fixed solutions that ebb the agility of business performance. Our
approach trails time-efficient research, to offer authentic insights and accurate results.
Clients can exploit our innovative offerings to perform faster and better.
Excellence
BMRC's consulting excellence stays guarded by three pillars - commitment, innovation, and
improvement. We go the extra mile for assured client satisfaction and measurable results.
Flexibility
Flexibility is still an exceptional trait of consulting – a key to help businesses drive value
with unconventional ideas, context, and understanding. BMRC’s disruptive research
framework enables scalable solutions. Our responsively to client objectives reflects in our
flexible approaches.
What makes BMRC different? Analytical Vigor
Visualizing analysis and presenting data in simplified formats – key imperatives to
successful market research. Our analytical strength surfaces empirical intelligence that
ensures improvements in key business metrics.

15
Global Reach
From scoping out opportune potential of local markets to assessing global business
profitability BMRC equips clients with critical intelligence to optimize decision and growth.
We are affiliated with reputed brands worldwide and have audiences from all industry
verticals.
Smaller Risks, Greater Profits
The steadier the stream of sales, the longer thrives the business. BMRC leverages modern
research practices to maximize profits vis-à-vis risk reduction for its clients. BMRC research
process constantly drives innovation to improve business outcomes.
Reverent Leaders
BMRC’s skilled research strategists are passionate for brainstorming concepts that make us
distinguishable in our insights. Our subject matter experts are continuously focused on
exploring new ways for transformative business solutions.
Competitive Pricing
'Profit at any cost' is the holy grail in the business community. BMRC understands the
importance of measurable returns for clients. Achieve valuable intelligence without huge
outlays through our cost-effective solutions.
1.4 Competitor’s information
a. IQVIA overview

Sr. Item Description

No.
1. Company Name IQVIA
2. CEO Ari Bousbib
3. Website www.IQVIA.com
4. Headquarter North Carolina, United States.
5. Total Company US$ 13.8 Bn
Sales (USD
Million)
6. Number of 79000
Employee
7. Company Reimagine clinical development by
Overview intelligently connecting data, technology, and
analytics to optimize your trials. The result?
Faster decision-making and reduced risk so
you can deliver life-changing therapies faster.
With a foundation in data, advanced
analytics, and expert insight, IQVIA brings
specialized capabilities to customers across
the healthcare ecosystem.

16
b. Nielsen Business Overview.

Sr. Item Description

No
1. Company Name Nielsen

2. CEO David Kenny

3. Website WWW. Nielsen.COM

4. Headquarter New York, United States

5. Total Company Sales (USD US$ 3.5 Bn

Million)
6. Number of Employee 15000
7. Company Overview Nielsen is a global leader in audience
measurement, data and analytics, shaping
the future of media. Measuring behavior
across all channels and platforms to
discover what audiences love, we
empower our clients with trusted
intelligence that fuels action.
c.
Kantar Business Overview.
Sr. Item Description
No
1. Company Name Kantar

2. CEO Eric Salamn (CEO)

3. Website WWW.Kantar.COM
4. Headquarter London, Unites Kingdom
5. Total Company Sales (USD US$ 3.5 Bn
Million)
6. Number of Employee 35667
7. Company Overview Kantar is a data and evidence-based agency
providing insights and actionable
recommendations to clients, worldwide. They
have a complete, unique and rounded
understanding of people around the world: how
they think, feel and act, globally and locally in
over 90 markets. We don’t just help clients
understand what’s happened, we tell them why
and how they can shape the future.

17
18
 d. Gertner Business Overview

Sr. Item Description

No
1. Company Name Gertner

2. CEO Eugene A. Hall (CEO)

3. Website WWW. Gertner.COM
4. Headquarter Connecticutm, Unites States
5. Total Company Sales (USD US$ 1.2 Bn
Million)
6. Number of Employee 16600
7. Company Overview Gartner is an information technology (IT)
research and consultancy company, formerly
known as Gartner Group. Gartner's corporate
divisions include Research, Executive
Programs, Consulting and Events. The
company's two main data visualization and
analysis tools are Gartner Magic Quadrants and
the hype cycle.

e. IPSOS Business Overview.

