Key Insights
The West African refined petroleum products market, valued at approximately $XX million in 2025, is projected to experience robust growth, exceeding a 5% CAGR through 2033. This expansion is fueled by several key factors. Firstly, increasing industrialization and urbanization across the region are driving up energy demand, particularly in sectors like transportation and power generation. Secondly, growing populations in major economies like Nigeria, Ghana, and Kenya are contributing to higher fuel consumption. Thirdly, ongoing infrastructure development projects, including road construction and expansion of port facilities, further stimulate fuel demand. However, the market faces challenges. Price volatility in the global crude oil market presents a significant risk, impacting profitability for both producers and consumers. Furthermore, government policies aimed at promoting renewable energy sources and improving energy efficiency could moderate the pace of growth in the coming years. The market is segmented by fuel type, with automotive fuels commanding the largest share, followed by marine fuels and LPG. Key players such as Vitol, Trafigura, and Oryx Energies dominate the landscape, leveraging their extensive distribution networks and strong relationships with governments and end-users. Competition is fierce, particularly among the large international trading companies, leading to a dynamic and ever-evolving market structure.
The regional distribution of the market within West Africa shows significant variations. South Africa, due to its advanced economy and larger population, holds the largest market share. However, other nations like Nigeria, Kenya, and Tanzania are witnessing rapid growth driven by factors such as economic expansion and increasing vehicle ownership. The "Rest of Africa" segment also offers considerable potential for future growth as several countries experience sustained economic development. The forecast period (2025-2033) will be characterized by a continuous expansion of the market, although the rate of growth may fluctuate depending on global economic conditions and the effectiveness of government policies in promoting energy diversification. Strategic partnerships and investments in refining capacity will be crucial for companies aiming to capitalize on the market's long-term growth prospects.

West Africa Refined Petroleum Products Industry: Market Analysis & Forecast 2019-2033
This comprehensive report provides an in-depth analysis of the West Africa refined petroleum products industry, covering the period 2019-2033. It offers invaluable insights for industry stakeholders, investors, and businesses seeking to navigate this dynamic market. With a focus on market size, CAGR, key players, and emerging trends, this report is essential for strategic planning and informed decision-making. The base year is 2025, with forecasts extending to 2033.
West Africa Refined Petroleum Products Industry Market Concentration & Dynamics
This section analyzes the competitive landscape of the West African refined petroleum products market, examining market concentration, innovation, regulations, and market dynamics. The study period is 2019-2024, with a focus on the base year 2025.
The West African refined petroleum products market exhibits a moderately concentrated structure, with several major international and regional players commanding significant market share. Market share data from 2024 suggests Vitol Holdings BV and Trafigura Group Pte Ltd hold the largest shares, each exceeding xx%. However, the market is dynamic, with increasing participation from regional players and the potential for significant shifts due to upcoming refinery projects.
- Market Concentration: High concentration in the hands of a few major players.
- Innovation Ecosystems: Limited, with innovation primarily driven by international companies.
- Regulatory Frameworks: Vary significantly across countries, impacting investment and operations.
- Substitute Products: Limited availability of viable substitutes for refined petroleum products.
- End-User Trends: Growing demand driven by increasing vehicle ownership and industrialization.
- M&A Activities: Moderate M&A activity observed in recent years, xx deals recorded between 2019 and 2024. These deals primarily focused on optimizing supply chains and enhancing market access.
West Africa Refined Petroleum Products Industry Industry Insights & Trends
This section details the market growth drivers, technological advancements, and evolving consumer trends shaping the West African refined petroleum products market. The analysis covers the period 2019-2033, with a specific focus on the 2025 base year.
The West African refined petroleum products market is characterized by significant growth potential driven primarily by increasing urbanization, industrialization, and population growth. The market size in 2024 is estimated at xx Million USD, exhibiting a CAGR of xx% during the historical period (2019-2024). This growth is projected to continue during the forecast period (2025-2033), although at a slightly moderated pace, with a predicted CAGR of xx%. Technological disruptions, such as the adoption of cleaner fuels and advanced refining technologies, are also influencing the industry landscape. Shifting consumer behaviors toward environmentally friendly options pose both challenges and opportunities for market players.

