The Consumer Product And Retail Market is estimated to be valued at US$ 21.01 Tn or Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The consumer product and retail market includes wide range of products ranging from packaged consumer goods and groceries to products related to personal and beauty care. The industry caters the needs of both retail outlets like supermarkets, hypermarkets, convenience stores as well as online retail platforms. The industry is witnessing growth in both offline and online retail sales with more companies exploring omnichannel retail strategy.
Market Dynamics:
Increasing investments in digital technologies by retail companies is one of the major drivers propelling the growth of consumer product and retail market. Various retail chains are focusing on integrating advanced technologies like AI, big data, IoT, predictive analytics etc. to gain deeper consumer insights and enhance shopping experience. For instance, implementation of AI based virtual assistants, robots, digital signage etc. Another key driver is the rising demand for personal care and cosmetic products. Growing awareness about personal grooming and changing lifestyle trends have boosted sales of products related to skin care, hair care, makeup etc. This has encouraged manufacturers to innovate and launch new premium products.
Segment Analysis
The consumer product and retail market can be segmented into food and beverages, health and beauty, apparel, footwear and accessories, home products, and consumer electronics. The food and beverages segment is estimated to dominate the market during the forecast period owing to higher spending on food items across regions.Changing lifestyles, increasing disposable income, and rising demand for convenience foods are expected to drive the growth of food and beverages segment.
PEST Analysis
Political: Governments across regions are focusing on developing a strong retail sector by easing FDI norms and easing retail policies which is positively impacting the market growth.
Economic: Rising disposable incomes, growing middle class population, and increasing consumer spending are fueling the growth of the consumer product and retail market globally.
Social: Changing consumer preferences, rapid urbanization, increasing brand awareness are some of the key social factors augmenting the demand.
Technological: Adoption of technologies like AI, IoT, VR, AR, blockchain, analytics are enabling enhanced customer experience and boosting operational efficiencies of key players.
Key Takeaways
The Global Consumer Product And Retail Market Growth is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing digital transformation of retail operations. The market size for 2023 is estimated to be US$ 21.01 Tn.
Regionally, Asia Pacific is expected to dominate the market and witness highest CAGR during the forecast period. Rapid economic development, rising disposable incomes, growing middle class population in countries like China and India are driving the demand in Asia Pacific region.
Key players operating in the consumer product and retail market include Metro AG, Kroger Company, Carrefour SA, Tesco PLC, Wal-Mart Stores, Inc., Costco Wholesale Corporation, Unilever PLC, Amway, Reckitt Benckiser Group plc, Pepsi Co, Inc., Procter & Gamble, LOreal Group, Nestle S.A., IBM Corporation, Accenture plc, Atos SE, Hewlett €“ Packard Company, PTC, Inc., Centric Software, Dassault Systemes S.A., Autodesk, Inc. Gerber Scientific, Inc., SAP SE, and Oracle Corporation. These players are focusing on strategic partnerships, mergers, acquisitions and new product launches to consolidate their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it