India Pet Food Ingredients Market

1      INTRODUCTION

           1.1      REPORT DESCRIPTION

           1.2      RESEARCH METHODOLOGY

                         1.2.1      SECONDARY RESEARCH

                         1.2.2      DATA ANALYSIS FRAMEWORK

                         1.2.3      MARKET SIZE ESTIMATION

                         1.2.4      FORECASTING

                         1.2.5      PRIMARY RESEARCH AND DATA VALIDATION

2      INDIA PET FOOD INGREDIENTS MARKET – EXECUTIVE SUMMARY

           2.1.      MARKET SNAPSHOT, 2023 - 2030, Million USD

3      PORTER’S FIVE FORCE MODEL ANALYSIS

           3.1      BARGAINING POWER OF SUPPLIERS

           3.2      BARGAINING POWER OF BUYERS

           3.3      DEGREE OF COMPETITION

           3.4      THREAT OF SUBSTITUTE

           3.5      THREAT OF NEW ENTRANTS

4      MARKET SHARE ANALYSIS

           4.1      MARKET SHARE ANALYSIS OF TOP PROVIDERS, 2023

5      MARKET DYNAMICS

           5.1      GROWTH DRIVERS

                         5.1.1      DRIVER 1

                         5.1.2      DRIVER 2

                         5.1.3      DRIVER 3

                         5.1.4      DRIVER 4

           5.2      CHALLENGES

                         5.2.1      CHALLENGE 1

                         5.2.2      CHALLENGE 2

                         5.2.3      CHALLENGE 3

                         5.2.4      CHALLENGE 4

           5.3      OPPORTUNITIES

                         5.3.1      OPPORTUNITY 1

                         5.3.2      OPPORTUNITY 2

6       INDIA PET FOOD INGREDIENTS MARKET BY TYPE

           6.1      OVERVIEW

           6.2      NON-VEGAN MARKET

                         6.2.1      Beef

                         6.2.2      Chicken

                         6.2.3      Fish

                         6.2.4      Others

           6.3      VEGAN MARKET

                         6.3.1      Soyabeans

                         6.3.2      Peas

                         6.3.3      Lentils

                         6.3.4      Others

           6.4      NOVEL PROTEINS MARKET

7       INDIA PET FOOD INGREDIENTS MARKET BY NATURE

           7.1      OVERVIEW

           7.2      ORGANIC MARKET

           7.3      INORGANIC MARKET

8       INDIA PET FOOD INGREDIENTS MARKET BY FORM

           8.1      OVERVIEW

           8.2      DRY MARKET

           8.3      WET MARKET

9       INDIA PET FOOD INGREDIENTS MARKET BY PET TYPE

           9.1      OVERVIEW

           9.2      DOG MARKET

           9.3      CAT MARKET

           9.4      OTHERS MARKET

10       INDIA PET FOOD INGREDIENTS MARKET BY DISTRIBUTION CHANNEL

           10.1      OVERVIEW

           10.2      ONLINE MARKET

           10.3      OFFLINE MARKET

11   COMPANY PROFILES

           11.1   CARGILL INCORPORATED

                         11.1.1   COMPANY OVERVIEW

                         11.1.2   COMPANY SNAPSHOT

                         11.1.3   OPERATING BUSINESS SEGMENTS

                         11.1.4   PRODUCT PORTFOLIO

                         11.1.5   BUSINESS PERFORMANCE

                         11.1.6   BUSINESS SEGMENTS

                         11.1.7   GEOGRAPHIC SEGMENTS

                         11.1.8   KEY STRATEGIC MOVES AND DEVELOPMENT

                         11.1.9   PRIMARY MARKET COMPETITORS

           11.2   BASF SE

                         11.2.1   COMPANY OVERVIEW

                         11.2.2   COMPANY SNAPSHOT

                         11.2.3   OPERATING BUSINESS SEGMENTS

                         11.2.4   PRODUCT PORTFOLIO

                         11.2.5   BUSINESS PERFORMANCE

                         11.2.6   BUSINESS SEGMENTS

                         11.2.7   GEOGRAPHIC SEGMENTS

                         11.2.8   KEY STRATEGIC MOVES AND DEVELOPMENT

                         11.2.9   PRIMARY MARKET COMPETITORS

           11.3   ARCHER DANIELS MIDLAND COMPANY (ADM)

                         11.3.1   COMPANY OVERVIEW

