by The global Consumer Product And Retail Market is estimated to be valued at US$ 21.01 Tn or Trillion 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 Overview:
The consumer product and retail market comprises products and services that are purchased by consumers on routine basis. This includes groceries, apparels, consumer electronics, footwear, home décor etc. Rising disposable income and changing consumer lifestyle are major factors driving demand for wide variety of consumer products.
Market key trends:
Growth in e-commerce is one of the key trends shaping consumer product and retail market. Increased use of smartphones and easy payment options have boosted online shopping across various consumer categories. E-commerce retailers are able to provide consumers with wider options at competitive prices through their digital platforms. Products available online can be easily compared and purchased from the convenience of homes. This has lead to decline in footfall at brick-and-mortar stores. Various retail giants are expanding their presence on online channels to leverage growth opportunities in e-commerce.
SWOT Analysis
Strength: The consumer product and retail market benefits from strong demand for essential consumer goods. It has a large scale of operations and wide customer reach.
Weakness: The industry faces intense competition which results in lower profit margins. It also has to constantly adapt to changing consumer preferences and technology disruptions.
Opportunity: Growing online retail and e-commerce presents an major opportunity. The market can also expand into emerging economies witnessing a rise in disposable incomes.
Threats: Economic slowdowns and rising inflation poses a threat to consumer spending power. Strict government regulations around data privacy and sustainability also introduce challenges.
Key Takeaways
The Global Consumer Product And Retail Market Size is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing digital transformation of retail operations and evolving consumer shopping behavior.
Regional analysis: North America represents the largest market for consumer products and retail, followed by Europe and Asia Pacific. The Asia Pacific region is expected to witness the fastest growth through 2030 on account of rising income levels and expanding middle-class population in major countries like China and India.
Key players operating in the consumer product and retail market are 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 enhancing supply chain digitization and implementing technologies like AI, IoT and analytics to improve customer experience.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
