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Retail Market

Global Retail Market Share, Size, Trends, Growth, Analysis: By Product: Food, Beverage, and Grocery, Personal and Household Care, Apparel, Footwear, and Accessories, Furniture and Home Decor, Toys, Hobby, and Household Appliances, Others; By Sector; By Distribution Channel; Regional Analysis; Competitive Landscape; 2024-2032

Global Retail Market Outlook

The global retail market size reached approximately USD 23 trillion in 2023. The market is expected to further witness a healthy growth in the forecast period of 2024-2032.

 

Key Takeaways

  • China, the US, and India are the largest markets for retail, buoyed by the rising spending power.
  • Retailers are leveraging advanced technologies to offer seamless experience to customers across both online and offline channels.
  • The increasing usage of digital tools to improve customer experience and enhance operational efficiency is aiding the market.

 

Retail refers to the process of selling consumer goods or services through various channels of distribution to satisfy the demand of consumers. The retail industry is one of the largest private employers, generating 42 million jobs in the United States. Retail stores are ubiquitous for connecting manufactured goods to end customers and play a significant role in a country’s economy.

 

The retail market demand is being driven by factors like rising disposable incomes, rapid digital transformation, and investments in cutting-edge technologies. With evolving customer behaviours, growing smartphone penetration, and increasing focus on meeting the demands of tech-savvy Gen-Z population, retailers are expanding their presence in mobile commerce. Trends such as one-click ordering, the emergence of voice shopping and chatbots, and the growing popularity of mobile wallet payments are also bolstering the popularity of mobile commerce stores. Besides, the growing popularity of social media platforms like Facebook, TikTok and Instagram, among others, is prompting retailers to use such channels to reach potential customers and sell their products.

 

Retail Market

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Retail Market Trends and Developments

Evolving customer sentiments, omnichannel retail, and technological advancements are the major trends impacting the retail market growth

 

Oct 18th, 2023

Amazon announced its plans to launch online shopping services in South Africa to support independent retailers to launch, scale, and grow their businesses.

 

Aug 16th, 2023

Gucci announced a digital partnership with JD.com to launch its digital flagship store, offering the former’s brand services and exceptional customer services.

 

May 4th, 2023

Auchan Retail partnered with Israel-based Trigo to launch an autonomous grocery store in France, providing a tap-and-go experience to shoppers.

 

Mar 3rd, 2023

Walmart announced its plans to add over 28 healthcare centres inside its Walmart Supercenters by 2024 to offer services like dental care and value-based care, among others.

 

Rapid urbanisation and evolving customer sentiment

Factors like rapid urbanisation, growing disposable incomes, and evolving customer sentiment are positively impacting the market for retail.

 

The emergence of omnichannel retail

There is a rising trend of omnichannel retail amid customer demand for seamless and flexible shopping experiences among both physical and digital touchpoints.

 

The growing trend of sustainability

Growing commitment to sustainability is prompting retailers to introduce initiatives like in-store recycling, renewable energy adoption, and circular economy practices, among others.

 

Technological advancements and innovations

Advanced technologies such as the IoT, AI, AR, VR, and automation are expected to revolutionise the retail sector, enhancing operational efficiency and offering customised product recommendations.

 

One of the key factors influencing the retail market expansion is the rising demand for immersive and personalised in-store and online shopping experiences by customers. Retailers are investing in technologies like data analytics, machine learning, and automation to hyper-personalise shopping experiences, predict customer behaviour and preferences, and enhance the efficiency of inventory management, warehousing, and order fulfillment, among others.

 

Moreover, with the growing trend of sustainability in the retail sector, retailers are attempting to reduce their carbon footprints by adopting eco-friendly practices and promoting environmental stewardship.  Technologies like blockchain and IoT are also adopted by retailers to reduce waste, optimise energy, and drive sustainability.

 

Retail Market By Segments

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Market Segmentation

“Retail Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Product

  • Food, Beverage, and Grocery
  • Personal and Household Care
  • Apparel, Footwear, and Accessories
  • Furniture and Home Décor
  • Toys, Hobby, and Household Appliances
  • Industrial and Automotive
  • Electronic, Consumer Durables and IT
  • Pharmaceuticals
  • Others

 

Market Breakup by Sector

  • Organised
  • Unorganised

 

Market Breakup by Distribution Channel

  • Supermarkets and Hypermarkets
  • Convenience Stores
  • Speciality Stores
  • Online
  • Others

 

Retail Market Segmentation by Region

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

 

According to the global retail market analysis, the demand for food, groceries, and beverages from retail channels is significantly increasing. The rising health concerns are prompting retailers to offer local and fresh foods that are low-sodium, fat-free, and sugar-free. With growing customer demand for convenience, subscription services offering at-home delivery are gaining popularity. In addition, food and grocery retailers are leveraging technologies like automation and AI to enhance their efficiency and streamline operations while improving in-store shopping experiences.

