June 18, 2024
Consumer Product and Retail

Global Consumer Product And Retail Market Is Estimated To Witness High Growth Owing To Rising Industrialization And Growing Demand From Consumers

Overview:

Consumer product and retail is an industry that includes companies involved in the manufacturing, sales and marketing of consumer goods. The industry includes products that are used by the average consumer and it is this sector that drives the global economy. The industry is broken into four categories. These include convenience, shopping, specialty and unsought. The manufacturing of consumer goods involves the acquisition and processing of raw materials to produce a finished product.

The process requires the use of a range of equipment, including specialized machinery. The finished product is then sold to customers through various distribution channels. These include retailers, wholesalers and distributors. Consumer packaged goods (CPG) are products that customers like to purchase almost daily and restock frequently, such as food, beverages, toiletries and over-the-counter drugs. These are the most popular type of consumer goods and are often bought without much comparison between brands. They are low-priced, widely distributed and require less promotional efforts compared to other types of goods. Retail involves the sale of goods to consumers for their consumption and it is an important part of the supply chain between manufacturers and customers.

Market Dynamics:

Rising acquisitions by key players is estimated to augment growth of the global consumer product and retail market during the forecast period. For instance, an advanced testing laboratory was acquired by Bureau Veritas, in June 2022. The company is expanding their footprint in consumer healthcare and consumer products market. Moreover, high capital investment and increasing strict regulations are anticipated to restrain growth of the global consumer product and retail market during the forecast period.

Impact of COVID-19:

The pandemic was declared as a global public health emergency, in 2020. The pandemic also hampered manufacturing activities in many sectors globally. During the pandemic several businesses around the world were facing challenges. Supply chains were disrupted during the pandemic in many regions. This caused a shortage of raw materials in many sectors. The led to decrease in demand and production of consumer and retail products. Thus, the pandemic had a negative impact on the growth of the Global Consumer Product And Retail Market.

Key Takeaways:

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 business expansion. For instance, SGS has opened a new ISO/IEC 17025 accredited laboratory in Leicester, United Kingdom, in July 2022. This expansion will enhance their capacity and capabilities of their hpusehold textiles, raw materials and apparels.

Europe is anticipated to witness significant growth in the global consumer product and retail market during the forecast period, due to growing demand from consumers and increasing compliance solutions.

Key players operating in the Global Consumer Product And Retail Market are Oracle Corporation, Metro AG, Unilever PLC, Kroger Company, Amway, Carrefour SA, Reckitt Benckiser Group plc, Tesco PLC, Pepsi Co, Inc., Wal-Mart Stores, Inc., L’Oreal Group, PTC, Inc., IBM Corporation, Gerber Scientific, Inc., Accenture plc, Autodesk, Inc., Atos SE, Centric Software, Hewlett – Packard Company, and Autodesk, Inc.