E-commerce is the largest segment driving the growth of Global...

E-commerce is the largest segment driving the growth of Global Consumer Product And Retail Market

Posted 2023-11-15 13:34:19

The global Consumer Product And Retail Market is estimated to be valued at US$ 21.01 Tn or Trillion 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 offers a wide range of products including electronic items, clothing, footwear, toys, food and beverages, home appliances and furnishings among others. With growing disposable incomes and increasing spending power, demand for consumer products is growing rapidly across the world. E-commerce has revolutionized the retail sector by offering convenience of shopping to customers.

Market key trends:
One of the major trends in the consumer product and retail market is the rising popularity of omni-channel strategy. Many retailers are adopting an integrated multi-channel strategy by offering seamless shopping experience to customers across online and offline channels. This allows customers to browse products online, check product availability and prices across stores, place orders online for in-store pickup or delivery. Retailers are also leveraging technologies such as AI, machine learning and predictive analytics to gain insights into customer behavior and expectations to enhance their omni-channel offerings.
Market key trends:
Global Consumer Product And Retail Market is witnessing increased adoption of e-commerce and omnichannel solutions by major retailers. The ongoing trend of digitization and seamless shopping experience across different digital and physical channels is driving major retailers to invest significantly in technologies that enable customers to shop online as well as through stores. Omnichannel retailing provides customers a unified shopping experience and is quickly gaining popularity.

SWOT Analysis
Strength: High demand for consumer products and services worldwide due to rising population and income levels. Large number of established retailers and brands have a strong presence.
Weakness: Intense competition among retailers and brands affecting profit margins. Vulnerable to economic slowdowns affecting consumer spending power.
Opportunity: Growing e-commerce and m-commerce sections providing new opportunities. Emerging markets in Asia Pacific and Latin America offer significant growth prospects.
Threats: Rising customer expectations necessitating continuous innovation. Disruptions from new digital entrants redefining shopping experiences.

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 digitization and proliferation of e-commerce. The market size for 2023 is estimated to be US$ 21.01 Tn .

Regional analysis: North America dominates the global consumer product and retail market currently. However, Asia Pacific is emerging as the fastest growing region backed by growing middle class population and increasing disposable incomes in major countries like China and India.

Key players: 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€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. These players are focusing on enhancing their digital capabilities and strengthening omnichannel offerings.