India Retail Market (2023-2029) | Share, COVID-19 IMPACT, Analysis, Industry, Revenue, Forecast, Value, Companies, Trends, Growth & Size

India Retail Market Highlights

Report Name	India Retail Market
Base Year	2022
Historical Period	2019-2022
Forecast Period	2023-2029
Growth rate	14%
Report Coverage	Revenues & Volume, Market Trends, Drivers & Challenges, Market Forecast, Market Share
Segment Coverage	By Product, By Distribution Channel
Customization Scope	100% customized reports available along with reliable data. Moreover, you can alter the segments, countries, and regions according to your needs. For further details, you can contact our research expert at sales@6wresearch.com
Pricing and Purchase Options	Avail customization purchase option to know the exact pricing of your research needs

Topics Covered in India Retail Market Report

India Retail Market report thoroughly covers the market by product, by distribution channel. The market report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

India Retail Market Synopsis

The India retail market is a significant segment of the country`s economy and consumer goods industry. The retail market encompasses a wide range of consumer products, including electronics, fashion, food, and household items, sold through various channels such as brick-and-mortar stores, e-commerce platforms, and online marketplaces. The market is driven by factors such as the growing urban population, rising disposable income, changing consumer preferences, and the increasing adoption of digital shopping platforms. The demand for convenience and seamless shopping experiences also contributes to the growth of the retail market in India. Retailers and brands in this market play a crucial role in catering to the diverse needs and preferences of consumers across different regions and demographics.

According to 6Wresearch, the India Retail Market size is projected to register a CAGR of 14% during 2023–2029. The market is influenced by several factors. Firstly, the increasing urbanization and the rise of the middle-class population in the country have led to higher disposable incomes and increased consumer spending on retail products. The growth of organized retail formats, such as supermarkets, hypermarkets, and e-commerce platforms, has enhanced the accessibility and convenience of shopping for consumers. Secondly, changing consumer preferences and the influence of global brands and trends impact the demand for a wide range of retail products, from fashion apparel and electronics to household goods and personal care products. Moreover, the growth of the retail market is further fueled by various government initiatives and policies aimed at boosting the retail sector`s growth and creating a favorable business environment. These factors aid in stimulating the India Retail Market Growth.

The market faces several challenges that impact its growth and dynamics. One significant challenge is the increasing competition from e-commerce and online retail platforms, which offer convenience and a wide range of products to consumers. Brick-and-mortar retailers need to adapt to changing consumer shopping habits and invest in omnichannel strategies to remain competitive in the market. Moreover, the market`s reliance on informal and unorganized retail sectors can impact the standardization and consumer trust in products and services. Promoting brand reputation and quality assurance can help bridge the gap between organized and unorganized retail segments. The market also faces challenges related to logistics and supply chain management, with efficient distribution networks and inventory management being critical for retailers to meet consumer demands and expectations.

COVID-19 Impact on India Retail Industry

The retail market faced significant disruptions during the pandemic due to store closures and supply chain challenges. However, the growth of e-commerce and digital retail platforms provided opportunities for businesses to adapt to changing consumer preferences. The impact of the COVID-19 pandemic on consumer behavior and preferences has accelerated the shift towards online shopping and digital transactions, led to changes in footfall and sales in physical retail stores. Adapting to the new normal and offering seamless online and offline shopping experiences are essential for retailers` success.

Key Players of the Market

The India retail market is served by a diverse range of companies operating in various retail sectors. Some key players include Reliance Retail Ltd., Future Group, Aditya Birla Retail Ltd., and Avenue Supermarts Ltd. (DMart). These companies are major players in the retail industry, offering a wide variety of products and services in sectors such as grocery, fashion, electronics, and home improvement. Their focus on customer experience, value for money, and expansion strategies has made them key players in the retail market in India.

Retail Market in India: Government Initiatives

The Indian government has implemented many initiatives in order to boost the retail market growth and improve its contribution to the economy. One of the key initiatives is the 'Make in India' campaign, and this initiative focuses on promoting domestic manufacturing, including the production of retail items. The 'Goods and Services Tax' (GST) introduced in 2017 brought about a unified tax structure, which helps in simplifying the taxation system as well as reducing tax barriers across states, thereby enhancing the ease of doing business in the retail sector. In addition, the 'Digital India' program has inspired the adoption of virtual payment systems and e-commerce platforms, boosting the growth of online retail.

