Market Overview:
The global Consumer Product and Retail Market is projected to reach a value of
US$18.18 trillion in 2021 and is anticipated to grow at a CAGR of 7.5% during
the forecast period of 2021-2028. This market comprises various products and
services related to consumer goods and retail sectors. The demand for these
products is driven by the increasing population and rising disposable income
levels, leading to higher purchasing power. Moreover, the need for convenience
and accessibility, coupled with changing consumer preferences and lifestyles,
are also contributing to the growth of this market. The availability of a wide
range of products, competitive pricing, and technological advancements are some
of the key advantages offered by this market.
Market Key Trends:
One key trend in the Consumer Product and Retail Market is the growing
influence of e-commerce. With the rapid digitalization and increasing penetration
of smartphones and internet connectivity, consumers are increasingly turning to
online platforms for their shopping needs. The convenience of browsing and
purchasing products from the comfort of one’s home, along with the availability
of competitive prices and a wide range of options, has significantly boosted
the adoption of e-commerce. This trend is expected to continue in the forecast
period, with more consumers preferring online shopping over traditional
brick-and-mortar stores. Retailers and manufacturers in the market are focusing
on enhancing their online presence and providing seamless shopping experiences
to cater to the evolving consumer preferences.
Segment Analysis:
The consumer product and retail market can be segmented based on the type of
product and distribution channel. In terms of product type, the dominating
sub-segment is food and beverages. This is primarily due to the increasing
demand for packaged food and beverages, convenience foods, and ready-to-eat
meals globally. The busy lifestyles of consumers and the growing urban
population have led to a shift towards convenient and easily accessible food
options. Additionally, the COVID-19 pandemic has further accelerated the demand
for packaged food and beverages as people prefer hygienically packed products.
This sub-segment is expected to continue its dominance and witness significant
growth during the forecast period.
Key Takeaways:
The
global
consumer product and retail market is expected to witness high growth,
exhibiting a CAGR of 7.5% over the forecast period. This growth can be
attributed to various factors, such as increasing disposable income, changing
consumer preferences, and the advent of e-commerce platforms. The rising
middle-class population, particularly in emerging economies, is driving the
demand for consumer products and retail services.
In terms of regional analysis, Asia Pacific is the fastest-growing and
dominating region in the consumer product and retail market. This can be
attributed to the large population base, rapid urbanization, and increasing
purchasing power of consumers in countries like China and India. The region
offers significant growth opportunities for key players in the market.
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’Oreal 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 key players have a strong presence in the market and
are investing in product innovation, strategic partnerships, and expansion
strategies to maintain their market position.
Read More:
https://www.ukwebwire.com/consumer-product-and-retail-market-growing-consumer-demand-for-e-commerce-platforms-to-drive-market-growth/
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