                         11.3.2   COMPANY SNAPSHOT

                         11.3.3   OPERATING BUSINESS SEGMENTS

                         11.3.4   PRODUCT PORTFOLIO

                         11.3.5   BUSINESS PERFORMANCE

                         11.3.6   BUSINESS SEGMENTS

                         11.3.7   GEOGRAPHIC SEGMENTS

                         11.3.8   KEY STRATEGIC MOVES AND DEVELOPMENT

                         11.3.9   PRIMARY MARKET COMPETITORS

           11.4   KONINKLIJKE DSM N.V.

                         11.4.1   COMPANY OVERVIEW

                         11.4.2   COMPANY SNAPSHOT

                         11.4.3   OPERATING BUSINESS SEGMENTS

                         11.4.4   PRODUCT PORTFOLIO

                         11.4.5   BUSINESS PERFORMANCE

                         11.4.6   BUSINESS SEGMENTS

                         11.4.7   GEOGRAPHIC SEGMENTS

                         11.4.8   KEY STRATEGIC MOVES AND DEVELOPMENT

                         11.4.9   PRIMARY MARKET COMPETITORS

           11.5   KEMIN INDUSTRIES INC.

                         11.5.1   COMPANY OVERVIEW

                         11.5.2   COMPANY SNAPSHOT

                         11.5.3   OPERATING BUSINESS SEGMENTS

                         11.5.4   PRODUCT PORTFOLIO

                         11.5.5   BUSINESS PERFORMANCE

                         11.5.6   BUSINESS SEGMENTS

                         11.5.7   GEOGRAPHIC SEGMENTS

                         11.5.8   KEY STRATEGIC MOVES AND DEVELOPMENT

                         11.5.9   PRIMARY MARKET COMPETITORS

           11.6   SYMRISE AG

                         11.6.1   COMPANY OVERVIEW

                         11.6.2   COMPANY SNAPSHOT

                         11.6.3   OPERATING BUSINESS SEGMENTS

                         11.6.4   PRODUCT PORTFOLIO

                         11.6.5   BUSINESS PERFORMANCE

                         11.6.6   BUSINESS SEGMENTS

                         11.6.7   GEOGRAPHIC SEGMENTS

                         11.6.8   KEY STRATEGIC MOVES AND DEVELOPMENT

                         11.6.9   PRIMARY MARKET COMPETITORS

           11.7   UMAYAL PET FOODS

                         11.7.1   COMPANY OVERVIEW

                         11.7.2   COMPANY SNAPSHOT

                         11.7.3   OPERATING BUSINESS SEGMENTS

                         11.7.4   PRODUCT PORTFOLIO

                         11.7.5   BUSINESS PERFORMANCE

                         11.7.6   BUSINESS SEGMENTS

                         11.7.7   GEOGRAPHIC SEGMENTS

                         11.7.8   KEY STRATEGIC MOVES AND DEVELOPMENT

                         11.7.9   PRIMARY MARKET COMPETITORS

           11.8   ORANGE PET NUTRITION

                         11.8.1   COMPANY OVERVIEW

                         11.8.2   COMPANY SNAPSHOT

                         11.8.3   OPERATING BUSINESS SEGMENTS

                         11.8.4   PRODUCT PORTFOLIO

                         11.8.5   BUSINESS PERFORMANCE

                         11.8.6   BUSINESS SEGMENTS

                         11.8.7   GEOGRAPHIC SEGMENTS

                         11.8.8   KEY STRATEGIC MOVES AND DEVELOPMENT

                         11.8.9   PRIMARY MARKET COMPETITORS

           11.9   ROQUETTE FRERES

                         11.9.1   COMPANY OVERVIEW

                         11.9.2   COMPANY SNAPSHOT

                         11.9.3   OPERATING BUSINESS SEGMENTS

                         11.9.4   PRODUCT PORTFOLIO

                         11.9.5   BUSINESS PERFORMANCE

                         11.9.6   BUSINESS SEGMENTS

                         11.9.7   GEOGRAPHIC SEGMENTS

                         11.9.8   KEY STRATEGIC MOVES AND DEVELOPMENT

                         11.9.9   PRIMARY MARKET COMPETITORS

           11.10   INNOMALOUS TECHNOLOGIES PRIVATE LIMITED

                         11.10.1   COMPANY OVERVIEW

                         11.10.2   COMPANY SNAPSHOT

                         11.10.3   OPERATING BUSINESS SEGMENTS

