Table Of Contents
Roshan Deshmukh
Pooja Parvatkar
Scanning the Top 10 Markets in the Consumer Goods Industry of Q4 2023
The consumer goods industry is being shaped by rapid technological advancements, sustainability concerns, and a heightened focus on e-commerce. Companies are prioritizing digital strategies, eco-friendly practices, and personalized experiences to meet evolving consumer expectations. Supply chain resilience and innovation remain crucial in navigating the industry's ever-changing landscape. Allied Market Research has identified the top 10 markets in the consumer goods sector for the fourth quarter of 2023, showcasing the most promising areas of growth and investment.
Cosmetics
Cosmetics have become an essential part of people's daily lifestyles. There is an increase in the number of social media users owing to the rise in internet penetration. Thus, most key players in the market strategize on promoting their products and services on these social media platforms. Thus, through the social media marketing strategy, the global cosmetics market witnesses a critical opportunity to gain traction and increase its customer reach among its target segments. In addition, a rise in the number of working women leads to the growth of cosmetics sales in the market. The global cosmetics market size was valued at $429.2 billion in 2022, and is projected to reach $864.6 billion by 2032, growing at a CAGR of 7.1% from 2023 to 2032.
Robotic Lawn Mower
The market for robotic lawn mowers is greatly influenced by the introduction of technological advancements. These technological advancements have made conventional lawn care a more effective, practical, and ecologically beneficial activity. The introduction of cutting-edge features and capabilities into robotic mowers is one of the main drivers boosting this market. In addition, machine learning algorithms are being used to improve the functioning of robotic lawn mowers. These developments not only guarantee a well-kept lawn but also help consumers save time and energy. The global robotic lawn mower market size was valued at $838.5 million in 2022, and is projected to reach $2.4 billion by 2032, growing at a CAGR of 10.9% from 2023 to 2032.
Online Clothing Rental
Rising consumer awareness regarding sustainable clothing and growing focus on circular economy are boosting the growth of the online clothing rental market. Consumers find clothing rental more affordable and cost-effective since it enables them to wear clothes of different brands and styles for a while without paying the full price of the clothes using them at affordable price and returning them to the service provider after use. Furthermore, many young consumers want to spend less on clothing and also keep up with the latest fashion trends. The global online clothing rental market size was valued at $1.1 billion in 2022, and is projected to reach $2.6 billion by 2032, growing at a CAGR of 9.2% from 2023 to 2032.
Sanitary Ware
The sanitary ware market has a lot of potential to grow in the emerging markets of South America, Africa, and Asia. The demand for bathroom fixtures and fittings is rising in these areas due to fast urbanization and changes in living standards. The established firms and new establishments that manufacture sanitary ware products are working together to meet the rising demand for the products. The global sanitary ware market size was valued at $9 billion in 2022, and is projected to reach $15.9 billion by 2032, growing at a CAGR of 6.1% from 2023 to 2032.
Fashion Events
Fashion events are planned to present new collections, advertise fashion labels, encourage industry experts to network, and interact with customers. Technology will keep playing an important role in fashion events. Brands will be able to reach a global audience by using virtual fashion shows, live streaming, and augmented reality (AR) experiences. Events will increasingly incorporate online markets and other forms of e-commerce. The fashion events industry is driven by innovation. The dynamics of the market are shaped by the ongoing digital revolution, sustainability requirements, inclusivity and diversity programs, long-lasting effects of COVID-19, consumer engagement methods, fierce rivalry, and dedication to innovation. In a constantly shifting industry environment, fashion events must remain flexible and receptive to these changes. The global fashion events market size was valued at $33.6 billion in 2022, and is projected to reach $61.5 billion by 2032, growing at a CAGR of 5.3% from 2023 to 2032.