 

Online retail platforms are growing at a healthy pace due to their accessibility, flexibility, ease of interaction, and convenience, coupled with rising internet and smartphone ownership. Moreover, the internet is revolutionising the retail industry by allowing retailers to increase their audience from the local area to overseas. Reportedly, retail e-commerce sales reached USD 5.7 trillion in 2022.

 

In the forecast period, online retailers are expected to deploy innovative technologies such as VR, AR, and generative AI to offer customers a personalised and immersive experience while streamlining their operations. The incorporation of augmented reality allows consumers to visualise the selected items.

 

Retail Market By Region

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Competitive Landscape

The market players are increasing their collaboration efforts and are leveraging advanced technologies, including AI and AR, to gain a competitive edge in the market.

 

Walmart, Inc.

Walmart, headquartered in Arkansas, the United States, is an omnichannel retailer that supports customers to save money and live a better life. With an employee of 2.1 million individuals, the company’s 10,500 stores and e-commerce websites are visited by nearly 240 million customers and members.

 

Costco Wholesale Corporation

Costco is a prominent retailer that operates warehouse clubs in 11 countries. Its warehouses support medium and small-sized businesses to purchase and resale products. It offers one of the largest and exclusive categories of different products, including housewares, sporting goods, tyres, health and beauty products, office equipment, groceries, and television and electronic goods, among others.

 

JD.com, Inc.

JD. com forayed into the e-commerce market in 2004, and since has established its position as a prominent Chinese e-commerce player. Its business encompasses sectors such as logistics, insurance, technology, healthcare, and industrial solutions, among others.

 

Other players in the retail market include Amazon.com, Inc., The Home Depot, Inc., The Kroger Co., Walgreens Boots Alliance, Inc., Alibaba Group Holding Limited, Target Corporation, Lowe's Companies, Inc., The Schwarz Group, Koninklijke Ahold Delhaize N.V., Carrefour Group, and Auchan Retail International.

 

With the increasing demand for convenient and enjoyable shopping experiences among customers, key players are utilising different technologies such as artificial intelligence (AI), customer vision technology, and augmented reality (AR) to create an interconnected, frictionless, and customer-centric retail channel. Retailers are also attempting to bridge the gap between their stock inventory and on-shelf availability to prioritise tasks and improve customer experience.

 

The Asia Pacific accounts for a significant portion of the retail market share due to economic growth in countries like India and China, coupled with rising disposable incomes. The rising tourism activities in countries such as Singapore, Thailand, and South Korea, among others, are driving the demand for luxury goods, electronics, and apparel.

 

With the online retail sector in the region flourishing amid the rising customer demand for convenience, investments in e-commerce channels are significantly rising. For instance, in January 2024, Konvy, a leading Thai online beauty e-commerce platform, secured a funding of USD 11 million from New Day Ventures Limited, Insignia Ventures Partners, and Alibaba International to support its expansion in Southeast Asia.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product
  • Sector
  • Distribution Channel
  • Region
Breakup by Product
  • Food, Beverage, and Grocery
  • Personal and Household Care
  • Apparel, Footwear, and Accessories
  • Furniture and Home Décor
  • Toys, Hobby, and Household Appliances
  • Industrial and Automotive
  • Electronic, Consumer Durables and IT
  • Pharmaceuticals
  • Others
Breakup by Sector
  • Organised
  • Unorganised
Breakup by Distribution Channel
  • Supermarkets and Hypermarkets
  • Convenience Stores
  • Speciality Stores
  • Online
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Walmart Inc.
  • Amazon.com, Inc.
  • Costco Wholesale Corporation
  • The Home Depot, Inc.
  • JD.com, Inc.
  • The Kroger Co.
  • Walgreens Boots Alliance, Inc.
  • Alibaba Group Holding Limited
  • Target Corporation
  • Lowe's Companies, Inc.
  • The Schwarz Group
  • Koninklijke Ahold Delhaize N.V.
  • Carrefour Group
  • Auchan Retail International
  • Others

