Consumer Product and Retail Market is Estimated to Witness High...

Consumer Product and Retail Market is Estimated to Witness High Growth Owing to Significant Growth in E-Commerce Platforms

Posted 2023-12-27 12:39:38

The global consumer product and retail market encompasses various consumer goods, including food, clothing, electronics, personal care items, and more. These products are sold through multiple sales channels, including brick-and-mortar supermarkets, hypermarkets, department stores, specialty retail stores, and e-commerce platforms. E-commerce has seen significant growth over the past few years, with consumers preferring the ease and convenience of online shopping. This has prompted many leading retail players to bolster their online presence through dedicated websites and mobile applications.

The global consumer product and retail market is estimated to be valued at US$ 21.01 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the key drivers for the growth of the consumer product and retail market is the significant growth in e-commerce platforms. As mentioned earlier, e-commerce has seen a massive surge in popularity among consumers globally. According to estimates, the global B2C e-commerce sales grew by 24% in 2021 compared to the previous year. The sales are expected to exhibit a CAGR of 12% between 2022-2026. The growth can be attributed to factors such as increased internet and smartphone penetration, elevated customer expectations, evolving lifestyles, and improving logistics infrastructure. Besides convenience, e-commerce provides consumers access to a wide range of products from different brands at competitive prices. This has prompted many consumer goods companies and retailers to focus on expanding their digital presence.
With evolving customer preferences, consumer product manufacturers are innovating and launching new offerings to meet dynamic demand. They are focusing on product categories like healthy and organic foods, wellness products, environment-friendly items to cater to sustainability-minded shoppers. Tailoring products based on emerging trends helps them expand market share.

SWOT Analysis

Strength: The Global Consumer Product And Retail Market Size benefits from strong disposable income levels and growing consumer demand globally. Innovation and product diversification in the market allows companies to cater to varied consumer needs. Established distribution networks of major players ensure wide availability of products.

Weakness: The market faces intense competition which reduces profit margins. Changing consumer preferences and new trends require large investments in R&D for product development. Supply chain disruptions due to Covid-19 have affected the market negatively.

Opportunity: Growth of e-commerce has opened new opportunities for market expansion. Rising health awareness is driving demand for wellness and medical products. Developing economies offer strong growth potential with rising incomes.

Threats: Stringent government regulations around product quality and safety increase compliance costs. Economic slowdowns can impact discretionary consumer spending on products. Trade conflicts and geopolitical uncertainties pose risks.

Key Takeaways

The global consumer product and retail market is estimated to be valued at US$ 21.01 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.

The Asia Pacific region dominates the global market with a share of over 35% in 2023 led by China, India and other developing nations. Rising per capita incomes, growing middle class populations and changing consumption patterns in the region fuel market expansion. North America and Europe remain major markets but are expected to see relatively slower growth compared to Asia Pacific and Latin America.

Key players related content comprises: Key players operating in the Consumer Product and Retail Market are 3M, BSN Medical, Sigvaris AG, Cardinal Health, Medi GmbH & Co, ArjoHuntleigh Healthcare India, Bio Compression Systems Inc, Zimmer Biomet India, Spectrum Healthcare and Vissco Healthcare. 3M enjoys a strong leadership position driven by its innovative product portfolio and global brand recognition. Cardinal Health and Zimmer Biomet are other major players focusing on the medical product segment.

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