Consumer Goods Domain: Allied Market Research’s Top 5 Emerging Markets in Q2 2024
In the past few decades, especially after the globalization era, there has been a substantial rise in the disposable incomes of people across the globe. As a result, the spending patterns of urban and rural people have changed drastically. This has resulted in the expansion of the consumer goods domain which includes hundreds of markets related to goods and services that are frequently consumed and utilized by regular households. Furthermore, the increasing penetration of e-commerce companies and increasing digitalization has resulted in the emergence of several new markets. Allied Market Research, out of these hundreds of industries, has listed the top 5 landscapes that have played a major role in the growth of this sector in Q2 2024.
Using its in-house ‘Title Matrix Tool’, AMR has analyzed each of these five markets, their growth drivers, investment opportunities, latest developments, and upcoming trends. Furthermore, these reports also provide actionable data in the form of revenue numbers and CAGR values, not just for the market but also for its various segments. All of these parameters help businesses get a clear understanding of their position in the consumer goods domain and strategize according to its evolving nature.
Fitness Equipment Market
The AMR report on the fitness equipment market states that the industry, which was valued at $11.0 billion in 2017, is predicted to garner a share of $18.4 billion by 2033, thereby rising at a CAGR of 3.02% in the 2024-2033 period. As per the report, the growing integration of Internet of Things (IoT) technology in advanced fitness equipment and machinery is expected to increase the revenue share of the landscape.
To aid companies in making the right investment decisions, the report divides the market into various segments on the lines of type, end user, and price point. Based on price point, the mass segment is anticipated to be one of the fastest growing due to the increasing preference for affordable fitness equipment among a large section of the global population. Furthermore, as the number of small commercial numbers increased, this segment made considerable gains in the second quarter of 2024.
Online Entertainment Market
In the past few years, especially after the launch of 5G services in several developed and developing economies, the penetration of the Internet and digital services has increased massively. At the same time, the advent of several streaming platforms like Netflix, Hulu, Disney +, etc., has made it quite easier for users to watch a diverse set of content from any device at any time. The AMR report on the online entertainment market points out that these factors are expected to help the landscape reach a sum of $1500.6 billion by 2035, thereby growing at a CAGR of 15% from 2024 to 2035.
As part of the segmental analysis, the report classifies the industry into several segments such as form, revenue model, and device. On the basis of the revenue model, the advertisement segment is predicted to surge ahead with a healthy CAGR of 5.3% in the 2024-2035 period. The study by AMR states that the growing use of user-generated content platforms due to their flexible ad formats has enabled this segment to register growth in Q2 2024. Along with the segmental analysis, the report has also covered the performance of various companies such as Netflix, Inc., AMAZON PRIME, Ubisoft Entertainment SA, Spotify Technology S.A., etc.
Sexual Wellness Market
The sexual wellness market, which accounted for $20.6 billion in 2023, is estimated to reach a revenue of $32.5 billion by 2033, thus surging ahead at a CAGR of 4.7% in the 2024-2033 period. Sexual wellness products mainly include various items that are designed to offer sexual pleasure and promote overall sexual well-being. These products, apart from promoting safer sexual practices, address different issues and concerns related to private sexual activity. The AMR report underlines that the growing incidence of sexually transmitted diseases across the globe has played a huge role in the landscape’s expansion in the second quarter of 2024.
The report divides the market into various segments on the basis of product and distribution channels and elaborates on the growth drivers and investment opportunities in each of these segments. For instance, based on product, the condoms segment is anticipated to have one of the fastest growth rates in the entire industry. The launch of several awareness campaigns, educational initiatives, and advocacy efforts to promote the use of condoms created favorable conditions for the segment growth in Q2 2024.
Household Appliances Market
Since the start of the globalization era, the developed and developing countries of the world have experienced a rapid pace of urbanization and industrialization. As a result, the disposable incomes of people have consistently increased which has directly influenced the growth of the household appliances market in a positive manner. Furthermore, technological advancements in the field of consumer electronics have led to the development of innovative devices, thereby opening new avenues of growth in the landscape. The AMR report states that these factors will broaden the scope of the industry from 2024 to 2035, with a projected revenue of $983,193.41 million by 2035 and an expected CAGR of 6.03%.
The AMR report also covers each segment of this industry classified on the lines of product and distribution channel. As far as the distribution channel segment is concerned, the specialty store sub-segment is anticipated to be one of the most promising ones. Specialty stores allow customers to directly interact with the products and compare different models. This allows them to make a better and more informed choice, which has increased their popularity among regular consumers. The growth of the industry in various regions including North America, LAMEA, Europe, and Asia-Pacific has also been elaborated in detail in the AMR report.
Ecotourism Market
Ecotourism, as the name suggests, refers to responsible travel to areas that are rich in biodiversity with an emphasis on environmental conservation, community participation, and cultural knowledge. Thus, it includes financial assistance programs to environmental protection programs and offers economic advantages to local communities. The AMR report on the ecotourism market presents key figures and data on the various aspects of the industry including its segments based on age group, sales channel, and traveler type.
On the basis of sales channels, the travel agents segment accounted for 70% of the market share and is predicted to dominate the landscape throughout the 2024-2035 period. The important role played by travel agents and operators in designing different tailor-made tours for customers of different age groups and tastes has helped the segment flourish in the second quarter of 2024. At the same time, at the overall market level, the rising popularity of unique destinations among tourists across the globe is predicted to bring in new opportunities for growth. Due to all these factors, the ecotourism industry is anticipated to reach $829.8 billion by 2035, thereby rising at a CAGR of 11.7% in the 2024-2035 period.
An All-Encompassing Study of the Consumer Goods Domain
As part of their all-around coverage of the industry, AMR reports study all the major socioeconomic, cultural, and demographic factors responsible for the growth of that specific market. Furthermore, the latest developments are also examined in detail so as to help the companies stay updated with the trends. For instance, the report on the household appliances market states that innovations in the field of semiconductor manufacturing and chip design have led to the development of advanced electrical devices, thus impacting the industry positively. At the same time, the growing pace of digitalization across various parts of the world has widened the scope of the online entertainment landscape in Q2 2024.
The Final Word
Each of these five markets is studied extensively in their respective AMR reports with a special emphasis on the competitive scenario of the industry. For this, these reports take the help of tools like Porter’s five forces and conduct interviews with the major stakeholders of the market to aid companies in developing strategies and securing a comfortable lead over their peers. Finally, the reports also highlight the financial performance of the leading players in the industry to enable new entrants to develop policies for growth in the coming period.
For more insights into the consumer goods domain, contact our experts.
