April 28, 2022
The industry is expected to see an annual growth of 10%
India's consumption has surpassed pre-pandemic growth levels by reaching 17%
E-commerce in the country is expected to reach US$ 130 billion by 2026
India's consumption was growing at 12% before the pandemic
The retail industry is likely to reach around US$ 2 trillion by 2032, according to a BCG-RAI report titled “Racing towards the next wave of Retail in India”. It is expected to see an annual growth of 10%.
As per the report, India’s consumption, which was growing at 12% during the pre-pandemic growth levels, has now reached 17%.
The report provides an in-depth study of the country’s retail stakeholders, by outlining issues in the current scenario, and also emphasizing the emerging trends and models that have the potential to define the retail industry’s future.
Industry segments like food and grocery, restaurants, QSR, and consumer durables have recovered to pre-Covid levels after shaking recovering from the post-pandemic slump. Other sectors like jewellery, apparel, and footwear remain on track to a full recovery.
Experts mentioned that organized retailers will focus on footprint development across all mediums—offline and online—in the coming decade to fuel future growth. According to the report, e-commerce in the country is predicted to reach US$ 130 billion by 2026, up from US$ 45 billion in 2021.