Setting

Global Bioactive Ingredients Market 2021-2031 by Product (Fibers, Amino Acids & Proteins, Probiotics, Omega3, Vitamins, Antioxidants, Plant Extracts, Minerals), Source (Plant, Animal, Microbal), Application (Dietary Supplements, Food and Beverages, Animal Nutrition, Personal and Beauty Care, Pharmaceuticals, Others), and Region: Trend Forecast and Growth Opportunity

Published: 30 Jan 2022 | Report Code: 10248334 | Pages: 157

Global Bioactive Ingredients Market will reach $71.98 billion by 2031, growing by 6.6% annually over 2021-2031, driven by the rise in lifestyle diseases and malnutrition, growing health consciousness among the consumers, increasing health care expenses, rising per capita income and urbanization, and continuous product innovation and ongoing R&D.

 

Highlighted with 83 tables and 77 figures, this 157-page report “Global Bioactive Ingredients Market 2021-2031 by Product (Fibers, Amino Acids & Proteins, Probiotics, Omega3, Vitamins, Antioxidants, Plant Extracts, Minerals), Source (Plant, Animal, Microbal), Application (Dietary Supplements, Food and Beverages, Animal Nutrition, Personal and Beauty Care, Pharmaceuticals, Others), and Region: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire global bioactive ingredients market and all its sub-segments through extensively detailed classifications.

 

Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2018-2021 and provides forecast from 2022 till 2031 with 2021 as the base year. (Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)

 

In-depth qualitative analyses include identification and investigation of the following aspects:

• Market Structure

• Growth Drivers

• Restraints and Challenges

• Emerging Product Trends & Market Opportunities

• Porter’s Five Forces

 

The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19. The balanced (most likely) projection is used to quantify global bioactive ingredients market in every aspect of the classification from perspectives of Product, Source, Application, and Region.

 

Based on Product, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2031 included in each section.

• Fibers and Specialty Carbohydrate

• Amino Acids, Proteins, and Peptides

• Probiotics and Prebiotics

• Omega3 Fatty Acids

• Vitamins

  o Vitamin A

  o Vitamin B

  o Vitamin C

  o Vitamin D

  o Vitamin E

  o Vitamin K

• Carotenoids and Antioxidants

• Phytochemicals & Plant Extracts

• Minerals

• Other Products

 

Based on Source, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2031 included in each section.

• Plant-based Products

• Animal-based Products

• Microbal-based Products

 

By Application, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2031 included in each section.

• Dietary Supplements

  o Fibers and Specialty Carbohydrate

  o Amino Acids, Proteins, and Peptides

  o Probiotics and Prebiotics

  o Omega3 Fatty Acids

  o Vitamins

  o Carotenoids and Antioxidants

  o Phytochemicals & Plant Extracts

  o Minerals

  o Other Products

• Food and Beverages

  o Fibers and Specialty Carbohydrate

  o Amino Acids, Proteins, and Peptides

  o Probiotics and Prebiotics

  o Omega3 Fatty Acids

  o Vitamins

  o Carotenoids and Antioxidants

  o Phytochemicals & Plant Extracts

  o Minerals

  o Other Products

• Animal Nutrition

• Personal and Beauty Care

• Pharmaceuticals

• Other Applications

 

Geographically, the following regions together with the listed national/local markets are fully investigated:

• North America (U.S., Canada, and Mexico)

• Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Netherlands, Switzerland, Poland, Sweden, Belgium, Austria, Ireland, Norway, Denmark, and Finland)

• APAC (Japan, China, South Korea, Australia, India, and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines)

• South America (Brazil, Chile, Argentina, Rest of South America) • MEA (UAE, Saudi Arabia, South Africa, Other Nations)

 

For each aforementioned region and country, detailed analysis and data for annual revenue ($ mn) are available for 2021-2031. The breakdown of all regional markets by country and split of key national markets by Product, Source, and Application over the forecast years are also included. The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players. Selected

 

Key Players:

Ajinomoto Co. Inc.

Archer Daniels Midland Company

BASF SE

Cargill Inc.

Corbion N.V.

DuPont de Nemours Inc.

