Retail in Frontier Markets in South Asia: Three Key Trends for 2026

October 2026

This report covers the retail sector in the frontier markets of South Asia. Euromonitor International’s definition of the region includes the following countries:

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Overview:

Understand the latest market trends and future growth opportunities for the Retail industry in Bangladesh with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.

Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.

Data and analysis in thsi report provides detailed qualitative analysis for the folloiwng regions, with detailed quantitative analaysis provided for all indivdiual countries within the regional groupings:

  • The Baltic States – Estonia, Latvia, Lithuania
  • Frontier Markets in Southeast Europe – Bosnia and Herzegovina, Croatia, North Macedonia, Serbia, Slovenia
  • Central Asia and the Caucasus – Azerbaijan, Georgia, Kazakhstan, Uzbekistan
  • Frontier Markets in South Asia – Bangladesh, Pakistan, Sri Lanka 
  • Frontier Markets in Southeast Asia – Cambodia, Laos, Myanmar
  • Central America and the Caribbean – Dominican Republic, Guatemala, Honduras, El Salvador, Panama, Costa Rica
  • Frontier Markets in South America – Bolivia, Ecuador, Paraguay, Uruguay
  • Frontier Markets in the Middle East and North Africa – Algeria, Iraq, Jordan, Kuwait, Lebanon, Oman, Qatar, Tunisia
  • Frontier Markets in Sub-Saharan Africa – Angola, Cote d Ivoire, Ethiopia, Ghana, Kenya, Cameroon, Tanzania, Uganda

Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:

  • Grocery Retailers
  • Non-Grocery Retailers
  • Retail E-Commerce
  • Direct Selling
  • Vending

If you're in the Retail industry in Bangladesh, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.

The Retail in Bangladesh report includes:

  • Analysis of key retail trends
  • Detailed segmentation of histroic retail value sales by channel
  • Company and brand market shares (retail value sales)
  • Five year forecasts of market trends and market growth
  • Robust and transparent research methodology, conducted in-country

This report answers:

  • What is the market size of Retail in Bangladesh?
  • Which are the leading retailers in Retail in Bangladesh?
  • How are products distributed in Retail in Bangladesh?
  • How is the rise of e-commerce and the expansion of modern grocery retail impacting traditional retail?
  • How significant are discounters and private label in Bangladesh?
  • To what extent are sales shifting towards digital channels?​
  • What is the long-term outlook for bricks-and-mortar? ​
  • How is macroeconomic and political uncertainty affecting the retail industry?​
  • What types of retailers are seeing the fastest growth in digital sales?​
  • What is the future of retail?

