Major companies in the market include Walmart Inc., Sinopec Limited, Amazon.com Inc., PetroChina Company Limited, CVS Health Corporation, Costco Wholesale Corp, The Kroger Co, McKesson Corporation, Walgreens Boots Alliance Inc., and JD.com Inc.
The global retail market grew from $26,178.76 billion in 2022 to $28,344.51 billion in 2023 at a compound annual growth rate (CAGR) of 8.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The retail market is expected to grow to $37,665.83 billion in 2027 at a CAGR of 7.4%.
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.
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.
Asia-Pacific was the largest region in the retail market in 2022.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, and Africa.
The major types of retail are 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; e-commerce and 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 is a location of business where the principal commodity for sale is books.
The ownership forms include wholesale and distribution chains and independent wholesalers that are distributed through supermarkets and hypermarkets, convenience stores, department stores, specialty stores, online and other distribution channels.
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 will become easier for retailers to identify and meet the needs and expectations of their customers.
This is expected to drive the market going forward.
The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the retail market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms, including fever, cough, and difficulty breathing.
The virus was first identified in 2019 in Wuhan, Hubei province, of the People’s Republic of China, and has spread globally, including Western Europe, North America, and Asia.Steps by national governments to contain the transmission have resulted in a decline in the manufacture and trade of non-essential goods and an overall decline in economic activity, with countries entering a state of "lock down" and the outbreak having a negative impact on businesses throughout 2020 and into 2021.
However, it is expected that the retail market will recover from the shock over the forecast period as it is a "black swan" event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The retail and e-commerce markets are increasingly investing in drones to reduce delivery times and increase profitability.A drone is an unmanned aerial vehicle (UAV) that is remotely controlled or flies autonomously using software-controlled flight plans in its systems.
Using a drone for delivery allows retailers to cut costs and help provide customers with their products earlier than traditional delivery methods.For example, Amazon has been investing in its Prime Air deliveries via drones, which claim to complete the delivery within 30 minutes.
Amazon has started delivery trials via drones in the UK but is still waiting for regulatory approval in the US.
The countries covered in the retail market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
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.
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.