The global Consumer Product And Retail Market is estimated to be valued at US$ 21.01 Tn 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.
The Consumer Product And Retail Market comprises products that are sold to consumers through various retail formats such as supermarkets, hypermarkets, department stores, specialty stores, multi-brand stores, online stores, and mobile commerce applications. Some key products in this market include consumer electronics, apparel, food and beverage, healthcare, personal care, home care and others. These products cater to basic daily consumer needs and are gaining wider acceptance owing to changing lifestyle and increasing disposable income of consumers globally. Easy access through wide distribution network and increasing online shopping has further fueled the growth of this market.
Market key trends:
Growing e-commerce industry has emerged as one of the major trends in the global consumer product and retail market. Escalating internet and smartphone penetration along with the ease of online shopping has boosted the e-commerce sales significantly. According to Coherent Market Insights analysis, e-commerce sales accounted for over 27% of the total retail sales worldwide in 2023 and is estimated to reach 35% by 2030. Leading retail companies are focusing on strengthening their online presence and omnichannel capabilities to cater to rising demand from digital customers. For instance, in June 2022, Walmart announced plans to integrate its online store with physical stores to offer seamless shopping experience to customers. Moreover, growing adoption of concepts like online marketplaces, social selling, mobile commerce and buy online pick up in store are fueling the e-commerce growth further.
Threat of new entrants: The consumer product and retail market is well established, making it difficult for new players to enter. Established brands and large retail networks create significant barriers.
Bargaining power of buyers: Buyers have high bargaining power due to the availability of substitutes. They can negotiate on price and switch between different brands easily.
Bargaining power of suppliers: Suppliers have moderate bargaining power as there are many suppliers for most raw materials and products. However, some suppliers of unique ingredients exert more influence.
Threat of new substitutes: New innovative products constantly entering the market pose a threat of substitution. Changing consumer preferences also allow alternate options to gain popularity.
Competitive rivalry: Intense competition exists among major retail chains and consumer product companies to capture greater market share.
The Global Consumer Product And Retail Market Demand is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period 2023 to 2030, due to increasing urbanization and rising disposable incomes in emerging economies. The market size for 2023 is estimated at US$ 21.01 Tn.
Regional analysis: Asia Pacific region dominates the global market and is expected to grow the fastest during the forecast period. Growth in the region is led by countries like China and India experiencing rapid urbanization and economic development. North America and Western Europe are also major markets but are expected to witness moderate growth.
Key players: 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, 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 adopting technological innovations like AI and digital technologies to enhance customer experience and supply chain operations.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it