April 18, 2024
Consumer Product And Retail Market

The Global Consumer Product And Retail Market Driven By Convenience In Online Shopping

The consumer product and retail market includes a wide range of goods and services sold directly to consumers for their use or ownership. This includes everything from packaged foods and beverages to consumer electronics, clothing, footwear, and many other household essentials. The growing e-commerce and online retail industry has made it extremely convenient for consumers to purchase all their needs from the comfort of their homes. Customers no longer need to visit physical stores to find the products they need, as most items are now available for purchase with just a click on their smartphones or computers. This evolution in digital shopping capabilities has tremendously boosted the demand for consumer products that can be delivered at doorsteps.

The global Consumer Product and Retail Market is estimated to be valued at US$21.01 Bn in 2023 and is expected to exhibit a CAGR of 7.2 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving growth in the consumer product and retail market is the rise of personalized and customized products. Manufacturers are increasingly offering consumers the option to personalize products like clothing, electronics, home decor items according to their personal tastes and preferences. This allows customers to feel Unique and be more connected to the products they purchase. Companies are investing in advanced technologies like 3D printing, AI-powered algorithms to offer highly customized shopping experiences to meet the dynamic preferences of consumers. Personalization is expected to remain a major trend influencing future demand in the consumer retail space.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as considerable capital is needed to establish retail chains or e-commerce platforms. However, startups can enter niche segments with differentiated products.

Bargaining power of buyers: The bargaining power of buyers is high given the fragmented nature of the market and availability of substitutes. Buyers can easily switch to other retailers based on price and convenience.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as retailers source products from a wide supplier base to avoid dependence on few players. However, some branded items give suppliers an edge.

Threat of new substitutes: The threat of substitutes is high with evolving technologies and changing consumer preferences. Products from other categories and digital commerce continue to capture market share from traditional retail modes.

Competitive rivalry: Competition in the sector is intense with retailers focusing on pricing, promotions, product assortment, and omni-channel strategies to gain market share.

Key Takeaways

The Global Consumer Product And Retail Market Demand is expected to witness high growth over the forecast period driven by rising disposable incomes, rapid urbanization, and increasing penetration of smartphones and internet. The global Consumer Product and Retail Market is estimated to be valued at US$21.01 Bn in 2023 and is expected to exhibit a CAGR of 7.2 % over the forecast period 2023 to 2030.

Asia Pacific currently dominates the market and is expected to grow at the fastest pace led by countries like China and India.  The Asia Pacific region holds the major share of the consumer product and retail market owing to improving economic conditions and a huge consumer base. China and India individually account for over 35% of the global market. Other high growth regions include Southeast Asia, the Middle East, and Africa.

Key players: Key players operating in the consumer product and retail market are IDEMIA, Iritech Inc., IrisGuard UK Ltd., BioEnable Technologies Pvt. Ltd., NEC Corporation, Aware Inc., Gemalto NV (Thales Group), Iris ID Inc., Princeton Identity Inc., HID Global, and EyeLock LLC. Players are focused on strengthening their product portfolios and expanding into new regions to gain competitive advantage.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it