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Consumer Goods - Industry - Global Market, Share and Trends 2023-2028

Report ID:

CGIND1G

|

Industry:

Summary of Consumer Goods

The global consumer goods industry is vast in scope, generating over $4 trillion in annual revenues and touching billions of consumers worldwide. It encompasses a diverse range of product categories that meet everyday needs, from food and beverages to personal care, home care and other non-durable goods. Major multinational corporations like P&G, Unilever, PepsiCo and others dominate industry leadership, each generating hundreds of billions in sales annually through vast brand portfolios and global supply chains. The global consumer goods market was valued at US$ 12.16 trillion in 2023 and is forecast to reach a value of US$ 16.57 trillion by 2029 at a CAGR of 5.14% between 2023 and 2028.

Both developed and developing markets present sizable opportunities. Developing economies are forecast to drive much of the industry’s future growth momentum. Regions such as Asia-Pacific and Latin America contain large populations of rising middle-income consumers whose disposable incomes are increasing consumption of consumer packaged goods.

Overall– the consumer goods sector remains strategically important given its role in meeting basic needs and its resilience during economic downturns. Continued investment is pouring into R&D, marketing and adapting offerings across regional tastes. While competitive pressures and changing consumer preferences bring challenges, the underlying industry fundamentals remain strong supported by non-discretionary demand.

Recent Trends and Insights

E-commerce has seen explosive growth in the consumer goods space, driven by increased consumer preference for online shopping especially since the pandemic. Leading brands are investing heavily in omnichannel capabilities, with some categories like groceries suited for online purchase.

Health and wellness remains a megatrend, with consumers demanding products with fewer ingredients, organic and natural labels. Sustainability is an increasingly important purchase factor as more shoppers want to reduce environmental impact. Food and beverage accounted for the major market share in 2022, with approximately 30% of the overall market revenue.

To expand further on our industry of Consumer goods– being a massive sector worth trillions globally, some estimates indicate the total global packaged goods market size was over a few trillions over a short span of time due to heavy consumer consumption.

Product Insights

The consumer goods industry is seeing innovation and new trends emerge across various product categories. In FMCG– private label brands are gaining prominence through value pricing and quality improvements. According to a market intelligence report, more than half of brands are looking to innovate and refresh consumer products to make them more sustainable.

 The athleisure segment continues expanding the apparel space, while sustainability is increasingly important in fashion. Beauty and personal care focuses on customization and natural formulations to avoid harsh chemicals. Plant-based meat and dairy alternatives are booming within consumer F&B, alongside functional products offering specific health benefits.

Meanwhile– the electronics sector is being powered by smart home devices and appliances benefiting from improved connectivity infrastructure like 5G networks and the growing Internet of Things. The share of e-commerce sales in total retail sales increased from 11.8 percent in the second quarter of 2020 to 14.1 percent in the second quarter of 2022, according to the U.S. Census Bureau. This change indicates how comfortable customers are becoming with online buying.

Consumer demands around health, customization and ethically-sourced products are driving new product development as companies strive to remain relevant amidst intense competition.

Key Companies

Some major players within this vast domain of industry 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.

Regional Analysis

Major players like- P&G, Unilever, PepsiCo etc generate hundreds of billions in annual revenues catering to daily needs. Both developed markets like North America/Europe as well as emerging economies in Asia/Latin America present sizable addressable customer bases. Mature markets like North America and Western Europe represent hundreds of millions of customers with high spending power.

Some key areas of opportunity include rising incomes in emerging nations priming stronger domestic demand, the expanding middle classes in Asia representing huge potential markets, and multinational brands having opportunities to localize offerings according to regional tastes and preferences.

Emerging markets within the APAC and South American regions– amongst others– are expected to be major drivers of future industry growth. As incomes rise in these regions, more consumers are able to trade up to higher-priced consumer goods.

Many regions within the European market are well placed and have a slight competitive edge in their ‘Food and Beverage’ market in comparison with rest of the regions. North America’s markets are growing faster than other regions with increasing trade under USMCA. E-Commerce penetration is increasing across the region especially in Mexico.