 

Retail Market Report Snapshots

Retail Market Size

Retail Market Trends

Retail Companies

 

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Retail Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Retail Historical Market (2018-2023) 
    8.3    Global Retail Market Forecast (2024-2032)
    8.4    Global Retail Market by Product
        8.4.1    Food, Beverage, and Grocery
            8.4.1.1    Historical Trend (2018-2023) 
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Personal and Household Care
            8.4.2.1    Historical Trend (2018-2023) 
            8.4.2.2    Forecast Trend (2024-2032)
        8.4.3    Apparel, Footwear, and Accessories
            8.4.3.1    Historical Trend (2018-2023) 
            8.4.3.2    Forecast Trend (2024-2032)
        8.4.4    Furniture and Home Décor
            8.4.4.1    Historical Trend (2018-2023) 
            8.4.4.2    Forecast Trend (2024-2032)
        8.4.5    Toys, Hobby, and Household Appliances
            8.4.5.1    Historical Trend (2018-2023) 
            8.4.5.2    Forecast Trend (2024-2032)
        8.4.6    Industrial and Automotive 
            8.4.6.1    Historical Trend (2018-2023) 
            8.4.6.2    Forecast Trend (2024-2032)
        8.4.7    Electronic, Consumer Durables and IT 
            8.4.7.1    Historical Trend (2018-2023) 
            8.4.7.2    Forecast Trend (2024-2032)
        8.4.8    Pharmaceuticals
            8.4.8.1    Historical Trend (2018-2023) 
            8.4.8.2    Forecast Trend (2024-2032)
        8.4.9    Others
    8.5    Global Retail Market by Sector
        8.5.1    Organised
            8.5.1.1    Historical Trend (2018-2023) 
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Unorganised
            8.5.2.1    Historical Trend (2018-2023) 
            8.5.2.2    Forecast Trend (2024-2032)
    8.6    Global Retail Market by Distribution Channel
        8.6.1    Supermarkets and Hypermarkets
            8.6.1.1    Historical Trend (2018-2023) 
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Convenience Stores
            8.6.2.1    Historical Trend (2018-2023) 
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Speciality Stores
            8.6.3.1    Historical Trend (2018-2023) 
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    Online
            8.6.4.1    Historical Trend (2018-2023) 
            8.6.4.2    Forecast Trend (2024-2032)
        8.6.5    Others
    8.7    Global Retail Market by Region
        8.7.1    North America
            8.7.1.1    Historical Trend (2018-2023) 
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Europe
            8.7.2.1    Historical Trend (2018-2023) 
            8.7.2.2    Forecast Trend (2024-2032)
        8.7.3    Asia Pacific
            8.7.3.1    Historical Trend (2018-2023) 
            8.7.3.2    Forecast Trend (2024-2032)
        8.7.4    Latin America
            8.7.4.1    Historical Trend (2018-2023) 
            8.7.4.2    Forecast Trend (2024-2032)
        8.7.5    Middle East and Africa
            8.7.5.1    Historical Trend (2018-2023) 
            8.7.5.2    Forecast Trend (2024-2032)
9    North America Retail Market Analysis
    9.1    Market by Product
    9.2    Market by Sector
    9.3    Market by Distribution Channel
    9.4    Market by Country
        9.4.1    United States of America 
            9.4.1.1    Historical Trend (2018-2023) 
            9.4.1.2    Forecast Trend (2024-2032)
        9.4.2    Canada
            9.4.2.1    Historical Trend (2018-2023) 
            9.4.2.2    Forecast Trend (2024-2032)
10    Europe Retail Market Analysis
    10.1    Market by Product
    10.2    Market by Sector
    10.3    Market by Distribution Channel
    10.4    Market by Country
        10.4.1    United Kingdom
            10.4.1.1    Historical Trend (2018-2023) 
            10.4.1.2    Forecast Trend (2024-2032)
        10.4.2    Germany
            10.4.2.1    Historical Trend (2018-2023) 
            10.4.2.2    Forecast Trend (2024-2032)
        10.4.3    France
            10.4.3.1    Historical Trend (2018-2023) 
            10.4.3.2    Forecast Trend (2024-2032)
        10.4.4    Italy
            10.4.4.1    Historical Trend (2018-2023) 
            10.4.4.2    Forecast Trend (2024-2032)
        10.4.5    Others
11    Asia Pacific Retail Market Analysis
    11.1    Market by Product
