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5 interesting facts about the consumer non-durable industry

According to Future Market Insights, the global consumer non-durable industry is expected to grow from USD 621 billion in 2018 to USD 754 billion by 2023 at a CAGR of 5.4%. With factors such as technological advancement, growing disposable income, and increasing demand for convenience across all age groups, the consumption of durable goods such as apparel and home furnishings among consumers has seen steady growth in recent years.

It is predicted that this trend will continue in the coming years. Read on to know more about the consumer non-durable industry.

You can find excellent jobs in the industry

The consumer non-durable industry is a lucrative one to work in. The market has an enormous number of jobs available, with billions of dollars being spent annually on the development and production of the products manufactured.

There are many career opportunities in this industry that make it an exciting place to work. As the demand for these products increases, there will be a corresponding demand for new employees who can support the growth and development of these companies.

The industry is growing: As an essential item, the consumer non-durable item grows fast

The global consumer non-durable industry is growing at a steady rate. The industry, which has seen a CAGR of 5.4% since 2018, is expected to grow to over USD 754 billion by 2023.

Apart from the fact that the industry is growing at a steady rate, it also supports increased demand for convenience in consumers as well as technological advancement. This has led to more people switching over to consuming non-durable items such as apparel and home furnishing items.

As the industry grows, it opens new opportunities for entrepreneurship and to develop of a career there.

The industry is diversified: Most companies work with a variety of products

The consumer non-durable industry is a diverse one. More than 6,000 companies are involved in the industry, with most of them working with a variety of products.

The product range varies from food to furniture and includes various other “non-durable” items such as toiletries and cosmetics.

This should not be mistaken for a lack of growth opportunities in this market. There is expected to be a 24% increase in demand for these products by 2023. This suggests that there are many growth opportunities to tap into in this market going forward.

The industry is global: Multinationals lead the sector

The global consumer non-durable industry is one of the fastest-growing industries in the world. It is driven largely by technological advancements, increasing disposable income, and increasing demand for convenience.

According to Future Market Insights, the global consumer non-durable industry grew at a CAGR of 5.4% from 2012-2017. In fact, according to a study conducted by Euromonitor International, China’s share of this market was 27%, with Japan at 20% and the US at 7%. The UK held a 4% share and Australia had 2%. In terms of revenue, this sector is dominated by multinational conglomerates such as P&G which hold a 17% share in the industry. Other multinational companies like Unilever (9%) have major operations across countries like Brazil and India.

The industry is competitive: well know brands are in the competitive space

Although the consumer non-durable industry is predicted to grow, this does not mean that the market is wide open for new entrants. In fact, it is competitive and known brands have already established a foothold in the space.

For example, Procter & Gamble (P&G) has a strong presence in the market with brands like Pampers and Ariel.

P&G’s revenues account for 27 percent of global consumer non-durable industry revenues. However, there are opportunities for newcomers to enter this competitive market. For example, according to a report by Valuepenguin:

“The total addressable market in North America alone will be over $1 trillion by 2027…in contrast to the global markets that are set to reach around $6 trillion by 2027.”

Conclusion

The consumer non-durable industry has a lot to offer. This industry is one of the fastest-growing industries in the world, not to mention one of the most competitive. On top of that, the industry is highly diversified, and global, and offers some of the best jobs you can find. If you’re looking for an exciting career, there’s no better place to start than this industry.

Jack henry
Jack henry
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