I came across an interesting question regarding estimating the market size of the alumnum foil industry in the US. I was completely stumped on how to approach it and was wondering if the community could offer their insight?
Market size of aluminum foil?
I agree with Vlad point on B2B, and you should definitely mention packaging as its consumption is much larger than uses for domestic purposes (not even sure if there’s any other b2b industry that consumes more!)
First of all, I would check whether it's a b2b or b2c market or both.
If b2c - agree with the previous one
If b2b, than = meals per person * % meals out of home * % meals with foil / ±3 portions prepared on a single foil * size of the one foil to cook / foils in one package
+ I would at least mention other potential b2b usages of foil, e.g. packaging
For B2B I would actually clarify with the interviewer if she is referring to food grade aluminium foil only or industrial aluminium foil in general. If the latter, then - assuming you are no expert in aluminium foil market - I would start a discussion to understand what the market segments (e.g. heat shielding, medicine packaging, etc) are and once that is cleared I would take the standard market sizing approach and size each one of these based on assumptions.
Hope it helps,
For consumer segment:
Pop us * 1/people per HH * % use aluminium foil * # foil packs per quarter * 4 quarters * usd per pack
then add another 25% extrapolating for businesses
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