by The global consumer product and retail market consists of a wide range of consumer goods and services catering to daily needs of individuals and households across various product categories including food and beverage, personal care, home care, apparel and footwear, consumer durables and electronics among others. Consumer products such as personal care items, packaged foods, home care products bring convenience and improve quality of living significantly. Retail channels including hypermarkets, supermarkets, specialty stores, online retailers make it effortless for consumers to purchase daily and discretionary goods whenever needed. The growing e-commerce industry has further strengthened online shopping experience by offering enhanced product selection, flexible payment options and doorstep delivery at competitive prices.
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 key trends:
One of the major trends driving growth in the global consumer product and retail industry is the rising demand for organic and natural personal care products. With growing health awareness, consumers are increasingly switching to natural ingredients based products that are free from toxic chemicals, parabens, sulfates and other synthetic components. Manufacturers are also responding to this trend by introducing more products containing natural extracts of plants, herbs, fruits etc and with certifications like USDA Organic. Another significant trend is customization and personalization of consumer products. Both large brands and startups are now allowing customers to create their own unique product designs, fragrances and packaging online through digital storefronts and mobile apps. This is attracting many millennial shoppers who want their personalized identities reflected in the products.
Porter’s Analysis
Threat of new entrants: The threat is moderate as the market is fragmented with presence of several players. However, the market requires large capital investment and established supply chain network to achieve economies of scale.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitutes and undifferentiated products. Buyers can easily switch between brands based on pricing and promotions.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials. However, suppliers of technologically advanced materials can charge a premium.
Threat of new substitutes: The threat is moderate as there are substitutes available. However, shifting to substitutes requires change in existing infrastructure and supply chain.
Competitive rivalry: The competition is intense due to presence of large number of players globally operating in the market. Players compete based on product innovation, quality, and pricing.
Key Takeaways
The global Consumer Product and Retail Market is expected to witness high growth. The market size was valued at US$ 21.01 Mn in 2023 and is projected to grow at a CAGR of 7.4% to reach US$ 32.86 Mn by 2030.
Regional analysis: North America dominated the market with a share of around 35% in 2023 owing to high disposable income and spending on consumer goods in countries like US and Canada. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by rising middle class population and their consumption in China and India.
Key players: 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. Players are focusing on new product launches and partnerships to strengthen their distribution network and market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
