The retail market size is expected to see strong growth in the next few years. It will grow to $42759.13 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The anticipated growth in the forecast period can be attributed to technological advancements, the impact of data analytics, and a consumer preference for shopping locally. Major trends expected in the forecast period include increased investment in innovative technologies, a focus on in-store automation to streamline retail shopping processes, consideration of investments in interactive vending machine technology to boost brand awareness and enhance customer experience, adoption of robots to reduce costs and improve productivity, exploration of investments in drone deliveries for quicker and more cost-effective delivery services, pursuit of providing omnichannel shopping solutions to drive sales and increase profitability, diversification of food options to augment revenues, investment in smart shelf solutions to enhance the customer shopping experience, and collaboration with e-commerce players to offer express delivery services.
Many retailers are embracing a robust and integrated strategy for data analytics in management. This technology is being implemented to enhance supply chain efficiency, streamline operations to engage customers, and foster loyalty. Data has become a critical component for most retail operations. With the rapid growth in retail data and the availability of technologies to analyze data, retailers can more easily identify and meet the needs and expectations of their customers. This is expected to drive the market forward.
The growing demand for the food and beverage sector is anticipated to propel the growth of the retail market. The food and beverage sector encompasses the preparation, distribution, and consumption of food and drinks. Food and beverages contribute to enhanced customer experiences, increased revenue, and competitiveness in a dynamic retail landscape. For instance, in August 2022, according to Common Thread Collective, a U.S.-based e-commerce growth agency, global food and beverage sales increased from $435.3 billion in 2021 to $506 billion in 2022. Furthermore, it is projected to reach $857 billion by 2025. Therefore, the increasing demand for food and beverages is a driving force behind the growth of the retail market.
The retail and e-commerce sectors are increasingly investing in drones to reduce delivery times and enhance profitability. A drone, or unmanned aerial vehicle (UAV), is either remotely controlled or flies autonomously using software-controlled flight plans. Utilizing drones for delivery enables retailers to lower costs and provide customers with quicker delivery compared to traditional methods. For instance, Amazon has invested in its Prime Air drone delivery service, which aims to complete deliveries within 30 minutes. While Amazon has initiated drone delivery trials in the UK, regulatory approval is still pending in the US.
Prominent companies in the retail market are prioritizing innovative retail services such as collect and receive to offer reliable services to their customers. The collect and receive retail delivery service is designed to provide flexibility, allowing customers to choose the most convenient delivery method based on their preferences and schedule. For example, in September 2023, Uber Technologies Inc., a US-based ride-sharing and transportation network company, and Oracle Corporation, a US-based technology company, launched the collect and receive service. This service integrates on-demand delivery with e-commerce, point-of-sale, procurement, customer relationship management, merchandising, inventory planning, distribution, and restocking systems. Uber and Oracle collaborate to enable the multitude of retailers and brands using Oracle retail apps to leverage the Uber Direct on-demand shipping platform, facilitating seamless product deliveries and returns.
Major companies operating in the retail market report are Walmart Inc., Amazon.com, Inc., CVS Health Corporation, Costco Wholesale Corporation, Schwarz Group, The Kroger Company, Walgreens Boots Alliance, Inc., The Home Depot, Inc., Carrefour S.A., Target Corporation, Nice Tuan, Bianlifeng, Suning.com, Seven-Eleven, Lawson, Family Mart, Ministop, V-Mart Retail, Infiniti Retail Ltd., Uniqlo, Muji, JB Hi-Fi, Auchan Holding SA, SPAR, Tesco, Metro AG, Musgrave, Sainsbury's, Aldi GmbH & Co. KG, Co-operative Group Limited, McColl's, Wm Morrison Supermarkets PLC, Waitrose & Partners, Groupe Casino, Marks and Spencer Group PLC, Mercadona, Rewe Group, Asda Stores Ltd., X5 Retail Group, Magnit, Profi, Lenta, Dixy Group, Stokrotka Sp. z o.o., Perekrestok Express, O’Key Group, Globus, Zabka, Spolem, Groszek, Eurocash, Staples, Office Depot, Sportsman's Warehouse Holdings Inc., Kroger Co., Empire Company Ltd., Walgreen's Boot Alliance, Yesway, Alimentation Couche-Tard, Casey's General Stores, Love's Travel Stops & Country Stores, Marathon Petroleum Corporation, Cencosud, Makro Atacadista S.A., LojasAmericanas, Grupo Pão de Açúca, RaízenConveniências, Cia Brasileira de Distribuicao (GPA), Majid Al Futtaim, 7 Eleven, AlHokair Fashion Retail, Azadea Group, Savola, Almeera Group, Al Madina Group, Lulu, Al Tayer Group, Circle K, Choppies (South Africa), Massmart, Woolworths Holdings Limited, FreshStop, Pick n Pay, Shoprite, Freshzo Foods, Food Lover’s.
