Retail in India

March 2024
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Overview:

Understand the latest market trends and future growth opportunities for the Retailing industry in India 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 this report provides further detailed coverage dedicated to the following key categories, where applicable:

  • Convenience Stores
  • Discounters
  • Hypermarkets
  • Supermarkets
  • Traditional Grocery Retailers
  • Apparel and Footwear Specialist Retailers
  • Electronics and Appliance Specialist Retailers
  • Health and Beauty Specialist Retailers
  • Home and Garden Specialist Retailers
  • Department Stores
  • Variety Stores
  • Warehouse Clubs
  • Direct Selling
  • Homeshopping
  • Vending

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

The Retailing in India report includes:

  • Analysis of key supply-side and demand trends
  • Detailed segmentation of international and local products
  • Historic volume and value sizes, company and brand market shares
  • 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 Retailing in India?
  • Which are the leading retailers in Retailing in India?
  • How are products distributed in Retailing in India?
  • 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 India?
  • How has the impact of COVID-19 and national lockdown impacted consumer demand?
  • Which formats have benefited the most from stockpiling and enforced home seclusion?
  • How will the wider economic impact of COVID-19 shape the retail landscape in the future?
  • Where is future growth expected to be most dynamic?
Download Table of Contents

Retail in India

Retail in 2023: The big picture
A landmark reform is seen in terms of the operation of retail businesses in India
Omnichannel experience becomes key for both offline as well as offline retailers
What next for retail?
Informal retail
Opening hours for physical retail
Summary 1 Standard Opening Hours by Channel Type 2023
Seasonality
Table 1 Sales in Retail by Retail Offline vs Retail E-Commerce: Value 2018-2023
Table 2 Sales in Retail by Retail Offline vs Retail E-Commerce: % Value Growth 2018-2023
Table 3 Sales in Retail Offline by Channel: Value 2018-2023
Table 4 Sales in Retail Offline by Channel: % Value Growth 2018-2023
Table 5 Retail Offline Outlets by Channel: Units 2018-2023
Table 6 Retail Offline Outlets by Channel: % Unit Growth 2018-2023
Table 7 Sales in Retail E-Commerce by Product: Value 2018-2023
Table 8 Sales in Retail E-Commerce by Product: % Value Growth 2018-2023
Table 9 Grocery Retailers: Value Sales, Outlets and Selling Space 2018-2023
Table 10 Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 11 Sales in Grocery Retailers by Channel: Value 2018-2023
Table 12 Sales in Grocery Retailers by Channel: % Value Growth 2018-2023
Table 13 Grocery Retailers Outlets by Channel: Units 2018-2023
Table 14 Grocery Retailers Outlets by Channel: % Unit Growth 2018-2023
Table 15 Non-Grocery Retailers: Value Sales, Outlets and Selling Space 2018-2023
Table 16 Non-Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 17 Sales in Non-Grocery Retailers by Channel: Value 2018-2023
Table 18 Sales in Non-Grocery Retailers by Channel: % Value Growth 2018-2023
Table 19 Non-Grocery Retailers Outlets by Channel: Units 2018-2023
Table 20 Non-Grocery Retailers Outlets by Channel: % Unit Growth 2018-2023
Table 21 Retail GBO Company Shares: % Value 2019-2023
Table 22 Retail GBN Brand Shares: % Value 2020-2023
Table 23 Retail Offline GBO Company Shares: % Value 2019-2023
Table 24 Retail Offline GBN Brand Shares: % Value 2020-2023
Table 25 Retail Offline LBN Brand Shares: Outlets 2020-2023
Table 26 Retail E-Commerce GBO Company Shares: % Value 2019-2023
Table 27 Retail E-Commerce GBN Brand Shares: % Value 2020-2023
Table 28 Grocery Retailers GBO Company Shares: % Value 2019-2023
Table 29 Grocery Retailers GBN Brand Shares: % Value 2020-2023
Table 30 Grocery Retailers LBN Brand Shares: Outlets 2020-2023
Table 31 Non-Grocery Retailers GBO Company Shares: % Value 2019-2023
Table 32 Non-Grocery Retailers GBN Brand Shares: % Value 2020-2023
Table 33 Non-Grocery Retailers LBN Brand Shares: Outlets 2020-2023
Table 34 Forecast Sales in Retail by Retail Offline vs Retail E-Commerce: Value 2023-2028
Table 35 Forecast Sales in Retail by Retail Offline vs Retail E-Commerce: % Value Growth 2023-2028
Table 36 Forecast Sales in Retail Offline by Channel: Value 2023-2028
Table 37 Forecast Sales in Retail Offline by Channel: % Value Growth 2023-2028
Table 38 Forecast Retail Offline Outlets by Channel: Units 2023-2028
Table 39 Forecast Retail Offline Outlets by Channel: % Unit Growth 2023-2028
Table 40 Forecast Sales in Retail E-Commerce by Product: Value 2023-2028
Table 41 Forecast Sales in Retail E-Commerce by Product: % Value Growth 2023-2028
Table 42 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 43 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 44 Forecast Sales in Grocery Retailers by Channel: Value 2023-2028
Table 45 Forecast Sales in Grocery Retailers by Channel: % Value Growth 2023-2028
Table 46 Forecast Grocery Retailers Outlets by Channel: Units 2023-2028
Table 47 Forecast Grocery Retailers Outlets by Channel: % Unit Growth 2023-2028
Table 48 Non-Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 49 Non-Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 50 Forecast Sales in Non-Grocery Retailers by Channel: Value 2023-2028
Table 51 Forecast Sales in Non-Grocery Retailers by Channel: % Value Growth 2023-2028
Table 52 Forecast Non-Grocery Retailers Outlets by Channel: Units 2023-2028
Table 53 Forecast Non-Grocery Retailers Outlets by Channel: % Unit Growth 2023-2028

