Retailing in India

Retailing in India
Euromonitor International
February 2022
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RE TAILING IN INDIA Passport i
LIST OF CONTENTS AND TABLES

Retailing in India - Industry Overview ......................................................................................... 1
EXECUTIVE SUMMARY ........................................................................................................... 1
Retailing in 2021: The big picture ........................................................................................... 1
E-commerce – A promising bet .............................................................................................. 1
Rethinking the typical ‘store’ .................................................................................................. 1
What next for retailing? .......................................................................................................... 2
OPERATING ENVIRONMENT .................................................................................................. 2
Informal retailing .................................................................................................................... 2
Opening hours ....................................................................................................................... 2
Summary 1 Standard Opening Hours by Channel Type 2021 ........................................ 2
Physical retail landscape ....................................................................................................... 3
Cash and carry ...................................................................................................................... 3
Seasonality............................................................................................................................ 3
Payments .............................................................................................................................. 4
Delivery and collection ........................................................................................................... 4
Emerging business models .................................................................................................... 4
MARKET DATA ........................................................................................................................ 4
Table 1 Sales in Retailing by Store-based vs Non-Store: Value 2016-2021 ............. 4
Table 2 Sales in Retailing by Store-based vs Non-Store: % Value Growth
2016-2021 ................................................................................................. 5
Table 3 Sales in Store-based Retailing by Channel: Value 2016-2021..................... 5
Table 4 Sales in Store-based Retailing by Channel: % Value Growth 2016-
2021 .......................................................................................................... 5
Table 5 Store-based Retailing Outlets by Channel: Units 2016-2021 ....................... 6
Table 6 Store-based Retailing Outlets by Channel: % Unit Growth 2016-2021 ........ 6
Table 7 Sales in Non-Store Retailing by Channel: Value 2016-2021 ........................ 6
Table 8 Sales in Non-Store Retailing by Channel: % Value Growth 2016-2021 ....... 7
Table 9 Grocery Retailers: Value Sales, Outlets and Selling Space 2016-2021 ....... 7
Table 10 Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth
2016-2021 ................................................................................................. 7
Table 11 Sales in Grocery Retailers by Channel: Value 2016-2021 ........................... 7
Table 12 Sales in Grocery Retailers by Channel: % Value Growth 2016-2021 ........... 8
Table 13 Grocery Retailers Outlets by Channel: Units 2016-2021 ............................. 8
Table 14 Grocery Retailers Outlets by Channel: % Unit Growth 2016-2021 ............... 8
Table 15 Non-Grocery Specialists: Value Sales, Outlets and Selling Space
2016-2021 ................................................................................................. 9
Table 16 Non-Grocery Specialists: Value Sales, Outlets and Selling Space: %
Growth 2016-2021 ..................................................................................... 9
Table 17 Sales in Non-Grocery Specialists by Channel: Value 2016-2021................. 9
Table 18 Sales in Non-Grocery Specialists by Channel: % Value Growth 2016-
2021 ........................................................................................................ 10
Table 19 Non-Grocery Specialists Outlets by Channel: Units 2016-2021 ................. 10
Table 20 Non-Grocery Specialists Outlets by Channel: % Unit Growth 2016-
2021 ........................................................................................................ 10
Table 21 Mixed Retailers: Value Sales, Outlets and Selling Space 2016-2021 ........ 11
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RE TAILING IN INDIA Passport ii
Table 22 Mixed Retailers: Value Sales, Outlets and Selling Space: % Growth
2016-2021 ............................................................................................... 11
Table 23 Sales in Mixed Retailers by Channel: Value 2016-2021 ............................ 11
Table 24 Sales in Mixed Retailers by Channel: % Value Growth 2016-2021 ............ 11
Table 25 Mixed Retailers Outlets by Channel: Units 2016-2021 .............................. 12
Table 26 Mixed Retailers Outlets by Channel: % Unit Growth 2016-2021 ................ 12
Table 27 Retailing GBO Company Shares: % Value 2017-2021 .............................. 12
Table 28 Retailing GBN Brand Shares: % Value 2018-2021.................................... 13
Table 29 Store-based Retailing GBO Company Shares: % Value 2017-2021 .......... 13
Table 30 Store-based Retailing GBN Brand Shares: % Value 2018-2021 ................ 13
Table 31 Store-based Retailing LBN Brand Shares: Outlets 2018-2021 .................. 14
Table 32 Non-Store Retailing GBO Company Shares: % Value 2017-2021 ............. 14
Table 33 Non-Store Retailing GBN Brand Shares: % Value 2018-2021 ................... 15
Table 34 Grocery Retailers GBO Company Shares: % Value 2017-2021 ................ 16
Table 35 Grocery Retailers GBN Brand Shares: % Value 2018-2021 ...................... 16
Table 36 Grocery Retailers LBN Brand Shares: Outlets 2018-2021 ......................... 16
Table 37 Grocery Retailers LBN Brand Shares: Selling Space 2018-2021............... 17
Table 38 Non-Grocery Specialists GBO Company Shares: % Value 2017-2021 ...... 17
Table 39 Non-Grocery Specialists GBN Brand Shares: % Value 2018-2021 ............ 18
Table 40 Non-Grocery Specialists LBN Brand Shares: Outlets 2018-2021 .............. 19
Table 41 Non-Grocery Specialists LBN Brand Shares: Selling Space 2018-
2021 ........................................................................................................ 19
Table 42 Mixed Retailers GBO Company Shares: % Value 2017-2021 ................... 20
Table 43 Mixed Retailers GBN Brand Shares: % Value 2018-2021 ......................... 20
Table 44 Mixed Retailers LBN Brand Shares: Outlets 2018-2021 ............................ 21
Table 45 Mixed Retailers LBN Brand Shares: Selling Space 2018-2021.................. 21
Table 46 Forecast Sales in Retailing by Store-based vs Non-Store: Value
2021-2026 ............................................................................................... 22
Table 47 Forecast Sales in Retailing by Store-based vs Non-Store: % Value
Growth 2021-2026 ................................................................................... 22
Table 48 Forecast Sales in Store-based Retailing by Channel: Value 2021-
2026 ........................................................................................................ 23
Table 49 Forecast Sales in Store-based Retailing by Channel: % Value Growth
2021-2026 ............................................................................................... 23
Table 50 Forecast Store-based Retailing Outlets by Channel: Units 2021-2026 ...... 23
Table 51 Forecast Store-Based Retailing Outlets by Channel: % Unit Growth
2021-2026 ............................................................................................... 24
Table 52 Forecast Sales in Non-Store Retailing by Channel: Value 2021-2026 ....... 24
Table 53 Forecast Sales in Non-Store Retailing by Channel: % Value Growth
2021-2026 ............................................................................................... 24
Table 54 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space
2021-2026 ............................................................................................... 25
Table 55 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space:
% Growth 2021-2026 ............................................................................... 25
Table 56 Forecast Sales in Grocery Retailers by Channel: Value 2021-2026........... 25
Table 57 Forecast Sales in Grocery Retailers by Channel: % Value Growth
2021-2026 ............................................................................................... 26
Table 58 Forecast Grocery Retailers Outlets by Channel: Units 2021-2026 ............. 26
Table 59 Forecast Grocery Retailers Outlets by Channel: % Unit Growth 2021-
2026 ........................................................................................................ 26

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Table 60 Non-Grocery Specialists Forecasts: Value Sales, Outlets and Selling

