Global Retail Industry - Insights around Market Size, Key Trends and Forecast, 2024: Grand View Research, Inc.

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Aug 07, 2024, 06:10 ET

SAN FRANCISCO, Aug. 7, 2024 /PRNewswire/ -- The retail industry globally is witnessing a significant shift in consumer behavior, resulting in innovations by market participants. According to reports published by Grand View Research, the market is experiencing a heightened demand for consumable products. Increased personal care product sales, such as cosmetics, are expected to be key factors driving growth. In addition, the growing demand for luxury products such as footwear, apparel, and watches is expected to augment market growth further. Major retail companies have been customizing consumer experiences in these areas to maximize product penetration.

Some of the key markets influencing the shape of the overall industry include:

The global athleisure market size was USD 358.07 billion in 2023 and is projected to grow at a CAGR of 9.3% from 2024 to 2030. The growing enthusiasm for sports and outdoor recreational activities among the young population is expected to drive the demand for athleisure. A key factor contributing to this trend is the increasing awareness of fitness and health, boosting the need for comfortable and stylish clothing.

Cashmere clothing market size was USD 2.80 billion in 2023 globally and is expected to grow at a CAGR of 6.2% from 2024 to 2030. Cashmere clothing has gained significant traction globally, becoming synonymous with luxury, comfort, and style.

Global cosmetics market size was USD 295.95 billion in 2023 and is expected to grow at a CAGR of 6.1% from 2024 to 2030. One of the primary factors driving market expansion is the increasing awareness among consumers about enhancing their personal appearance.

False eyelashes market size was USD 1.62 billion in 2021 globally and is expected to register a compound annual growth rate (CAGR) of 6.2% from 2022 to 2030. The growing trend of enhancing beauty through makeup, cosmetics, and beauty products is driving the market's growth.

The global fitness equipment market size was USD 16.04 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.3% from 2023 to 2030. The global market has experienced significant growth in recent years due to the rising health consciousness among individuals, growing awareness about the importance of regular exercise for overall well-being, and rising disposable incomes.

Foot orthotic insoles market size was USD 3.36 billion in 2022 globally and is expected to grow at a compound annual growth rate (CAGR) of 7.0% from 2023 to 2030. The rising geriatric population and a high incidence of diabetes and plantar fasciitis are fueling the growth.

Hangover cure products market size was USD 2.34 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 14.9% from 2024 to 2030. The increasing consumption of alcohol across the world is one of the key factors fueling the demand for hangover cure products over the forecast period.

The global luxury footwear market size was USD 35.72 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2030. The market is driven by an increasing number of millionaires worldwide, especially among the millennial demographic.

Luxury watch market size was USD 42.21 billion in 2022 globally and is expected to grow at a compound annual growth rate (CAGR) of 5.0% from 2023 to 2030. The growing inclination to use luxury watches as a status sign amongst adults is an important factor driving the industry. New product launches by key players, such as Titan, Sonata, and Rolex, are anticipated to have a positive impact on the industry growth.

The global medical footwear market size was USD 8.30 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2020 to 2027. The rising number of foot-related issues, such as plantar fasciitis, bunions, arthritis, foot and ankle injuries, corns, and flat feet, on account of poorly fitting shoes, is a key factor driving the market.

Nail polish market size was USD 16.23 billion in 2023 globally and is expected to grow at a compound annual growth rate (CAGR) of 6.9% from 2024 to 2030. One of the primary factors driving market expansion is the growing interest in nail art and care products among consumers, especially millennials. Additionally, nail art & extensions are becoming an integral part of grooming among the millennials.

Global self-tanning products market size was USD 877.0 million in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 4.5% from 2022 to 2030. Self-tanning products have become increasingly prevalent as consumers have become aware of the health and long-term aesthetic effects of excessive sun exposure.

Shea butter market size was USD 2.17 billion in 2022 globally and is expected to grow at a compound annual growth rate (CAGR) of 7.1% from 2023 to 2030. Increasing demand for cocoa butter substitutes and rising consumption of cocoa and bakery products are expected to drive the growth of the market over the forecast period.

Global skin lightening products market size was USD 9.96 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.5% from 2022 to 2030. Skin lightening products provide various benefits, such as reducing pigmentation, lightening discoloration, promoting even skin tone, and eliminating blemishes. The rising inclination of consumers toward a specific solution to different skin problems, such as age spot or acne spot reduction, has increased the adoption of various skin lighteners in the market.

Sports equipment market size was USD 331.4 billion in 2021 globally and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2022 to 2030. Continuous innovations and rapid technological advancements to keep pace with dynamic consumer preferences are driving the growth of the market. The increasing awareness about the benefits of a healthy lifestyle and the importance of sports and fitness activities is further stimulating the demand for such equipment.

Global sportswear market size was USD 335.92 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 9.9% from 2024 to 2030. Increasing awareness about leading a healthy lifestyle and the health benefits of fitness activities, such as swimming, yoga, running, and aerobics, are expected to drive the market.

The global baby care products market size was USD 18.17 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.3% from 2021 to 2028. The market has been witnessing rapid growth as consumer preferences are shifting towards high-quality, utility-driven, and premium baby products.

Wet shave market size was USD 11.2 billion in 2018 globally and is estimated to progress at a CAGR of 9.5% from 2019 to 2025 owing to an increasing number of people becoming a part of corporate culture and giving importance to personal grooming. The market is anticipated to be driven by increasing spending on personal care products and continuous innovations with regard to wet shave products.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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