Retail in Frontier Markets in South Asia: Three Key Trends for 2026

Frontier Markets in South Asia Overview
Chart 1 Retail in Context 2025
Chart 2 Retail in the Context of Asia Pacific 2020-2025
Retail in 2025: The big picture
Chart 3 Retail Sales 2020-2030
Bangladesh builds on its lead as the largest retail market of the frontier markets of South Asia by sales
Chart 4 Retail Channel Breakdown by Country 2020-2025
E-commerce sales growth outperformed store-based retail channels in every frontier market in 2025
Chart 5 Retail Breakdown by Channel 2020-2025
Organised retailers are expanding beyond major cities to capture underserved consumer demand
Technology is reshaping retail through ecosystem-building, automation and digital engagement
As digital payments become easier, logistics is becoming the key differentiator in e-commerce growth
E-commerce and modern grocery expansion drove retailer share gains regionally
Chart 6 Top 10 Retail Companies 2020-2025
Digital-first retailers gained share through platform expansion and convenience
Chart 7 Top Companies by Sales Growth 2020-2025
Leading grocers combined expansion, modernisation and innovation to drive growth
Chart 8 Grocery Retailers: Top Companies 2020-2025
Scale, omnichannel capabilities and expansion underpinned non-grocery retailer leadership
Chart 9 Non-Grocery Retailers: Top Companies 2020-2025
E-commerce leaders combined logistics innovation with specialised retail positioning
Chart 10 Retail E-Commerce: Top Companies 2020-2025
Direct sellers advanced through digitalisation, wellness innovation and personalisation
Chart 11 Direct Selling: Top Companies 2020-2025
What next for retail?
Chart 12 The Evolution of Retail 2020-2030
Chart 13 Absolute Growth by Channel 2020-2030
E-commerce and retail formalisation will drive the frontier markets in South Asia’s next growth phase
Chart 14 Retail: Country Sizes and Growth by Channel 2020-2030
E-commerce will generate most future retail growth across the frontier markets of South Asia
Chart 15 Retail: Channel Sizes and Growth by Country 2020-2030
Bangladesh
Chart 16 Bangladesh: Company Shares of Grocery Retailers 2025
Chart 17 Bangladesh: Grocery Retailers Channel Breakdown 2025 and % CAGR 2020-2025
Chart 18 Bangladesh: Company Shares of Non-Grocery Retailers 2025
Chart 19 Bangladesh: Non-Grocery Retailers Channel Breakdown 2025 and % CAGR 2020-2025
Pakistan
Chart 20 Pakistan: Company Shares of Grocery Retailers 2025
Chart 21 Pakistan: Grocery Retailers Channel Breakdown 2025 and % CAGR 2020-2025
Chart 22 Pakistan: Company Shares of Non-Grocery Retailers 2025
Chart 23 Pakistan: Non-Grocery Retailers Channel Breakdown 2025 and % CAGR 2020-2025
Chart 24 Pakistan: Company Shares of Retail E-Commerce 2025
Chart 25 Pakistan: Company Shares of Direct Selling 2025
Sri Lanka
Chart 26 Sri Lanka: Company Shares of Grocery Retailers 2025
Chart 27 Sri Lanka: Grocery Retailers Channel Breakdown 2025 and % CAGR 2020-2025
Chart 28 Sri Lanka: Company Shares of Non-Grocery Retailers 2025
Chart 29 Sri Lanka: Non-Grocery Retailers Channel Breakdown 2025 and % CAGR 2020-2025
Chart 30 Sri Lanka: Company Shares of Retail E-Commerce 2025
Chart 31 Sri Lanka: Company Shares of Direct Selling 2025

DISCLAIMER

Retail

Retail is the sale of new and used goods to consumers from a business for personal or household consumption from retail outlets, kiosks, market stalls, vending, direct selling and e-commerce. Retail is the aggregation of Retail Offline and Retail E-Commerce. Excludes specialist retailers of motor vehicles, motorcycles, vehicle parts. Also excludes fuel sales, foodservice sales, rental transactions, wholesale sales (e.g. Cash and Carry), and sales through cannabis dispensaries in markets where cannabis is sold legally. Sales value excluding or including VAT/Sales Tax. Retail also excludes the informal retail sector. Informal retailing is retail trade which is not declared to the tax authorities. Informal retailing encompasses (a) sales generated by unregistered and unlicensed retailers, i.e. retailers operating illegally, and (b) any proportion of sales generated by a registered and licensed retailer that is not declared to the tax authorities. Unregistered and unlicensed retailers operate predominantly (although not exclusively) as street hawkers or operate open market stalls, as these channels are harder for the authorities to monitor than permanent outlets. Activities in the illegal market, which is usually understood to refer to trade in illegal, counterfeit or stolen merchandise, are included within our definition of informal retailing. Activities in the “grey market”, which is usually understood to refer to trade in legal merchandise that is sold through unauthorized channels – for example cigarettes bought legally in another country, legally imported, but sold at lower prices than in authorized channels – will be included as informal retailing if no tax is paid on sale by the retailer. However if the retailer pays tax – for example on cigarettes bought legally in another country but sold at a lower price than standard – the sale is included within formal retail.

See all of our definitions
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This report originates from Passport, our Retail research and analysis database.

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