Retail Market Size
|2019 - 2029
|Base Year For Estimation
|Forecast Data Period
|2024 - 2029
|CAGR (2024 - 2029)
|> 4.50 %
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Retail Market Analysis
The Retail Industry is expected to register a CAGR of greater than 4.5% during the forecast period.
The retail industry has witnessed several changes during the study period with changing economic conditions across the world. The global economy, which slowed in 2019, crashed in 2020 due to the COVID-19 outbreak, resulting in a challenging forecast period for the retail industry. As the majority of products in the industry are sensitive to the economic cycles, the retail industry is expected to show slow recovery during the initial forecast period, yet the customer necessity for the majority of products is anticipated to drive the market once the situation settles down.
The global retail industry is mature and highly competitive in the developed economies of Europe and North America. On the other hand, the developing economies of Asia-Pacific, the Middle East, and Latin America have been instrumental in driving the market growth. Countries, such as Singapore, Malaysia, and Thailand, are popular shopping destinations in the Asia-Pacific region, with visitors contributing substantially to the retail sectors in the respective markets. Tourists are augmenting the demand for products related to fashion, apparel, and electronics. Consumer spending, which typically accounts for more than two-thirds of the GDP, has been a key indicator of the health of the retail market. Moreover, the increasing strength of online shopping has been a major driver (especially during the COVID-19 crisis). Apart from this, the growing smartphone penetration across countries is driving the e-commerce channel. Also, IoT, augmented reality, and other disruptive technologies are reshaping the retail industry. However, price variation between online and brick-and-mortar stores can challenge the retail market growth.
Retail Market Trends
E-commerce is the Fastest-growing Segment in the Retail Industry
Internet retailing is the modern way of shopping. With the growing penetration of smartphones and mobile devices and internet services, e-commerce has emerged as a major shopping platform in the world. The retail e-commerce market is driven by an increasing set of suppliers selling online and a change in consumers' buying behavior, among others. The rise of online fresh groceries sales along with growing numbers of prepared food delivery companies entering this space could propel category growth by several-fold times in the next five years. Mobile-first sites, dedicated apps, emerging payment methods, and other tools are making shopping on smartphones much easier. Many retailers operate an omnichannel model, which aims to integrate offline and online channels. Asia has some of the biggest retail markets in the world in China, Japan, and India. E-commerce sales in Q2 2020 accounted for 16.1% of total sales in the US market.
Asia-Pacific is Expected to Witness the Fastest Growth Rate in the Retail Industry
As rural and urban households witnessed a steady growth of disposable incomes, the spending power of the Chinese population has also increased dramatically, and the retail market has matured into one of the largest and still growing consumer markets worldwide. It is highly competitive and diversified, and the market shares of the leading Chinese retail chains were receding over the past few years. In India, government policies, like FDI up to 100% allowed in single-brand retail and FDI up to 51% in multi-brand retail, are further expected to fuel up the competition in the country's retail market. The growth of the tourism sector in Asia-Pacific countries, including Thailand and Indonesia, is expected to increase the demand for imported products, especially in the HORECA (hotel/restaurant/café) sector. The region's tourism sector is currently benefitting from an expanding luxury hotel sector and greater international air connectivity. Additionally, supporting growth in the tourism sector and widespread country-level government-led investments in transport infrastructure are driving the region's growth.
Retail Industry Overview
The retail market is highly competitive, with few key players occupying the major market share. The organized retail market has been growing significantly with companies expanding stores and considering the business potential in new areas. Most of the unorganized retail outlets are increasingly being replaced with big retail hypermarkets, supermarkets, and other retail chains. This is expected to continue on a large scale during the forecast period, which will significantly lead to market growth.
Retail Market Leaders
*Disclaimer: Major Players sorted in no particular order
Retail Market News
- March 2021, Walmart announced that it would be closing six locations in Canada. The company said that in addition to closing these stores, it plans to spend over USD 500 million upgrading its other stores.
- March 2021, Disney announced that it is going to close at least 60 stores in North America, amounting to about 35% of its locations in the region. Going forward, Disney is placing a larger emphasis on its e-commerce business rather than its brick-and-mortar footprint.
Retail Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints/Challenges
4.4 Value Chain/Supply Chain Analysis
4.5 Porter's Five Forces Analysis
4.6 Consumer Behavior Analysis
4.7 Insights intoTechnological Innovations in the Retail Industry
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Food and Beverages
5.1.2 Personal and Household Care
5.1.3 Apparel, Footwear, and Accessories
5.1.4 Furniture, Toys, and Hobby
5.1.5 Electronic and Household Appliances
5.1.6 Other Products
5.2 By Distribution Channel
5.2.1 Supermarkets/Hypermarkets, Convenience Stores, and Department Stores
5.2.2 Specialty Stores
5.2.4 Other Distribution Channels
5.3 By Geography
5.3.1 North America
5.3.4 Latin America
5.3.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.7 PepsiCo Inc
6.2.8 Anheuser-Busch Companies LLC
6.2.9 Home Depot
- *List Not Exhaustive
7. FUTURE OF THE RETAIL INDUSTRY
Retail Market Research FAQs
What is the current Retail Market size?
The Retail Market is projected to register a CAGR of greater than 4.5% during the forecast period (2024-2029)
Who are the key players in Retail Market?
Walmart, Amazon, Costco, Schwarz Group and Kroger are the major companies operating in the Retail Market.
Which is the fastest growing region in Retail Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Retail Market?
In 2024, the North America accounts for the largest market share in Retail Market.
What years does this Retail Market cover?
The report covers the Retail Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Retail Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key driving factors for the growth of the Retail Industry?
The key driving factors for the growth of the Retail Industry are: a) Rising consumer spending b) Increasing strength of online shopping, and c) Growing smartphone penetration across countries
Retail Industry Report
The retail industry market is witnessing significant growth, fueled by increased customer spending in emerging economies, the rise of online shopping trends, especially during the coronavirus pandemic, and the growing penetration of smartphones globally. This surge in smartphone usage is driving more traffic to e-commerce websites, further facilitating market growth. The retail industry involves strategic decisions, such as the type of store and the market to be served, with emerging economies boasting rising GDPs and increased per capita income acting as key market drivers. The industry is also being reshaped by the introduction of new technologies like IoT and AR, which provide differentiated shopping experiences. However, price variations between online and brick-and-mortar stores can act as stagnating factors. The retail industry market is segmented based on product, distribution channel, and geography, offering a wide variety of commodities for customers to purchase. Mordor Intelligence™ Industry Reports provide statistics for the 2024 Retail market share, size, and revenue growth rate, along with a market forecast outlook to 2029 and a historical overview. A sample of this industry analysis is available as a PDF download.