Retail Market

Market Overview:

The global retail market size reached US$ 28,514.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 46,304.9 Billion by 2032, exhibiting a growth rate (CAGR) of 5.54% during 2024-2032. The rapid expansion of the e-commerce industry, favorable government policies, and the introduction of augmented reality (AR) and virtual reality (VR) represent some of the key factors driving the market.

Retail refers to the process of selling goods or services to the final consumers for their personal or household use. It involves several activities, such as purchasing bulk goods from wholesalers or manufacturers, displaying items in physical stores or online platforms, and providing customer support and services. Retail industry widely deals in selling clothing, footwear, jewelry, electronics, home appliances, beauty and personal care products, toys, stationery, and pet supplies. It enhances convenience, improves accessibility, provides personalized services, offers quick return and exchange policies, and allows consumers to find the best product options based on their needs and preferences. It also promotes economic growth, facilitates social interaction, and provides jobs and employment to support communities.

Retail Market Trends:

The rapid expansion of the e-commerce industry is one of the key factors supporting market growth. Retailers across the globe are adopting online retail platforms to expand their business and increase sales, as it allows consumers to conveniently browse diverse product ranges, make online purchases, and track orders from the comfort of their homes. In addition to this, the rapid proliferation of smartphones, tablets, and other digital devices, which are equipped with e-commerce applications, is acting as another growth-inducing factor. Furthermore, the increasing establishment of supermarkets, hypermarkets, specialty stores, shopping malls, and convenience stores, owing to the favorable government policies to support economic activities, is providing an impetus to the market growth. Additionally, the introduction of augmented reality (AR) and virtual reality (VR) to provide an immersive shopping experience, enable virtual try-on, and allow consumers to visualize products from the comfort of their homes is positively influencing the market growth. Besides this, the utilization of artificial intelligence (AI) by retailers to analyze consumer data, offer personalized recommendations, and automate customer service interactions is propelling the market growth. Moreover, the aggressive promotional and branding activities by product manufacturers and retailers through social media, discount offers, television (TV) commercials, and celebrity endorsements are providing a thrust to the market growth. Other factors, including rapid globalization, rising expenditure capacities of consumers, extensive research and development (R&D) activities, and increasing internet penetration, are anticipated to drive the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global retail market report, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on product and distribution channel.

Product Insights:

• Food and Beverages
• Personal and Household Care
• Apparel, Footwear and Accessories
• Furniture, Toys and Hobby
• Electronic and Household Appliances
• Others
   

The report has provided a detailed breakup and analysis of the retail market based on the product. This includes food and beverages, personal and household care, apparel, footwear and accessories, furniture, toys and hobby, electronic and household appliances, and others. According to the report, food and beverages represented the largest segment.

Distribution Channel Insights:

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

A detailed breakup and analysis of the retail market based on the distribution channel has also been provided in the report. This includes supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others. According to the report, supermarkets and hypermarkets accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for retail. Some of the factors driving the Asia Pacific retail market included rising disposable incomes, favorable government policies, and rapid technological advancements.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global retail market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Alibaba Group Holding Limited, Amazon.com Inc., Auchan Retail International S.A., Costco Wholesale Corporation, JD.com Inc., Koninklijke Ahold Delhaize N.V., Lowe's Companies Inc., Target Corporation, The Home Depot Inc., The Kroger Co., The Schwarz Group, Walgreens Boots Alliance Inc., Walmart Inc., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Retail Market Report Scope:

Key Questions Answered in This Report:

• How has the global retail market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global retail market?
• What is the impact of each driver, restraint, and opportunity on the global retail market?
• What are the key regional markets?
• Which countries represent the most attractive retail market?
• What is the breakup of the market based on the product?
• Which is the most attractive product in the retail market?
• What is the breakup of the market based on the distribution channel?
• Which is the most attractive distribution channel in the retail market?
• What is the competitive structure of the global retail market?
• Who are the key players/companies in the global retail market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the retail market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global retail market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the retail industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.