by The global 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 comprises household goods like food & beverages, personal care, homecare and other goods sold through physical stores as well as various online channels. The market provides consumers a wide range of product options at competitive prices that cater to daily requirements.
Market key trends:
One of the key trends witnessed in the consumer product and retail market is the rising popularity of online retail channels. The COVID-19 pandemic accelerated the shift towards online shopping among consumers due to restrictions on physical shopping and convenience of doorstep delivery. Various retailers have significantly ramped up their investments in strengthening online presence, improving websites, and expanding fulfilment centres to cater to the rising demand. Product customization and custom fit solutions are also gaining traction in the market.
Segment Analysis
The Global Consumer Product And Retail Market is dominated by the food and beverages segment. This segment accounts for over 30% of the total market share due to increasing demand for packaged and processed food products. Rising disposable incomes and changing lifestyles and food habits have been driving the growth of this sub-segment.
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 digital transformation of retail operations.
The global consumer product and retail market size is expected to reach US$ 21.01 Tn by 2023.
Regional analysis: North America dominates the global consumer product and retail market, accounting for more than 35% share of the total market. The presence of leading retail companies in the US and rising adoption of omni-channel retailing are contributing to the growth of the market in the region. Asia Pacific is expected to be the fastest growing region, owing to growing e-commerce industry and increasing consumer spending 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