Space 2021-2026 .................................................................................... 27
Table 61 Non-Grocery Specialists Forecasts: Value Sales, Outlets and Selling
Space: % Growth 2021-2026 ................................................................... 27
Table 62 Forecast Sales in Non-Grocery Specialists by Channel: Value 2021-
2026 ........................................................................................................ 27
Table 63 Forecast Sales in Non-Grocery Specialists by Channel: % Value
Growth 2021-2026 ................................................................................... 27
Table 64 Forecast Non-Grocery Specialists Outlets by Channel: Units 2021-
2026 ........................................................................................................ 28
Table 65 Forecast Non-Grocery Specialists Outlets by Channel: % Unit Growth
2021-2026 ............................................................................................... 28
Table 66 Mixed Retailers Forecasts: Value Sales, Outlets and Selling Space
2021-2026 ............................................................................................... 29
Table 67 Mixed Retailers Forecasts: Value Sales, Outlets and Selling Space: %
Growth 2021-2026 ................................................................................... 29
Table 68 Forecast Sales in Mixed Retailers by Channel: Value 2021-2026.............. 29
Table 69 Forecast Sales in Mixed Retailers by Channel: % Value Growth 2021-
2026 ........................................................................................................ 29
Table 70 Forecast Mixed Retailers Outlets by Channel: Units 2021-2026 ................ 30
Table 71 Forecast Mixed Retailers Outlets by Channel: % Unit Growth 2021-
2026 ........................................................................................................ 30
DISCLAIMER .......................................................................................................................... 30
SOURCES .............................................................................................................................. 30
Summary 2 Research Sources ................................................................................... 30
Convenience Stores in India - Category Analysis ..................................................................... 32
KEY DATA FINDINGS ............................................................................................................ 32
2021 DEVELOPMENTS .......................................................................................................... 32
Convenience stores continues to suffer from lower footfall ................................................... 32
Low penetration of convenience stores leads to subdued performance ................................ 32
Essential items help convenience stores sail through the first half of 2021 ............................ 32
PROSPECTS AND OPPORTUNITIES .................................................................................... 32
Increasing number of players to expand the channel ............................................................ 33
Omnichannel presence to benefit convenience stores .......................................................... 33
Leveraging data for improving business ............................................................................... 33
CHANNEL DATA .................................................................................................................... 33
Table 72 Convenience Stores: Value Sales, Outlets and Selling Space 2016-
2021 ........................................................................................................ 33
Table 73 Convenience Stores: Value Sales, Outlets and Selling Space: %
Growth 2016-2021 ................................................................................... 33
Table 74 Convenience Stores GBO Company Shares: % Value 2017-2021 ............ 34
Table 75 Convenience Stores GBN Brand Shares: % Value 2018-2021 .................. 34
Table 76 Convenience Stores LBN Brand Shares: Outlets 2018-2021..................... 34
Table 77 Convenience Stores LBN Brand Shares: Selling Space 2018-2021 .......... 35
Table 78 Convenience Stores Forecasts: Value Sales, Outlets and Selling
Space 2021-2026 .................................................................................... 35
Table 79 Convenience Stores Forecasts: Value Sales, Outlets and Selling
Space: % Growth 2021-2026 ................................................................... 35

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Discounters in India - Category Analysis .................................................................................. 37

2021 DEVELOPMENTS .......................................................................................................... 37
Hypermarkets in India - Category Analysis .............................................................................. 38
2021 DEVELOPMENTS .......................................................................................................... 38
Second wave COVID-19 lockdown hinders recovery ............................................................ 38
Rising price-consciousness dampens growth ....................................................................... 38
Limitations on the operation of commercial spaces affect the performance of hypermarkets . 38
Expansion plans of hypermarket chains to improve market penetration ................................ 39
Foreign players plan to enter India by piggybacking on local retailers ................................... 39
Increasing brand-consciousness amongst buyers to drive sales in the forecast years ........... 39
CHANNEL DATA .................................................................................................................... 39
Table 80 Hypermarkets: Value Sales, Outlets and Selling Space 2016-2021........... 39
Table 81 Hypermarkets: Value Sales, Outlets and Selling Space: % Growth
2016-2021 ............................................................................................... 39
Table 82 Hypermarkets GBO Company Shares: % Value 2017-2021 ...................... 40
Table 83 Hypermarkets GBN Brand Shares: % Value 2018-2021 ........................... 40
Table 84 Hypermarkets LBN Brand Shares: Outlets 2018-2021 .............................. 40
Table 85 Hypermarkets LBN Brand Shares: Selling Space 2018-2021 .................... 41
Table 86 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space
2021-2026 ............................................................................................... 42
Table 87 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space: %
Growth 2021-2026 ................................................................................... 42
Supermarkets in India - Category Analysis .............................................................................. 43
2021 DEVELOPMENTS .......................................................................................................... 43
Supermarkets benefits from fewer restrictions on operations ................................................ 43
Preference for organised retail contributes to the growth of supermarkets ............................ 43
Supermarkets expand their services beyond the shopping experience ................................. 43
Developing infrastructure in tier 2 and tier 3 cities to aid expansion of supermarkets............. 44
FDIs to contribute to growth in the future .............................................................................. 44
Supermarkets in association with fintechs to emerge as A lucrative sector for customers ..... 44
CHANNEL DATA .................................................................................................................... 44
Table 88 Supermarkets: Value Sales, Outlets and Selling Space 2016-2021........... 44
Table 89 Supermarkets: Value Sales, Outlets and Selling Space: % Growth
2016-2021 ............................................................................................... 45
Table 90 Supermarkets GBO Company Shares: % Value 2017-2021 ...................... 45
Table 91 Supermarkets GBN Brand Shares: % Value 2018-2021 ........................... 45
Table 92 Supermarkets LBN Brand Shares: Outlets 2018-2021 .............................. 46
Table 93 Supermarkets LBN Brand Shares: Selling Space 2018-2021 .................... 46
Table 94 Supermarkets Forecasts: Value Sales, Outlets and Selling Space
2021-2026 ............................................................................................... 47
Table 95 Supermarkets Forecasts: Value Sales, Outlets and Selling Space: %
Growth 2021-2026 ................................................................................... 47
Traditional Grocery Retailers in India - Category Analysis ........................................................ 48

RE TAILING IN INDIA Passport v
2021 DEVELOPMENTS .......................................................................................................... 48

Digitisation of traditional grocery retailers widens business prospects................................... 48
Government initiatives help traditional grocery grow further in 2021 ..................................... 48
Traditional grocery retailers remains the preferred choice in tier 2 and tier 3 cities and rural
areas ................................................................................................................................... 48
Online collaborations to continue aiding the growth of traditional grocery retailers ................ 49
Retail 4.0 to improve market demands ................................................................................. 49
Traditional grocery retailers to benefit from deep penetration and vast network .................... 49
CHANNEL DATA .................................................................................................................... 49
Table 96 Traditional Grocery Retailers: Value Sales, Outlets and Selling Space
2016-2021 ............................................................................................... 49
Table 97 Traditional Grocery Retailers: Value Sales, Outlets and Selling Space:
% Growth 2016-2021 ............................................................................... 50
Table 98 Traditional Grocery Retailers GBO Company Shares: % Value 2017-
2021 ........................................................................................................ 50
Table 99 Traditional Grocery Retailers Forecasts: Value Sales, Outlets and
Selling Space 2021-2026 ......................................................................... 50
Table 100 Traditional Grocery Retailers Forecasts: Value Sales, Outlets and
Selling Space: % Growth 2021-2026 ........................................................ 50
Apparel and Footwear Specialist Retailers in India - Category Analysis.................................... 52
2021 DEVELOPMENTS .......................................................................................................... 52
Apparel and footwear specialist retailers launch Initial Public Offerings (IPOs) to raise funds
and expand.......................................................................................................................... 52
Retailers experience strong growth, new launches and collaborations in ethnic/ wedding
apparel ................................................................................................................................ 52
Pure play e-commerce retailer Flipkart acquires stake in apparel and footwear specialist
retailers ............................................................................................................................... 53
Retailers struggle with inventory forecasting due to changing pandemic scenario ................. 53
Rising costs as the government announces hike in GST rates.............................................. 53
Need for comfortable attire will allow athleisure to maintain growth....................................... 54
CHANNEL DATA .................................................................................................................... 54
Table 101 Apparel And Footwear Specialist Retailers: Value Sales, Outlets and
Selling Space 2016-2021 ......................................................................... 54
Table 102 Apparel And Footwear Specialist Retailers: Value Sales, Outlets and
Table 103 Apparel And Footwear Specialist Retailers GBO Company Shares: %
Value 2017-2021 ..................................................................................... 54
Table 104 Apparel And Footwear Specialist Retailers GBN Brand Shares: %
Value 2018-2021 ..................................................................................... 55
Table 105 Apparel And Footwear Specialist Retailers LBN Brand Shares:
Outlets 2018-2021 ................................................................................... 56
Table 106 Apparel And Footwear Specialist Retailers LBN Brand Shares: Selling
Space 2018-2021 .................................................................................... 56
Table 107 Apparel And Footwear Specialist Retailers Forecasts: Value Sales,
Outlets and Selling Space 2021-2026 ...................................................... 57