Sr. Item Description

No
1. Company Name IPSOS
2. CEO Didier Truchot (CEO)
3. Website WWW.IPSOS.COM
4. Headquarter Paris, France
5. Total Company Sales (USD US$ 0.6 Bn
Million)
6. Number of Employee 16000
7. Company Overview Ipsos Group S.A. is a multinational market
research and consulting firm with headquarters
in Paris, France. The company was founded in
1975 by Didier Truchot, Chairman of the
company, and has been publicly traded on the
Paris Stock Exchange since July 1, 1999

Top Five companies Revenue of 2021

19
 Company Revenue (USD Billion)

IQVIA 13.8

Nielsen 3.5

Kantar 3.3

Gartner 1.2

IPSOS 0.6

1.4 SWOT Analysis

20
CHAPTER 2

RESEARCH
METHODOLOGY

21
2.1 Statement of the problem

This study focuses on the global market for liquid jaggery, a product with health benefits.
Despite its potential, it's not well-known and has limited availability in certain countries.
The main issue is the lack of awareness and efficient distribution. Local producers are the
primary suppliers. The goal is to increase global sales of liquid jaggery by addressing these
challenges.

2.2 Objective of the study

 To do data analysis of liquid jaggery market

 To find CAGR and market revenue with help of historical and forecast value
given by the organizations, market players, government organizations, blogs,
journals etc.

2.3 Managerial usefulness of the study

The study about liquid jaggery's global market is really useful for managers. It helps them
know what customers want and how to make their product better. They can use this
information to decide where to sell the product and how much to charge. This study also
helps them understand how to make people aware of the product's benefits. So, managers
can use this study to grow their business, reach more people, and make better decisions.

2.4 Type of research and research design

The nature of the research design falls under the category of "Descriptive Research” because
its goal is to talk about and understand the features of the worldwide market for liquid
jaggery. This includes knowing its current situation, possible growth, difficulties, and
chances for success. The study will gather and study information about what customers like,
how the market is changing, where the product is sold, and how it's priced. This way, it aims
to give a complete picture of what the market looks like.

2.5 Data Collection Methods (descriptive and empirical)

Secondary research entails the summary or synthesis of data and literature that has already
been organized and released. Researchers use and interpret data from primary research
sources while conducting secondary research.

2.1.1. Secondary data collection methods

 Journals, Books, and Articles
 Government agencies, and Organizations
 Commercial information source, Institutions, market Players

22
2.6 Limitation of the study
 The time span for the study was limited.
 Some of the data which was used is dynamic in nature (social media reach, website
reach) which made the accurate interpretation difficult.
 As the study is based on the market, which is less researched, data collection was
difficult.

23
CHAPTER 3

CONCEPTUAL
DISCUSSION

24
3.1 Review of literature
 Agriexchange (2020), “Market Intelligence Report for Jaggery”, Jaggery, a
traditional sweetener, is prominent in India and beyond for its health benefits. India
leads in production (70%) and consumption (60%). Major states include Uttar
Pradesh, Maharashtra, Karnataka, Tamil Nadu, Andhra Pradesh, and Gujarat.
Production hinges on sugarcane and weather, while consumption varies with income
and health trends. The report indicates that exports are minor, with 0.2 million
tonnes to Nepal, Bangladesh, Sri Lanka, and Pakistan. Prices vary by region and
season, being higher in the north and during summer. Challenges include quality
control, traditional methods, low awareness, and competition. Opportunities lie in
health-conscious markets, product diversification, branding, new segments, and tech
innovations. Policy suggestions encompass quality standards, modernization,
consumer education, financial support, and research.