The MENA region is also showcasing strong potential growth. have high spending power driven by oil wealth and economic diversification plans. A few countries within this region– have large populations but international sanctions have impacted some of the countries. Regional political and economic conditions influence some country forecasts.

Market Segmentation

By Type:

  • Food and beverages
  • Personal care and cosmetics
  • Home care
  • Other FMCG (fast-moving consumer goods)

By End User:

  • Households/Residential
  • Commercial sector (hotels, restaurants, offices etc)
  • Institutional sector (schools, hospitals etc)

By Sub-Sector:

  • Packaged foods
  • Beauty and personal care
  • Home care/home appliances
  • Other non-durables

By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Our Methodology

We have offered a well-founded review of the global consumer goods market along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as– case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.

We value your investment and offer free customization with every report to fulfil your research needs.

Frequently Asked Questions

The Global Size of the Consumer Goods Industry is USD 12160 Billion in 2023 and is expected to grow to USD 16570 Billion by 2029

The CAGR of the Consumer Goods Industry Market in the Global Region is 5.14%

The APAC region accounts for 46% of the total market share of the Consumer Goods Industry Market

The key players in the Consumer Goods Industry Market in the Global Region are Wal-Mart Stores, Inc., Costco Wholesale Corporation, Unilever PLC, Amway, Reckitt Benckiser Group plc and Pepsi Co. Inc.. These industry leaders collectively contribute to shaping the landscape of this market and driving growth within the industry.

The factors driving the Consumer Goods Industry Market in the Global Region are Consumers' tastes and preferences, Hybrid experience, Prices of the related items, Consumer attitude and Sustainable choices. These factors contribute to the overall growth of this industry, establishing it as a key player in the interconnected global economy.

Summary of Consumer Goods

The global consumer goods industry is vast in scope, generating over $4 trillion in annual revenues and touching billions of consumers worldwide. It encompasses a diverse range of product categories that meet everyday needs, from food and beverages to personal care, home care and other non-durable goods. Major multinational corporations like P&G, Unilever, PepsiCo and others dominate industry leadership, each generating hundreds of billions in sales annually through vast brand portfolios and global supply chains. The global consumer goods market was valued at US$ 12.16 trillion in 2023 and is forecast to reach a value of US$ 16.57 trillion by 2029 at a CAGR of 5.14% between 2023 and 2028.

Both developed and developing markets present sizable opportunities. Developing economies are forecast to drive much of the industry’s future growth momentum. Regions such as Asia-Pacific and Latin America contain large populations of rising middle-income consumers whose disposable incomes are increasing consumption of consumer packaged goods.

Overall– the consumer goods sector remains strategically important given its role in meeting basic needs and its resilience during economic downturns. Continued investment is pouring into R&D, marketing and adapting offerings across regional tastes. While competitive pressures and changing consumer preferences bring challenges, the underlying industry fundamentals remain strong supported by non-discretionary demand.

Recent Trends and Insights

E-commerce has seen explosive growth in the consumer goods space, driven by increased consumer preference for online shopping especially since the pandemic. Leading brands are investing heavily in omnichannel capabilities, with some categories like groceries suited for online purchase.

Health and wellness remains a megatrend, with consumers demanding products with fewer ingredients, organic and natural labels. Sustainability is an increasingly important purchase factor as more shoppers want to reduce environmental impact. Food and beverage accounted for the major market share in 2022, with approximately 30% of the overall market revenue.

To expand further on our industry of Consumer goods– being a massive sector worth trillions globally, some estimates indicate the total global packaged goods market size was over a few trillions over a short span of time due to heavy consumer consumption.

Product Insights

The consumer goods industry is seeing innovation and new trends emerge across various product categories. In FMCG– private label brands are gaining prominence through value pricing and quality improvements. According to a market intelligence report, more than half of brands are looking to innovate and refresh consumer products to make them more sustainable.

 The athleisure segment continues expanding the apparel space, while sustainability is increasingly important in fashion. Beauty and personal care focuses on customization and natural formulations to avoid harsh chemicals. Plant-based meat and dairy alternatives are booming within consumer F&B, alongside functional products offering specific health benefits.

