The global Consumer Product And Retail Market is estimated to be valued at US$ 21.01 Tn or Trillion in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The consumer product and retail market deals in merchandise such as clothing, food, personal care items, home appliances etc. that are used by consumers. With use of big data analytics, retailers are able to better understand customer preferences and behaviors to tailor their product offerings accordingly.
Market key trends:
One of the major trends in the market is growing adoption of big data analytics. Retailers are increasingly collecting and analyzing customer data with help of big data solutions to gain insights into purchasing patterns and demands. This helps them in optimizing inventory, tailoring marketing campaigns, managing supply chain and enhancing customer experiences. For example, retailers can identify best selling products based on customer purchase history and place larger orders of those items to avoid stock outs. They can also launch targeted promotions and offers to customers likely to purchase particular products based on their past purchase behaviors.
Segment Analysis
The global consumer product and retail market is segmented into food and beverage, apparel, luxury items, electronics, sports equipment, home and kitchen products, healthcare and personal care, etc. Food and beverage represents the largest segment, accounting for over 30% of the total market share. This is attributed to growing on-the-go consumption habits and rising health consciousness among consumers.
Key Takeaways
The Global Consumer Product And Retail Market Demand is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing disposable income and changing consumer preferences and lifestyles.
Regional analysis: North America dominates the global market currently, owing to strong economies and high consumer spending. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising middle-class population and improving standards of living in emerging countries such as China and India.
Market size: The global consumer product and retail market size for 2023 is US$ 21.01 Tn. By 2030, the market is projected to reach US$ 33.54 Tn expanding at a CAGR of 7.5%.
Key players: Key players operating in the consumer product and retail market are 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, LOreal 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 players are focusing on mergers & acquisitions and new product launches to gain a competitive edge in the market.
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