06 February 2024, Mumbai
India's non-food and grocery value retail market is poised for explosive growth, according to a recent assessment by Wazir Advisors.
Interesting data-points
The sector is poised to rise 53% from its existing $111 billion in FY23 to a pupil-dilating $170 billion by the time we reach 2026, ensuring a healthy CAGR of 15%, which remarkably outperforms the secular retail sector's estimated 10% CAGR.
This impressive growth trajectory paints a promising picture for non-food and grocery retailers in India, as the total retail sector is projected to reach a massive $1,219 billion by FY26.
Growth kickers?
Several factors are contributing to the surge, including:
Fierce competition:
The market is becoming more and more competitive, with both domestic and international players vying for market share. Infrastructure irritants: Logistics and supply chain bottlenecks can chowk growth in smaller towns and cities.
Regulatory hurdles:
Complex regulations and licensing procedures can create entry barriers for new players.
Despite these challenges, the future of non-food and grocery retail in India appears bright.
By addressing these odds and capitalizing on the growth drivers, the sector is all set to play a pivotal role in India's economic development.