Community Based Tourism
Community based tourism provides travelers with real insights into local lives and ensures that the travel experience provides genuine aid to local people. Moreover, in this type of tourism, local indigenous communities invite people to experience their customs, food, lifestyle, and set of beliefs. The increased value placed on local culture preservation and promotion has become a key driver of Community Based Tourism Market (CBT) growth. Communities that place a high priority on preserving and honoring their cultural history frequently reap a number of advantages. The global community based tourism market was valued at $575.9 billion in 2022, and is projected to reach $2136.8 billion by 2032, growing at a CAGR of 14.1% from 2023 to 2032.
Sharing Accommodation
Growth in intraregional travel, surge in affordable travel options, and rise in implementation of digital platforms have led to robust growth of the global sharing accommodation market. The increase in the millennial population is a major driver in the sharing accommodation market and has led to several changes in the way people live around the world. There has been a significant rise in co-living spaces that have made sharing accommodation more attractive to millennials. Millennials are drawn to urban centers for job opportunities, but these areas often come with high rental costs. Sharing accommodations enables them to affordably access city living without compromising on location. The global sharing accommodation market size was valued at $120.8 billion in 2022, and is projected to reach $235.7 billion by 2032, growing at a CAGR of 6.4% from 2023 to 2032.
Budget Hotels
Budget hotels, sometimes referred to as economy hotels or value hotels, are lodging options that are reasonably priced for guests who want to travel but also want a comfortable place to stay. In contrast to premium hotels, these hotels strive to offer fundamental amenities and services at lower prices. Budget hotels are poised to keep using social media and digital marketing to connect with their target demographic. Brand promotion may be greatly aided by user-generated content, influencer partnerships, and engaging content. Budget hotels are capitalizing on the trend of tourists looking for real local experiences. They collaborate with neighborhood companies, make suggestions for neighboring attractions, and plan community-oriented activities. By offering a compelling value proposition, budget hotels let visitors save money on lodging while still having a pleasant stay. The global budget hotels market size was valued at $276.3 billion in 2022, and is projected to reach $430.9 billion by 2032, growing at a CAGR of 4.1% from 2023 to 2032.
Office Decoration
A shift towards hybrid work models, post the COVID-19 pandemic, has led to demand for spaces that promote collaboration, social distancing, and mental well-being. Furthermore, many organizations, especially start-ups, have embraced a variety of workplace décor, including flexible workstation and pod layouts, natural lighting, wall coverings, indoor container plants, and other design ideas. These fresh ideas for office decor will support the market's expansion. Multinational firms frequently make attempts to maintain uniformity in branding and design throughout all of their locations, which functions as a growth factor for the market. As a result, standardized office decoration techniques and designs are the result, such factors surge the Office Decoration Market growth. The global office decoration market was valued at $5.1 billion in 2022, and is projected to reach $7.9 billion by 2032, growing at a CAGR of 4.5% from 2023 to 2032.
Sharing Accommodation
The surge in the number of people traveling in a group has significantly driven the growth of the sharing accommodation market. Group travelers typically require multiple rooms or larger accommodations to accommodate their entire group. This leads to higher occupancy rates for sharing accommodation, making it more financially viable for hosts. Group tours often involve longer stays, which can provide hosts with a consistent source of income over an extended period, reducing the need for frequent turnover. When group travelers share a single accommodation, the cost per person can be reduced, making sharing accommodation an attractive option compared to booking multiple hotel rooms. Hosts can tailor their amenities and services to cater to group needs, such as offering communal kitchens, larger dining spaces, and facilities for group activities. The global sharing accommodation market size was valued at $120.8 billion in 2022, and is projected to reach $235.7 billion by 2032, growing at a CAGR of 6.4% from 2023 to 2032.
The Bottom Line
The future of the consumer goods industry is marked by innovation, sustainability, and digitization. Smart technologies, such as IoT-enabled devices and AI-driven personalization, will reshape consumer experiences. Eco-friendly and socially responsible practices will gain prominence, influencing product design and manufacturing. E-commerce and direct-to-consumer models will continue to flourish, altering traditional retail landscapes. Explore the future of the consumer goods industry - Contact AMR analysts for deeper insights and strategic guidance.
