Consumer products are used on a daily basis and help improve the quality of life. This includes products such as personal hygiene items, cosmetics, cleaning agents, stationery, health and wellness products among others. Rising disposable incomes and growing middle class population are demanding more premium and innovative consumer goods.
The global Consumer Product and Retail Market is estimated to be valued at US$ 21.01 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of e-commerce platforms has revolutionized the retail sector by allowing consumers to purchase products online conveniently. Major e-commerce players such as Amazon, Flipkart etc. offer an exhaustive range of consumer products on their platforms. As consumers globally are now spending more time online amidst the pandemic, the trend of online shopping for daily consumer needs through e-commerce portals has gained considerable traction over the past few years. This has encouraged leading consumer product companies to partner with e-commerce players and adopt appropriate marketing strategies to boost online sales. The trend is expected to continue and further propel the growth of the consumer product and retail market during the forecast period.
SWOT Analysis
Strength: The consumer product and retail market caters to basic daily needs of consumers. This ensures a steady demand for the products.
Weakness: The market is highly fragmented with the presence of several local and international players. This results in high competition and pressure on pricing and margins.
Opportunity: Growing e-commerce industry has opened new opportunities for online sales of consumer products. Companies can leverage digital platforms to expand market reach.
Threats: Changes in consumer preferences and emergence of new trends pose threats. Companies need to keep innovating and adapting to shifting demands.
Key Takeaways
The Global Consumer Product And Retail Market Size is expected to witness high growth. The global Consumer Product and Retail Market is estimated to be valued at US$ 21.01 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the market due to high disposable incomes and growing retail sector in the US and Canada. However, Asia Pacific is expected to witness fastest growth during the forecast period supported by rising middle class, urbanization and changing lifestyles in China and India.
Key players: Key players operating in the consumer product and retail market are 3M, BSN Medical, Sigvaris AG, Cardinal Health, Medi GmbH & Co, ArjoHuntleigh Healthcare India, Bio Compression Systems Inc, Zimmer Biomet India, Spectrum Healthcare and Vissco Healthcare. These players are focusing on new product launches and strategic partnerships to strengthen 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