Asia-Pacific was the largest region in the retail market in 2023. North America was the second-largest region in the retail market. The regions covered in the retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the retail market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The retail market includes revenues earned by entities by providing retail services through supermarkets, convenience stores, specialty stores, department stores, and warehouses. The market value includes the value of related goods sold by the service provider or included within the service offering. The retail market also includes sales of food, hard or durable goods, soft goods and art goods. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The primary types of retail encompass a variety of sectors, including motor vehicle and parts dealers, food and beverage stores, gasoline stations, miscellaneous store retailers, cosmetics and personal care stores, clothing and clothing accessories stores, electronics and appliance stores, furniture and home furnishings stores, supermarkets and hypermarkets, convenience stores, mom-and-pop shops, department stores and other general merchandise stores, e-commerce, other non-store retailers, building materials and garden equipment and supplies dealers, pharmacies, healthcare stores, and sporting goods, hobby, musical instrument, and book stores. A bookstore, for instance, is a business location primarily dedicated to selling books.
The retail market research report is one of a series of new reports that provides retail market statistics, including retail industry global market size, regional shares, competitors with a retail market share, detailed retail market segments, market trends and opportunities, and any further data you may need to thrive in the retail industry. This retail market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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Table of Contents
Executive Summary
Retail Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on retail market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
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- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for retail? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Type: Motor Vehicle and Parts Dealers; Food and Beverage Stores; Gasoline Stations; Miscellaneous Store Retailers; Cosmetics and Personal Care Stores; Clothing and Clothing Accessories Stores; Electronics and Appliance Stores; Furniture and Home Furnishings Stores; Supermarkets and Hypermarkets; Convenience; Mom and Pop Stores; Department Stores and Other General Merchandise Stores; Ecommerce and Other Non-Store Retailers; Building Material and Garden Equipment and Supplies Dealers; Pharmacies and Healthcare Stores; Sporting Goods; Hobby; Musical Instrument; and Book Stores
2) By Ownership: Retail Chain; Independent Retailer
3) By Distribution Channel: Supermarkets/Hypermarkets; Convenience Stores; Department Stores; Specialty Stores; Online; Other Distribution Channels
Subsegments Covered: Auto Parts and Accessories; Automobile Dealers; Other Motor Vehicle Dealers; Specialty Food Stores; Beer; Wine and Liquor Stores; Diesel - Retail; Gases; Gasoline - Retail; Other Gasoline Stations Hair Care Stores; Skin Care Stores; Cosmetics Stores; Clothing/Apparel Stores; Jewelry and Watch Stores; Optical Goods Stores; Footwear Stores; Hardware Suppliers and Security Stores; Consumer Electronics Stores; Furniture Stores; Home Furnishings Stores; Supermarkets; Hypermarkets; Convenience Stores; Mom and Pop Stores; Department Stores; Other General Merchandise Stores; E-Commerce; Vending Machine Operators; Direct Selling Establishments; Building Material and Supplies Dealers; Lawn and Garden Equipment and Supplies Stores; Pharmacies and Drug Stores; Other Health and Personal Care Stores; Sporting Goods Stores; Hobby; Toy; and Game Stores; Musical Instrument and Supplies Stores; Other Sporting Goods; Hobby; Musical Instrument; and Book Stores
Key Companies Mentioned: Walmart Inc.; Amazon.com, Inc.; CVS Health Corporation; Costco Wholesale Corporation; Schwarz Group
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Walmart Inc.
- Amazon.com, Inc.
- CVS Health Corporation
- Costco Wholesale Corporation
- Schwarz Group
- The Kroger Company
- Walgreens Boots Alliance, Inc.
- The Home Depot, Inc.
- Carrefour S.A.
- Target Corporation
- Nice Tuan
- Bianlifeng
- Suning.com
- Seven-Eleven
- Lawson
- Family Mart
- Ministop
- V-Mart Retail
- Infiniti Retail Ltd
- Uniqlo
- Muji
- JB Hi-Fi
- Auchan Holding SA
- SPAR
- Tesco
- Metro AG
- Musgrave
- Sainsbury's
- Aldi GmbH & Co. KG
- Co-operative Group Limited
- McColl's
- Wm Morrison Supermarkets plc
- Waitrose & Partners
- Groupe Casino
- Marks and Spencer Group plc
- Mercadona
- Rewe Group
- Asda Stores Ltd.
- X5 Retail Group
- Magnit
- Profi
- Lenta
- Dixy Group
- Stokrotka Sp. z o.o.
- Perekrestok Express
- O’Key Group
- Globus
- Zabka
- Spolem
- Groszek
- Eurocash
- Staples
- Office Depot
- Sportsman's Warehouse Holdings Inc.
- Kroger Co.
- Empire Company Ltd.
- Walgreen's Boot Alliance
- Yesway
- Alimentation Couche-Tard
- Casey's General Stores
- Love's Travel Stops & Country Stores
- Marathon Petroleum Corporation
- Cencosud
- Makro Atacadista S.A.
- LojasAmericanas
- Grupo Pão de Açúca
- RaízenConveniências
- Cia Brasileira de Distribuicao (GPA)
- Majid Al Futtaim
- 7 Eleven
- AlHokair Fashion Retail
- Azadea Group
- Savola
- Almeera Group
- Al Madina Group
- Lulu
- Al Tayer Group
- Circle K
- Choppies (South Africa)
- Massmart
- Woolworths Holdings Limited
- FreshStop
- Pick n Pay
- Shoprite
- Freshzo Foods
- Food Lover’s.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 400 |
Published | February 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 31310.6 Billion |
Forecasted Market Value ( USD | $ 42759.13 Billion |
Compound Annual Growth Rate | 8.1% |
Regions Covered | Global |