by 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 deals in products which include food & beverage, houseware, footwear, clothing, toys, consumer electronics, and others for consumer use. The rising income levels, growing middle-class population, and emergence of online retailing have led to significant growth in the consumer goods and retail market. Easy availability of a wide range of products at reasonable prices through online and offline channels is fueling the demand in this market.
Market key trends:
The increased adoption of e-commerce platforms for buying consumer goods is a major trend in the market. Due to convenience, discounts, and wider choices offered online, customers are increasingly preferring online shopping over traditional retail stores. According to estimates, global e-commerce sale of consumer products is projected to reach $6.5 trillion by 2024, growing at a CAGR of 17%. Major online retailers like Amazon and Flipkart are cashing in on this opportunity by expanding their product categories and offering one-stop solution to customers. The availability of consumer goods online has made the market more competitive and customer-centric.
Porter’s Analysis
Threat of new entrants: The Global Consumer Product And Retail Market faces moderate threat of new entrants due to the economies of scale enjoyed by large established players. However, startups can disrupt specific segments with new business models and technologies.
Bargaining power of buyers: Buyers have high bargaining power in this market due to the availability of a large number of established brands and convenient online shopping options. Buyers can easily switch between brands based on price and quality.
Bargaining power of suppliers: Suppliers have moderate bargaining power as some raw materials and components have few substitute sources. However, established retailers can find alternative suppliers to negotiate better deals.
Threat of new substitutes: New substitutes pose low threat as consumer products cater to basic needs and have well-entrenched consumer preferences. However, some substitutes in specific categories can affect certain established brands.
Competitive rivalry: The market sees intense competition due to the presence of many global and local retailers fighting for market share.
SWOT Analysis
Strength: Wide availability of products across online and offline channels, strong brand recognition, and loyal customer base for leading players.
Weakness: Vulnerability to economic cycles, rising operating costs, and dependence on few dominant suppliers.
Opportunity: Emerging markets growth, expanding e-commerce sector, and opportunity to cater to changing consumer preferences with new product innovations.
Threats: Rising competition from smaller firms, increasing regulatory compliance burdens, and fluctuating raw material costs.
Key Takeaways
Market size: 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 spending power of the rising middle-class population worldwide. The market size is projected to reach US$ 21.01 Tn by 2023.
Regional analysis: The Asia Pacific region dominates the global market currently owing to China and India’s large population and increasing disposable incomes. North America follows in terms of market share and is expected to grow at a CAGR of 6% during the forecast period on the back of growth in the US market.
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
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