Meanwhile– the electronics sector is being powered by smart home devices and appliances benefiting from improved connectivity infrastructure like 5G networks and the growing Internet of Things. The share of e-commerce sales in total retail sales increased from 11.8 percent in the second quarter of 2020 to 14.1 percent in the second quarter of 2022, according to the U.S. Census Bureau. This change indicates how comfortable customers are becoming with online buying.

Consumer demands around health, customization and ethically-sourced products are driving new product development as companies strive to remain relevant amidst intense competition.

Key Companies

Some major players within this vast domain of industry 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.

Regional Analysis

Major players like- P&G, Unilever, PepsiCo etc generate hundreds of billions in annual revenues catering to daily needs. Both developed markets like North America/Europe as well as emerging economies in Asia/Latin America present sizable addressable customer bases. Mature markets like North America and Western Europe represent hundreds of millions of customers with high spending power.

Some key areas of opportunity include rising incomes in emerging nations priming stronger domestic demand, the expanding middle classes in Asia representing huge potential markets, and multinational brands having opportunities to localize offerings according to regional tastes and preferences.

Emerging markets within the APAC and South American regions– amongst others– are expected to be major drivers of future industry growth. As incomes rise in these regions, more consumers are able to trade up to higher-priced consumer goods.

Many regions within the European market are well placed and have a slight competitive edge in their ‘Food and Beverage’ market in comparison with rest of the regions. North America’s markets are growing faster than other regions with increasing trade under USMCA. E-Commerce penetration is increasing across the region especially in Mexico.

The MENA region is also showcasing strong potential growth. have high spending power driven by oil wealth and economic diversification plans. A few countries within this region– have large populations but international sanctions have impacted some of the countries. Regional political and economic conditions influence some country forecasts.

Market Segmentation

By Type:

  • Food and beverages
  • Personal care and cosmetics
  • Home care
  • Other FMCG (fast-moving consumer goods)

By End User:

  • Households/Residential
  • Commercial sector (hotels, restaurants, offices etc)
  • Institutional sector (schools, hospitals etc)

By Sub-Sector:

  • Packaged foods
  • Beauty and personal care
  • Home care/home appliances
  • Other non-durables

By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Our Methodology

We have offered a well-founded review of the global consumer goods market along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as– case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.

We value your investment and offer free customization with every report to fulfil your research needs.

Frequently Asked Questions

The Global Size of the Consumer Goods Industry is USD 12160 Billion in 2023 and is expected to grow to USD 16570 Billion by 2029

The CAGR of the Consumer Goods Industry Market in the Global Region is 5.14%

The APAC region accounts for 46% of the total market share of the Consumer Goods Industry Market

The key players in the Consumer Goods Industry Market in the Global Region are Wal-Mart Stores, Inc., Costco Wholesale Corporation, Unilever PLC, Amway, Reckitt Benckiser Group plc and Pepsi Co. Inc.. These industry leaders collectively contribute to shaping the landscape of this market and driving growth within the industry.

The factors driving the Consumer Goods Industry Market in the Global Region are Consumers' tastes and preferences, Hybrid experience, Prices of the related items, Consumer attitude and Sustainable choices. These factors contribute to the overall growth of this industry, establishing it as a key player in the interconnected global economy.

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Understand the macroeconomic situations that affect the global positioning of countries.

Businesses can better understand how chatbots can advocate their vision.

DeFi helps reduce dependency on traditional methods of transactions.

Creating a sustainable environment for driving multiple countries into a better tomorrow.

Understand how the U.S. discrepancy in accordance to their debt creates a havoc. 

Sustainable blockchain technology has immense benefit for the environment which cannot go unnoticed.

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Featured Reports

Understand the macroeconomic situations that affect the global positioning of countries.

Businesses can better understand how chatbots can advocate their vision.

DeFi helps reduce dependency on traditional methods of transactions.

Creating a sustainable environment for driving multiple countries into a better tomorrow.

Understand how the U.S. discrepancy in accordance to their debt creates a havoc. 

Sustainable blockchain technology has immense benefit for the environment which cannot go unnoticed.