CONSUMER PRODUCT AND RETAIL MARKET ANALYSIS

Consumer Product And Retail MarketSize and Trends

The global consumer product and retail market was valued at US$ 21.13 trillion in 2023 and is forecast to reach a value of US$ 34.44 trillion by 2030 at a CAGR of 7.2% between 2023 and 2030. Consumer products provide advantages to both companies and buyers. For companies, consumer products allow specialization in production, marketing, and distribution. Mass production creates economies of scale. Branding builds customer loyalty. Wide distribution through retailers makes buying convenient. For consumers, products satisfy needs and wants. Extensive product selection gives buyers choices. Easy retail access saves time and effort. Some disadvantages are production pollution, resource depletion, product defects, high prices for specialty goods, and impulse purchases. Overall, consumer products enhance modern lifestyles, although some downsides exist. Managing these tradeoffs is an ongoing challenge.

Global Consumer Product and Retail Market Trends:

• The consumer product and retail market offers exciting opportunities in the coming years, especially as consumer preferences and behaviors continue to evolve. One major area of opportunity is the growth of online shopping and direct-to-consumer brands. According to the U.S. Census Bureau, e-commerce sales accounted for 14.1% of total retail sales in the second quarter of 2022, up from 11.8% in the second quarter of 2020. This shift demonstrates consumers' increasing comfort with online shopping. Direct-to-consumer brands that sell online and ship products directly to customers are well-positioned to take advantage of this trend. For example, Allbirds, an eco-friendly footwear brand that sells direct-to-consumer, grew its revenue by 27% year-over-year in 2021, according to its IPO (Initial Public Offering) filing.