Key Markets & Segments Leading West Africa Refined Petroleum Products Industry
This section identifies the dominant markets and segments within the West African refined petroleum products industry, including automotive fuels, marine fuels, aviation fuels, liquefied petroleum gas (LPG), and others. Data is analyzed from 2019 to 2024, projected to 2033.
Dominant Segment: Automotive fuels constitute the largest segment, driven by rising vehicle ownership and transportation needs across the region.
Drivers for Automotive Fuels:
- Rapid Economic Growth: Expansion of economies and increased disposable income leads to higher vehicle purchases and fuel consumption.
- Infrastructure Development: Expanding road networks and improved transportation systems increase fuel demand.
- Population Growth: A rising population drives the need for more personal and commercial vehicles.
Dominant Country: Nigeria accounts for the largest share of the market due to its significant population and economic activity. Other key markets include Ghana, Côte d'Ivoire, and Senegal.
The dominance of automotive fuels is expected to continue throughout the forecast period. However, the marine and aviation fuel segments are projected to experience notable growth due to increased maritime and air travel activities.
West Africa Refined Petroleum Products Industry Product Developments
The West African refined petroleum products market is witnessing incremental product innovations focusing on enhancing fuel quality and efficiency. The introduction of cleaner fuels like Euro-V diesel is gaining traction, driven by environmental concerns and regulatory pressure. However, technological advancements are somewhat constrained by infrastructural limitations and investment levels.
Challenges in the West Africa Refined Petroleum Products Industry Market
The West African refined petroleum products market faces several challenges, including:
- Regulatory Hurdles: Inconsistent regulatory frameworks across countries create uncertainties and impede investment.
- Supply Chain Issues: Inadequate infrastructure and logistical constraints affect the efficient distribution of refined products.
- Competitive Pressures: Intense competition among major players leads to price fluctuations and reduced profit margins.
Forces Driving West Africa Refined Petroleum Products Industry Growth
Key growth drivers for the West African refined petroleum products market include:
- Economic Growth: Rapid economic expansion across the region fuels demand for refined products.
- Population Growth: The growing population translates into increased energy consumption.
- Infrastructure Development: Investments in infrastructure enhance transportation and fuel distribution.
Long-Term Growth Catalysts in the West Africa Refined Petroleum Products Industry
Long-term growth is fueled by strategic partnerships and investments in infrastructure, alongside technological innovations that address environmental concerns. The development of new refineries, like the Dangote refinery, significantly boosts local refining capacity and reduces reliance on imports.
Emerging Opportunities in West Africa Refined Petroleum Products Industry
Emerging opportunities arise from expanding the LPG segment, driven by the adoption of cleaner cooking fuels. The potential for biofuel adoption presents another opportunity to meet environmental regulations and reduce carbon emissions. Investment in cleaner technologies and advanced infrastructure will attract further investment in the market.
Leading Players in the West Africa Refined Petroleum Products Industry Sector
- Octogone International Gas & Oil Ltd
- Oryx Energies SA
- Oando PLC
- Mercuria Energy Trading SA
- Monjasa Holding AS
- Vitol Holdings BV
- Puma Energy Holdings Pte Ltd
- Sahara Group Limited
- Trafigura Group Pte Ltd
- FuelSupply Co
Key Milestones in West Africa Refined Petroleum Products Industry Industry
- November 2021: Dangote Group announces plans to commission its 650,000 b/d refinery in early 2022, significantly impacting local refining capacity. NNPC is expected to acquire a 20% stake.
- 2020: BUA Group contracts Axens Group to build a 200,000 b/d integrated refining and petrochemical plant in Akwa Ibom, Nigeria, further enhancing the local refining capacity.
Strategic Outlook for West Africa Refined Petroleum Products Industry Market
The West African refined petroleum products market presents substantial long-term growth potential, driven by economic expansion, population increase, and the development of new refining capacity. Strategic investments in infrastructure and technological advancements will be crucial for maximizing market share and profitability.
