Augmented Reality and Virtual Reality Market to Expand at a CAGR of 42.2%, by 2025

The global augmented reality and virtual reality market is anticipated to witness remarkable CAGR during 2017 – 2025

The global augmented reality and virtual reality (AR and VR) market was valued at more than US$ 5,000 Mn in 2016 and is expected to reach a market valuation close to US$ 120 Bn by 2025 end. In terms of value, the global AR and VR market is expected to expand at a CAGR of 42.2% over the forecast period. The global AR and VR market is expected to represent incremental dollar opportunity close to US$ 115 Bn between 2017 and 2025. Among the various device segments, revenue contribution from the head mounted display segment is anticipated to expand at the highest CAGR of 44% during the forecast period. Currently, North America accounts for a relatively high revenue share in the global AR and VR market; however, the MEA AR and VR market is anticipated to register the highest CAGR of 55.2% among all the other regions during the forecast period. In terms of revenue, the North America AR and VR market is projected to be the most attractive regional market in the global AR and VR market during the forecast period.

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High investments by big technology companies and increasing demand for AR and VR technology in gaming are factors boosting the global AR and VR market

Adoption of advanced technology in the gaming sector has been rising significantly due to factors such as increasing young population, increasing spending by consumers on entertainment, high penetration of smartphones, and improving network connectivity in developing countries. Games based on augmented reality such as Pokemon Go and Ingress have been witnessing increasing popularity among consumers as these games offer a unique gaming experience, thereby leading to higher user engagement. Thus a growing demand for AR and VR technology in gaming is likely to fuel the growth of the global AR and VR market.

Some of the major technology companies such as Google Inc., Microsoft Corporation, Samsung Electronics Co. Ltd., and Apple Inc. are investing significantly in the development of new AR & VR products as a result of increasingly high demand from various industries and sectors including gaming and healthcare. Some of these companies are also funding several start-ups and providing necessary infrastructure as well to promote this technology among consumers. Therefore, with increasing investments by tech companies, the global market for augmented reality and virtual reality is expected to witness significant growth over the next five years.

Smartphones not only facilitate gaming but also create innumerable opportunities for augmented reality due to their technological features. It is difficult to create graphical overlays that could interact with the real world in a dimensionally accurate manner by using computer vision. However, smartphones overcome this technology hurdle as these are embedded with elements such as cameras and MEMS sensors, including accelerometers and GPS, which make them suitable for augmented reality platforms. This factor is also anticipated to drive revenue growth of the global AR and VR market during the projected period.

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Google acquires VR gaming company Owlchemy Labs

Global technology giant Google recently acquired Austin based game studio Owlchemy Labs. According to the terms of the acquisition, Owlchemy Labs will continue to release VR games while Google will provide additional support to the company. Owlchemy Labs had already assured fans that it would keep continuing its focus on high quality user experiences and hand interaction. The company is popular for developing games that mimic the use of real hands. Meanwhile, Google recently launched a fully wireless day dreamer view headset that is compatible with Google’s recently launched Pixel and Pixel XL smartphones. According to highly placed officials at Google, with this acquisition, Google and Owlchemy Labs will be working together to create immersive games and will be developing new interaction models to continue to bring the best VR experiences to life.

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Augmented Reality and Virtual Reality Market to Expand at a CAGR of 42.2%, by 2025

In terms of value, the global coconut flour market is estimated to be valued at more than US$ 380 Mn in 2017 and is expected to cross US$ 720 Mn by the end of the forecast period. The global coconut flour market is slated to exhibit a CAGR of 6.6% in terms of value during the forecast period 2017 – 2027.

North America Coconut Flour Market Snapshot

In 2017, the coconut flour market in the North America region is estimated to be valued at more than US$ 140 Mn and is expected to register a CAGR of 6.8% over the forecast period to reach a market valuation of nearly US$ 274 Mn by the end of 2027. The market in the region is expected to create absolute $ opportunity of US$ 124.8 Mn between 2017 and 2027. The coconut flour market in North America is expected to remain dominant throughout the forecast period in terms of revenue contribution. However, the supply chain of coconut has a multi-layered and complex marketing channel, from production point of view to domestic and international marketing. The volume and value in the export of coconut flour are showing a significant increase.

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Gluten intolerance spans a wide spectrum of product offerings infused with coconut flour

The main benefit of coconut flour is that it is completely gluten free. Presently there are millions of consumers who are allergic to wheat or are sensitive to gluten. Coconut flour is an alternative to wheat flour and is gradually becoming a substitute for wheat flour as far as gluten intolerant consumers are concerned. Today, a variety of products made from coconut flour are available in the market such as breads, muffins, pancakes, cakes, cookies and cupcakes; and these taste similar to products made from wheat flour. It is a delicious low carb, gluten free alternative to wheat. An estimated 30% of consumers are choosing gluten free products and almost 41% of the consumers in the United States believe that gluten free products are beneficial. All these factors are boosting the market for coconut flour, especially in North America.

Low production cost of coconut flour has enabled new entrants to enter the market 

The economical production cost of coconut flour and the fact that it can be produced in both small and large quantities is one of the significant factors driving the coconut flour market in North America. The raw material for the production of coconut flour is obtained from the by-product (waste) of the coconut milk industry and the process as well as the equipment used in the production is simple and cheap. The by-product in processing coconut milk provides a value-added income to manufacturers along with a nutritional and healthy source of dietary fibre for consumers.   

Unfavourable climatic conditions for the production of coconut 

One of the major restraints for the production of coconut flour in the North America region is the unfavourable climatic conditions due to which coconut cannot be produced domestically. The fruit is either exported from Latin America or from the Asia Pacific countries were coconut is available readily. Brazil was the top coconut producing country till 2010; however, now three Asian countries namely Philippines, Indonesia, and India are the major coconut producing countries. Almost 90% of the global supply of coconuts comes from Asia. The Philippines exports more than $1 billion worth of coconuts to the United States alone.

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North America Coconut Flour Market Attractiveness Analysis

Among all the types, the market for organic coconut flour is expected to register the highest CAGR of 6.8% in terms of volume during the forecast period. For instance, Bob’s Red Mill Paleo Baking Flour which includes almond flour, arrowroot starch, coconut flour, and tapioca flour was launched by the company in 2016. The product has been quite popular amongst consumers. Companies are catering to the service of grain-free lifestyle, as consumers are looking for more unique gluten free flour blends. The millennial generation is the major contributor to this ongoing trend in the region.

“The wide-ranging benefits of coconut flour are boosting its demand in the European and North American markets

Individual consumers are gradually becoming aware about the various beneficial properties of coconut flour. Coconut flour products are surging in the market as an alternative for baking ingredients in the United States and Europe. It is gaining traction amongst consumers during festival seasons such as Christmas and New Year Eve in Europe. The ingredient is being added to supplement healthy diets owing to its benefits such as antibacterial and antifungal properties.”

— Analyst – Food & Beverages, Future Market Insights

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