India Retail Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 13.90% (2024-2032)
The retail market in India is expanding rapidly, driven by increasing income levels across the country. According to IMARC Group, India retail market size is projected to exhibit a growth rate (CAGR) of 13.90% during 2024-2032.
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India Retail Industry Trends and Drivers:
As more people are experiencing a rise in their income, their purchasing power is also growing, leading to many households entering the consumption class. This expansion in the buyer base is directly catalyzing the demand for retail goods, as more individuals and families are able to afford a wider range of products and services in the country. Additionally, the rising literacy levels, coupled with exposure to global cultures through media, is significantly impelling the growth of the market. People are becoming more discerning, paying attention to the quality and brand of the products they purchase. This awareness is driving the demand for premium goods and services, as many buyers are seeking products that align with their preferences and values. Moreover, rapid urbanization in the country is accelerating this trend, with more people moving to cities in search of better opportunities. Urban areas feature a higher concentration of retail outlets and offer a wide range of products tailored as per the evolving tastes and preferences of the growing urban population, further offering a favorable market outlook.
The rising brand consciousness among the masses, particularly Millennials, who make up a significant portion of the demographic, is also contributing to the growth of the market in India. This younger generation is brand-conscious and willing to spend more to satisfy their desires for quality and status quo. This shift in consumer behavior is pushing brands to innovate and offer more tailored products to meet the expectations of this segment. Furthermore, the establishment of shopping malls is creating new avenues for retail expansion, thereby strengthening the market growth in the country. These malls are becoming centers for shopping and entertainment, attracting a diverse range of customers. The convenience and variety offered in the malls is driving more foot traffic, thereby increasing sales for retailers. Besides this, the availability of consumer credit, such as durable loans and credit cards, is making it easier for people to purchase high-value items by allowing them to pay in installments. This financial flexibility is generating new opportunities in the retail sector in India.
India Retail Industry Segmentation:
The market report offers a comprehensive analysis of the segments, highlighting those with the largest India retail market share. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.
The report has segmented the market into the following categories:
Product Insights:
- Food and Beverages
- Personal and Household Care
- Apparel, Footwear and Accessories
- Furniture, Toys and Hobby
- Electronic and Household Appliances
- Others
Distribution Channel Insights:
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Stores
- Others
Regional Insights:
- North India
- West and Central India
- South India
- East and Northeast India
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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Author: Kishan Kumar
I am market analyst and I post article about market reports based on thorough research and analysis that drives current market growth and trends.