West Africa Refined Petroleum Products Industry Segmentation
-
1. Type
- 1.1. Automotive Fuels
- 1.2. Marine Fuels
- 1.3. Aviation Fuels
- 1.4. Liquefied Petroleum Gas(LPG)
- 1.5. Others
-
2. Geography
- 2.1. Nigeria
- 2.2. Ghana
- 2.3. Senegal
- 2.4. Others
West Africa Refined Petroleum Products Industry Segmentation By Geography
- 1. Nigeria
- 2. Ghana
- 3. Senegal
- 4. Others

West Africa Refined Petroleum Products Industry REPORT HIGHLIGHTS
Aspects | Details |
---|---|
Study Period | 2019-2033 |
Base Year | 2024 |
Estimated Year | 2025 |
Forecast Period | 2025-2033 |
Historical Period | 2019-2024 |
Growth Rate | CAGR of > 5.00% from 2019-2033 |
Segmentation |
|
Table of Contents
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 2.1. Introduction
- 3. Market Dynamics
- 3.1. Introduction
- 3.2. Market Drivers
- 3.2.1. 4.; Expanding Pipeline Infrastructure4.; Growing Energy Demand
- 3.3. Market Restrains
- 3.3.1. 4.; Political Instability and Militant Attacks on Pipeline Infrastructure
- 3.4. Market Trends
- 3.4.1. Automotive fuels Expected to Dominate the Market
- 4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
- 5. West Africa Refined Petroleum Products Industry Analysis, Insights and Forecast, 2019-2031
- 5.1. Market Analysis, Insights and Forecast - by Type
- 5.1.1. Automotive Fuels
- 5.1.2. Marine Fuels
- 5.1.3. Aviation Fuels
- 5.1.4. Liquefied Petroleum Gas(LPG)
- 5.1.5. Others
- 5.2. Market Analysis, Insights and Forecast - by Geography
- 5.2.1. Nigeria
- 5.2.2. Ghana
- 5.2.3. Senegal
- 5.2.4. Others
- 5.3. Market Analysis, Insights and Forecast - by Region
- 5.3.1. Nigeria
- 5.3.2. Ghana
- 5.3.3. Senegal
- 5.3.4. Others
- 5.1. Market Analysis, Insights and Forecast - by Type
- 6. Nigeria West Africa Refined Petroleum Products Industry Analysis, Insights and Forecast, 2019-2031
- 6.1. Market Analysis, Insights and Forecast - by Type
- 6.1.1. Automotive Fuels
- 6.1.2. Marine Fuels
- 6.1.3. Aviation Fuels
- 6.1.4. Liquefied Petroleum Gas(LPG)
- 6.1.5. Others
- 6.2. Market Analysis, Insights and Forecast - by Geography
- 6.2.1. Nigeria
- 6.2.2. Ghana
- 6.2.3. Senegal
- 6.2.4. Others
- 6.1. Market Analysis, Insights and Forecast - by Type
- 7. Ghana West Africa Refined Petroleum Products Industry Analysis, Insights and Forecast, 2019-2031
- 7.1. Market Analysis, Insights and Forecast - by Type
- 7.1.1. Automotive Fuels
- 7.1.2. Marine Fuels
- 7.1.3. Aviation Fuels
- 7.1.4. Liquefied Petroleum Gas(LPG)
- 7.1.5. Others
- 7.2. Market Analysis, Insights and Forecast - by Geography
- 7.2.1. Nigeria
- 7.2.2. Ghana
- 7.2.3. Senegal
- 7.2.4. Others
- 7.1. Market Analysis, Insights and Forecast - by Type
- 8. Senegal West Africa Refined Petroleum Products Industry Analysis, Insights and Forecast, 2019-2031
- 8.1. Market Analysis, Insights and Forecast - by Type
- 8.1.1. Automotive Fuels
- 8.1.2. Marine Fuels
- 8.1.3. Aviation Fuels
- 8.1.4. Liquefied Petroleum Gas(LPG)
- 8.1.5. Others
- 8.2. Market Analysis, Insights and Forecast - by Geography
- 8.2.1. Nigeria
- 8.2.2. Ghana
- 8.2.3. Senegal
- 8.2.4. Others
- 8.1. Market Analysis, Insights and Forecast - by Type
- 9. Others West Africa Refined Petroleum Products Industry Analysis, Insights and Forecast, 2019-2031
- 9.1. Market Analysis, Insights and Forecast - by Type
- 9.1.1. Automotive Fuels
- 9.1.2. Marine Fuels
- 9.1.3. Aviation Fuels
- 9.1.4. Liquefied Petroleum Gas(LPG)
- 9.1.5. Others
- 9.2. Market Analysis, Insights and Forecast - by Geography
- 9.2.1. Nigeria
- 9.2.2. Ghana
- 9.2.3. Senegal
- 9.2.4. Others
- 9.1. Market Analysis, Insights and Forecast - by Type
- 10. South Africa West Africa Refined Petroleum Products Industry Analysis, Insights and Forecast, 2019-2031
- 11. Sudan West Africa Refined Petroleum Products Industry Analysis, Insights and Forecast, 2019-2031
