The global Consumer Product and Retail Market Growth Accelerated by Increased E-Commerce Adoption12/27/2023 The consumer product and retail market includes a wide range of home furnishings, apparel, personal care and other consumer goods. Wide availability of a range of affordable consumer products and rising disposable incomes have led to growth in demand. Changing consumer preferences and busy lifestyles have propelled the online retail segment. Consumers prefer the convenience of shopping from home and companies are expanding their e-commerce capabilities to capture this opportunity.
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 Opportunity: The opportunity for online retail is growing significantly. Evolving consumer preferences indicate a clear shift towards convenience-driven shopping behaviors. Younger consumers especially are adopting online channels for researching and purchasing a wide variety of consumer products. Companies across product categories are investing aggressively in enhancing their digital capabilities and customer experience on online platforms. Streamlined delivery and return policies are further fueling demand. Personalization offered through online channels also allows companies to better understand customer tastes. The growing preference for online shopping is a major opportunity for companies to expand their consumer base and drive higher sales through targeted digital strategies. Porter's Analysis Threat of new entrants: The Global Consumer Product And Retail Market Size requires high investment in R&D, manufacturing facilities, distribution network and branding to gain consumer trust. This acts as a barrier for new companies. Bargaining power of buyers: The bargaining power of buyers is high due to availability of alternative product options. Buyers can easily switch to other brands based on price and quality. Bargaining power of suppliers: Major players in this market have strong bargaining power over suppliers due to their large scale of operations and demand. Suppliers also have less differentiation in their offerings. Threat of new substitutes: Threat of substitutes is moderate as new product categories can emerge as substitutes. However, customer loyalty and brand preference act as a deterrent. Competitive rivalry: The market is highly fragmented with key global players competing intensely on the basis of innovation, quality, and pricing. SWOT Analysis Strength: Vast distribution network, strong brand reputation, continuous innovation and product development. Weakness: High operating costs, vulnerability to economic cycles, heavy reliance on few product categories. Opportunity: Expanding into developing markets, product premiumization, targeted acquisitions. Threats: Intense competition, rising labor and raw material costs, strict regulatory norms. Key Takeaways The global consumer product and retail market is expected to witness high growth. 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. The Asia Pacific region dominates the market and is expected to grow at the fastest pace due to growing population, rising disposable incomes and changing lifestyles in countries such as India and China. North America is the second largest market driven by high consumer spending and presence of major players. Western Europe is an established market with demand centered around innovation. 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. These players focus on new product launches and acquisitions to strengthen their market presence. Get More Insights On This Topic: https://www.newswirestats.com/consumer-product-and-retail-market-forecast-outlook-trend-2023-2030/
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AuthorCOHERENT MARKET INSIGHTS |