Market vs. Industry Reports
The terms are often used interchangeably but market and industry reports have different focuses.
- Focus on who ultimately buys or uses the product or service being created.
- Focus on what will impact customer demand and preferences (e.g. preference for natural and organic food, increased desire to protect customer data, etc.).
- Example databases include BCC Research, MarketResearch.com Academic, Passport, and Mintel.
- Focus on who creates the product or service.
- Focus on the companies that make up the supply chain and the things that could impact it (e.g. trade wars).
- Example databases include IBIS World.
Some databases include both market and industry reports (such as FitchConnect and EMIS). These reports typically compliment each other by providing different points of view on the same topic.
For example, a market report on baby food will focus on how much demand there is for baby food (using metrics such as how many babies there are), how much money parents are willing to pay for baby food, what kind of baby food they prefer, who typically purchases baby food, etc. An industry report on baby food will cover some of the same ground but also take a closer look at baby food production costs, suppliers for packaging and ingredients, etc.