India Retail Market Size

The retail market in the country is one of the largest as well as fastest-growing markets in the world.  The market encompasses a wide array of formats, including standalone stores, organized retail chains, and stores, e-commerce platforms. This sector plays a key role in the economy of the country as it contributes to GDP and employment generation. Many drivers are supporting the India Retail Market Share and size and these are rising disposable incomes, and changing consumer preferences. In addition, growth in e-commerce activity has also revolutionized the way people in India shop, provide convenience as well as access to a vast array of products.

Market by Product

In terms of product, the food and beverages segment tend to have steady growth, owing to the factors such as population growth, urbanization, changing consumer preferences, as well as increasing disposable income.

Market by Distribution Channel

In terms of distribution channel, Supermarkets/Hypermarkets segment dominated the market as it registered the highest revenue share. The same segment by distribution channel will continue to grow due to the fact that people prefer to buy products by touching them as it gives them better understanding of the products’ quality.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• India Retail Market Outlook
• Market Size of India Retail Market, 2022
• Forecast of India Retail Market, 2029
• Historical Data and Forecast of India Retail Revenues & Volume for the Period 2019 - 2029
• India Retail Market Trend Evolution
• India Retail Market Drivers and Challenges
• India Retail Price Trends
• India Retail Porter's Five Forces
• India Retail Industry Life Cycle
• Historical Data and Forecast of India Retail Market Revenues & Volume By Product for the Period 2019 - 2029
• Historical Data and Forecast of India Retail Market Revenues & Volume By Food and Beverages for the Period 2019 - 2029
• Historical Data and Forecast of India Retail Market Revenues & Volume By Personal and Household Care for the Period 2019 - 2029
• Historical Data and Forecast of India Retail Market Revenues & Volume By Apparel for the Period 2019 - 2029
• Historical Data and Forecast of India Retail Market Revenues & Volume By Footwear and Accessories for the Period 2019 - 2029
• Historical Data and Forecast of India Retail Market Revenues & Volume By Furniture for the Period 2019 - 2029
• Historical Data and Forecast of India Retail Market Revenues & Volume By Toys for the Period 2019 - 2029
• Historical Data and Forecast of India Retail Market Revenues & Volume By Electronic and Household Appliances for the Period 2019 - 2029
• Historical Data and Forecast of India Food and Beverages Retail Market Revenues & Volume By Other Products for the Period 2019 - 2029
• Historical Data and Forecast of India Retail Market Revenues & Volume By Distribution Channel for the Period 2019 - 2029
• Historical Data and Forecast of India Retail Market Revenues & Volume By Supermarkets/Hypermarkets for the Period 2019 - 2029
• Historical Data and Forecast of India Retail Market Revenues & Volume By Convenience Stores for the Period 2019 - 2029
• Historical Data and Forecast of India Retail Market Revenues & Volume By Department Stores for the Period 2019 - 2029
• Historical Data and Forecast of India Retail Market Revenues & Volume By Specialty Stores for the Period 2019 - 2029
• Historical Data and Forecast of India Retail Market Revenues & Volume By Online for the Period 2019 - 2029
• Historical Data and Forecast of India Retail Market Revenues & Volume By Other Distribution Channels for the Period 2019 - 2029
• India Retail Import Export Trade Statistics
• Market Opportunity Assessment By Product
• Market Opportunity Assessment By Distribution Channel
• India Retail Top Companies Market Share
• India Retail Competitive Benchmarking By Technical and Operational Parameters
• India Retail Company Profiles
• India Retail Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Product

• Food And Beverages
• Personal And Household Care
• Apparel
• Footwear And Accessories
• Furniture
• Toys
• Electronic And Household Appliances
• Other Products

By Distribution Channel

• Supermarkets/Hypermarkets
• Convenience Stores
• Department Stores
• Specialty Stores
• Online
• Other Distribution Channels