DISCLAIMER

Summary 2 Research Sources

Convenience Retailers in India

KEY DATA FINDINGS

Uncertain environment for convenience retailers
Kendriya Bhandar leads the competition, while Easy Day struggles
Forecourt retailers shows growth on the back of increased travel activities
Strong competition from modern grocery retail formats set to continue
Moving forward, convenience stores may be a lucrative option for international brands
Digital transformation will be important
Table 54 Convenience Retailers: Value Sales, Outlets and Selling Space 2018-2023
Table 55 Convenience Retailers: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 56 Sales in Convenience Retailers by Channel: Value 2018-2023
Table 57 Sales in Convenience Retailers by Channel: % Value Growth 2018-2023
Table 58 Convenience Retailers GBO Company Shares: % Value 2019-2023
Table 59 Convenience Retailers GBN Brand Shares: % Value 2020-2023
Table 60 Convenience Retailers LBN Brand Shares: Outlets 2020-2023
Table 61 Convenience Retailers Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 62 Convenience Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 63 Forecast Sales in Convenience Retailers by Channel: Value 2023-2028
Table 64 Forecast Sales in Convenience Retailers by Channel: % Value Growth 2023-2028

Supermarkets in India

KEY DATA FINDINGS

Supermarkets focus on quality, variety, and freshness
Major supermarkets offer online delivery apps enabling home delivery
Regional supermarkets offer tough competition to national supermarkets
Supermarkets will continue to face strong competition from hypermarkets
Players in supermarkets will look to open gourmet stores due to consumer demand for premium products
Major players in supermarkets will look to expand in new areas
Table 65 Supermarkets: Value Sales, Outlets and Selling Space 2018-2023
Table 66 Supermarkets: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 67 Supermarkets GBO Company Shares: % Value 2019-2023
Table 68 Supermarkets GBN Brand Shares: % Value 2020-2023
Table 69 Supermarkets LBN Brand Shares: Outlets 2020-2023
Table 70 Supermarkets Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 71 Supermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028

Hypermarkets in India

KEY DATA FINDINGS

Hypermarkets becoming increasingly important for modern consumers
Major players focus on digital services to counter rising competition from e-commerce
Discounting is an area of focus, to encourage consumers to purchase
Major players in hypermarkets will look to expand their reach
Omnichannel approach by players will help them grow their sales
Hypermarkets will continue to be dominated by major players
Table 72 Hypermarkets: Value Sales, Outlets and Selling Space 2018-2023
Table 73 Hypermarkets: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 74 Hypermarkets GBO Company Shares: % Value 2019-2023
Table 75 Hypermarkets GBN Brand Shares: % Value 2020-2023
Table 76 Hypermarkets LBN Brand Shares: Outlets 2020-2023
Table 77 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 78 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028

Small Local Grocers in India

KEY DATA FINDINGS

Small local grocers continues to lose share to modern grocery retail channels
Digital solutions increasingly adopted by small local grocers
Small local grocers remains a prominent channel for expansion for leading brands
Small local grocers will continue to have a stronghold in rural areas
Modernisation of small local grocers expected, with the help of multiple initiatives
Small local grocers can partner with e-commerce B2B players and receive help from the government
Table 79 Small Local Grocers: Value Sales, Outlets and Selling Space 2018-2023
Table 80 Small Local Grocers: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 81 Small Local Grocers GBO Company Shares: % Value 2019-2023
Table 82 Small Local Grocers Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 83 Small Local Grocers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028

