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

Summary of Consumer Retail

The global consumer retail industry has experienced significant disruption in recent years brought on by the accelerated adoption of ecommerce and evolving consumer preferences. While the pandemic amplified some of these trends, the underlying forces of digital transformation and personalization were already well underway. Herein, we examine the key market shifts and emerging innovations that are reshaping consumer retail strategies. Based on our estimates, we can say that the global consumer retail industry is forecasted to be a $41724.92 billion industry in 2029 from $27000 billion in 2023 with a CAGR of 7.42%.

Some of the major trends explored include the ongoing rise of ecommerce globally as consumers demonstrate an increased comfort with online shopping. Retailers are also placing greater emphasis on experiential store concepts and customization as a way to attract in-person traffic. At the same time, sustainability and wellness have become priority issues for many shoppers.

Since it’s been a fascinating year for the consumer & retail (C&R) market, with many geographies experiencing a strong rebound as lockdowns ease and consumer confidence bounces back. Total global M&A volume, across all sectors, registered record growth, with C&R deal volume are enjoying a 20-year high. On the whole, prospects for 2022 look bright.

We also analyze regional differences in digital adoption worldwide and reviews how retailers can best segment their offerings by product type, customer demographics and preferred shopping channels. The strategic recommendations aim to help consumer-facing businesses successfully navigate the ongoing transition and new competitive landscape.

Recent Trends and Insights

The global C&R M&A approximately grew at 9 percent to reach 5,917 deals worth USD311 billion (a 12 percent increase in value). The rising number of transactions has been fueled by high growth in the US, UK and China, who together make up 40 percent of all deals worldwide. Financial buyers now account for half of all deals — up 3 percent on 2020, with private equity (PE) investors particularly bullish.

In many international markets, e-commerce and online retailing are gaining ground in the retail industry. With the goal of seamlessly integrating offline and online channels, many merchants use an omnichannel business model. The worldwide retail market is expected to generate sales of over 30 trillion dollars by 2024– up from over 27 trillion dollars in 2022.

Consumers Demand Sustainability but Budgets Remain a Barrier. Surveys show 89% of global consumers want brands to be more sustainable but only 50% are willing to pay more for eco-friendly options according to recent insights. Retailers are balancing these preferences with affordability as inflation impacts consumer spending power.

Product Insights

As its difficult to pinpoint any metrics that lead to a substantial growth in the over-expansive field which is ‘Consumer Retail’. Hence, we will take in some of this industry’s facets and keep up the growth seen in the consumer retail industry.

Online shopping allows consumers to easily research and compare products. Retailers are enhancing digital shelf displays with high resolution images, detailed specifications, user reviews etc. to improve the virtual shopping experience. The global ecommerce market is expected to total $13.11 trillion in 2029 with a CAGR of 2.59% and is currently placed at $6.43 trillion in 2023.

The ecommerce industry continues to grow rapidly, with online shopping penetration reaching unprecedented levels during the pandemic and this growth is projected to continue. That figure is estimated to grow over the next few years, showing that borderless ecommerce is becoming a profitable option for online retailers. By 2024, 21.2% of total retail sales will happen online.

Sustainability is becoming an increasingly important factor for consumers when making purchasing decisions, and companies are responding by emphasizing eco-friendly materials, recyclability and carbon footprint reductions in marketing.

According to Deloitte, 55% of consumers surveyed recently bought a sustainable product or service, and 90% of consumers, especially Generation Z, expect brands to address environmental issues. Sustainable ecommerce refers to online stores that have adopted or are actively adopting environmentally and socially responsible practices.

Key Companies

Some major players within this vast domain of industry are

• Walmart Inc.
• com, Inc.
• Costco Wholesale Corporation
• The Home Depot, Inc.
• Walmart Inc.
• com, Inc.
• The Kroger Co.
• Dassault Systemes
• PTC, Inc.
• Atos SE
• Oracle Corporation

Regional Analysis

In the North American region, ecommerce sales grew 13.6% in 2021 to surpass $1 trillion for the first time according to recent insights. Younger demographics especially are now long-term online shoppers. Sixty percent of Americans feel the country is already in a recession. Despite this, the economy has demonstrated amazing resiliency. Despite falling real incomes, real consumer expenditure has increased as some consumers have depleted their savings.

The rapid growth of micro, small and medium enterprises (MSMEs) can provide major business opportunities in the global consumer product and retail market. Our market insights suggest that there are over 120 million operating globally with over 89 million operating in emerging economies in the Asia-Pacific region.

The Middle East and North Africa region has high smartphone penetration and a young population that is increasingly tech-savvy. Retailers are investing in localized online platforms and payment solutions. Limited product selection and inconsistent delivery times and service levels have delayed the takeoff of e-commerce in the region, but recent developments are signaling a change in the trajectory and the beginning of a new chapter in MENA e-commerce.

Market Segmentation

By Type:

• Ecommerce platforms and mobile apps
• AI-powered product recommendations and personalized shopping
• AR/VR for virtual try-ons and interactive displays
• IoT solutions for supply chain and inventory management

By End User:

• Retail chains, franchise brands
• Grocery stores and supermarkets
• Direct-to-consumer brands
• Online marketplaces

By Enterprise:

• Large retailers
• Small and mid-sized stores
• D2C startups

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 retail 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.