 Anubha (April 2021), “Marketing of Jaggery in India”, The report by APEDA

provides an overview of the production, consumption, export and import of jaggery
in India. It also analyses the SWOT (strengths, weaknesses, opportunities and
threats) of jaggery industry in India. Some of the strengths are the high demand, low
cost, health benefits and cultural significance of jaggery. Some of the weaknesses
are the low productivity, poor quality, inadequate infrastructure and storage
facilities, and low profitability of jaggery. Some of the opportunities are the
potential for value addition, diversification, branding and certification of jaggery
products. Some of the threats are the competition from sugar and other sweeteners,
the environmental and social issues related to sugarcane cultivation and jaggery
processing, and the legal and policy constraints on jaggery trade. The report also
suggests some strategies for improving the marketing of jaggery in India. These
include enhancing the production efficiency and quality of jaggery, developing
standardized and graded jaggery products, creating awareness and demand for
jaggery among consumers, promoting jaggery exports to niche markets, establishing
linkages among stakeholders in jaggery value chain, and facilitating policy support
and institutional interventions for jaggery industry

3.2 Recent Developments

 News Article on “ Jaggery Market to Soar with 14.1% CAGR by 2028 was
published by IMRC’S Group
According to the India Packaged Jaggery Market report by IMARC Group1, the India
packaged jaggery market size reached INR 55.6 Billion in 2022. The market is
expected to reach INR 122.1 billion by 2028, exhibiting a compound annual growth
rate (CAGR) of 14.1% during 2023-2028. 

 Jaggery Industry Gets Modern Makeover, Reports by International Journal

The jaggery sector is undergoing a remarkable transformation, according to a recent
report in the International Journal of Engineering Research & Technology. The report
highlights advancements such as improved sugarcane varieties, smarter processing
methods, and innovative packaging techniques. Diversified product options, stringent
quality standards, and certifications are also on the rise. These innovations are set to
25
 rejuvenate the sugar industry by meeting changing consumer preferences both
locally and internationally.
.
3.3 Major challenges of the market

 Quality Control and Standardization: The absence of standardized production

practices results in varying quality levels and hygiene standards across jaggery
products. With diverse traditional methods employed by small-scale processors,
inconsistency in taste, texture, and appearance hampers consumer confidence.
Adulteration concerns, including the addition of chemicals and artificial substances,
further undermine the product's reliability and safety.

 Limited Market Reach: Although jaggery remains a staple in rural and low-income
households, it struggles to gain traction in urban and higher-income consumer
segments. Refined sugar and alternative sweeteners often take precedence due to
perceived quality, convenience, and modernity. Moreover, competition from other
sweeteners within the processed food and beverage industry curtails jaggery's growth
potential.

 Innovation Gap: Despite its untapped potential, the jaggery market is yet to fully
leverage innovation for value addition and diversification. The industry primarily
relies on traditional methods for production and packaging, resulting in a lack of
differentiation and branding. While jaggery can be transformed into various forms
and fortified with additional nutrients, technological and financial limitations impede
the development and marketing of these value-enhanced offerings.
.

26
CHAPTER 4

DATA ANALYSIS

27
4.1 Method and techniques of data analysis
First and foremost, it's critical to comprehend the market's current state, for which
qualitative and quantitative data from a number of published research studies is used.
The top competitors in the market were chosen for the competitive study, and publicly
accessible information about those businesses was used to examine the competitors.
Following data gathering, studies were performed using Microsoft Excel to draw
conclusions about the trends in the market and among the rivals.

By looking at the websites, of the competitors, some conclusions were drawn for the future.

A conclusion and recommendation were then made.

4.2 Data Analysis

Example of Liquid Jaggery Market analysis using secondary research of data. Below given
information about liquid jaggery global market value and forecast value with growth rate.

Report Attributes Details

Liquid Jaggery Market Size (2021A) US$ 506.6 Million

Estimated Market Value (2022E) US$ 544.8 Million

Forecasted Market Value (2032F) US$ 1.2 Billion

Global Market Growth Rate (2022- 8.3% CAGR

2032)
South Asia Market Share (2021) ~60.8%

South Asia Market Growth Rate (2022- ~7.6% CAGR

2032)
India Market Growth Rate (2022-2032) ~7.5% CAGR

Market Share of Top 5 Companies ~14.2%

Key Companies Profiled  Balaji Jaggery Farm

 Vinayak Jaggery Manufacturers
 Siddhagiri's Satvyk
 Dev Bhoomi Jaivik Krishi Utpad
 Sandeshwar Agro Producer
company

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  Phoennix Spices
 Dr. Jaggery’s
 Agrohill farms products
 Shetkari Rajacha Gavran Gul
 Shree Varad agro-industry
 Green Leave International

Calculation:
1. CAGR- Compound annual growth rate

 The compound annual growth rate (CAGR) is the rate of return (RoR) that would be
required for an investment to grow from its beginning balance to its ending balance,
assuming the profits were reinvested at the end of each period of the investment’s
life span.