RE TAILING IN INDIA Passport vi
Table 108 Apparel And Footwear Specialist Retailers Forecasts: Value Sales,
Outlets and Selling Space: % Growth 2021-2026 ..................................... 57
Electronics and Appliance Specialist Retailers in India - Category Analysis .............................. 59
2021 DEVELOPMENTS .......................................................................................................... 59
Retailers benefit from the omnichannel sales model in 2021 ................................................ 59
Pent-up demand and festive sales aid recovery ................................................................... 59
Consumers prefer premium products in 2021 ....................................................................... 59
PLI (Production Linked Incentive) scheme to benefit the industry in forecast years ............... 60
Government plans to improve housing and infrastructure to boost sales ............................... 60
Changing consumer lifestyles to emerge as A main growth driver ........................................ 60
CHANNEL DATA .................................................................................................................... 60
Table 109 Electronics and Appliance Specialist Retailers: Value Sales, Outlets
and Selling Space 2016-2021 .................................................................. 60
Table 110 Electronics and Appliance Specialist Retailers: Value Sales, Outlets
and Selling Space: % Growth 2016-2021 ................................................. 60
Table 111 Electronics and Appliance Specialist Retailers GBO Company
Shares: % Value 2017-2021 .................................................................... 61
Table 112 Electronics and Appliance Specialist Retailers GBN Brand Shares: %
Value 2018-2021 ..................................................................................... 61
Table 113 Electronics and Appliance Specialist Retailers LBN Brand Shares:
Outlets 2018-2021 ................................................................................... 62
Table 114 Electronics and Appliance Specialist Retailers LBN Brand Shares:
Selling Space 2018-2021 ......................................................................... 62
Table 115 Electronics and Appliance Specialist Retailers Forecasts: Value
Sales, Outlets and Selling Space 2021-2026 ............................................ 63
Table 116 Electronics and Appliance Specialist Retailers Forecasts: Value
Sales, Outlets and Selling Space: % Growth 2021-2026 ........................... 63
Health and Beauty Specialist Retailers in India - Category Analysis ......................................... 64
2021 DEVELOPMENTS .......................................................................................................... 64
Physical stores impacted by lockdown ................................................................................. 64
Retailers continue with their expansion plans, aiming to realise future potential .................... 64
Rising health concerns benefit chemists/pharmacies............................................................ 64
E-commerce to continue contributing to the growth story of brands ...................................... 65
Offline-online integration to expand reach and coverage ...................................................... 65
High awareness and rising disposable incomes to drive sales .............................................. 65
CHANNEL DATA .................................................................................................................... 65
Table 117 Health and Beauty Specialist Retailers: Value Sales, Outlets and
Selling Space 2016-2021 ......................................................................... 65
Table 118 Health and Beauty Specialist Retailers: Value Sales, Outlets and
Table 119 Sales in Health and Beauty Specialist Retailers by Channel: Value
2016-2021 ............................................................................................... 66
Table 120 Sales in Health and Beauty Specialist Retailers by Channel: % Value
Growth 2016-2021 ................................................................................... 66

RE TAILING IN INDIA Passport vii
Table 121 Health and Beauty Specialist Retailers GBO Company Shares: %
Value 2017-2021 ..................................................................................... 66
Table 122 Health and Beauty Specialist Retailers GBN Brand Shares: % Value
2018-2021 ............................................................................................... 67
Table 123 Health and Beauty Specialist Retailers LBN Brand Shares: Outlets
2018-2021 ............................................................................................... 67
Table 124 Health and Beauty Specialist Retailers LBN Brand Shares: Selling
Space 2018-2021 .................................................................................... 68
Table 125 Health and Beauty Specialist Retailers Forecasts: Value Sales,
Table 126 Health and Beauty Specialist Retailers Forecasts: Value Sales,
Table 127 Forecast Sales in Health and Beauty Specialist Retailers by Channel:
Value 2021-2026 ..................................................................................... 69
Table 128 Forecast Sales in Health and Beauty Specialist Retailers by Channel:
% Value Growth 2021-2026 ..................................................................... 70
Home and Garden Specialist Retailers in India - Category Analysis ......................................... 71
2021 DEVELOPMENTS .......................................................................................................... 71
Home seclusion leads to growth for home and garden specialist retailers ............................. 71
Emergence of ‘phygital’ stores contributes to growth ............................................................ 71
Emerging home services companies aid the growth of home and garden specialist retailers . 71
Work from home trend to benefit home and garden specialist retailers in the long run .......... 72
Home and garden specialist retailers to benefit from the growing real estate market ............. 72
Growing number of players to expand to the Indian market, targeting growth ....................... 72
CHANNEL DATA .................................................................................................................... 72
Table 129 Home and Garden Specialist Retailers: Value Sales, Outlets and
Selling Space 2016-2021 ......................................................................... 72
Table 130 Home and Garden Specialist Retailers: Value Sales, Outlets and
Table 131 Sales in Home and Garden Specialist Retailers by Channel: Value
2016-2021 ............................................................................................... 73
Table 132 Sales in Home and Garden Specialist Retailers by Channel: % Value
Growth 2016-2021 ................................................................................... 73
Table 133 Home and Garden Specialist Retailers GBO Company Shares: %
Value 2017-2021 ..................................................................................... 73
Table 134 Home and Garden Specialist Retailers GBN Brand Shares: % Value
2018-2021 ............................................................................................... 74
Table 135 Home and Garden Specialist Retailers LBN Brand Shares: Outlets
2018-2021 ............................................................................................... 74
Table 136 Home and Garden Specialist Retailers LBN Brand Shares: Selling
Space 2018-2021 .................................................................................... 75
Table 137 Home and Garden Specialist Retailers Forecasts: Value Sales,
Table 138 Home and Garden Specialist Retailers Forecasts: Value Sales,
Table 139 Forecast Sales in Home and Garden Specialist Retailers by Channel:
Value 2021-2026 ..................................................................................... 76

RE TAILING IN INDIA Passport viii
Table 140 Forecast Sales in Home and Garden Specialist Retailers by Channel:
% Value Growth 2021-2026 ..................................................................... 76
Department Stores in India - Category Analysis ....................................................................... 77
2021 DEVELOPMENTS .......................................................................................................... 77
The importance of store-based shopping to remain, benefiting department stores ................ 77
Weddings and festivals aid the recovery of department stores.............................................. 77
Digitalisation initiatives to remain crucial for department stores to maintain their competitive
advantage ........................................................................................................................... 78
Store rentals to experience constant revision based on the pandemic situation .................... 78
Tier 2 and tier 3 markets offer strong potential for department stores.................................... 78
Spread of Omicron to result in inconsistent demand across categories, impacting recovery of
department stores ................................................................................................................ 79
CHANNEL DATA .................................................................................................................... 79
Table 141 Department Stores: Value Sales, Outlets and Selling Space 2016-
2021 ........................................................................................................ 79
Table 142 Department Stores: Value Sales, Outlets and Selling Space: %
Growth 2016-2021 ................................................................................... 79
Table 143 Department Stores GBO Company Shares: % Value 2017-2021 .............. 80
Table 144 Department Stores GBN Brand Shares: % Value 2018-2021 .................... 80
Table 145 Department Stores LBN Brand Shares: Outlets 2018-2021....................... 80
Table 146 Department Stores LBN Brand Shares: Selling Space 2018-2021 ............ 81
Table 147 Department Stores Forecasts: Value Sales, Outlets and Selling
Space 2021-2026 .................................................................................... 81
Table 148 Department Stores Forecasts: Value Sales, Outlets and Selling
Space: % Growth 2021-2026 ................................................................... 82
Variety Stores in India - Category Analysis .............................................................................. 83
2021 DEVELOPMENTS .......................................................................................................... 83
Warehouse Clubs in India - Category Analysis ........................................................................ 84
2021 DEVELOPMENTS .......................................................................................................... 84
Direct Selling in India - Category Analysis................................................................................ 85
2021 DEVELOPMENTS .......................................................................................................... 85
Direct selling gains popularity as it is A flexible source of income for sellers ......................... 85
Growth in direct selling driven by personal care and nutraceuticals ...................................... 85
Direct selling benefits MSMEs through contract manufacturing............................................. 85
The streamlining of regulations for direct selling to build more customer trust ....................... 86
Improved reach and awareness through digitisation to aid growth ........................................ 86
Direct selling companies to benefit from ‘Make in India’ ........................................................ 86
CHANNEL DATA .................................................................................................................... 86
Table 149 Direct Selling by Category: Value 2016-2021............................................ 86
Table 150 Direct Selling by Category: % Value Growth 2016-2021 ........................... 87
Table 151 Direct Selling GBO Company Shares: % Value 2017-2021 ....................... 87
Table 152 Direct Selling GBN Brand Shares: % Value 2018-2021............................. 88
Table 153 Direct Selling Forecasts by Category: Value 2021-2026 ........................... 88
Table 154 Direct Selling Forecasts by Category: % Value Growth 2021-2026 ........... 89