Ingredia SA

Ingredion Incorporated

Kerry Inc.

Koninklijke DSM N.V.

Lesaffre

Mazza Innovation Ltd.

Sabinsa Corporation

(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)

Table Of Contents:
1 Introduction    8
1.1 Industry Definition and Research Scope    8
1.1.1 Industry Definition    8
1.1.2 Research Scope    9
1.2 Research Methodology    12
1.2.1 Overview of Market Research Methodology    12
1.2.2 Market Assumption    13
1.2.3 Secondary Data    13
1.2.4 Primary Data    13
1.2.5 Data Filtration and Model Design    14
1.2.6 Market Size/Share Estimation    15
1.2.7 Research Limitations    16
1.3 Executive Summary    17
2 Market Overview and Dynamics    20
2.1 Market Size and Forecast    20
2.1.1 Impact of COVID-19 on World Economy    21
2.1.2 Impact of COVID-19 on the Market    23
2.2 Major Growth Drivers    25
2.3 Market Restraints and Challenges    30
2.4 Emerging Opportunities and Market Trends    33
2.5 Porter’s Fiver Forces Analysis    37
3 Segmentation of Global Market by Product    41
3.1 Market Overview by Product    41
3.2 Fibers and Specialty Carbohydrate    43
3.3 Amino Acids, Proteins, and Peptides    44
3.4 Probiotics and Prebiotics    45
3.5 Omega3 Fatty Acids    46
3.6 Vitamins    47
3.7 Carotenoids and Antioxidants    49
3.8 Phytochemicals & Plant Extracts    50
3.9 Minerals    51
3.10 Other Products    52
4 Segmentation of Global Market by Source    53
4.1 Market Overview by Source    53
4.2 Plant-based Products    55
4.3 Animal-based Products    56
4.4 Microbal-based Products    57
5 Segmentation of Global Market by Application    58
5.1 Market Overview by Application    58
5.2 Dietary Supplements    60
5.3 Food and Beverages    62
5.4 Animal Nutrition    64
5.5 Personal and Beauty Care    65
5.6 Pharmaceuticals    66
5.7 Other Applications    67
6 Segmentation of Global Market by Region    68
6.1 Geographic Market Overview 2021-2031    68
6.2 North America Market 2021-2031 by Country    72
6.2.1 Overview of North America Market    72
6.2.2 U.S.    76
6.2.3 Canada    79
6.2.4 Mexico    81
6.3 European Market 2021-2031 by Country    83
6.3.1 Overview of European Market    83
6.3.2 Germany    87
6.3.3 U.K.    89
6.3.4 France    91
6.3.5 Spain    93
6.3.6 Italy    95
6.3.7 Russia    97
6.3.8 Rest of European Market    99
6.4 Asia-Pacific Market 2021-2031 by Country    101
6.4.1 Overview of Asia-Pacific Market    101
6.4.2 Japan    105
6.4.3 China    108
6.4.4 Australia    110
6.4.5 India    112
6.4.6 South Korea    114
6.4.7 Rest of APAC Region    116
6.5 South America Market 2021-2031 by Country    118
6.5.1 Argentina    121
6.5.2 Brazil    123
6.5.3 Chile    125
6.5.4 Rest of South America Market    127
6.6 MEA Market 2021-2031 by Country    128
6.6.1 UAE    131
6.6.2 Saudi Arabia    133
6.6.3 South Africa    135
6.6.4 Other National Markets    137
7 Competitive Landscape    138
7.1 Overview of Key Vendors    138
7.2 New Product Launch, Partnership, Investment, and M&A    142
7.3 Company Profiles    143
Ajinomoto Co. Inc.    143
Archer Daniels Midland Company    145
BASF SE    146
Cargill Inc.    147
Corbion N.V.    148
DuPont de Nemours Inc.    149
Ingredia SA    150
Ingredion Incorporated    151
Kerry Inc.    152
Koninklijke DSM N.V.    153
Lesaffre    154
Mazza Innovation Ltd.    155
Sabinsa Corporation    156
RELATED REPORTS    157

 

Table Of Contents:

