Future Prospects of Global Laboratory Proficiency Testing Market

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Laboratory Proficiency Testing Market  The global Laboratory Proficiency Testing Market is estimated to be valued at US$ 1.29 billion in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 - 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: Laboratory proficiency testing involves evaluating the performance of laboratories for a given scope of testing through inter-laboratory comparisons. It helps assess the quality and competence of laboratories by determining reproducibility and accuracy of test results. Proficiency testing products are used by laboratories to determine method validity and accuracy, and improve testing processes. Market Key Trends: One of the major trends in the laboratory proficiency testing market is the growing number of accredited medical laboratories. Accreditation assures compliance with ISO 15189 and ISO/IEC 17025 standards, which require participation in proficiency testing programs. Acc...
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Champagne Market Overview, Dynamics, Outlook and key market players

Sparkling wine, such as Champagne, is a form of sparkling wine. Champagne is only used to describe sparkling wines made from grapes cultivated in the Champagne area of France. Pinot Noir, Pinot Meunier, and Chardonnay are the grapes needed to make Champagne. The traditional method of making Champagne, which includes grape fermentation and other stages, is known as Methode Champenoise. Non-vintage brut, prestige cuvees, rose, higher dosage champagnes, and low dosage champagnes are among the several types of Champagnes available on the market.

MARKET DYNAMICS

Increased brand recognition, improving economic conditions, inventive branding, expansion in the premium wine sector, and rising consumption in emerging markets are all contributing to the Champagne market's rise. According to Comite Champagne (a trade organisation for Champagne producers), the worldwide Champagne market was worth $5.6 billion in 2018, up 0.3 percent from 2017.

Other elements supporting market expansion include rising disposable income and rising living standards. According to the Office for National Statistics in the United Kingdom, the average household disposable income in the United Kingdom was US$ 32,502 in 2018 and is predicted to increase by 1.4 percent to US$ 32,950 in 2019.

 

Champagne Market
Champagne Market

MARKET OUTLOOK

In 2018, Europe dominated the global champagne market, followed by the United States. In 2018, Europe contributed for 69 percent of global sales, according to Comite Champagne.

Due to significant demand from markets such as Japan, Australia, and China, Asia Pacific is the fastest-growing area in the Champagne industry. Japan was the third largest export market for Champagne producers in 2018, according to Comite Champagne. Increasing discretionary income, a higher standard of living, and an increase in the number of HNIs are all driving growth in this region. According to the World Bank, per capita income in East Asia and the Pacific increased by 2.2 percent from 2016 to US$ 10,368 in 2017.

KEY MARKET PLAYERS

In order to increase their market position, players in the champagne industry are employing a variety of techniques, such as new product launches. For example, Moet & Chandon debuted its new Grand Vintage 2012 champagne range in April 2019. Pinot Noir and Meunier grapes are used to make the champagne. Moet & Chandon was able to broaden its product portfolio as a result of the new product launch.

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