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Homeshopping in India - Category Analysis ............................................................................. 91

2021 DEVELOPMENTS .......................................................................................................... 91
Popularity of homeshopping is limited amongst consumers .................................................. 91
Limited product availability hinders growth ........................................................................... 91
Growth of e-commerce hampers the growth of homeshopping ............................................. 91
The homeshopping channel will find it difficult to survive ...................................................... 91
Homeshopping companies are starting to explore e-commerce for growth ........................... 92
CHANNEL DATA .................................................................................................................... 92
Table 155 Homeshopping by Category: Value 2016-2021 ......................................... 92
Table 156 Homeshopping by Category: % Value Growth 2016-2021......................... 92
Table 157 Homeshopping GBO Company Shares: % Value 2017-2021 .................... 93
Table 158 Homeshopping GBN Brand Shares: % Value 2018-2021 .......................... 93
Table 159 Homeshopping Forecasts by Category: Value 2021-2026......................... 94
Table 160 Homeshopping Forecasts by Category: % Value Growth 2021-2026 ........ 94
Vending in India - Category Analysis ....................................................................................... 96
2021 DEVELOPMENTS .......................................................................................................... 96
E-Commerce (Goods) in India - Category Analysis .................................................................. 97
2021 DEVELOPMENTS .......................................................................................................... 97
E-commerce remains an area of focus for A second year in A row ....................................... 97
Brands and retailers invest in direct to consumer models ..................................................... 97
Pandemic creates online demand for niche categories ......................................................... 97
The outlook remains strong for growth in e-commerce in India ............................................. 97
Increase in online-offline integration to overcome last-mile challenges ................................. 98
The competition is expected to intensify in the online space ................................................. 98
CHANNEL DATA .................................................................................................................... 98
Table 161 E-Commerce (Goods) by Channel and Category: Value 2016-2021.......... 98
Table 162 E-Commerce (Goods) by Channel and Category: % Value Growth
2016-2021 ............................................................................................... 99
Table 163 E-Commerce (Goods) GBO Company Shares: % Value 2017-2021 ......... 99
Table 164 E-Commerce (Goods) GBN Brand Shares: % Value 2018-2021 ............. 100
Table 165 Forecast E-Commerce (Goods) by Channel and Category: Value
2021-2026 ............................................................................................. 101
Table 166 Forecast E-Commerce (Goods) by Channel and Category: % Value
Growth 2021-2026 ................................................................................. 101
Mobile E-Commerce (Goods) in India - Category Analysis ..................................................... 103
KEY DATA FINDINGS .......................................................................................................... 103
2021 DEVELOPMENTS ........................................................................................................ 103
India is A mobile-first country ............................................................................................. 103
Digital payments further bolster the use of mobiles for online shopping .............................. 103
PROSPECTS AND OPPORTUNITIES .................................................................................. 103
Growth of social media commerce to further drive the importance of mobile e-commerce ... 103
CHANNEL DATA .................................................................................................................. 104
Table 167 Mobile E-Commerce (Goods): Value 2016-2021..................................... 104
Table 168 Mobile E-Commerce (Goods): % Value Growth 2016-2021 .................... 104
Table 169 Mobile E-Commerce (Goods) Forecasts: Value 2021-2026 .................... 104

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Table 170 Mobile E-Commerce (Goods) Forecasts: % Value Growth 2021-2026 .... 104
Food and Drink E-Commerce in India - Category Analysis ..................................................... 105
KEY DATA FINDINGS .......................................................................................................... 105
2021 DEVELOPMENTS ........................................................................................................ 105
Food and drink e-commerce continues to offer growth opportunities................................... 105
Online grocery companies increase their focus on delivery speeds to woo consumers ....... 105
Food and drink e-commerce retailers expand beyond tier 1 cities ....................................... 105
PROSPECTS AND OPPORTUNITIES .................................................................................. 105
Food and drink e-commerce will offer A plethora of growth opportunities ............................ 105
Focus will continue to be on the delivery experience .......................................................... 106
Private label will play A key role in driving companies towards profitability .......................... 106
CHANNEL DATA .................................................................................................................. 106
Table 171 Food and Drink E-Commerce: Value 2016-2021..................................... 106
Table 172 Food and Drink E-Commerce: % Value Growth 2016-2021 .................... 106
Table 173 Food and Drink E-Commerce Forecasts: Value 2021-2026 .................... 106
Table 174 Food and Drink E-Commerce Forecasts: % Value Growth 2021-2026 .... 107

RE TAILING IN INDIA Passport 1
RETAILING IN INDIA - INDUSTRY

OVERVIEW
EXECUTIVE SUMMARY
Retailing in 2021: The big picture

As the Indian economy recovered in 2021, retailing reported healthy growth, despite a second
wave of COVID-19 hitting the country in the first half of the year. Overall retailing saw double-
digit growth in 2021, compared with a slight decline in 2020. Recovery was facilitated by more
positive consumer sentiment, more discretionary spending, and fewer restrictions during the
second wave of COVID-19. Industries such as consumer appliances, beauty and personal care
and home care, which were negatively impacted in 2020 by stringent lockdowns and reduced
demand, rebounded in 2021, boosting retail sales. The shift to e-commerce continued at a fast
pace in India in 2021. However, store-based retailing, which saw a negative impact in the
previous year due to lockdown, returned to a healthy growth rate. Overall, retailing in India grew
at a rapid pace, returning to the pre-COVID-19 level of sales.
E-commerce – A promising bet

The region-wide lockdown in 2021, followed by changes in safety regulations, led to changes
in consumer behaviour and purchasing patterns. The sale of products that did not fall under
“essential items” was negatively impacted in store-based retailing during the first half of 2021.
However, with the success of the vaccination drive and the lifting of restrictions, footfall
increased in stores towards the second half of 2021.
This situation gave an opportunity for e-commerce to grow in Indian households. With high
internet and smartphone penetration, increasing awareness, and evolving consumer behaviour,
the e-commerce channel witnessed rapid growth. The lockdown also forced companies to
consider restructuring their sales channels, which led to the growth of an omnichannel sales
strategy in India. Retailing companies in India also shifted their focus to increasing sales through
their own websites, in addition to collaborating with third-party vendors or marketplaces. The
increased efforts by manufacturers to push their products through online channels led to overall
growth in sales via e-commerce in India. It also led to a change in consumer behaviour, as
consumers are now used to the ease and convenience of shopping online. This paradigm shift
in channel strategy is also expected to maintain the growth of e-commerce in the forecast years.
Rethinking the typical ‘store’

The pandemic forced manufacturers and retailers to reassess, reconsider and rethink the
typical ‘store’. The definition of ‘stores’, which were previously considered just as bricks-and-
mortar stores, has now expanded to also include digital stores.
In order to combat the bottlenecks at different levels of the supply chain, retailers took a lot of
measures to improve their processes in order to maintain their profits and control their
operational expenses. Technology played a huge role, with new products such as virtual fitting
rooms, self check-out kiosks, AI-enabled recommendations, etc. The data collected at stores
also helped retailers to optimise their orders with predictive demand analytics, hence reducing
inventory. With the decreasing popularity of physical stores, many brands considered relocating
their stores from high-end locations to cheaper locations to allow business continuity. With the
advent of technology, combined with availability of shoppers’ data, stores are now increasingly

working towards minimising costs such as inventory, manpower and store space, while
increasing their revenues by targeting new customers and retaining the existing ones.
What next for retailing?