Table 1.  Snapshot of Global Bioactive Ingredients Market in Balanced Perspective, 2021-2031    18
Table 2. World Economic Outlook, 2021-2031    22
Table 3. World Health Spending by Region, $ bn, 2013-2020    29
Table 4.  Main Product Trends and Market Opportunities in Global Bioactive Ingredients Market    33
Table 5. Global Bioactive Ingredients Market by Product, 2021-2031, $ mn    41
Table 6. Global Bioactive Ingredients Market: Vitamins by Type, 2021-2031, $ mn    48
Table 7. Global Bioactive Ingredients Market by Source, 2021-2031, $ mn    53
Table 8. Global Bioactive Ingredients Market by Application, 2021-2031, $ mn    58
Table 9. Global Bioactive Ingredients Market: Dietary Supplements by Product, 2021-2031, $ mn    61
Table 10. Global Bioactive Ingredients Market: Food and Beverages by Product, 2021-2031, $ mn    63
Table 11. Global Bioactive Ingredients Market by Region, 2021-2031, $ mn    69
Table 12.  Leading National Bioactive Ingredients Market, 2021 and 2031, $ mn    71
Table 13. North America Bioactive Ingredients Market by Country, 2021-2031, $ mn    74
Table 14. U.S. Bioactive Ingredients Market by Product, 2021-2031, $ mn    78
Table 15. U.S. Bioactive Ingredients Market by Source, 2021-2031, $ mn    78
Table 16. U.S. Bioactive Ingredients Market by Application, 2021-2031, $ mn    78
Table 17. Canada Bioactive Ingredients Market by Product, 2021-2031, $ mn    80
Table 18. Canada Bioactive Ingredients Market by Source, 2021-2031, $ mn    80
Table 19. Canada Bioactive Ingredients Market by Application, 2021-2031, $ mn    80
Table 20. Mexico Bioactive Ingredients Market by Product, 2021-2031, $ mn    82
Table 21. Mexico Bioactive Ingredients Market by Source, 2021-2031, $ mn    82
Table 22. Mexico Bioactive Ingredients Market by Application, 2021-2031, $ mn    82
Table 23. Europe Bioactive Ingredients Market by Country, 2021-2031, $ mn    86
Table 24. Germany Bioactive Ingredients Market by Product, 2021-2031, $ mn    88
Table 25. Germany Bioactive Ingredients Market by Source, 2021-2031, $ mn    88
Table 26. Germany Bioactive Ingredients Market by Application, 2021-2031, $ mn    88
Table 27. U.K. Bioactive Ingredients Market by Product, 2021-2031, $ mn    90
Table 28. U.K. Bioactive Ingredients Market by Source, 2021-2031, $ mn    90
Table 29. U.K. Bioactive Ingredients Market by Application, 2021-2031, $ mn    90
Table 30. France Bioactive Ingredients Market by Product, 2021-2031, $ mn    92
Table 31. France Bioactive Ingredients Market by Source, 2021-2031, $ mn    92
Table 32. France Bioactive Ingredients Market by Application, 2021-2031, $ mn    92
Table 33. Spain Bioactive Ingredients Market by Product, 2021-2031, $ mn    94
Table 34. Spain Bioactive Ingredients Market by Source, 2021-2031, $ mn    94
Table 35. Spain Bioactive Ingredients Market by Application, 2021-2031, $ mn    94
Table 36. Italy Bioactive Ingredients Market by Product, 2021-2031, $ mn    96
Table 37. Italy Bioactive Ingredients Market by Source, 2021-2031, $ mn    96
Table 38. Italy Bioactive Ingredients Market by Application, 2021-2031, $ mn    96
Table 39. Russia Bioactive Ingredients Market by Product, 2021-2031, $ mn    98
Table 40. Russia Bioactive Ingredients Market by Source, 2021-2031, $ mn    98
Table 41. Russia Bioactive Ingredients Market by Application, 2021-2031, $ mn    98
