The India retail market reached USD 952.02 Billion in 2024. The market is projected to grow at a CAGR of 11.40% between 2025 and 2034, reaching almost USD 2802.19 Billion by 2034.
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The entry of several multinational companies into India, driven by its rising population size, increasing disposable incomes, and positive rates of consumption has become one of the key India retail market trends. Since 2021, 24 new global brands have entered the Indian market, which has favourably affected the India retail market growth. 1/4th of these new entrants operate in the food and beverage category, which is expected to remain one of the key growth segments over the forecast period.
The most heavily concentrated regions for the India retail market include Delhi NCR, Mumbai, Chennai, Pune, Kolkata, Hyderabad, and Bengaluru, with South India taking up the biggest market share. The emergence of new technologies likeaugmented realityis expected to enhance the customer experience in brand retail stores and drive the India retail market growth in the forecast period.
Small and medium-sized kirana stores are the most popular form of retail outlet in India. This is because they offer a wide range of goods and are easily accessible in remote regions. Their product offerings include everything ranging from groceries to electronics and footwear to clothing items. They provide home deliveries to their regular customers and are easily reachable through phones.
In recent times, supermarkets have emerged as modern retail outlets in major Indian cities. They enable consumers to shop for their daily necessities through their neatly stacked shelves of groceries, food, and other essential items. This is expected to contribute to the India retail market expansion in the forecast period.
Market Segmentation
India Retail Industry Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Product
Food, Beverage, and Grocery
Personal and Household Care
Apparel, Footwear, and Accessories
Furniture and Home Décor
Industrial and Automotive
Electronic and Household Appliances
Pharmaceuticals
Others
Market Breakup by Sector
Organised
Unorganised
Market Breakup by Distribution Channel
Hypermarket and Supermarket
Convenience Stores
Speciality Stores
E-Commerce
Others
Market Breakup by Region
North India
East and Central India
West India
South India
Competitive Landscape
The key India retail market players are:
Reliance Industries Limited
Aditya Birla Group
Avenue Supermarts Limited (DMart)
Tata Sons Private Limited
Vijay Sales (INDIA) Private Limited
V-Mart Retail Ltd.
K Raheja Corp. (Shoppers Stop Ltd.)
Landmark Group
V2Retail Ltd.
RP Sanjiv Goenka Group (Spencer’s Retail Limited)
Others
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- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Asia Pacific Retail Market Overview
- 5.1 Key Industry Highlights
- 5.2 Asia Pacific Retail Historical Market (2018-2024)
- 5.3 Asia Pacific Retail Market Forecast (2025-2034)
- 6 India Retail Market Overview
- 6.1 Key Industry Highlights
- 6.2 India Retail Historical Market (2018-2024)
- 6.3 India Retail Market Forecast (2025-2034)
- 7 India Retail Market by Product
- 7.1 Food, Beverage, and Grocery
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Personal and Household Care
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 7.3 Apparel, Footwear, and Accessories
- 7.3.1 Historical Trend (2018-2024)
- 7.3.2 Forecast Trend (2025-2034)
- 7.4 Furniture and Home Decor
- 7.4.1 Historical Trend (2018-2024)
- 7.4.2 Forecast Trend (2025-2034)
- 7.5 Industrial and Automotive
- 7.5.1 Historical Trend (2018-2024)
- 7.5.2 Forecast Trend (2025-2034)
- 7.6 Electronic and Household Appliances
- 7.6.1 Historical Trend (2018-2024)
- 7.6.2 Forecast Trend (2025-2034)
- 7.7 Pharmaceuticals
- 7.7.1 Historical Trend (2018-2024)
- 7.7.2 Forecast Trend (2025-2034)
- 7.8 Others
- 8 India Retail Market by Sector
- 8.1 Organised
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Unorganised
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 9 India Retail Market by Distribution Channel
- 9.1 Hypermarket and Supermarket
- 9.1.1 Historical Trend (2018-2024)
- 9.1.2 Forecast Trend (2025-2034)
- 9.2 Convenience Stores
- 9.2.1 Historical Trend (2018-2024)
- 9.2.2 Forecast Trend (2025-2034)
- 9.3 Speciality Stores
- 9.3.1 Historical Trend (2018-2024)
- 9.3.2 Forecast Trend (2025-2034)
- 9.4 E-Commerce
- 9.4.1 Historical Trend (2018-2024)
- 9.4.2 Forecast Trend (2025-2034)
- 9.5 Others
- 10 India Retail Market by Region
- 10.1 North India
- 10.1.1 Historical Trend (2018-2024)
- 10.1.2 Forecast Trend (2025-2034)
- 10.2 East and Central India
- 10.2.1 Historical Trend (2018-2024)
- 10.2.2 Forecast Trend (2025-2034)
- 10.3 West India
- 10.3.1 Historical Trend (2018-2024)
- 10.3.2 Forecast Trend (2025-2034)
- 10.4 South India
- 10.4.1 Historical Trend (2018-2024)
- 10.4.2 Forecast Trend (2025-2034)
- 11 Market Dynamics
- 11.1 SWOT Analysis
- 11.1.1 Strengths
- 11.1.2 Weaknesses
- 11.1.3 Opportunities
- 11.1.4 Threats
- 11.2 Porter’s Five Forces Analysis
- 11.2.1 Supplier’s Power
- 11.2.2 Buyers Powers
- 11.2.3 Threat of New Entrants
- 11.2.4 Degree of Rivalry
- 11.2.5 Threat of Substitutes
- 11.3 Key Indicators for Demand
- 11.4 Key Indicators for Price
- 12 Competitive Landscape
- 12.1 Supplier Selection
- 12.2 Key Global Players
- 12.3 Key Regional Players
- 12.4 Key Player Strategies
- 12.5 Company Profiles
- 12.5.1 Reliance Industries Limited
- 12.5.1.1 Company Overview
- 12.5.1.2 Product Portfolio
- 12.5.1.3 Demographic Reach and Achievements
- 12.5.1.4 Certifications
- 12.5.2 Aditya Birla Group
- 12.5.2.1 Company Overview
- 12.5.2.2 Product Portfolio
- 12.5.2.3 Demographic Reach and Achievements
- 12.5.2.4 Certifications
- 12.5.3 Avenue Supermarts Limited (DMart)
- 12.5.3.1 Company Overview
- 12.5.3.2 Product Portfolio
- 12.5.3.3 Demographic Reach and Achievements
- 12.5.3.4 Certifications
- 12.5.4 Tata Sons Private Limited
- 12.5.4.1 Company Overview
- 12.5.4.2 Product Portfolio
- 12.5.4.3 Demographic Reach and Achievements
- 12.5.4.4 Certifications
- 12.5.5 Vijay Sales (INDIA) Private Limited
- 12.5.5.1 Company Overview
- 12.5.5.2 Product Portfolio
- 12.5.5.3 Demographic Reach and Achievements
- 12.5.5.4 Certifications
- 12.5.6 V-Mart Retail Ltd.
- 12.5.6.1 Company Overview
- 12.5.6.2 Product Portfolio
- 12.5.6.3 Demographic Reach and Achievements
- 12.5.6.4 Certifications
- 12.5.7 K Raheja Corp. (Shoppers Stop Ltd.)
- 12.5.7.1 Company Overview
- 12.5.7.2 Product Portfolio
- 12.5.7.3 Demographic Reach and Achievements
- 12.5.7.4 Certifications
- 12.5.8 Landmark Group
- 12.5.8.1 Company Overview
- 12.5.8.2 Product Portfolio
- 12.5.8.3 Demographic Reach and Achievements
- 12.5.8.4 Certifications
- 12.5.9 V2Retail Ltd.
- 12.5.9.1 Company Overview
- 12.5.9.2 Product Portfolio
- 12.5.9.3 Demographic Reach and Achievements
- 12.5.9.4 Certifications
- 12.5.10 RP Sanjiv Goenka Group (Spencer’s Retail Limited)
- 12.5.10.1 Company Overview
- 12.5.10.2 Product Portfolio
- 12.5.10.3 Demographic Reach and Achievements
- 12.5.10.4 Certifications
- 12.5.11 Others
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