With the momentum e-commerce has gained over the past two years, it is expected to
continue to see strong growth in the forecast period. Another major paradigm shift that is
noticeable is the growth of organised retail stores over non-organised stores, such as kirana
stores. The pandemic has reset the priority of customers towards a hygienic shopping
environment and packaged items – something which benefited organised retailing in India. With
this change in consumer behaviour, combined with the lucrative offers, discounts and loyalty
programmes offered by organised stores, their growth is expected to continue in the future. This
trend has been identified by industry leaders and reflected in the expansion plans they have
announced – Reliance announced opening 7-Eleven stores in India, Tata Group-backed
BigBasket announced Fresho stores, and D-Mart and Nykaa are aiming for aggressive
expansion throughout India.
As the leading retailers follow aggressive growth and expansion plans, they are leveraging
local kirana stores by partnering with them to expand their networks and last-mile deliveries.
This model benefits both entities, as kirana stores get to increase their business, and the e-com
players get more distribution centres.
OPERATING ENVIRONMENT
Informal retailing
Informal retailing is predominant in India, with several formats, such as kirana stores or
neighbourhood stores, kiosks and independent vendors present across the country. Due to
more stringent health and safety regulations, informal retailing was negatively impacted in 2021.
Changing customer priorities, with demand for hygienic and sanitised outlets, packaged
products and digital payments, led to the reduced popularity of informal retailing. The reverse
migrations which followed nationwide lockdown also led to less manpower involved in informal
retailing, further contributing to its reduction in India.
Informal retailing was a huge size in India over the review period, dominating retailing.
However, the pandemic accelerated the change in dynamics in the industry, which was evident
in 2021 with the increasing growth of formal retailing over informal. This shift is expected to
continue in the forecast period.
Opening hours
With the second wave of COVID-19 prevalent in the first half of 2021, there were strict
lockdown restrictions imposed on retailers selling items other than essential goods in the
months of April and May. From June onwards, with the speeding up of the vaccination drive and
a reduction in the number of cases, the phased reopening of retail stores started in the country.
During the second wave, customers as well as retailers were more aware and prepared
regarding the reopening of the market and growth happened quickly, with the only limitation
being the night curfew. The operating hours of retailers differed from state to state, depending
on the local rules and regulations. However, by the last quarter of the year, which is the festive
season, the rules and regulations were reduced to a minimum and customers were allowed to
shop freely in the market.
Summary 1 Standard Opening Hours by Channel Type 2021

Channel 24-hour Monday- Friday Saturday Sunday

opening? Thursday
Supermarket No 08.00- 06.00- 08.00- 11.00-

s 23.00hrs 23.00hrs 22.00hrs 17.00hrs
Hypermarket No 08.00- 08.00- 08.00- 08.00-

s 23.00hrs 23.00hrs 23.00hrs 23.00hrs
Convenience No 08.00- 08.00- 08.00- 08.00-

Stores 21.30hrs 21.30hrs 21.30hrs 21.30hrs
Source: Euromonitor International

Note: These reflect typical opening hours outside of lockdown
Physical retail landscape

In response to the pandemic, many physical retailers made changes to the way they received
and dispensed their orders. Retailers started taking orders via phone or messages from
customers and provided home delivery options. While local retailers innovated in the retail
space with the resources available to them, the industry leaders started making technology-led
modifications to control their costs and increase revenue growth. With subdued sales in the first
half of the year, inventory management became a problem for stores. Moreover, with inventory
building up, brands were not able to release fresh stocks or the latest collections to the market.
To solve this problem, stores switched to predictive data modelling to optimise their inventory
and sold the backlog via offers and discounts.
Apart from operational changes, serious measures were taken around keeping stores
sanitised and hygienic, and provisions were made for social distancing. With concern around
contaminated bank notes, retailers were quick to switch to digital payment methods.
Cash and carry

The cash and carry format is not popular in India, as traditional grocery retailers offer
competitive prices and services.
Seasonality
In India, the festive season, which covers the third and fourth quarters of the calendar year, is
the season when most shopping takes place. The festivals of Durga Puja, Deepavali, Christmas
and Onam all fall in the third and fourth quarters of the year. Customers typically save money
and delay their shopping to this season to leverage the high discounts offered by retailers during
this period.
Considering the huge demand during the festive season, the major e-retailers plan their yearly
sales at this time. For example, Amazon’s Great Indian Festival Sale, Flipkart’s Big Billion Day
sale, etc. are held during the months of October to December every year. At the same time,
physical retailers also plan holiday sales.
Leveraging sales and discounts, customers plan their shopping for big-ticket items, ranging
from major consumer appliances such as refrigerators, washing machines, air conditioners and
microwaves, to smaller items such as apparel and footwear, during this season. Since this is
also the gifting season, the sale of items such as toys and games, chocolate and confectionery
witnesses a steep rise.

Payments
The pandemic in India accelerated the adoption of cashless payment at retail outlets. While
credit/debit card usage increased mainly for big-ticket items, the usage of Unified Payment
Interface (UPI) applications such as PayTM, Google Pay, PhonePe, etc. became prominent in
the market. The adoption of these apps was swift and easy, as it was convenient for customers
and well as retailers to use. Almost all the major retailers, and even neighbourhood kirana
stores, have now adopted the usage of these apps.
Delivery and collection

With the prevalence of the pandemic in 2021, contactless payment, delivery and collection
models picked up traction amongst consumers. They were apprehensive of going to crowded
places such as traditional retailers, especially in tier 1 cities, due to the risk of contracting the
virus. In such a situation, several companies offered contactless payment and delivery services,
with a specified turnaround time.
The e-grocery segment witnessed considerable growth in tier 1 markets since the delivery of
fresh groceries was promised within 15-30 minutes of ordering. New companies such as Fraazo
and BlinkIt, as well as relatively more established ones such as BigBasket, Gourmet Garden
and JioMart, developed their distribution and delivery networks to enable swift contactless
delivery.
Contactless payment options also grew, with all e-commerce players tying up with fintech
companies such as PayTM, Google Pay and BharatPe to enable their wallets and offer
convenience to customers. Many physical retailers even stopped accepting cash due to the risk
of contracting the virus, and solely depended on UPI or credit/debit cards for payments.
Emerging business models

The integration of online and offline channels to enable hyperlocal delivery was one of the
most popular emerging business models in 2021. Be it for grocery retailers, electronics and
appliance specialist retailers or chemists/pharmacies, etc., this model gained a great deal of
popularity since it enabled ease of ordering and swift delivery without the requirement of
warehousing capabilities for retailers.
Some of the retailers which benefited from this model were Apollo Pharmacy, JioMart,
Reliance Digital and Tata Croma. Leveraging their wide network of stores, these retailers
enabled customers to order products online, while delivering them from the closest retail outlet.
This type of integration is expected to increasingly be seen as the way forward, as it fulfils the
customer need for quick turnaround time, and retailers’ need to sell their stock.
MARKET DATA
Table 1 Sales in Retailing by Store-based vs Non-Store: Value 2016-2021
INR million
2016 2017 2018 2019 2020 2021
Store-Based Retailing 34,604,6 38,185,9 41,862,4 45,598,8 44,111,9 48,535,5