Table 42. Bioactive Ingredients Market in Rest of Europe by Country, 2021-2031, $ mn    100
Table 43. APAC Bioactive Ingredients Market by Country, 2021-2031, $ mn    103
Table 44. Japan Bioactive Ingredients Market by Product, 2021-2031, $ mn    107
Table 45. Japan Bioactive Ingredients Market by Source, 2021-2031, $ mn    107
Table 46. Japan Bioactive Ingredients Market by Application, 2021-2031, $ mn    107
Table 47. China Bioactive Ingredients Market by Product, 2021-2031, $ mn    109
Table 48. China Bioactive Ingredients Market by Source, 2021-2031, $ mn    109
Table 49. China Bioactive Ingredients Market by Application, 2021-2031, $ mn    109
Table 50. Australia Bioactive Ingredients Market by Product, 2021-2031, $ mn    111
Table 51. Australia Bioactive Ingredients Market by Source, 2021-2031, $ mn    111
Table 52. Australia Bioactive Ingredients Market by Application, 2021-2031, $ mn    111
Table 53. India Bioactive Ingredients Market by Product, 2021-2031, $ mn    113
Table 54. India Bioactive Ingredients Market by Source, 2021-2031, $ mn    113
Table 55. India Bioactive Ingredients Market by Application, 2021-2031, $ mn    113
Table 56. South Korea Bioactive Ingredients Market by Product, 2021-2031, $ mn    115
Table 57. South Korea Bioactive Ingredients Market by Source, 2021-2031, $ mn    115
Table 58. South Korea Bioactive Ingredients Market by Application, 2021-2031, $ mn    115
Table 59. Bioactive Ingredients Market in Rest of APAC by Country/Region, 2021-2031, $ mn    117
Table 60. South America Bioactive Ingredients Market by Country, 2021-2031, $ mn    120
Table 61. Argentina Bioactive Ingredients Market by Product, 2021-2031, $ mn    122
Table 62. Argentina Bioactive Ingredients Market by Source, 2021-2031, $ mn    122
Table 63. Argentina Bioactive Ingredients Market by Application, 2021-2031, $ mn    122
Table 64. Brazil Bioactive Ingredients Market by Product, 2021-2031, $ mn    124
Table 65. Brazil Bioactive Ingredients Market by Source, 2021-2031, $ mn    124
Table 66. Brazil Bioactive Ingredients Market by Application, 2021-2031, $ mn    124
Table 67. Chile Bioactive Ingredients Market by Product, 2021-2031, $ mn    126
Table 68. Chile Bioactive Ingredients Market by Source, 2021-2031, $ mn    126
Table 69. Chile Bioactive Ingredients Market by Application, 2021-2031, $ mn    126
Table 70. MEA Bioactive Ingredients Market by Country, 2021-2031, $ mn    130
Table 71. UAE Bioactive Ingredients Market by Product, 2021-2031, $ mn    132
Table 72. UAE Bioactive Ingredients Market by Source, 2021-2031, $ mn    132
Table 73. UAE Bioactive Ingredients Market by Application, 2021-2031, $ mn    132
Table 74. Saudi Arabia Bioactive Ingredients Market by Product, 2021-2031, $ mn    134
Table 75. Saudi Arabia Bioactive Ingredients Market by Source, 2021-2031, $ mn    134
Table 76. Saudi Arabia Bioactive Ingredients Market by Application, 2021-2031, $ mn    134
Table 77. South Africa Bioactive Ingredients Market by Product, 2021-2031, $ mn    136
Table 78. South Africa Bioactive Ingredients Market by Source, 2021-2031, $ mn    136
Table 79. South Africa Bioactive Ingredients Market by Application, 2021-2031, $ mn    136
Table 80. Breakdown of World Market by Key Vendor, 2021, 0
Table 81. Ajinomoto Co. Inc.: Company Snapshot    143
Table 82. Ajinomoto Co. Inc.: Business Segmentation    144
Table 83. Ajinomoto Co. Inc.: Product Portfolio    144