 CAGR is annual growth rate of market, it shows at what rate market will grow in
future.

From above formula we can calculate CAGR for required years

Here we calculate CAGR for liquid jaggery market from 2022 to 2032
CAGR = ((1200/544.8)^(1/10)) - 1 CAGR = ((2.2026431718)^(0.1))-1 CAGR = 8.3%
% is the annual growth rate of liquid jaggery market over the period 2022 to 2032. By
looking at CAGR manufacturers can decide about product launch and development.
2. Y-O-Y = Year On Year Growth
 CAGR is combine annual growth rate over some specific period. For some
manufacturers who want to see how market grow annual the Y-O- Y shows that
trend.

 Year-over-year (YOY)—sometimes referred to as year-on-year—is a frequently used

financial comparison for looking at two or more measurable events on an annualized
basis.

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  Year-over-year (YOY) is a method of evaluating two or more measured events to
compare the results at one period with those of a comparable period on an annualized
basis.
Year – over – Year (Y-O-Y) Growth = (Current Value / Prior Year) - 1
The Y-O-Y is calculated year over year by putting formulas in excel. Let calculate Y-O-Y for
2021 to 2022
Y-O-Y = (544.8/506.6) – 1 Y-O-Y = 7.5%
The Year-On-Year growth for global liquid jaggery market is 7.5%.
As being traditional sweetener of India South Asia account high share in global liquid
jaggery market which is 60.8% for 2022.
Despite being many health benefits of liquid jaggery it is limited to some specific regions
because of less awareness.

4.3 Data Interpretation

Interpreting Liquid Jaggery Consumption Patterns (2017-2021) and Future
Projections (2022-2032)
The growth of liquid jaggery, which includes both liquid form and jaggery powder, mainly
happened in India, especially in the northern part. This region has a history of using liquid
jaggery, and now people worldwide are recognizing its health benefits like boosting
immunity and purifying blood. Manufacturers of liquid jaggery are also expanding their
reach beyond local areas.
Liquid jaggery is known for being rich in minerals and antioxidants, containing elements
like zinc and selenium. Its sweet smell and taste make it popular in sweet dishes.
It's even being seen as a health aid for cleaning the liver and improving digestion.
Short Term (2022-2025): While liquid jaggery is already popular as a sweetener in South
Asia, it will take time for it to become known in other places. This means that growth will be
slower in the beginning, creating a money-making opportunity of US$ 186.5 million around
60.8% between 2022 and 2025.
Medium Term (2025-2028): In the next few years, liquid jaggery use is expected to grow
quickly in Latin America and the Middle East & Africa. This should lead to making an extra
US$ 250.9 million between 2025 and 2028.
Long Term (2028-2032): As younger and health-conscious people turn to liquid jaggery as
a natural sweetener, its popularity will keep growing in the long term.

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Between 2017 and 2021, the liquid jaggery market globally grew at an average rate of 4.7%.
Looking ahead, according to Fact.MR, a respected market research provider, this growth
will speed up to around 8.3% each year from 2022 to 2032.

The chart above quickly shows how much of the market is taken up by different sources,
processes, and regions. As of the end of 2021, sugarcane had the biggest share at 86.1%.

Column chart showing difference between estimated and forecast value.

The above column chart shows the growth rate of global liquid jaggery market over the
period of 2021-2032.

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CHAPTER 5

MY CONTRIBUTION

32
MY CONTRIBUTION TO THE BODY OF KNOWLEDGE

In this research project, I played a significant role in analyzing the global Jaggery market. I
gathered valuable insights by collecting and studying data from various sources, such as
published research reports, news articles, and online websites. Utilizing tools like MS-Excel,
I carefully analyzed the data to draw meaningful conclusions.