22.6 00.4 68.9 94.6 79.1 74.1
Non-Store Retailing 1,007,10 1,428,50 1,835,24 2,280,69 2,848,79 3,617,81
7.0 3.5 1.6 9.9 7.1 2.1
Retailing 35,611,7 39,614,4 43,697,7 47,879,5 46,960,7 52,153,3
29.7 03.9 10.5 94.5 76.2 86.2

Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources
Table 2 Sales in Retailing by Store-based vs Non-Store: % Value Growth 2016-2021
% current value growth, retail value rsp excl sales tax
2020/21 2016-21 CAGR 2016/21 Total
Store-Based Retailing 10.0 7.0 40.3

Non-Store Retailing 27.0 29.1 259.2
Retailing 11.1 7.9 46.5
Table 3 Sales in Store-based Retailing by Channel: Value 2016-2021
INR million
2016 2017 2018 2019 2020 2021
Grocery Retailers 22,059,5 24,259,3 26,421,6 28,719,6 30,439,2 32,866,1

98.2 09.6 98.0 82.4 50.0 41.1
Non-Grocery Specialists 12,356,3 13,715,3 15,200,9 16,608,6 13,488,7 15,466,6
77.0 05.8 62.3 08.9 18.8 35.3
Mixed Retailers 188,647.4 211,285.1 239,808.6 270,603.3 184,010.2 202,797.7
Luxury Retailing 18,773.7 19,878.7 21,627.3 22,373.1 16,761.1 20,823.6
Off-Price Retailing 9,748.5 12,986.0 19,685.9 23,426.3 16,866.9 19,063.5
22.6 00.4 68.9 94.6 79.1 74.1
Note 1: Luxury retailing not included in store-based retailing total to avoid double counting as luxury retailing is a
duplicate category already accounted for within non-grocery specialists and mixed retailers.
Note 2: Off-price retailing not included in store-based retailing total to avoid double counting as off-price retailing
is a duplicate category already accounted for within apparel and footwear specialists and department
stores.
Table 4 Sales in Store-based Retailing by Channel: % Value Growth 2016-2021
2020/21 2016-21 CAGR 2016/21 Total
Grocery Retailers 8.0 8.3 49.0

Non-Grocery Specialists 14.7 4.6 25.2
Mixed Retailers 10.2 1.5 7.5
Luxury Retailing 24.2 2.1 10.9
Off-Price Retailing 13.0 14.4 95.6
stores.

Table 5 Store-based Retailing Outlets by Channel: Units 2016-2021
outlet
2016 2017 2018 2019 2020 2021

51.0 21.0 69.0 82.0 66.0 29.0
1.0 6.0 9.0 8.0 9.0 7.0
Mixed Retailers 1,538.0 1,786.0 2,087.0 2,329.0 2,376.0 2,334.0
Luxury Retailing 80.0 80.0 85.0 86.0 84.0 86.0
Off-Price Retailing 50.0 61.0 86.0 100.0 100.0 105.0
20.0 33.0 35.0 99.0 61.0 10.0
stores.
Table 6 Store-based Retailing Outlets by Channel: % Unit Growth 2016-2021
% unit growth
2020/21 2016-21 CAGR 2016/21 Total

Mixed Retailers -1.8 8.7 51.8
Luxury Retailing 2.4 1.5 7.5
Off-Price Retailing 5.0 16.0 110.0
stores.
Table 7 Sales in Non-Store Retailing by Channel: Value 2016-2021
INR million
2016 2017 2018 2019 2020 2021
Direct Selling 119,681.2 128,765.1 140,354.0 152,284.1 155,040.4 163,156.1

Homeshopping 45,120.0 55,497.6 64,932.2 74,672.0 64,964.7 76,658.3
Vending - - - - - -
E-Commerce (Goods) 842,305.8 1,244,24 1,629,95 2,053,74 2,628,79 3,377,99
0.7 5.4 3.8 2.0 7.7
7.0 3.5 1.6 9.9 7.1 2.1
Note 1: Vending data captures vending systems installed in public and semi-captive environments only. For
further details refer to definitions.

Note 2: Mobile e-commerce (goods) not included in non-store retailing total to avoid double counting as this
category is already accounted for within e-commerce (goods).
Table 8 Sales in Non-Store Retailing by Channel: % Value Growth 2016-2021
2020/21 2016-21 CAGR 2016/21 Total
Direct Selling 5.2 6.4 36.3

Homeshopping 18.0 11.2 69.9
Vending - - -
E-Commerce (Goods) 28.5 32.0 301.0
Table 9 Grocery Retailers: Value Sales, Outlets and Selling Space 2016-2021
2016 2017 2018 2019 2020 2021
Value sales INR million 22,059,5 24,259,3 26,421,6 28,719,6 30,439,2 32,866,1
98.2 09.6 98.0 82.4 50.0 41.1
Outlets 12,640,5 12,712,9 12,789,1 12,853,0 12,660,5 12,812,8
51.0 21.0 69.0 82.0 66.0 29.0
Selling Space '000 sq m 508,791.5 517,519.1 526,680.2 535,945.1 534,910.2 549,210.5
Table 10 Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2016-
2021
% growth
2020/21 2016-21 CAGR 2016/21 Total
Value sales INR million 8.0 8.3 49.0

Outlets 1.2 0.3 1.4
Selling Space '000 sq m 2.7 1.5 7.9
Table 11 Sales in Grocery Retailers by Channel: Value 2016-2021
INR million
2016 2017 2018 2019 2020 2021
-- Convenience Stores 35,847.0 40,836.9 48,387.6 53,023.3 40,403.8 44,646.2

-- Discounters - - - - - -
-- Forecourt Retailers 2,886.5 3,088.5 3,311.1 3,587.4 2,726.4 3,228.7
-- Hypermarkets 307,670.4 367,551.4 426,901.8 491,844.5 348,588.3 383,447.1
-- Supermarkets 548,810.4 603,691.1 653,471.4 705,095.6 658,770.8 718,784.9

- Modern Grocery 895,214.2 1,015,16 1,132,07 1,253,55 1,050,48 1,150,10

Retailers 8.0 1.9 0.9 9.3 6.8
- Traditional Grocery 21,164,3 23,244,1 25,289,6 27,466,1 29,388,7 31,716,0
Retailers 84.0 41.6 26.1 31.5 60.7 34.3
98.2 09.6 98.0 82.4 50.0 41.1
Table 12 Sales in Grocery Retailers by Channel: % Value Growth 2016-2021
2020/21 2016-21 CAGR 2016/21 Total
-- Convenience Stores 10.5 4.5 24.5

-- Discounters - - -
-- Forecourt Retailers 18.4 2.3 11.9
-- Hypermarkets 10.0 4.5 24.6
-- Supermarkets 9.1 5.5 31.0
- Modern Grocery Retailers 9.5 5.1 28.5
- Traditional Grocery Retailers 7.9 8.4 49.9
Table 13 Grocery Retailers Outlets by Channel: Units 2016-2021
outlet
2016 2017 2018 2019 2020 2021

-- Forecourt Retailers 315.0 320.0 328.0 333.0 329.0 338.0
-- Hypermarkets 468.0 532.0 580.0 633.0 645.0 690.0
-- Supermarkets 15,083.0 15,610.0 16,428.0 16,919.0 16,915.0 17,421.0
- Modern Grocery 16,990.0 17,686.0 18,756.0 19,561.0 19,548.0 20,119.0
Retailers
Retailers 61.0 35.0 13.0 21.0 18.0 10.0
51.0 21.0 69.0 82.0 66.0 29.0
Table 14 Grocery Retailers Outlets by Channel: % Unit Growth 2016-2021
% unit growth
2020/21 2016-21 CAGR 2016/21 Total



Table 15 Non-Grocery Specialists: Value Sales, Outlets and Selling Space 2016-2021
2016 2017 2018 2019 2020 2021
77.0 05.8 62.3 08.9 18.8 35.3
Outlets 2,527,53 2,718,12 2,925,37 3,118,18 3,127,51 3,360,84
1.0 6.0 9.0 8.0 9.0 7.0
Table 16 Non-Grocery Specialists: Value Sales, Outlets and Selling Space: % Growth
2016-2021
% growth
2020/21 2016-21 CAGR 2016/21 Total