 

List Of Figures:

Figure 1. Research Method Flow Chart    12
Figure 2. Bottom-up Approach and Top-down Approach for Market Estimation    15
Figure 3. Global Market Forecast in Optimistic, Conservative and Balanced Perspectives, 2021-2031    17
Figure 4. Global Bioactive Ingredients Market, 2021-2031, $ mn    20
Figure 5. Impact of COVID-19 on Business    23
Figure 6. Primary Drivers and Impact Factors of Global Bioactive Ingredients Market    25
Figure 7.  Worldwide Geriatric Population (60 years and above) by Regions, 2015 & 2030, million    28
Figure 8. World Population 65 and Over, % of Total Population, 1950-2060    28
Figure 9. Primary Restraints and Impact Factors of Global Bioactive Ingredients Market    30
Figure 10. Investment Opportunity Analysis    34
Figure 11. Porter’s Fiver Forces Analysis of Global Bioactive Ingredients Market    37
Figure 12. Breakdown of Global Bioactive Ingredients Market by Product, 2021-2031, % of Revenue    42
Figure 13. Global Addressable Market Cap in 2022-2031 by Product, Value ($ mn) and Share (%)    42
Figure 14. Global Bioactive Ingredients Market by Product: Fibers and Specialty Carbohydrate, 2021-2031, $ mn    43
Figure 15. Global Bioactive Ingredients Market by Product: Amino Acids, Proteins, and Peptides, 2021-2031, $ mn    44
Figure 16. Global Bioactive Ingredients Market by Product: Probiotics and Prebiotics, 2021-2031, $ mn    45
Figure 17. Global Bioactive Ingredients Market by Product: Omega3 Fatty Acids, 2021-2031, $ mn    46
Figure 18. Global Bioactive Ingredients Market by Product: Vitamins, 2021-2031, $ mn    47
Figure 19. Global Bioactive Ingredients Market by Product: Carotenoids and Antioxidants, 2021-2031, $ mn    49
Figure 20. Global Bioactive Ingredients Market by Product: Phytochemicals & Plant Extracts, 2021-2031, $ mn    50
Figure 21. Global Bioactive Ingredients Market by Product: Minerals, 2021-2031, $ mn    51
Figure 22. Global Bioactive Ingredients Market by Product: Other Products, 2021-2031, $ mn    52
Figure 23. Breakdown of Global Bioactive Ingredients Market by Source, 2021-2031, % of Sales Revenue    54
Figure 24. Global Addressable Market Cap in 2022-2031 by Source, Value ($ mn) and Share (%)    54
Figure 25. Global Bioactive Ingredients Market by Source: Plant-based Products, 2021-2031, $ mn    55
Figure 26. Global Bioactive Ingredients Market by Source: Animal-based Products, 2021-2031, $ mn    56
Figure 27. Global Bioactive Ingredients Market by Source: Microbal-based Products, 2021-2031, $ mn    57
Figure 28. Breakdown of Global Bioactive Ingredients Market by Application, 2021-2031, % of Sales Revenue    59
Figure 29. Global Addressable Market Cap in 2022-2031 by Application, Value ($ mn) and Share (%)    59
Figure 30. Global Bioactive Ingredients Market by Application: Dietary Supplements, 2021-2031, $ mn    60
Figure 31. Global Bioactive Ingredients Market by Application: Food and Beverages, 2021-2031, $ mn    62
Figure 32. Global Bioactive Ingredients Market by Application: Animal Nutrition, 2021-2031, $ mn    64
Figure 33. Global Bioactive Ingredients Market by Application: Personal and Beauty Care, 2021-2031, $ mn    65
Figure 34. Global Bioactive Ingredients Market by Application: Pharmaceuticals, 2021-2031, $ mn    66
Figure 35. Global Bioactive Ingredients Market by Application: Other Applications, 2021-2031, $ mn    67
Figure 36.  Global Market Snapshot by Region    68
Figure 37.  Geographic Spread of Worldwide Bioactive Ingredients Market, 2021-2031, % of Sales Revenue    69
Figure 38. Global Addressable Market Cap in 2022-2031 by Region, Value ($ mn) and Share (%)    70