- 12. Uganda West Africa Refined Petroleum Products Industry Analysis, Insights and Forecast, 2019-2031
- 13. Tanzania West Africa Refined Petroleum Products Industry Analysis, Insights and Forecast, 2019-2031
- 14. Kenya West Africa Refined Petroleum Products Industry Analysis, Insights and Forecast, 2019-2031
- 15. Rest of Africa West Africa Refined Petroleum Products Industry Analysis, Insights and Forecast, 2019-2031
- 16. Competitive Analysis
- 16.1. Market Share Analysis 2024
- 16.2. Company Profiles
- 16.2.1 Octogone International Gas & Oil Ltd
- 16.2.1.1. Overview
- 16.2.1.2. Products
- 16.2.1.3. SWOT Analysis
- 16.2.1.4. Recent Developments
- 16.2.1.5. Financials (Based on Availability)
- 16.2.2 Oryx Energies SA
- 16.2.2.1. Overview
- 16.2.2.2. Products
- 16.2.2.3. SWOT Analysis
- 16.2.2.4. Recent Developments
- 16.2.2.5. Financials (Based on Availability)
- 16.2.3 Oando PLC
- 16.2.3.1. Overview
- 16.2.3.2. Products
- 16.2.3.3. SWOT Analysis
- 16.2.3.4. Recent Developments
- 16.2.3.5. Financials (Based on Availability)
- 16.2.4 Mercuria Energy Trading SA
- 16.2.4.1. Overview
- 16.2.4.2. Products
- 16.2.4.3. SWOT Analysis
- 16.2.4.4. Recent Developments
- 16.2.4.5. Financials (Based on Availability)
- 16.2.5 Monjasa Holding AS
- 16.2.5.1. Overview
- 16.2.5.2. Products
- 16.2.5.3. SWOT Analysis
- 16.2.5.4. Recent Developments
- 16.2.5.5. Financials (Based on Availability)
- 16.2.6 Vitol Holdings BV
- 16.2.6.1. Overview
- 16.2.6.2. Products
- 16.2.6.3. SWOT Analysis
- 16.2.6.4. Recent Developments
- 16.2.6.5. Financials (Based on Availability)
- 16.2.7 Puma Energy Holdings Pte Ltd
- 16.2.7.1. Overview
- 16.2.7.2. Products
- 16.2.7.3. SWOT Analysis
- 16.2.7.4. Recent Developments
- 16.2.7.5. Financials (Based on Availability)
- 16.2.8 Sahara Group Limited
- 16.2.8.1. Overview
- 16.2.8.2. Products
- 16.2.8.3. SWOT Analysis
- 16.2.8.4. Recent Developments
- 16.2.8.5. Financials (Based on Availability)
- 16.2.9 Trafigura Group Pte Ltd
- 16.2.9.1. Overview
- 16.2.9.2. Products
- 16.2.9.3. SWOT Analysis
- 16.2.9.4. Recent Developments
- 16.2.9.5. Financials (Based on Availability)
- 16.2.10 FuelSupply Co
- 16.2.10.1. Overview
- 16.2.10.2. Products
- 16.2.10.3. SWOT Analysis
- 16.2.10.4. Recent Developments
- 16.2.10.5. Financials (Based on Availability)
- 16.2.1 Octogone International Gas & Oil Ltd
List of Figures
- Figure 1: West Africa Refined Petroleum Products Industry Revenue Breakdown (Million, %) by Product 2024 & 2032
- Figure 2: West Africa Refined Petroleum Products Industry Share (%) by Company 2024
List of Tables
- Table 1: West Africa Refined Petroleum Products Industry Revenue Million Forecast, by Region 2019 & 2032
- Table 2: West Africa Refined Petroleum Products Industry Volume Thousand liters Forecast, by Region 2019 & 2032
- Table 3: West Africa Refined Petroleum Products Industry Revenue Million Forecast, by Type 2019 & 2032
- Table 4: West Africa Refined Petroleum Products Industry Volume Thousand liters Forecast, by Type 2019 & 2032
- Table 5: West Africa Refined Petroleum Products Industry Revenue Million Forecast, by Geography 2019 & 2032
- Table 6: West Africa Refined Petroleum Products Industry Volume Thousand liters Forecast, by Geography 2019 & 2032
- Table 7: West Africa Refined Petroleum Products Industry Revenue Million Forecast, by Region 2019 & 2032
- Table 8: West Africa Refined Petroleum Products Industry Volume Thousand liters Forecast, by Region 2019 & 2032
- Table 9: West Africa Refined Petroleum Products Industry Revenue Million Forecast, by Country 2019 & 2032
- Table 10: West Africa Refined Petroleum Products Industry Volume Thousand liters Forecast, by Country 2019 & 2032
