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| Global Consumer Product And Retail Market |
The 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 7.5% 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 includes companies engaged in manufacturing and retailing of consumer products across various categories such as food and beverage, home and personal care, apparels, consumer electronics etc. Some of the major consumer products includes packaged food items, beverages, home care products, personal care items, apparels, consumer electronics, home furnishings etc. Manufacturers and retailers are focusing on omni-channel retailing by integrating online and offline channels to offer seamless shopping experience to customers. Digital technologies are enabling manufacturing, supply chain, marketing and sales functions to make the retail operations more agile, data driven and consumer-centric.
Market Dynamics:
Rising disposable incomes and growing adoption of e-commerce and online shopping across the globe are some of the key factors fueling the growth of Consumer Product and Retail Market. According to World Data Lab, global middle class population is expected to grow from 1.8 billion in 2000 to 5.3 billion by 2030, indicating rising disposable incomes globally. Also, e-commerce penetration is rising steadily especially after the COVID-19 pandemic as consumers prefer online shopping for safety and convenience. E-commerce retail sales as percentage of total retail sales is expected to increase from 14.8% in 2019 to 25% by 2025 according to eMarketer. Manufacturers and retailers are focusing on omni-channel initiatives by integrating online and offline channels through technologies like in-store WiFi, mobile point-of-sales, same-day delivery etc. to offer seamless shopping experiences. Digital technologies like AI, machine learning, IoT, automation are also enabling data-driven manufacturing and supply chain management, intelligent product design, predictive maintenance, and personalized marketing.
Segment Analysis
The Global Consumer Product And Retail Market can be segmented into food and beverages, personal care, home care, apparel and accessories, consumer electronics and appliances. The food and beverages segment dominates the market with over 30% share due to basic human necessity of consumption of food products and changes in dietary habits and food preferences over time.
PEST Analysis
Political: Regulations related to food safety, textile and electronics products impact the market. Economic: Rising disposable incomes in developing nations drive purchases. Recent economic slowdowns remain a challenge. Social: Preferences for eco-friendly, vegan products are increasing awareness. Technological: Advancements in digital technology, AI and IoT enable efficient supply chains and personalized experiences.
Key Takeaways
The global consumer product and retail market is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing digitization and changing consumer shopping behaviors. The Asia Pacific region is projected to dominate the market during the forecast period, owing to the large population base and rapid economic development in countries such as China and India.
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, L’Oreal 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.
Market size for 2023 is US$ 21.01 trillion, registering a growth of 7% compared to previous year. The online retail segment within the industry is witnessing high growth and is projected to grow at over 15% CAGR during the forecast period, driven largely by growing preference of consumers towards digital shopping and convenience of online shopping. Regionally, Asia Pacific dominated the global consumer product and retail market with over 35% share in 2023 led by China, which has emerged as the manufacturing hub for several global consumer brands. Europe and North America remain other major markets driven by high living standards of population.
Read More: https://www.rapidwebwire.com/global-consumer-product-and-retail-market/
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Consumer Product And Retail Market Share
Consumer Product And Retail Market Size
Global Consumer Product And Retail Market