                         11.10.4   PRODUCT PORTFOLIO

                         11.10.5   BUSINESS PERFORMANCE

                         11.10.6   BUSINESS SEGMENTS

                         11.10.7   GEOGRAPHIC SEGMENTS

                         11.10.8   KEY STRATEGIC MOVES AND DEVELOPMENT

                         11.10.9   PRIMARY MARKET COMPETITORS

LIST OF TABLES

TABLE 1. INDIA PET FOOD INGREDIENTS MARKET VALUE, BY TYPE, 2023-2030, (MILLION USD)

TABLE 2. NON-VEGAN, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 3. BEEF, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 4. CHICKEN, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 5. FISH, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 6. OTHERS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 7. VEGAN, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 8. SOYABEANS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 9. PEAS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 10. LENTILS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 11. OTHERS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 12. NOVEL PROTEINS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 13. INDIA PET FOOD INGREDIENTS MARKET VALUE, BY NATURE, 2023-2030, (MILLION USD)

TABLE 14. ORGANIC, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 15. INORGANIC, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 16. INDIA PET FOOD INGREDIENTS MARKET VALUE, BY FORM, 2023-2030, (MILLION USD)

TABLE 17. DRY, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 18. WET, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 19. INDIA PET FOOD INGREDIENTS MARKET VALUE, BY PET TYPE, 2023-2030, (MILLION USD)

TABLE 20. DOG, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 21. CAT, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 22. OTHERS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 23. INDIA PET FOOD INGREDIENTS MARKET VALUE, BY DISTRIBUTION CHANNEL, 2023-2030, (MILLION USD)

TABLE 24. ONLINE, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 25. OFFLINE, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 26. CARGILL INCORPORATED: COMPANY SNAPSHOT

TABLE 27. CARGILL INCORPORATED: OPERATING BUSINESS SEGMENTS

TABLE 28. CARGILL INCORPORATED: PRODUCT PORTFOLIO

TABLE 29. CARGILL INCORPORATED: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 30. CARGILL INCORPORATED: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 31. CARGILL INCORPORATED: KEY STRATERGY

TABLE 32. BASF SE: COMPANY SNAPSHOT

TABLE 33. BASF SE: OPERATING BUSINESS SEGMENTS

TABLE 34. BASF SE: PRODUCT PORTFOLIO

TABLE 35. BASF SE: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 36. BASF SE: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 37. BASF SE: KEY STRATERGY

TABLE 38. ARCHER DANIELS MIDLAND COMPANY (ADM): COMPANY SNAPSHOT

TABLE 39. ARCHER DANIELS MIDLAND COMPANY (ADM): OPERATING BUSINESS SEGMENTS

TABLE 40. ARCHER DANIELS MIDLAND COMPANY (ADM): PRODUCT PORTFOLIO

TABLE 41. ARCHER DANIELS MIDLAND COMPANY (ADM): SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 42. ARCHER DANIELS MIDLAND COMPANY (ADM): SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 43. ARCHER DANIELS MIDLAND COMPANY (ADM): KEY STRATERGY

TABLE 44. KONINKLIJKE DSM N.V.: COMPANY SNAPSHOT

TABLE 45. KONINKLIJKE DSM N.V.: OPERATING BUSINESS SEGMENTS

TABLE 46. KONINKLIJKE DSM N.V.: PRODUCT PORTFOLIO

TABLE 47. KONINKLIJKE DSM N.V.: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 48. KONINKLIJKE DSM N.V.: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 49. KONINKLIJKE DSM N.V.: KEY STRATERGY

TABLE 50. KEMIN INDUSTRIES INC.: COMPANY SNAPSHOT

TABLE 51. KEMIN INDUSTRIES INC.: OPERATING BUSINESS SEGMENTS

TABLE 52. KEMIN INDUSTRIES INC.: PRODUCT PORTFOLIO

TABLE 53. KEMIN INDUSTRIES INC.: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 54. KEMIN INDUSTRIES INC.: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 55. KEMIN INDUSTRIES INC.: KEY STRATERGY