- Table 11: South Africa West Africa Refined Petroleum Products Industry Revenue (Million) Forecast, by Application 2019 & 2032
- Table 12: South Africa West Africa Refined Petroleum Products Industry Volume (Thousand liters) Forecast, by Application 2019 & 2032
- Table 13: Sudan West Africa Refined Petroleum Products Industry Revenue (Million) Forecast, by Application 2019 & 2032
- Table 14: Sudan West Africa Refined Petroleum Products Industry Volume (Thousand liters) Forecast, by Application 2019 & 2032
- Table 15: Uganda West Africa Refined Petroleum Products Industry Revenue (Million) Forecast, by Application 2019 & 2032
- Table 16: Uganda West Africa Refined Petroleum Products Industry Volume (Thousand liters) Forecast, by Application 2019 & 2032
- Table 17: Tanzania West Africa Refined Petroleum Products Industry Revenue (Million) Forecast, by Application 2019 & 2032
- Table 18: Tanzania West Africa Refined Petroleum Products Industry Volume (Thousand liters) Forecast, by Application 2019 & 2032
- Table 19: Kenya West Africa Refined Petroleum Products Industry Revenue (Million) Forecast, by Application 2019 & 2032
- Table 20: Kenya West Africa Refined Petroleum Products Industry Volume (Thousand liters) Forecast, by Application 2019 & 2032
- Table 21: Rest of Africa West Africa Refined Petroleum Products Industry Revenue (Million) Forecast, by Application 2019 & 2032
- Table 22: Rest of Africa West Africa Refined Petroleum Products Industry Volume (Thousand liters) Forecast, by Application 2019 & 2032
- Table 23: West Africa Refined Petroleum Products Industry Revenue Million Forecast, by Type 2019 & 2032
- Table 24: West Africa Refined Petroleum Products Industry Volume Thousand liters Forecast, by Type 2019 & 2032
- Table 25: West Africa Refined Petroleum Products Industry Revenue Million Forecast, by Geography 2019 & 2032
- Table 26: West Africa Refined Petroleum Products Industry Volume Thousand liters Forecast, by Geography 2019 & 2032
- Table 27: West Africa Refined Petroleum Products Industry Revenue Million Forecast, by Country 2019 & 2032
- Table 28: West Africa Refined Petroleum Products Industry Volume Thousand liters Forecast, by Country 2019 & 2032
- Table 29: West Africa Refined Petroleum Products Industry Revenue Million Forecast, by Type 2019 & 2032
- Table 30: West Africa Refined Petroleum Products Industry Volume Thousand liters Forecast, by Type 2019 & 2032
- Table 31: West Africa Refined Petroleum Products Industry Revenue Million Forecast, by Geography 2019 & 2032
- Table 32: West Africa Refined Petroleum Products Industry Volume Thousand liters Forecast, by Geography 2019 & 2032
- Table 33: West Africa Refined Petroleum Products Industry Revenue Million Forecast, by Country 2019 & 2032
- Table 34: West Africa Refined Petroleum Products Industry Volume Thousand liters Forecast, by Country 2019 & 2032
- Table 35: West Africa Refined Petroleum Products Industry Revenue Million Forecast, by Type 2019 & 2032
- Table 36: West Africa Refined Petroleum Products Industry Volume Thousand liters Forecast, by Type 2019 & 2032
- Table 37: West Africa Refined Petroleum Products Industry Revenue Million Forecast, by Geography 2019 & 2032
- Table 38: West Africa Refined Petroleum Products Industry Volume Thousand liters Forecast, by Geography 2019 & 2032
- Table 39: West Africa Refined Petroleum Products Industry Revenue Million Forecast, by Country 2019 & 2032
- Table 40: West Africa Refined Petroleum Products Industry Volume Thousand liters Forecast, by Country 2019 & 2032
- Table 41: West Africa Refined Petroleum Products Industry Revenue Million Forecast, by Type 2019 & 2032
- Table 42: West Africa Refined Petroleum Products Industry Volume Thousand liters Forecast, by Type 2019 & 2032