    11.2    Market by Sector
    11.3    Market by Distribution Channel
    11.4    Market by Country
        11.4.1    China
            11.4.1.1    Historical Trend (2018-2023) 
            11.4.1.2    Forecast Trend (2024-2032)
        11.4.2    Japan
            11.4.2.1    Historical Trend (2018-2023) 
            11.4.2.2    Forecast Trend (2024-2032)
        11.4.3    India
            11.4.3.1    Historical Trend (2018-2023) 
            11.4.3.2    Forecast Trend (2024-2032)
        11.4.4    ASEAN
            11.4.4.1    Historical Trend (2018-2023) 
            11.4.4.2    Forecast Trend (2024-2032)
        11.4.5    South Korea
            11.4.5.1    Historical Trend (2018-2023) 
            11.4.5.2    Forecast Trend (2024-2032)
        11.4.6    Australia
            11.4.6.1    Historical Trend (2018-2023) 
            11.4.6.2    Forecast Trend (2024-2032)
        11.4.7    Others
12    Latin America Retail Market Analysis
    12.1    Market by Product
    12.2    Market by Sector
    12.3    Market by Distribution Channel
    12.4    Market by Country
        12.4.1    Brazil
            12.4.1.1    Historical Trend (2018-2023) 
            12.4.1.2    Forecast Trend (2024-2032)
        12.4.2    Argentina
            12.4.2.1    Historical Trend (2018-2023) 
            12.4.2.2    Forecast Trend (2024-2032)
        12.4.3    Mexico
            12.4.3.1    Historical Trend (2018-2023) 
            12.4.3.2    Forecast Trend (2024-2032)
        12.4.4    Others
13    Middle East and Africa Retail Market Analysis
    13.1    Market by Product
    13.2    Market by Sector
    13.3    Market by Distribution Channel
    13.4    Market by Country
        13.4.1    Saudi Arabia
            13.4.1.1    Historical Trend (2018-2023) 
            13.4.1.2    Forecast Trend (2024-2032)
        13.4.2    United Arab Emirates
            13.4.2.1    Historical Trend (2018-2023) 
            13.4.2.2    Forecast Trend (2024-2032)
        13.4.3    Nigeria
            13.4.3.1    Historical Trend (2018-2023) 
            13.4.3.2    Forecast Trend (2024-2032)
        13.4.4    South Africa
            13.4.4.1    Historical Trend (2018-2023) 
            13.4.4.2    Forecast Trend (2024-2032)
        13.4.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Competitive Landscape
    15.1    Market Structure
    15.2    Company Profiles  
        15.2.1    Walmart Inc.
            15.2.1.1    Company Overview
            15.2.1.2    Product Portfolio
            15.2.1.3    Demographic Reach and Achievements
            15.2.1.4    Certifications
        15.2.2    Amazon.com, Inc.
            15.2.2.1    Company Overview
            15.2.2.2    Product Portfolio
            15.2.2.3    Demographic Reach and Achievements
            15.2.2.4    Certifications
        15.2.3    Costco Wholesale Corporation
            15.2.3.1    Company Overview
            15.2.3.2    Product Portfolio
            15.2.3.3    Demographic Reach and Achievements
            15.2.3.4    Certifications
        15.2.4    The Home Depot, Inc. 
            15.2.4.1    Company Overview
            15.2.4.2    Product Portfolio
            15.2.4.3    Demographic Reach and Achievements
            15.2.4.4    Certifications
        15.2.5    JD.com, Inc.
            15.2.5.1    Company Overview
            15.2.5.2    Product Portfolio
            15.2.5.3    Demographic Reach and Achievements
            15.2.5.4    Certifications
        15.2.6    The Kroger Co.
            15.2.6.1    Company Overview
            15.2.6.2    Product Portfolio
            15.2.6.3    Demographic Reach and Achievements
            15.2.6.4    Certifications
        15.2.7    Walgreens Boots Alliance, Inc.
            15.2.7.1    Company Overview
            15.2.7.2    Product Portfolio
            15.2.7.3    Demographic Reach and Achievements
            15.2.7.4    Certifications
        15.2.8    Alibaba Group Holding Limited 
            15.2.8.1    Company Overview
            15.2.8.2    Product Portfolio
            15.2.8.3    Demographic Reach and Achievements
            15.2.8.4    Certifications
        15.2.9    Target Corporation
            15.2.9.1    Company Overview
            15.2.9.2    Product Portfolio
            15.2.9.3    Demographic Reach and Achievements
            15.2.9.4    Certifications