Specifically, I focused on understanding the current state of the liquid jaggery market, its
growth potential, and the challenges it faces. By examining trends, market shares, and
projected values, I contributed to the overall understanding of how the market could evolve
in the coming years.

My involvement in this research project allowed me to gain practical experience in market

analysis, data interpretation, and drawing insights from quantitative and qualitative
information. I actively contributed to the foundation of knowledge that supports the study's
findings, conclusions, and suggestions for industry growth and innovation.

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CHAPTER 6
 FINDINGS
 CONCLUSION
 SUGGESTION

34
6.1 Findings

After carefully looking at all the information, I found out a few important things:

1. Not Many People Know About Liquid Jaggery: Most people don't really know
what liquid jaggery is, even though it's really good for health. This makes it hard to
get it to different places.
2. Doing Research is Important for Businesses: Doing research about markets is
super important for businesses to do well. It helps them make smart plans, create
new stuff, and let people know about their things.
3. Liquid Jaggery is Special: Liquid jaggery is a sweet thing made from sugarcane
juice. People use it in different parts of the world and it's healthy too.
4. How I Did the Research: I collected info from different places like research reports,
news stories, and websites. I used tools like MS-Excel to look at all the numbers.
5. The Market Can Get Bigger: I think by the year 2032, the market for liquid jaggery
could be worth 1.2 billion dollars. That's a big jump, like growing by about 8.3%
every year. Most of the people who like it are in South Asia, like around 60.8%.
6. Good Things and Challenges: There are some cool chances in markets where
people care about being healthy. But there are also things like making sure the
jaggery is really good and reaching more places that need it.

6.2 Conclusion
So, in the end, what I found is that if more people know about liquid jaggery, it could
become really popular. It's good for health and people have been using it for a long time. I
also learned that doing research helps us understand what people like and how markets
work. The numbers show that the market can grow a lot if things are done right.

6.3 Suggestions
Based on what I found, here are some ideas that could help:
1. Tell More People: Share the benefits of jaggery through ads or campaigns so more
folks know about it.
2. Make It Even Better: Improve how jaggery is made and checked so people can
trust it a lot.
3. Try New Places: Look at new markets where people really like healthy stuff.
4. Team Up with Others: Work with others in the food world to reach even more
people.
5. Show It's Unique: Make jaggery stand out from other sweet things so people want
to get it.

35
CHAPTER 7
SUMMARY OF THE
PROJECT

36
During my time as an intern at BrandEssence® Market Research, I got to work in their
market research department. My project was all about looking closely at the global Jaggery
market, particularly the liquid form. This quick summary highlights what I did and found.
Liquid jaggery is known for being healthy, but not everyone knows about it or can easily
find it. This project aimed to help boost its sales around the world by understanding it better.
To do this, I collected different kinds of information using methods that describe what's
happening.
I looked at information that was already available from secondary research ,reports, news
articles, and websites. Then, I used special computer tools (MS-Excel) to analyse what this
info was telling us. This type of research is called 'Descriptive Research' As the title of the
research report indicates it’s a ‘analysis of liquid jaggery market’, a basic study to
understand the market globally. This kind of study helps us know why looking at the global
market before trying to sell something new is super important.

37
CHAPTER 8
BIBLOGRAPHY

38
References
All the company websites (Where articles and collaterals) are published-

 https://www.transparencymarketresearch.com/

 https://www.futuremarketinsights.com/

 https://www.tmrresearch.com/

 https://www.researchmoz.us/

 https://www.factmr.com/report/liquid-jaggery-market

 https://www.bmrc.com/
 https://economictimes.indiatimes.com/news/company/
corporate- trends/fmcg/articleshow/88321591.cms?
from=mdr

Reference revenue tracking websites-

 https://www.morningstar.com/

 https://www.dnb.co.in/

 https://www.sba.gov/business-guide/plan-your-business/market-research-competitive-
analysis

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