TABLE 56. SYMRISE AG: COMPANY SNAPSHOT

TABLE 57. SYMRISE AG: OPERATING BUSINESS SEGMENTS

TABLE 58. SYMRISE AG: PRODUCT PORTFOLIO

TABLE 59. SYMRISE AG: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 60. SYMRISE AG: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 61. SYMRISE AG: KEY STRATERGY

TABLE 62. UMAYAL PET FOODS: COMPANY SNAPSHOT

TABLE 63. UMAYAL PET FOODS: OPERATING BUSINESS SEGMENTS

TABLE 64. UMAYAL PET FOODS: PRODUCT PORTFOLIO

TABLE 65. UMAYAL PET FOODS: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 66. UMAYAL PET FOODS: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 67. UMAYAL PET FOODS: KEY STRATERGY

TABLE 68. ORANGE PET NUTRITION: COMPANY SNAPSHOT

TABLE 69. ORANGE PET NUTRITION: OPERATING BUSINESS SEGMENTS

TABLE 70. ORANGE PET NUTRITION: PRODUCT PORTFOLIO

TABLE 71. ORANGE PET NUTRITION: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 72. ORANGE PET NUTRITION: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 73. ORANGE PET NUTRITION: KEY STRATERGY

TABLE 74. ROQUETTE FRERES: COMPANY SNAPSHOT

TABLE 75. ROQUETTE FRERES: OPERATING BUSINESS SEGMENTS

TABLE 76. ROQUETTE FRERES: PRODUCT PORTFOLIO

TABLE 77. ROQUETTE FRERES: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 78. ROQUETTE FRERES: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 79. ROQUETTE FRERES: KEY STRATERGY

TABLE 80. INNOMALOUS TECHNOLOGIES PRIVATE LIMITED: COMPANY SNAPSHOT

TABLE 81. INNOMALOUS TECHNOLOGIES PRIVATE LIMITED: OPERATING BUSINESS SEGMENTS

TABLE 82. INNOMALOUS TECHNOLOGIES PRIVATE LIMITED: PRODUCT PORTFOLIO

TABLE 83. INNOMALOUS TECHNOLOGIES PRIVATE LIMITED: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 84. INNOMALOUS TECHNOLOGIES PRIVATE LIMITED: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 85. INNOMALOUS TECHNOLOGIES PRIVATE LIMITED: KEY STRATERGY

LIST OF FIGURES

FIGURE 1. BARGAINING POWER OF SUPPLIERS

FIGURE 2. BARGAINING POWER OF BUYERS

FIGURE 3. DEGREE OF COMPETITION

FIGURE 4. THREAT OF SUBSTITUTE

FIGURE 5. THREAT OF NEW ENTRANTS

FIGURE 6. INDIA PET FOOD INGREDIENTS MARKET VALUE, BY TYPE, 2023-2030, (MILLION USD)

FIGURE 7. NON-VEGAN, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 8. BEEF, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 9. CHICKEN, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 10. FISH, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 11. OTHERS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 12. VEGAN, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 13. SOYABEANS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 14. PEAS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 15. LENTILS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 16. OTHERS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 17. NOVEL PROTEINS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 18. INDIA PET FOOD INGREDIENTS MARKET VALUE, BY NATURE, 2023-2030, (MILLION USD)

FIGURE 19. ORGANIC, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 20. INORGANIC, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 21. INDIA PET FOOD INGREDIENTS MARKET VALUE, BY FORM, 2023-2030, (MILLION USD)

FIGURE 22. DRY, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 23. WET, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 24. INDIA PET FOOD INGREDIENTS MARKET VALUE, BY PET TYPE, 2023-2030, (MILLION USD)

FIGURE 25. DOG, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 26. CAT, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 27. OTHERS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 28. INDIA PET FOOD INGREDIENTS MARKET VALUE, BY DISTRIBUTION CHANNEL, 2023-2030, (MILLION USD)

FIGURE 29. ONLINE, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 30. OFFLINE, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 31. CARGILL INCORPORATED: NET SALES, (2021-2023)

FIGURE 32. CARGILL INCORPORATED: PRIMARY MARKET COMPETITORS

FIGURE 33. BASF SE: NET SALES, (2021-2023)

