Consumer product and retail market consist of a wide range of products such as apparels, footwear, consumer electronics, beauty products that fulfill daily needs and wants of consumers. These products provide convenience, style and high performance to users. Rising disposable income and changing lifestyle among consumers have boosted demand for wide variety of consumer products.
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:
The increased adoption of e-commerce has been a key driving factor for the growth of consumer product and retail market. Online retail provides consumers with wide options, competitive prices and door step delivery which has increased its popularity drastically over the past few years. Majority of consumer products companies have established strong online presence to leverage growing e-commerce sales. As per recent reports, e-commerce contribution to overall retail sales is expected to increase from current level of around 25% to over 35% by 2030. This shift towards online shopping is expected to continue boosting demand for consumer products in both developing and developed markets globally over the forecast period.
Segment Analysis
The consumer product and retail market can be segmented into hardline goods, softline goods, and durables. The hardline goods segment is expected to dominate the market owing to higher demand for furniture and home improvement tools. Products like furniture, hardware, garden equipment, paint, and tools witness consistent demand from households and contractors. The economic growth in developing nations is driving residential construction and infrastructure development, propelling the demand for hardline goods.
Key Takeaways
The global consumer product and retail market is expected to witness high growth during the forecast period of 2023 to 2030. 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.
Regional analysis indicates that Asia Pacific region currently dominates the market, accounting for around 35% of the global revenue in 2023. Countries like China and India have a huge young population that supports strong domestic consumption of consumer goods. Rising disposable incomes and improving living standards in the region are stimulating retail sales.
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. 3M is one of the leading players dominating the medical device segment with its wide range of medical tapes, bandages, and compression garments for therapeutic treatment. BSN Medical focuses on compression therapy products through its jobst and SIGVARIS brands.
Explore more trending article on this topic:https://www.newsstatix.com/the-global-consumer-product-and-retail-market-driven-by-growing-e-commerce-industry/
