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.
The consumer product and retail market comprises a wide range of finished products that directly satisfy the needs and wants of end consumers. This includes the sale of apparel, FMCG goods, consumer electronics, home improvement goods, automotive parts and accessories, and other convenience products. The market is driven by growing population, rising income levels, changing lifestyles and consumer preferences. Advancements in technology are enabling new product innovations as well as transforming the retail landscape through e-commerce platforms. Product customization and personalization is becoming an important trend in the market.
Market key trends:
One of the major trends driving growth in the market is the rising demand for sustainable and environment-friendly consumer goods. Consumers are increasingly looking for green products that have minimal environmental impact. Manufacturers are responding to this demand by introducing sustainable packaging, using recycled materials, and reducing plastic usage. Another key trend is the growing prominence of private label brands. Customers are displaying willingness to choose store brand names given their comparable quality and lower prices compared to national brands. Private label brands help retailers strengthen their portfolio and price positioning. Their rising popularity allows better margins and cost control for both retailers and value-oriented consumers.
Threat of new entrants: The Global Consumer Product And Retail Market is highly competitive with presence of established players. Large upfront capital requirements and economies of scale of existing players create barriers for new entrants.
Bargaining power of buyers: Buyers in this market have significant bargaining power due to wide range of product options. Buyers can easily switch between brands based on pricing and offers.
Bargaining power of suppliers: Major suppliers in this market are manufacturers and distributors of consumer products who have moderate bargaining power due to differentiated products they supply.
Threat of new substitutes: Potential threat comes from substitute products and services. Manufacturers focus on product innovation and reinvention to cater changing consumer preferences.
Competitive rivalry: Market is dominated by few leading players intensifying competition. Players differentiate through unique product offerings, customer experience and supply chain management.
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 urbanization and rising disposable income in developing countries. The market size for 2023 is estimated to be US$ 21.01 Tn .
Regional analysis indicates North America dominates currently due to early technology adoption. Asia Pacific is expected to witness fastest growth fueled by expanding middle class population in China and India. Europe is also growing steadily supported by recovery of Eurozone economies.
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.