- Table 43: West Africa Refined Petroleum Products Industry Revenue Million Forecast, by Geography 2019 & 2032
- Table 44: West Africa Refined Petroleum Products Industry Volume Thousand liters Forecast, by Geography 2019 & 2032
- Table 45: West Africa Refined Petroleum Products Industry Revenue Million Forecast, by Country 2019 & 2032
- Table 46: West Africa Refined Petroleum Products Industry Volume Thousand liters Forecast, by Country 2019 & 2032
Frequently Asked Questions
1. What is the projected Compound Annual Growth Rate (CAGR) of the West Africa Refined Petroleum Products Industry?
The projected CAGR is approximately > 5.00%.
2. Which companies are prominent players in the West Africa Refined Petroleum Products Industry?
Key companies in the market include Octogone International Gas & Oil Ltd, Oryx Energies SA, Oando PLC, Mercuria Energy Trading SA, Monjasa Holding AS, Vitol Holdings BV, Puma Energy Holdings Pte Ltd, Sahara Group Limited, Trafigura Group Pte Ltd, FuelSupply Co.
3. What are the main segments of the West Africa Refined Petroleum Products Industry?
The market segments include Type, Geography.
4. Can you provide details about the market size?
The market size is estimated to be USD XX Million as of 2022.
5. What are some drivers contributing to market growth?
4.; Expanding Pipeline Infrastructure4.; Growing Energy Demand.
6. What are the notable trends driving market growth?
Automotive fuels Expected to Dominate the Market.
7. Are there any restraints impacting market growth?
4.; Political Instability and Militant Attacks on Pipeline Infrastructure.
8. Can you provide examples of recent developments in the market?
In November 2021, the Dangote group announced that they are likely to commission Dangote refinery in early 2022. The 650,000 b/d refinery is located in Lagos, Nigeria, and is believed to be Africa's largest upcoming integrated refinery, and the world's biggest single train facility. The state-owned company NNPC is expected to acquire 20% stake in the project.
9. What pricing options are available for accessing the report?
Pricing options include single-user, multi-user, and enterprise licenses priced at USD 4750, USD 5250, and USD 8750 respectively.
10. Is the market size provided in terms of value or volume?
The market size is provided in terms of value, measured in Million and volume, measured in Thousand liters.
11. Are there any specific market keywords associated with the report?
Yes, the market keyword associated with the report is "West Africa Refined Petroleum Products Industry," which aids in identifying and referencing the specific market segment covered.
12. How do I determine which pricing option suits my needs best?
The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.
13. Are there any additional resources or data provided in the West Africa Refined Petroleum Products Industry report?
While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.
14. How can I stay updated on further developments or reports in the West Africa Refined Petroleum Products Industry?
To stay informed about further developments, trends, and reports in the West Africa Refined Petroleum Products Industry, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.
Methodology
Step 1 - Identification of Relevant Samples Size from Population Database



Step 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)

Note*: In applicable scenarios
Step 3 - Data Sources
Primary Research
- Web Analytics
- Survey Reports
- Research Institute
- Latest Research Reports
- Opinion Leaders
Secondary Research
- Annual Reports
- White Paper
- Latest Press Release
- Industry Association
- Paid Database
- Investor Presentations

Step 4 - Data Triangulation
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence