Widespread Installation of Retail Shelving Systems to Enhance In-Store Performance and Boost Sales: Persistence Market Research
Global retail shelving system sales are set to be valued at over US$ 2 Bn in 2021, with steady long-term projections, according to latest insights by Persistence Market Research. The report estimates the market to expand at 8.8% CAGR from 2021 to 2031.
Read More: SalesTechStar Interview with Shannon Jessup, Chief Revenue Officer at tvScientific
There is constant demand from the retail sector for retail shelving systems in terms of volume. The fact that there is a retail shelving design suitable for almost any application involving clothing, pharmacies, FMCG, electronics, etc., bodes well for the overall growth of the market.
There are continuous developments in the market by manufacturers that keep moving it forward, such as:
- In Feb., 2021, Madix Inc. acquired Texas assets of Panel Processing, Inc., which is a partner to the company since a long time.
- In February 2020, the Gondela Corp. took part in EUROSHOP, which is proven to be the most important platform for world retail in terms of trends, inspiration, and networking.
- In October 2019, Artitalia Group opened a new warehousing facility in Ontario, California, to further complement its sophisticated supply chain.
Other happenings in the market include:
- Significant opportunities by FDI in India & GCC
- Increase in modern retail and supermarkets & hypermarkets
- Usage of augmented reality in retail shelving systems
Demand for retail shelving systems decreased in 2020 due to the COVID-19 pandemic, as sales networks at the consumer end switched primarily from offline to online. Not just 2020, but 2021 is ought to be affected by numerous factors such as socio-political changes happening worldwide. However, with a stimulus in many countries, the market’s long-term outlook looks very much optimistic.
Read More: SalesTechStar Interview With Rob Rosenthal, Chief Revenue Officer at Bloomreach
Key Takeaways from Market Study
- Persistence Market Research predicts a healthy retail sector growth rate in economies such as Brazil, India, the Middle East, and Africa, thereby driving demand for retail shelving systems.
- With recent economic growth, per capita disposable income of consumers has increased, as a result of which consumers are able to spend more money on high-quality food products at retail outlets. This will profit the retail shelving system market over the coming years.
- Supermarkets & class A convenience stores to hold 2/5 of the market share.
- Light duty shelves are projected to hold over seven-tenth of the overall market share by 2031-end.
- The global market witnessed a slump in 2020 due to the COVID-19 pandemic, with a recorded growth of -1.3%.
- The market in GCC countries is projected to expand at a CAGR around 9%, while that in ASEAN at close to 10%, through 2031.
- The market in India and Germany is set to surge at 9% CAGR over the next ten years.
