Understanding and Identifying the Target Market

What is the size of the market? Is it growing or shrinking? How fast?
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Understanding and identifying the target market for the chemical and pharmaceutical industry is necessary to improve marketing efforts and grow the market size. The size of the market is rising, and the size reflects the volume of future demand, competitiveness, and business viability. The chemical and pharmaceutical industry is the second largest industry in the UK after the food, beverages, and tobacco processing sector (HFL Consulting, 2018). In 2018, the chemical and pharmaceutical industry added £18 billion value to the UK economy (HFL Consulting, 2018). While there has been growth in the industry, around 31% was exported before Brexit, and the UK chemical and pharmaceutical industry needs to expand to other regions outside Europe.
Among the biggest companies are large manufacturing businesses and the Multinational Chemical and Pharmaceutical Company with 700 employees. There are opportunities for...