When people say that a specific industry is valued at whatever they say it’s valued at, how do they know that? Ex: “The global coffee industry is valued at $450 Billion”

Question

When people say that a specific industry is valued at whatever they say it’s valued at, how do they know that? Ex: “The global coffee industry is valued at $450 Billion”

In: 20

Answer 1

It depends. For some items, they can use retail sales records, or import/export trade documents, or industry/trade associations. These are almost always estimates – data collected from various sources then put in some model to get a number. They’re mostly a rough guide.