Retail Market Growth Analysis 2024 – Forecast Market Size And Key Factors

Overview and Scope
Retail refers to selling goods in small quantities to the end users. Retailing involves buying from wholesalers or direct from producers, breaking bulk, displaying goods for sale either physically or online, and sometimes delivery.

Sizing and Forecast
The retail market size has grown strongly in recent years. It will grow from $28846.57 billion in 2023 to $31310.6 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to rapid economic growth in emerging markets, increasing population density in urban areas, foreign direct investment (fdi) in the sector, rising popularity of franchising concept, growing demand for supermarkets, hypermarkets, discount stores and out of town retail parks, and large availability of retail finance options.

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 growth in the forecast period can be attributed to technology advancement, impact of data analytics, and consumer preference for shopping local. Major trends in the forecast period include investing in innovative technologies, focusing on in-store automation to streamline retail shopping, consider investing in interactive vending machine technology to increase brand awareness and better customer experience, adopting robots in order to reduce costs and enhance productivity, consider investing in drone deliveries to reduce delivery times and costs, look for providing omni channel shopping solutions to drive sales and increase their profits, offering different food options to their consumers to increase their revenues, investing in smart shelf solutions to improve the customer shopping experience, and entering into collaborations with the e-commerce players to provide express delivery services.

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Segmentation & Regional Insights
The retail market covered in this report is segmented –

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, Convienience 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

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

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Major Driver Impacting Market Growth
Many retailers are adopting a robust and cohesive strategy for data analytics in management. This technology is being deployed to enhance supply chain efficiency, streamline operations to engage customers, and build loyalty. Data has become critical for most retail operations. With the rapid growth in retail data and the availability of technologies to analyze data, it would become easier for retailers to identify and meet the needs and expectations of their customers. This is expected to drive the market going forward.

Key Industry Players
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.

The retail market report table of contents includes:

1. Executive Summary
2. Retail Market Characteristics
3. Retail Product/Service Analysis -Product/Service Examples
4. Retail Market Trends And Strategies
5. Retail Market - Macro Economic Scenario
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68. Global Retail Market Competitive Benchmarking
69. Global Retail Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Retail Market
71. Retail Market Future Outlook and Potential Analysis
72. Appendix

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