Figure 39.  North American Bioactive Ingredients Market, 2021-2031, $ mn    73
Figure 40. Breakdown of North America Bioactive Ingredients Market by Country, 2021 and 2031, % of Revenue    74
Figure 41. Contribution to North America 2022-2031 Cumulative Market by Country, Value ($ mn) and Share (%)    75
Figure 42. U.S. Bioactive Ingredients Market, 2021-2031, $ mn    77
Figure 43. Canada Bioactive Ingredients Market, 2021-2031, $ mn    79
Figure 44.  Bioactive Ingredients Market in Mexico, 2021-2031, $ mn    81
Figure 45.  European Bioactive Ingredients Market, 2021-2031, $ mn    84
Figure 46. Breakdown of European Bioactive Ingredients Market by Country, 2021 and 2031, % of Revenue    85
Figure 47. Contribution to Europe 2022-2031 Cumulative Market by Country, Value ($ mn) and Share (%)    86
Figure 48.  Bioactive Ingredients Market in Germany, 2021-2031, $ mn    87
Figure 49.  Bioactive Ingredients Market in U.K., 2021-2031, $ mn    89
Figure 50.  Bioactive Ingredients Market in France, 2021-2031, $ mn    91
Figure 51.  Bioactive Ingredients Market in Spain, 2021-2031, $ mn    93
Figure 52.  Bioactive Ingredients Market in Italy, 2021-2031, $ mn    95
Figure 53.  Bioactive Ingredients Market in Russia, 2021-2031, $ mn    97
Figure 54.  Bioactive Ingredients Market in Rest of Europe, 2021-2031, $ mn    99
Figure 55. Asia-Pacific Bioactive Ingredients Market, 2021-2031, $ mn    102
Figure 56. Breakdown of APAC Bioactive Ingredients Market by Country, 2021 and 2031, % of Revenue    102
Figure 57. Contribution to APAC 2022-2031 Cumulative Market by Country, Value ($ mn) and Share (%)    104
Figure 58.  Bioactive Ingredients Market in Japan, 2021-2031, $ mn    106
Figure 59.  Bioactive Ingredients Market in China, 2021-2031, $ mn    108
Figure 60.  Bioactive Ingredients Market in Australia, 2021-2031, $ mn    110
Figure 61.  Bioactive Ingredients Market in India, 2021-2031, $ mn    112
Figure 62.  Bioactive Ingredients Market in South Korea, 2021-2031, $ mn    114
Figure 63.  Bioactive Ingredients Market in Rest of APAC, 2021-2031, $ mn    116
Figure 64. South America Bioactive Ingredients Market, 2021-2031, $ mn    119
Figure 65. Breakdown of South America Bioactive Ingredients Market by Country, 2021 and 2031, % of Revenue    119
Figure 66. Contribution to South America 2022-2031 Cumulative Market by Country, Value ($ mn) and Share (%)    120
Figure 67.  Bioactive Ingredients Market in Argentina, 2021-2031, $ mn    121
Figure 68.  Bioactive Ingredients Market in Brazil, 2021-2031, $ mn    123
Figure 69.  Bioactive Ingredients Market in Chile, 2021-2031, $ mn    125
Figure 70.  Bioactive Ingredients Market in Rest of South America, 2021-2031, $ mn    127
Figure 71. Bioactive Ingredients Market in Middle East and Africa (MEA), 2021-2031, $ mn    129
Figure 72. Breakdown of MEA Bioactive Ingredients Market by Country, 2021 and 2031, % of Revenue    129
Figure 73. Contribution to MEA 2022-2031 Cumulative Market by Country, Value ($ mn) and Share (%)    130
Figure 74.  Bioactive Ingredients Market in UAE, 2021-2031, $ mn    131
Figure 75.  Bioactive Ingredients Market in Saudi Arabia, 2021-2031, $ mn    133
Figure 76.  Bioactive Ingredients Market in South Africa, 2021-2031, $ mn    135
Figure 77. Growth Stage of Global Bioactive Ingredients Industry over the Forecast Period    138
Key Players: 
Ajinomoto Co. Inc.
Archer Daniels Midland Company
BASF SE
Cargill Inc.
Corbion N.V.
DuPont de Nemours Inc.
Ingredia SA
Ingredion Incorporated
Kerry Inc.
Koninklijke DSM N.V.
Lesaffre
Mazza Innovation Ltd.
Sabinsa Corporation
(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)