Market Overview:
The consumer product and retail market deals in a variety of consumer goods ranging from fast moving consumer goods (FMCG) to durable and non-durable goods that are sold to customers through retail stores as well as online channels. Major consumer goods include clothing, packaged foods, beverages, consumer electronics, personal care products etc. Retail stores engage in purchasing these goods from manufacturers and suppliers and sell them to end users.
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 Dynamics:
Increasing online shopping is expected to drive of the Consumer Product And Retail Market Growth over the forecast period. Rising internet penetration and popularity of e-commerce websites have made online shopping more convenient. According to statistics, global B2C e-commerce sales grew by over 23% in 2021 compared to previous year. Consumers now tend to purchase different categories of products including groceries, electronics, apparel, books etc. from e-commerce websites rather than visiting physical stores.
Another major driver is evolving consumer preferences and spending behaviors. Factors such as rapid urbanization, rising disposable incomes, and changing lifestyles are transforming consumer preferences, especially in emerging economies. Consumers now want premium, innovative and customized products rather than standardized offerings. This has propelled consumer product manufacturers to invest in new product innovations and development.
SWOT Analysis
Strength: The Global Consumer Product And Retail Market possesses three major strengths – a strong global consumer base, established supply chains and wide product portfolios. It enjoys economies of scale due to its large size.
Weakness: High operating and inventory costs pose challenges for retailers. Changes in consumer behavior towards online shopping also impact traditional brick-and-mortar retailers.
Opportunity: The growing middle-class population in developing nations presents an opportunity to tap new markets. Advancements in digital technologies allow for innovative business models and improved customer experience.
Threats: Trade conflicts and geopolitical tensions can disrupt supply chains. Changing consumer preferences towards sustainability also threaten some businesses. Increased competition from emerging online-only players also poses a threat.
Key Takeaways
The global consumer product and retail market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period, due to increasing disposable incomes and changing consumer lifestyles.
Market size: The global consumer product and retail market size for 2023 is US$ 21.01 trillion. Rapid urbanization coupled with the rising working population is expected to drive further growth.
Regional analysis: North America currently dominates the market, accounting for a share of over 35% in 2023. However, Asia Pacific is poised to be the fastest growing region, expanding at a CAGR of over 9% during the forecast period due to the burgeoning middle class in countries such as China and India.
Key players: 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, L€TMOreal 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 leading players are focusing on innovation and digitization to provide differentiated offerings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice’s dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn