Overview and Scope
Speciality products refer to a particular customer's product with distinctive
qualities or brand recognition that is available in small quantities, is
typically high-end, and costs more than other typical items available for a
sizeable segment of customers. They are frequently expensive, and customers
rarely take the time to compare them to comparable goods.
Sizing and Forecast
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..
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Segmentation & Regional Insights
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
North America was the largest region in the speciality products market in 2023.
North America is expected to be the fastest-growing region in the speciality
products market during the forecast period. The regions covered in the
specialty products market report are Asia-Pacific, Western Europe, Eastern
Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the specialty products market are focused on
introducing innovative products, such as baclofen oral granules, to drive their
revenues in the market. Baclofen oral granules are a medication used to treat
muscle stiffness, spasms, and pain associated with conditions such as multiple
sclerosis and spinal cord injuries. For instance, in June 2022, Amneal
Pharmaceuticals Inc., a US-based pharmaceutical company, launched LYVISPAH, a
baclofen oral granule (5, 10, and 20 mg) specialty product approved by the U.S.
Food and Drug Administration, a US-based federal agency. These are rapidly
dissolving flavored granules that are designed for the treatment of spasticity
related to multiple sclerosis, particularly for the relief of flexor spasms and
concomitant pain, clonus, muscular rigidity, and other spinal cord disorders.
The product can be given to the patient in three different ways, including
straight into their mouth, with or without water, in combination with food or
drink, or via an enteral feeding tube.
The specialty products market report table of contents includes:
1. Executive Summary
2.
Specialty Products Market Characteristics
3.
Specialty Products Market Trends And Strategies
4.
Specialty Products Market - Macro Economic Scenario
5. Global
Specialty Products Market Size and Growth
.
31. Global
Specialty Products Market Competitive Benchmarking
32. Global
Specialty Products Market Competitive Dashboard
33. Key
Mergers And Acquisitions In The Specialty Products Market
34.
Specialty Products Market Future Outlook and Potential Analysis
35.
Appendix
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