SEATTLE, Nov. 25, 2021 /PRNewswire/ — According to Coherent Market Insights, The global consumer product and retail market is estimated to account for 29.11 Tn in terms of value, witnessing a 7.5 % CAGR over the forecast period (2021-2028).
Consumer products, also called finished items, are items purchased by buyers for individual utilization. For example, toothpaste is viewed as a consumer product in light of the fact that it is bought and utilized straight by the purchaser every day. The product that falls under this classification are typically sold in mass and are utilized by consumers. Beauty care products, electrical machines, clothing, and other goods are some of the other types of consumer products. These goods can be produced from a wide range of raw materials and can range from everyday products to art objects.
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Growing emphasis on customer experience is driving growth of the consumer products and retail market. Moreover, rapid growth in modern grocery retailers is again expected to foster growth of the market. According to the India Brand Equity Foundation, the Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. It accounts for over 10% of the country’s gross domestic product (GDP) and around eight% of the employment. According to the Retailers Association of India (RAI), the retail industry achieved 93% of pre-COVID sales in February 2021; consumer durables and quick service restaurants (QSR) increased by 15% and 18% respectively.
Rapid urbanization, changing lifestyles, increasing per capita income, and growing demand for packaged foods and ready-meals are other major factors augmenting growth of the consumer products and retail market. According to the World Economic Forum, since 1950, the world’s urban population has risen almost six-fold, from 751 million to 4.2 billion in 2018
The strong growth of micro, small, and medium enterprises (MSMEs) across India is expected to provide lucrative growth opportunities. According to the India Brand Equity Foundation, India has approximately 6.3 crore MSMEs. As per the MSME Ministry data, as of May 16, 2021, the Udyam Registration portal registered 30, 00,822 MSMEs. Registered micro-enterprises stood at ~ 28 lakh (93%), followed by small enterprises at 1.78 lakh (6%) and midsized enterprises at 24,657 (1%). The Indian MSMEs sector contributes about 29% towards the GDP through its national and international trade.
Increasing demand from the fashion and FMCG and growing number of firms in different sectors such as consumer goods manufacturing, food & beverages, fashion and apparel, and electronic consumer appliances is favoring market growth. High demand for consumer packaged goods is further projected to accelerate growth of the market. Moreover, the establishment of one-stop grocery retail is further projected to accelerate growth of the market.
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Key players in the market are highly involved in adopting various business strategies such as partnership and agreement for expanding their presence on a global level. This is expected to be one of the trends in the market. For instance, in May 2019, Kroger Company announced a grocery retail partnership with Loop in the U.S. reduces single-use plastics in the environment.
Expansion of the e-commerce sector due to increasing penetration of the internet is expected to stimulate growth of the market. According to the India Brand Equity Foundation, Indian e-commerce is projected to increase from 4% of the total food and grocery, apparel, and consumer electronics retail trade in 2020 to 8% by 2025. India’s e-commerce orders volume increased by 36% in the last quarter of 2020, with the personal care, beauty, and wellness (PCB&W) segment being the largest beneficiary.
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.
Global Consumer Products and Retail Market, By Sector:
Global Consumer Products and Retail Market, By Region:
Middle East & Africa