Consumer goods industry statistics & trends: A US$ 2 trillion opportunity - Horizon Databook by Grand View Research, Inc.

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Jul 03, 2024, 06:59 ET

SAN FRANCISCO, July 3, 2024 /PRNewswire/ -- The consumer goods industry was over US$ 2 trillion in 2023, as analyzed and reported in Horizon Databook by Grand View Research. Horizon explores the industry in detail by exploring over 1500 markets at regional and global levels. Following are the top 10 consumer goods industry trends spanned across broad markets, such as homecare & décor and household goods (including electronics & appliances), beauty & personal care, and fashion products (including apparel, footwear, and accessories):

In FY2023, the global beauty and personal care products market was valued at USD 520.3 billion in 2022, and it is expected to grow at a CAGR of 7.6% from 2023 to 2030. The skincare segment constituted a revenue share of 33.7% within this industry in 2023.
The furniture market was valued at USD 677.09 billion in 2022 and is expected to grow at a 5.9% CAGR from 2023 to 2030. The bedroom furniture category accounted for 25% of the global revenue within this market during 2022.
In 2023, the global cookware market was valued at USD 30.59 billion in 2023, and it is anticipated to grow at 7.2% CAGR from 2024 to 2030. Non-stick cookware held a 61.80% market share in 2023, offering advantages such as ease of maintenance, minimal need for cooking fats, and excellent food release capabilities.
The leather goods market in Europe was estimated at USD 81.12 billion in 2023 and is expected to grow at a 7.3% CAGR from 2024 to 2030. The polyurethane leather goods segment accounted for 62.34% of the European market revenue in 2023. Rising demand from developing and developed regional economies is expected to drive the growth of this segment. The European synthetic leather footwear market constituted a revenue share of over 38.22% in 2023, primarily driven by men's inclination toward outdoor activities.
The global apparel market was estimated at USD 1,709.76 billion in 2023, and it is projected to grow at a 4.1% CAGR from 2024 to 2030. The Asia Pacific region accounted for 40.11% of the global apparel market revenue 2023. Consumer spending on clothing is witnessing significant growth in Asia, and digital solutions are rapidly gaining traction in this market.
In 2023, the global luxury goods market was estimated at USD 366.23 billion, and it is expected to grow at a 6.8% CAGR from 2024 to 2030. Increasing disposable incomes and in developing region is driving the product demand. The rising demand from younger consumers such as millennials and Generation Zs, is fuelling the market growth.
The global jewelry market was valued at USD 353.26 billion in 2023, and it is forecasted to grow at a 4.5% CAGR from 2024 to 2030. The gold jewelry segment held the largest share of 54.8% in 2023, as gold is the most popular metal used in the production of all types of jewelry worldwide.
In 2023, the global dietary supplements market was valued at USD 177 billion, and it is projected to reach USD 327.42 billion by the year 2030. Increasing consumer awareness about the benefits of nutraceutical products is expected to drive demand during the forecast period.
The global fruits and vegetables market was valued at USD 733.87 billion in 2023, and it is projected to expand at a 5.0% CAGR from 2024 to 2030. The fruits and vegetables market in the U.S. is projected to grow at a CAGR of 5.2% from 2024 to 2030. This growth is fueled by the growing consumer demand for fresh, healthy food choices and the growing awareness of the benefits of nutritious diets.
In 2022, the global non-alcoholic beverages market size was estimated at USD 1,152 million, and it is forecasted to grow at a CAGR of 7.1% from 2023 to 2030. The consumers are accepting no-alcohol and low-alcohol categories. In response to this the key players are creating innovative products, which is likely to bode well for future growth.
The global tobacco market size was valued at USD 886.09 billion in 2023, and it is expected to grow at a 2.5% CAGR from 2024 to 2030 due to rising tobacco consumption in the developing regions of Asia and Africa.

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SOURCE Grand View Research, Inc.