The global Consumer Product and Retail Market is estimated to be valued at US$18.18 trillion in 2021 and is expected to exhibit a CAGR of 7.5% over the forecast period of 2021-2028, as highlighted in a new report published by Coherent Market Insights.
The Consumer Product and Retail Market includes products related to consumer goods and retail industry, such as food and beverages, clothing, electronics, household products, and more. With the increasing population and rising disposable income across the globe, the demand for consumer products and retail services has witnessed significant growth. The market offers a wide range of products to meet the needs and preferences of customers.
Market Key Trends:
One of the key trends in the Consumer Product and Retail Market is the growing consumer demand for e-commerce platforms. With the advent of technology and the internet, online shopping has become popular among consumers worldwide. The convenience, variety of products, and attractive discounts offered by e-commerce platforms have led to a surge in online purchases. This trend is expected to continue over the forecast period, with e-commerce platforms continuously improving their services to enhance customer experience and gain a competitive edge in the market.
The consumer product and retail market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period. This growth can be attributed to the increasing demand for consumer products and the rise in disposable income worldwide.
Threat of new entrants: The market has a moderate threat of new entrants. While the barriers to entry are relatively low in the consumer product and retail industry, established players benefit from economies of scale, brand recognition, and distribution networks, making it difficult for new entrants to compete effectively.
Bargaining power of buyers: The bargaining power of buyers in this market is significant. With the availability of numerous options and easy access to information, buyers have the ability to compare prices and demand discounts, putting pressure on companies to offer competitive pricing and high-quality products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While there are many suppliers in the market, certain products may be reliant on specific suppliers or have limited alternatives, giving suppliers some leverage in negotiating prices and terms.
Threat of new substitutes: The threat of new substitutes is low in the consumer product and retail market. Most consumer products have established brand loyalty and are not easily replaced by alternatives. However, with evolving technology and changing consumer preferences, companies need to stay innovative to prevent the emergence of substitutes.
Competitive rivalry: The competitive rivalry in this market is intense. There are several key players operating in the consumer product and retail market, each vying for market share and customer loyalty. Competitive strategies such as product differentiation, pricing, and marketing play a crucial role in gaining a competitive edge.
The global consumer product and retail market is expected to witness significant growth, driven by factors such as increasing disposable income, changing consumer lifestyles, and rising e-commerce penetration.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the consumer product and retail market. This can be attributed to the strong presence of key players, robust infrastructure, and high consumer spending power in the region.
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. These key players have a significant market presence and employ various strategies to maintain their competitive advantage in the market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it