        15.2.10    Lowe's Companies, Inc.
            15.2.10.1    Company Overview
            15.2.10.2    Product Portfolio
            15.2.10.3    Demographic Reach and Achievements
            15.2.10.4    Certifications
        15.2.11    The Schwarz Group
            15.2.11.1    Company Overview
            15.2.11.2    Product Portfolio
            15.2.11.3    Demographic Reach and Achievements
            15.2.11.4    Certifications
        15.2.12    Koninklijke Ahold Delhaize N.V.
            15.2.12.1    Company Overview
            15.2.12.2    Product Portfolio
            15.2.12.3    Demographic Reach and Achievements
            15.2.12.4    Certifications
        15.2.13    Carrefour Group
            15.2.13.1    Company Overview
            15.2.13.2    Product Portfolio
            15.2.13.3    Demographic Reach and Achievements
            15.2.13.4    Certifications
        15.2.14    Auchan Retail International
            15.2.14.1    Company Overview
            15.2.14.2    Product Portfolio
            15.2.14.3    Demographic Reach and Achievements
            15.2.14.4    Certifications
        15.2.15    Others 
16    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Retail Market: Key Industry Highlights, 2018 and 2032
2.    Global Retail Historical Market: Breakup by Product (USD Million), 2018-2023
3.    Global Retail Market Forecast: Breakup by Product (USD Million), 2024-2032
4.    Global Retail Historical Market: Breakup by Sector (USD Million), 2018-2023
5.    Global Retail Market Forecast: Breakup by Sector (USD Million), 2024-2032
6.    Global Retail Historical Market: Breakup by Distribution Channel (USD Million), 2018-2023
7.    Global Retail Market Forecast: Breakup by Distribution Channel (USD Million), 2024-2032
8.    Global Retail Historical Market: Breakup by Region (USD Million), 2018-2023
9.    Global Retail Market Forecast: Breakup by Region (USD Million), 2024-2032
10.    North America Retail Historical Market: Breakup by Country (USD Million), 2018-2023
11.    North America Retail Market Forecast: Breakup by Country (USD Million), 2024-2032
12.    Europe Retail Historical Market: Breakup by Country (USD Million), 2018-2023
13.    Europe Retail Market Forecast: Breakup by Country (USD Million), 2024-2032
14.    Asia Pacific Retail Historical Market: Breakup by Country (USD Million), 2018-2023
15.    Asia Pacific Retail Market Forecast: Breakup by Country (USD Million), 2024-2032
16.    Latin America Retail Historical Market: Breakup by Country (USD Million), 2018-2023
17.    Latin America Retail Market Forecast: Breakup by Country (USD Million), 2024-2032
18.    Middle East and Africa Retail Historical Market: Breakup by Country (USD Million), 2018-2023
19.    Middle East and Africa Retail Market Forecast: Breakup by Country (USD Million), 2024-2032
20.    Global Retail Market Structure

Key Questions Answered in the Report

In 2023, the global retail market attained a value of nearly USD 23 trillion.

The major market drivers are rising population, growing smartphone penetration, and the ever-increasing usage of internet across the globe.

The key trends in the market are rapid technological innovations and increasing popularity of augmented reality among retailers.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The major products considered in the market report include food, beverage and grocery, personal and household care, apparel, footwear, and accessories, furniture and home décor, toys, hobby, and household appliances, industrial and automotive, electronic, consumer durables and IT, and pharmaceuticals, among others.

The different segments based on sector considered in the market report include organised and unorganised.

The various distribution channels in the market include supermarkets and hypermarkets, convenience stores, speciality stores, and online, among others.

The major players in the market are Walmart Inc., Amazon.com, Inc., Costco Wholesale Corporation, The Home Depot, Inc., JD.com, Inc., The Kroger Co., Walgreens Boots Alliance, Inc., Alibaba Group Holding Limited, Target Corporation, Lowe's Companies, Inc., The Schwarz Group, Koninklijke Ahold Delhaize N.V., Carrefour Group, and Auchan Retail International, among others.

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