FIGURE 34. BASF SE: PRIMARY MARKET COMPETITORS

FIGURE 35. ARCHER DANIELS MIDLAND COMPANY (ADM): NET SALES, (2021-2023)

FIGURE 36. ARCHER DANIELS MIDLAND COMPANY (ADM): PRIMARY MARKET COMPETITORS

FIGURE 37. KONINKLIJKE DSM N.V.: NET SALES, (2021-2023)

FIGURE 38. KONINKLIJKE DSM N.V.: PRIMARY MARKET COMPETITORS

FIGURE 39. KEMIN INDUSTRIES INC.: NET SALES, (2021-2023)

FIGURE 40. KEMIN INDUSTRIES INC.: PRIMARY MARKET COMPETITORS

FIGURE 41. SYMRISE AG: NET SALES, (2021-2023)

FIGURE 42. SYMRISE AG: PRIMARY MARKET COMPETITORS

FIGURE 43. UMAYAL PET FOODS: NET SALES, (2021-2023)

FIGURE 44. UMAYAL PET FOODS: PRIMARY MARKET COMPETITORS

FIGURE 45. ORANGE PET NUTRITION: NET SALES, (2021-2023)

FIGURE 46. ORANGE PET NUTRITION: PRIMARY MARKET COMPETITORS

FIGURE 47. ROQUETTE FRERES: NET SALES, (2021-2023)

FIGURE 48. ROQUETTE FRERES: PRIMARY MARKET COMPETITORS

FIGURE 49. INNOMALOUS TECHNOLOGIES PRIVATE LIMITED: NET SALES, (2021-2023)

FIGURE 50. INNOMALOUS TECHNOLOGIES PRIVATE LIMITED: PRIMARY MARKET COMPETITORS

 

At Next Move Strategy Consulting, we understand that insightful market research is the cornerstone of successful business decisions. That's why we employ a robust and multifaceted approach, combining various methodologies to deliver the most accurate and actionable data for our clients.

Research Landscape

We navigate the world of research with two primary approaches:

Qualitative Approach

Our qualitative research methodologies involve immersive techniques such as in-depth interviews, focus groups, and observational studies. By engaging directly with individuals and stakeholders, we uncover valuable insights that quantitative data alone may overlook.

Quantitative Research

In tandem with qualitative methodologies, NMSC leverages the power of Quantitative Research to provide a robust foundation of numerical insights. Through systematic data collection and analysis, we quantify patterns, preferences, and market trends, offering a comprehensive view of the business landscape.

Our quantitative research approach employs diverse tools, including surveys, experiments, and statistical modelling. These methodologies enable us to gather data from a large and representative sample, ensuring the statistical significance of our findings. By employing structured questionnaires and standardized data collection methods, we guarantee the reliability and validity of the information we present to our clients.

Quantitative research is particularly effective in measuring the prevalence of trends, assessing market size, and gauging the impact of various factors on consumer behavior. The numerical precision attained through this approach equips our clients with actionable insights, facilitating data-driven decision-making and strategy formulation.

 

Our Specialized Toolbox for Industry-Specific Market Research

We deploy a specialized arsenal of techniques tailored to meet your unique requirements. Here's a glimpse into our comprehensive toolbox:

Information Procurement

The stage entails acquiring market data or relevant information through various sources and methodologies.

Market Research Approach

We utilize both top-down and bottom-up approaches in market research analysis to achieve a comprehensive understanding of the market dynamics, leveraging the broad perspective of industry trends and macroeconomic factors alongside detailed insights from specific segments and individual companies.

Porters Five Forces Analysis

We conduct Porter's Five Forces analysis to evaluate the competitive landscape of an industry, providing us with insights into factors that affect profitability and strategic positioning.

              

SWOT Analysis

We conduct SWOT analysis to understand market trends, identify potential threats, capitalize on opportunities, and assess our strengths and weaknesses.

Forecasting

We utilize a forecasting model to predict future consumption by considering parameters like population, economics, regulations, market competition, drivers, constraints, technology, and pricing. We also employ statistical techniques such as multilinear regression, exponential smoothing, moving average, ARIMA, and Monte Carlo simulations for accurate predictions. In econometric forecasting, we analyzed short-term and long-term event impacts, attributing values based on regulatory frameworks, economic factors, and market events.