New Delhi: India’s retail sector is poised for significant growth, with the market size projected to rise from $1.06 trillion in 2024 to $1.93 trillion by 2030, according to a new Deloitte-FICCI report.

The country’s retail ecosystem is undergoing rapid digital transformation, driven by a digital-first and premium yet inclusive consumption wave, the rise of quick commerce, and the expansion of direct-to-consumer (D2C) brands.

Shifting trade dynamics, including new Free Trade Agreements (FTAs) and tariff adjustments, are enhancing the competitiveness of Indian exports.

Online platforms already play a pivotal role, influencing 73 per cent of purchasing decisions. YouTube reviews (40 per cent) and peer recommendations (31 per cent) are now considered more credible than traditional influencer channels.

India has also emerged as the world’s first scaled quick commerce market, active in over 80 cities and expanding at an extraordinary 70–80 per cent CAGR. The segment is forecast to reach $35 billion in gross merchandise value (GMV) by 2030, supported by lakhs of delivery workers and a rapidly growing electric vehicle fleet.

“Consumers today are not just buyers; they are empowered decision-makers,” said Kumar Venkatasubramanian, CEO of PBG India and Chairman of FICCI’s FMCG Committee. He noted that digital platforms already drive 17 per cent of total FMCG consumption, with quick commerce accounting for 35 per cent of FMCG brands’ revenues.

Kumar emphasised that the shift towards immediacy, convenience, and digital payments is creating fresh opportunities to elevate consumer experiences. He added that flexible and agile supply chains will be critical for companies aiming to turn this momentum into long-term competitive advantage.

According to the report, India’s retail growth, reflecting a compound annual growth rate (CAGR) of 10 per cent, will be supported by a strong domestic base that cushions against global trade volatility. Lower barriers and cost efficiencies are also enabling “Made in India” products to penetrate international markets more effectively.

Domestically, rising incomes and younger consumers are fuelling momentum. Generation Z alone commands a direct spending capacity of $250 billion, strengthening local demand and encouraging Indian brands to expand globally, the report highlighted.

 

IANS inputs