Consumer Product And Retail Market To Gain Traction With Rising Urbanization And Smart Technology
Market Dynamics:
One of the major drivers for the growth of the consumer product and retail market is rising urbanization. According to data, over 68% of the projected global population of 9.8 billion people is expected to live in urban areas by 2050 resulting in burgeoning demand for consumer goods. Moreover, increasing disposable incomes combined with easy access to credit has fueled the adoption of smart technologies in both consumer products and retail operations. Technologies like automation, AI, IoT in manufacturing and supply chain management have boosted operational efficiencies and product customization abilities in the market. Industry 4.0 is revolutionizing how consumer goods are designed, marketed and delivered to customers.
SWOT Analysis
Strength: The consumer product and retail market provides a wide range of products to consumers globally. The market offers essential and non-essential products across categories like food and beverages, personal care, apparel, electronics and home appliances. Having a broad product portfolio helps the market sustain demand fluctuations. Additionally, rising disposable incomes in developing nations are driving higher consumer spending on retail products.
Weakness: Changing consumer preferences and growing adoption of online retail channels pose challenges to traditional brick and mortar stores. Younger consumers are more inclined towards e-commerce platforms for their shopping needs. Further, fluctuations in raw material costs can impact profit margins for retailers and consumer product companies.
Opportunity: Emerging markets like India, Southeast Asia, Latin America and Africa offer high growth potential for the retail and consumer goods sector. Favorable demographics coupled with economic development is increasing spending power in these regions. Also, the integration of new technologies like AI, IoT and blockchain provide opportunities to enhance customer experience and supply chain efficiency.
Threats: Macroeconomic uncertainties due to geopolitical tensions and trade conflicts pose risks. Further, stringent regulations around product quality, packaging and safety also increase compliance burden. Rising environment awareness is shifting preferences towards sustainable and eco-friendly consumer brands.
Key Takeaways
The Global Consumer Product And Retail Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising living standards. The global consumer product and retail market is estimated to be valued at US$ 21.01 Bn in 2023 and is expected to exhibit a CAGR of 7.2 % over the forecast period 2023 to 2030.
The United States currently dominates the market attributable to high disposable income levels and retail infrastructure. However, China is emerging as the fastest growing regional market backed by rapid economic expansion, growing middle class and rising digital adoption. Asia Pacific region comprises over 35% of the total market share currently led by China and India. Both nations are expected to continue outperforming global averages owing to a favorable demographic dividend and expanding middle class population. Southeast Asian countries of Indonesia, Vietnam and the Philippines are also anticipated to witness strong doubledigit growth rates over the next decade.
Key players: Key players operating in the consumer product and retail market are IDEMIA, Iritech Inc., IrisGuard UK Ltd., BioEnable Technologies Pvt. Ltd., NEC Corporation, Aware Inc., Gemalto NV (Thales Group), Iris ID Inc., Princeton Identity Inc., HID Global, and EyeLock LLC. The market remains fairly competitive with top companies focusing on new product development and digitalization to enhance customer experience across physical and digital channels.
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