India Retail Market Report and Forecast 2024-2032

India Retail Market Size

The India retail market reached USD 952.02 billion in 2023. The market is projected to grow at a CAGR of 11.4% between 2024 and 2032, reaching almost USD 2542.22 billion by 2032.

Key Takeaways:

• Supermarkets account for nearly 12%-15% of all consumer goods sales in India.

• Kirana stores account for nearly 75%-78% of all consumer goods sales in India.

• Omnichannel retail is expected to remain popular among Indian consumers over the forecast period.

The entry of several multinational companies into India, driven by its rising population size, increasing disposable incomes, and positive rates of consumption has become one of the key India retail market trends. Since 2021, 24 new global brands have entered the Indian market, which has favourably affected the India retail market growth. 1/4th of these new entrants operate in the food and beverage category, which is expected to remain one of the key growth segments over the forecast period.

The most heavily concentrated regions for the India retail market include Delhi NCR, Mumbai, Chennai, Pune, Kolkata, Hyderabad, and Bengaluru, with South India taking up the biggest market share. The emergence of new technologies like augmented reality is expected to enhance the customer experience in brand retail stores and drive the India retail market growth in the forecast period.

Small and medium-sized kirana stores are the most popular form of retail outlet in India. This is because they offer a wide range of goods and are easily accessible in remote regions. Their product offerings include everything ranging from groceries to electronics and footwear to clothing items. They provide home deliveries to their regular customers and are easily reachable through phones.

In recent times, supermarkets have emerged as modern retail outlets in major Indian cities. They enable consumers to shop for their daily necessities through their neatly stacked shelves of groceries, food, and other essential items. This is expected to contribute to the India retail market expansion in the forecast period.

Market Segmentation

India Retail Industry Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Product

• Food, Beverage, and Grocery

• Personal and Household Care

• Apparel, Footwear, and Accessories

• Furniture and Home Décor

• Industrial and Automotive

• Electronic and Household Appliances

• Pharmaceuticals

• Others

Market Breakup by Sector

• Organised

• Unorganised

Market Breakup by Distribution Channel

• Hypermarket and Supermarket

• Convenience Stores

• Speciality Stores

• E-Commerce

• Others

Market Breakup by Region

• North India

• East and Central India

• West India

• South India

The key India retail market players are Reliance Industries Limited, Aditya Birla Group, Avenue Supermarts Limited (DMart), Tata Sons Private Limited, Vijay Sales (INDIA) Private Limited, V--Mart Retail Ltd., K Raheja Corp. (Shoppers Stop Ltd.), Landmark Group, V2Retail Ltd., and RP Sanjiv Goenka Group (Spencer’s Retail Limited), among others.

Key Highlights of the Report