The Indian retail sector is expected to reach ~$2 Tn by 2032
By MYBRANDBOOK
Indian retail market is expected to reach $1.1 Tn by 2027 and $2 Tn by 2032 growing at 25% CAGR. The retail market in India has undergone a major transformation and has witnessed tremendous growth in the last 10 years.
India is one of the most promising and developing marketplaces in the world. There is a great deal of desire among multinational corporations to take advantage of the consumer base in India and to enter the market first. Increasing purchasing power has led to growing demand. A data point says, nearly 60 shopping malls encompassing a total retail space of 23.25 million sq. ft are expected to become operational during 2023-25.
The Indian retail market is largely unorganized. However, over the next 3-5 years, share of modern retail (including e-commerce) will increase to 30-35% with share of traditional retail coming down to 65-70%.
A recent survey revealed that 95% of the respondents who are currently billing manually would like to switch to a modern POS solution by 2029. The top three features these businesses seek in their POS solution are: ease of use, cost-effectiveness, and mobile billing.
As the retail sector expands, and India being the fourth largest market in the world, the digital needs of this segment will grow as well, specifically for small and medium businesses. The Growth Drivers are:
Growing income
By 2030 India will add 140 Mn middle-income and 21 Mn high-income households – Leading to a huge emerging middle class.
Increased online spending
Online shoppers in India are expected to reach ~500 Mn in 2030, more than 2x increase from 220 Mn users in 2022.
Growth of rural consumption
Rural per capita consumption will grow 4.3 times by 2030, compared to 3.5 times in urban areas
Young millennial households
By 2030, India will add nearly 90 Mn new households headed by millennials, who were born into liberalized India.
India is one of the most promising and developing marketplaces in the world and the sizeable middle class and nearly unexplored retail market in India are the main enticing factors for international retail behemoths seeking to move into newer markets, which will help the Indian retail business grow more quickly.
India’s retail sector was experiencing exponential growth with retail development taking place not just in major cities and metros, but also in small cities. The most important is the urban Indian consumer's purchasing power is increasing, and branded goods in categories like apparel, cosmetics, footwear, watches, beverages, food, and even jewellery are gradually evolving into business and leisure that are well-liked by the urban Indian consumer.
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