Outlets 7.5 5.9 33.0
Table 17 Sales in Non-Grocery Specialists by Channel: Value 2016-2021
INR million
2016 2017 2018 2019 2020 2021
- Apparel and Footwear 3,459,08 3,874,17 4,259,66 4,651,55 3,349,11 3,720,19

Specialist Retailers 6.0 6.0 2.0 0.9 6.7 8.8
- Electronics and 2,605,06 2,776,99 2,910,82 3,109,33 2,882,35 3,078,23
Appliance Specialist 3.6 7.8 0.2 1.8 0.6 8.5
Retailers
- Health and Beauty 1,157,08 1,292,00 1,445,70 1,614,42 1,722,26 2,026,50
- Home and Garden 1,450,38 1,570,65 1,725,75 1,882,97 1,764,27 1,945,33
- Leisure and Personal 3,519,57 4,020,43 4,659,70 5,134,64 3,615,42 4,486,54
Goods Specialist 3.3 0.6 0.8 9.3 9.9 4.6
Retailers
- Other Non-Grocery 165,183.6 181,033.2 199,323.5 215,668.0 155,281.0 209,810.6
Specialists
77.0 05.8 62.3 08.9 18.8 35.3

Table 18 Sales in Non-Grocery Specialists by Channel: % Value Growth 2016-2021
2020/21 2016-21 CAGR 2016/21 Total
- Apparel and Footwear Specialist 11.1 1.5 7.5

Retailers
- Electronics and Appliance Specialist 6.8 3.4 18.2
Retailers
- Health and Beauty Specialist Retailers 17.7 11.9 75.1
- Home and Garden Specialist Retailers 10.3 6.0 34.1
- Leisure and Personal Goods 24.1 5.0 27.5
Specialist Retailers
- Other Non-Grocery Specialists 35.1 4.9 27.0
Table 19 Non-Grocery Specialists Outlets by Channel: Units 2016-2021
outlet
2016 2017 2018 2019 2020 2021
- Apparel and Footwear 978,913.0 1,071,91 1,168,68 1,262,18 1,199,07 1,190,08

Specialist Retailers 0.0 8.0 3.0 4.0 1.0
- Electronics and 183,729.0 188,620.0 194,062.0 199,010.0 194,807.0 199,886.0
Appliance Specialist
Retailers
- Health and Beauty 801,829.0 860,426.0 932,928.0 995,030.0 1,074,24 1,273,60
Specialist Retailers 1.0 0.0
- Home and Garden 188,036.0 198,545.0 206,852.0 215,396.0 215,485.0 219,278.0
- Leisure and Personal 256,103.0 276,853.0 298,216.0 319,356.0 318,607.0 349,017.0
Goods Specialist
Retailers
Specialists
1.0 6.0 9.0 8.0 9.0 7.0
Table 20 Non-Grocery Specialists Outlets by Channel: % Unit Growth 2016-2021
% unit growth
2020/21 2016-21 CAGR 2016/21 Total
- Apparel and Footwear Specialist -0.7 4.0 21.6

Retailers
Retailers

Table 21 Mixed Retailers: Value Sales, Outlets and Selling Space 2016-2021
2016 2017 2018 2019 2020 2021
Value sales INR million 188,647.4 211,285.1 239,808.6 270,603.3 184,010.2 202,797.7
Outlets 1,538.0 1,786.0 2,087.0 2,329.0 2,376.0 2,334.0
Table 22 Mixed Retailers: Value Sales, Outlets and Selling Space: % Growth 2016-2021
% growth
2020/21 2016-21 CAGR 2016/21 Total

Outlets -1.8 8.7 51.8
Selling Space '000 sq m -2.0 9.5 57.6
Table 23 Sales in Mixed Retailers by Channel: Value 2016-2021
INR million
2016 2017 2018 2019 2020 2021
- Department Stores 188,647.4 211,285.1 239,808.6 270,603.3 184,010.2 202,797.7

- Mass Merchandisers - - - - - -
- Variety Stores - - - - - -
- Warehouse Clubs - - - - - -
Mixed Retailers 188,647.4 211,285.1 239,808.6 270,603.3 184,010.2 202,797.7
Table 24 Sales in Mixed Retailers by Channel: % Value Growth 2016-2021
2020/21 2016-21 CAGR 2016/21 Total
- Department Stores 10.2 1.5 7.5

- Mass Merchandisers - - -
- Variety Stores - - -
- Warehouse Clubs - - -

Table 25 Mixed Retailers Outlets by Channel: Units 2016-2021
outlet
2016 2017 2018 2019 2020 2021

Mixed Retailers 1,538.0 1,786.0 2,087.0 2,329.0 2,376.0 2,334.0
Table 26 Mixed Retailers Outlets by Channel: % Unit Growth 2016-2021
% unit growth
2020/21 2016-21 CAGR 2016/21 Total
- Department Stores -1.8 8.7 51.8

Mixed Retailers -1.8 8.7 51.8
Table 27 Retailing GBO Company Shares: % Value 2017-2021
% retail value rsp excl sales tax

Company 2017 2018 2019 2020 2021
Walmart Inc - 1.6 1.8 2.3 2.7

Amazon.com Inc 0.9 1.1 1.4 1.8 2.1
Reliance Group 0.6 0.8 0.9 1.0 0.9
Avenue Supermarts Ltd 0.4 0.4 0.5 0.5 0.5
Tata Group 0.5 0.5 0.5 0.4 0.5
Future Group 0.6 0.7 0.7 0.3 0.2
One97 Communications Ltd 0.3 0.2 0.2 0.2 0.2
Aditya Birla Group 0.2 0.2 0.2 0.2 0.2
Landmark Group 0.2 0.2 0.2 0.1 0.1
Jasper Infotech Pvt Ltd 0.1 0.1 0.1 0.1 0.1
Apollo Hospitals 0.1 0.1 0.1 0.1 0.1
Enterprises Ltd
K Raheja Corp 0.1 0.1 0.1 0.1 0.1
Dell Technologies Inc 0.1 0.1 0.1 0.1 0.1
Amway Corp 0.1 0.0 0.0 0.0 0.0
LG Corp 0.0 0.0 0.0 0.0 0.0
Flipkart Online 1.3 - - - -
Services Pvt Ltd
Dell Inc - - - - -
Others 94.5 93.9 93.3 92.8 92.2
Total 100.0 100.0 100.0 100.0 100.0

Table 28 Retailing GBN Brand Shares: % Value 2018-2021

Brand Company (GBO) 2018 2019 2020 2021
3rd Party Merchants Walmart Inc 1.3 1.5 2.0 2.3

3rd Party Merchants Amazon.com Inc 1.1 1.4 1.8 2.1
Reliance Digital Reliance Group 0.5 0.6 0.6 0.5
D-Mart Avenue Supermarts Ltd 0.4 0.5 0.5 0.5
Myntra Walmart Inc 0.3 0.3 0.4 0.4
Tanishq Tata Group 0.3 0.3 0.2 0.3
Paytm Mall One97 Communications Ltd 0.2 0.2 0.2 0.2
Reliance Smart Reliance Group 0.1 0.2 0.2 0.2
3rd Party Merchants Jasper Infotech Pvt Ltd 0.1 0.1 0.1 0.1
Apollo Pharmacy Apollo Hospitals 0.1 0.1 0.1 0.1
Enterprises Ltd
Big Bazaar Future Group 0.4 0.4 0.1 0.1
Reliance Trends Reliance Group 0.1 0.1 0.1 0.1
Croma Tata Group 0.1 0.1 0.1 0.1
More Aditya Birla Group 0.1 0.1 0.1 0.1
Reliance Reliance Group 0.1 0.1 0.1 0.1
Shoppers Stop K Raheja Corp 0.1 0.1 0.1 0.1
Dell Dell Technologies Inc 0.1 0.1 0.1 0.1
Amway Amway Corp 0.0 0.0 0.0 0.0
Dell Dell Inc - - - -
3rd Party Merchants Flipkart Online - - - -
Services Pvt Ltd
Others 94.6 94.0 93.3 92.7
Total 100.0 100.0 100.0 100.0
Table 29 Store-based Retailing GBO Company Shares: % Value 2017-2021