General Merchandise Stores in India

KEY DATA FINDINGS

Rebound to the pre-pandemic level of sales for department stores
E-commerce offers a strong challenge to department stores
Leading department stores focus on offering more private label products
Seamless integration between online and offline stores
Department stores will face strong competition from e-commerce and apparel specialists going forward
Underserved cities will be the focus area for general merchandise stores going forward
Table 84 General Merchandise Stores: Value Sales, Outlets and Selling Space 2018-2023
Table 85 General Merchandise Stores: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 86 Sales in General Merchandise Stores by Channel: Value 2018-2023
Table 87 Sales in General Merchandise Stores by Channel: % Value Growth 2018-2023
Table 88 General Merchandise Stores GBO Company Shares: % Value 2019-2023
Table 89 General Merchandise Stores GBN Brand Shares: % Value 2020-2023
Table 90 General Merchandise Stores LBN Brand Shares: Outlets 2020-2023
Table 91 General Merchandise Stores Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 92 General Merchandise Stores Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 93 Forecast Sales in General Merchandise Stores by Channel: Value 2023-2028
Table 94 Forecast Sales in General Merchandise Stores by Channel: % Value Growth 2023-2028

Apparel and Footwear Specialists in India

KEY DATA FINDINGS

Major apparel and footwear specialist focuses on premium Indian traditional wear
Major players collaborate with top designers
Major players are coming up with tech-enabled interventions at multiple consumer touchpoints
E-commerce will act as strong competition, with a move to omnichannel expected
Experiential shopping will be critical to attract consumers to stores
Major store-based players will look to expand in small towns
Table 95 Apparel and Footwear Specialists: Value Sales, Outlets and Selling Space 2018-2023
Table 96 Apparel and Footwear Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 97 Apparel and Footwear Specialists GBO Company Shares: % Value 2019-2023
Table 98 Apparel and Footwear Specialists GBN Brand Shares: % Value 2020-2023
Table 99 Apparel and Footwear Specialists LBN Brand Shares: Outlets 2020-2023
Table 100 Apparel and Footwear Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 101 Apparel and Footwear Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028

Appliances and Electronics Specialists in India

KEY DATA FINDINGS

Companies expand into underserved parts of India
Players look to attract consumers by offering lucrative deals and membership discounts
Top appliances and electronics specialists focus on experiences and omnichannel retail to attract consumers
Outlets will look to focus on services and outlet expansion to attract consumers
Players looking to strengthen their omnichannel presence over the forecast period
Appliances and electronics specialists will increasingly offer credit/EMI
Table 102 Appliances and Electronics Specialists: Value Sales, Outlets and Selling Space 2018-2023
Table 103 Appliances and Electronics Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 104 Appliances and Electronics Specialists GBO Company Shares: % Value 2019-2023
Table 105 Appliances and Electronics Specialists GBN Brand Shares: % Value 2020-2023
Table 106 Appliances and Electronics Specialists LBN Brand Shares: Outlets 2020-2023
Table 107 Appliances and Electronics Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 108 Appliances and Electronics Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028

Home Products Specialists in India

KEY DATA FINDINGS

Pet shops and superstores continues to gain popularity due to increasing adoption of pets
E-commerce continues to act as strong competition for home products specialists
Asian Paints maintains its leading position, thanks to continued consumer-centric practices
Increasing segmentation expected for home décor products
IKEA set to open multiple store formats across different geographic locations in India
Major players will look to leverage AI models and AR/VR tech to gain a competitive edge
Table 109 Home Products Specialists: Value Sales, Outlets and Selling Space 2018-2023
Table 110 Home Products Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 111 Sales in Home Products Specialists by Channel: Value 2018-2023
Table 112 Sales in Home Products Specialists by Channel: % Value Growth 2018-2023
Table 113 Home Products Specialists GBO Company Shares: % Value 2019-2023
Table 114 Home Products Specialists GBN Brand Shares: % Value 2020-2023
Table 115 Home Products Specialists LBN Brand Shares: Outlets 2020-2023
Table 116 Home Products Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 117 Home Products Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 118 Forecast Sales in Home Products Specialists by Channel: Value 2023-2028
Table 119 Forecast Sales in Home Products Specialists by Channel: % Value Growth 2023-2028

