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According to the report by Expert Market Research (EMR), the India retail market size reached a value of USD 952.02 billion in 2023. Aided by the rapid urbanisation, rising disposable incomes, and increasing internet penetration, the market is projected to further grow at a CAGR of 11.4% between 2024 and 2032 to reach a value of USD 2542.22 billion by 2032.

Retail in India encompasses a wide range of products, including groceries, apparel, electronics, and home goods. The market is characterised by a mix of organised and unorganised sectors, with traditional family-run stores coexisting alongside modern retail formats such as supermarkets, hypermarkets, and e-commerce platforms. This diversity offers a unique blend of shopping experiences to consumers, catering to varying preferences and purchasing power.

The India retail market growth is primarily driven by the country’s economic progress, leading to an increase in disposable incomes. The rising middle class, with its growing purchasing power, has significantly contributed to the expansion of the retail sector. Additionally, the government’s favourable policies, such as the Goods and Services Tax (GST) implementation and foreign direct investment (FDI) liberalisation, have created a conducive environment for retail growth.

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The increasing urbanisation and changing consumer lifestyles have also played a crucial role in the market’s growth. With more people moving to urban areas, there is a heightened demand for convenience-oriented shopping formats like supermarkets and e-commerce platforms. Moreover, the proliferation of smartphones and internet accessibility has revolutionised the retail landscape, making online shopping more prevalent and boosting e-commerce sales, consequently driving up the India retail market share.

The e-commerce segment has emerged as a major growth driver in the market. The convenience of online shopping, coupled with competitive pricing and diverse product offerings, has led to a significant shift towards e-commerce platforms. Major players such as Amazon, Flipkart, and Reliance Retail have dominated this space, continually innovating to enhance customer experience.

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As per the India retail market outlook, the organised retail sector, which includes supermarkets, hypermarkets, and specialty stores, is experiencing rapid growth due to increasing consumer preference for modern retail formats. Organised retail offers several advantages, including a wider range of products, better quality assurance, and a more enjoyable shopping experience. The rise of shopping malls in urban areas has further facilitated the growth of organised retail, providing consumers with a one-stop shopping destination.

Additionally, organised retail players are increasingly adopting technology to enhance customer engagement and streamline operations. The use of data analytics, artificial intelligence, and digital payment systems is becoming more prevalent, enabling retailers to offer personalised services and improve inventory management.

As per the India retail market analysis, despite the growth of organized retail, the unorganised sector, comprising traditional family-run stores and local markets, continues to play a significant role in the market. These small retailers are integral to the community, offering personalised services and fostering strong customer relationships. They are also pivotal in catering to the needs of rural and semi-urban populations, where organized retail penetration is limited.

The unorganised sector is gradually evolving, with many small retailers adopting digital payment methods and leveraging e-commerce platforms to reach a broader customer base. Initiatives by the government and private organisations to digitize small businesses are further aiding this transition.

Market Segmentation

The market can be divided based on product, sector, distribution channel, and region

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

Competitive landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the India retail market. Some of the major players explored in the report by expert market research are as follows:

• 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.
• RP Sanjiv Goenka Group (Spencer’s Retail Limited)
• Others