SEATTLE, November 25, 2021 /PRNewswire/ — According to Coherent Market Insights, the global consumer products and retail market is estimated to represent 29.11 tons in terms of value, witness to a 7.5% CAGR over the forecast period (2021-2028).
Consumer products, also known as finished articles, are items purchased by buyers for individual use. For example, toothpaste is considered a consumer product insofar as it is purchased and used directly by the purchaser every day. Products that fall under this classification are usually mass-sold and used by consumers. Cosmetics, electrical machinery, clothing and other goods are among the other types of consumer products. These goods can be produced from a wide range of raw materials and can range from everyday products to works of art.
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The growing emphasis on customer experience is driving the growth of consumer products and the retail market. Moreover, the rapid growth of modern food retailers is again expected to aid the growth of the market. According to the India Brand Equity Foundation, the Indian retail industry has become one of the fastest growing and fastest growing industries due to the entry of several new players. It represents more than 10% of the country’s gross domestic product (GDP) and about 8% of employment. According to the Association of Retailers of India (RAI), the retail sector achieved 93% of pre-COVID sales in February 2021; durable consumer goods and quick service restaurants (QSR) increased by 15% and 18% respectively.
Rapid urbanization, changing lifestyles, rising per capita income, and growing demand for packaged foods and convenience foods are other major factors increasing population growth. consumer products and retail market. According to the World Economic Forum, since 1950, the global urban population has increased almost sixfold, from 751 million to 4.2 billion in 2018
The strong growth of micro, small and medium-sized enterprises (MSMEs) across India should offer lucrative growth opportunities. According to the India Brand Equity Foundation, India around 6.3 crores MSME. According to data from the Ministry of MSMEs, in May 16, 2021, the Udyam registration portal registered 30,00,822 MSMEs. Registered micro enterprises amounted to ~28 lakh (93%), followed by small enterprises at 1.78 lakh (6%) and medium enterprises at 24,657 (1%). India’s MSME sector contributes about 29% to GDP through its domestic and international trade.
Growing demand for fashion and FMCGs and growing number of businesses in different industries such as consumer goods manufacturing, food and beverage, fashion and apparel, and consumer electronics promote market growth. Strong demand for consumer packaged goods is further expected to accelerate the growth of the market. Additionally, the establishment of one-stop grocery retailing is expected to further accelerate the growth of the market.
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The major market players are heavily involved in adopting various business strategies such as partnership and agreement to expand their presence globally. This should be one of the market trends. For example, in May 2019, Kroger Company announced a grocery retail partnership with Loop in the United States to reduce single-use plastics in the environment.
Expanding e-commerce sector owing to increasing internet penetration is expected to boost the market growth. According to the India Brand Equity Foundation, Indian e-commerce is expected to grow from 4% of total food and grocery, apparel and consumer electronics retail in 2020 to 8% here 2025. india E-commerce order volume increased by 36% in the last quarter of 2020, with the personal care, beauty and wellness (PCB&W) segment being the main beneficiary.
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’Oréal Group, Nestlé SA, IBM Corporation, Accenture plc, Atos SE, Hewlett – Packard Company, PTC, Inc., Centric Software, Dassault Systemes SA, Autodesk, Inc. Gerber Scientific, Inc., SAP SE and Oracle Corporation.
Market segmentation :
Global consumer products and retail market, by sector:
- Durable goods (sporting goods and furniture)
- consumer packaged goods
Global consumer and retail products market, by region:
- North America
- By country:
- Rest of Europe
- Asia Pacific
- By country:
- South Korea
- Rest of Asia Pacific
- Lin America
- By country:
- Rest of Latin America
- Middle East & Africa
- By country:
- GCC countries
- South Africa
- Rest of Middle East & Africa
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