Health and Beauty Specialists in India

KEY DATA FINDINGS

The Body Shop continues to lead beauty specialists
Online retailers take an omnichannel approach by expanding their physical retail store presence
Apollo Hospitals Enterprises and Medplus Health Services continue to lead health and beauty specialists
AR/VR will shape beauty specialists in the future
Major optical goods stores perform well despite competition from unorganised outlets
E-pharmacies expected to provide strong competition to physical stores
Table 120 Health and Beauty Specialists: Value Sales, Outlets and Selling Space 2018-2023
Table 121 Health and Beauty Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 122 Sales in Health and Beauty Specialists by Channel: Value 2018-2023
Table 123 Sales in Health and Beauty Specialists by Channel: % Value Growth 2018-2023
Table 124 Health and Beauty Specialists GBO Company Shares: % Value 2019-2023
Table 125 Health and Beauty Specialists GBN Brand Shares: % Value 2020-2023
Table 126 Health and Beauty Specialists LBN Brand Shares: Outlets 2020-2023
Table 127 Health and Beauty Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 128 Health and Beauty Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 129 Forecast Sales in Health and Beauty Specialists by Channel: Value 2023-2028
Table 130 Forecast Sales in Health and Beauty Specialists by Channel: % Value Growth 2023-2028

Direct Selling in India

KEY DATA FINDINGS

Consumer health remains the leading category in direct selling
Herbalife further strengthens its brand share in direct selling by entering a new health segment and raising its profile
Major players focus on further strengthening their networks of sellers in India
The legal changes made will benefit direct selling going forward
Direct selling will face a strong challenge from other retail channels
Tier 2 and tier 3 cities will remain key growth areas
Table 131 Direct Selling by Product: Value 2018-2023
Table 132 Direct Selling by Product: % Value Growth 2018-2023
Table 133 Direct Selling GBO Company Shares: % Value 2019-2023
Table 134 Direct Selling GBN Brand Shares: % Value 2020-2023
Table 135 Direct Selling Forecasts by Product: Value 2023-2028
Table 136 Direct Selling Forecasts by Product: % Value Growth 2023-2028

Retail E-Commerce in India

KEY DATA FINDINGS

Quick commerce gains popularity with shorter delivery times
Marketplace retailers continue to dominate e-commerce
Improving the user experience is a key focus
Government policies will create a favourable environment for e-commerce going forward
Hyperlocal delivery expected to continue to gain momentum
Specialist e-commerce retailers gaining prominence amongst consumers
Table 137 Retail E-Commerce by Channel: Value 2017-2022
Table 138 Retail E-Commerce by Channel: % Value Growth 2017-2022
Table 139 Retail E-Commerce by Product: Value 2017-2022
Table 140 Retail E-Commerce by Product: % Value Growth 2017-2022
Table 141 Retail E-Commerce GBO Company Shares: % Value 2018-2022
Table 142 Retail E-Commerce GBN Brand Shares: % Value 2019-2022
Table 143 Forecast Retail E-Commerce by Channel: Value 2022-2027
Table 144 Forecast Retail E-Commerce by Channel: % Value Growth 2022-2027
Table 145 Forecast Retail E-Commerce by Product: Value 2022-2027
Table 146 Forecast Retail E-Commerce by Product: % Value Growth 2022-2027
The following categories and subcategories are included:

Retailing

      • Fashion Vending
      • Health and Beauty Vending
      • Appliances and Electronics Vending
        • Alcoholic Drinks Vending
        • Hot Drinks Vending
        • Soft Drinks Vending
        • Tobacco Products Vending
      • Foods Vending
      • Home Products Vending
      • Other Products Vending
        • Apparel and Footwear Direct Selling
        • Personal Accessories Direct Selling
        • Eyewear Direct Selling
        • Beauty and Personal Care Direct Selling
        • Consumer Health Direct Selling
        • Tissue and Hygiene Direct Selling
      • Appliances and Electronics Direct Selling
      • Drinks and Tobacco Direct Selling
      • Foods Direct Selling
      • Home Products Direct Selling
      • Other Products Direct Selling
        • Apparel and Footwear E-Commerce
        • Personal Accessories E-Commerce
        • Eyewear E-Commerce
        • Beauty and Personal Care E-Commerce
        • Consumer Health E-Commerce
        • Tissue and Hygiene E-Commerce
        • Consumer Appliances E-Commerce
        • Consumer Electronics E-Commerce
        • Toys and Games E-Commerce
      • Drinks and Tobacco E-Commerce
      • Foods E-Commerce
        • Home Care E-Commerce
        • Home and Garden E-Commerce
        • Pet Care E-Commerce
      • Other Products E-Commerce
        • First-Party (1P) Marketplace E-Commerce
        • Third-Party (3P) Marketplace E-Commerce
      • Grocery E-Commerce
      • General Merchandiser E-Commerce
      • Apparel and Footwear Specialist E-Commerce
      • Appliances and Electronics Specialist E-Commerce
      • Home Products Specialist E-Commerce
      • Health and Beauty Specialist E-Commerce
      • Leisure and Personal Goods Specialist E-Commerce
      • Other E-Commerce Retailers

Retailing

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, and wholesale sales (e.g. Cash and Carry). 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.

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