Retail Global Market Report 2024

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 expansion observed in the historical period can be ascribed to swift economic growth in emerging markets, heightened population density in urban areas, inflow of foreign direct investment (FDI) into the sector, surging popularity of the franchising concept, increasing demand for supermarkets, hypermarkets, discount stores, and out-of-town retail parks, along with the widespread 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 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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