Company 2017 2018 2019 2020 2021
Reliance Group 0.7 0.9 1.0 1.0 1.0

Tata Group 0.5 0.5 0.5 0.5 0.5
Future Group 0.6 0.7 0.7 0.3 0.3
Landmark Group 0.2 0.2 0.2 0.1 0.1
Enterprises Ltd
K Raheja Corp 0.1 0.1 0.1 0.1 0.1
LG Corp 0.0 0.0 0.0 0.0 0.0
Others 97.2 96.9 96.7 97.2 97.2
Total 100.0 100.0 100.0 100.0 100.0
Table 30 Store-based Retailing GBN Brand Shares: % Value 2018-2021



Enterprises Ltd
Others 97.6 97.4 97.7 97.8
Total 100.0 100.0 100.0 100.0
Table 31 Store-based Retailing LBN Brand Shares: Outlets 2018-2021
sites/outlets
Brand (GBO) Company (NBO) 2018 2019 2020 2021
Apollo Pharmacy Apollo Hospitals 3,300 3,600 3,780 3,900

Enterprises Ltd
Reliance Digital Reliance Retail Ltd 2,700 3,000 3,090 3,100
(Reliance Group)
Reliance Trends Reliance Retail Ltd 526 700 777 850
(Reliance Group)
Reliance (Reliance Reliance Retail Ltd 430 540 621 700
Group)
More (Aditya Birla Aditya Birla Retail Ltd 543 555 555 555
Group)
Reliance Smart Reliance Retail Ltd 127 278 375 403
(Reliance Group)
Tanishq (Tata Group) Titan Co Ltd 251 327 353 358
Big Bazaar (Future Future Retail Ltd 290 315 315 318
Group)
D-Mart Avenue Supermarts Ltd 170 195 201 221
Croma (Tata Group) Infiniti Retail Ltd 117 145 174 180
Shoppers Stop (K Shoppers Stop Ltd 83 91 89 77
Raheja Corp)
Big Bazaar (Future Future Value Retail Ltd - - - -
Group)
Tanishq (Tata Group) Titan Industries Ltd - - - -
Others Others 15,708,098 15,963, 15,780, 16,165,
853 131 348
Total Total 15,716,635 15,973, 15,790, 16,176,
599 461 010
Table 32 Non-Store Retailing GBO Company Shares: % Value 2017-2021

Company 2017 2018 2019 2020 2021
Walmart Inc - 37.4 38.7 38.4 38.7

Amazon.com Inc 25.4 26.9 28.4 29.1 29.8
Herbalife Nutrition Ltd - 1.4 1.4 1.3 1.2
FNS E-Commerce Ventures 0.4 0.5 0.6 0.7 1.0
Pvt Ltd
Network18 Group 1.9 1.7 1.5 1.1 1.0
SHOP CJ Network Pvt Ltd 1.5 1.3 1.2 0.8 0.8
Amway Corp 1.5 1.2 0.9 0.7 0.6
Modi Group KK 0.4 0.5 0.6 0.5 0.5
Vestige Marketing Pvt Ltd 0.5 0.5 0.5 0.5 0.4
Eureka Forbes Ltd 0.9 0.7 0.6 0.5 0.4
Glaze Trading India Pvt 0.5 0.5 0.4 0.4 0.3
Ltd
Manash Lifestyle Pvt Ltd 0.2 0.2 0.2 0.2 0.2
Oriflame Cosmetics SA 0.6 0.5 0.4 0.3 0.2
Forever Living Products 0.5 0.4 0.3 0.2 0.2
International LLC
Apple Inc 0.2 0.2 0.2 0.2 0.2
Naaptol Online Shopping 0.2 0.2 0.2 0.2 0.2
Pvt Ltd
TVC Skyshop Ltd 0.1 0.1 0.1 0.1 0.1
Avon Products Inc 0.1 0.1 0.1 - -
Services Pvt Ltd
Herbalife Ltd 1.3 - - - -
Others 14.7 17.0 16.4 18.7 18.6
Total 100.0 100.0 100.0 100.0 100.0
Note: Vending data captures vending systems installed in public and semi-captive environments only. For
Table 33 Non-Store Retailing GBN Brand Shares: % Value 2018-2021


Herbalife Nutrition Herbalife Nutrition Ltd 1.4 1.4 1.3 1.2
Nykaa.com FNS E-Commerce Ventures 0.5 0.6 0.7 1.0
Pvt Ltd
HomeShop18 Network18 Group 1.7 1.5 1.1 1.0
ShopCJ SHOP CJ Network Pvt Ltd 1.3 1.2 0.8 0.8
Amway Amway Corp 1.2 0.9 0.7 0.6
Modicare Modi Group KK 0.5 0.6 0.5 0.5
Vestige Vestige Marketing Pvt Ltd 0.5 0.5 0.5 0.4
Eureka Forbes Eureka Forbes Ltd 0.7 0.6 0.5 0.4
Glaze Trading Glaze Trading India Pvt 0.5 0.4 0.4 0.3
Ltd

Purplle.com Manash Lifestyle Pvt Ltd 0.2 0.2 0.2 0.2

Oriflame Oriflame Cosmetics SA 0.5 0.4 0.3 0.2
Forever Forever Living Products 0.4 0.3 0.2 0.2
International LLC
App Store Apple Inc 0.2 0.2 0.2 0.2
Naaptol Naaptol Online Shopping 0.2 0.2 0.2 0.2
Pvt Ltd
Jabong.com Walmart Inc 1.0 1.0 - -
Others 17.3 16.6 18.8 18.7
Total 100.0 100.0 100.0 100.0
Note: Vending data captures vending systems installed in public and semi-captive environments only. For
Table 34 Grocery Retailers GBO Company Shares: % Value 2017-2021

Company 2017 2018 2019 2020 2021

Reliance Group 0.2 0.3 0.4 0.4 0.4
Future Group 0.8 0.8 0.9 0.3 0.2
National Dairy 0.1 0.1 0.1 0.1 0.1
Development Board
RPG Group 0.1 0.1 0.1 0.1 0.1
Others 98.0 97.8 97.6 98.3 98.3
Total 100.0 100.0 100.0 100.0 100.0
Table 35 Grocery Retailers GBN Brand Shares: % Value 2018-2021


Spencer's RPG Group 0.1 0.1 0.1 0.1
Easy Day Future Group 0.1 0.1 0.0 0.0
Others 97.9 97.8 98.4 98.4
Total 100.0 100.0 100.0 100.0
Table 36 Grocery Retailers LBN Brand Shares: Outlets 2018-2021
sites/outlets
Easy Day (Future Future Retail Ltd 900 1,100 1,098 1,090

Group)
Reliance (Reliance Reliance Retail Ltd 430 540 621 700
Group)
Group)
(Reliance Group)
Group)
Spencer's (RPG Group) Spencer's Retail Ltd 122 123 125 125
Group)
Others Others 12,786,587 12,849, 12,657, 12,809,
976 276 417
Total Total 12,789,169 12,853, 12,660, 12,812,
082 566 829
Table 37 Grocery Retailers LBN Brand Shares: Selling Space 2018-2021
selling space '000 sq m

Big Bazaar (Future Future Retail Ltd 1,150.0 1,214.9 1,220.8 1,216.7
Group)
Reliance (Reliance Reliance Retail Ltd 301.0 378.0 434.7 560.0
Group)
Reliance Smart Reliance Retail Ltd 200.0 215.0 361.0 400.0
(Reliance Group)
Easy Day (Future Future Retail Ltd 184.1 229.8 258.5 246.2
Group)
More (Aditya Birla Aditya Birla Retail Ltd 223.8 226.0 226.0 226.0
Group)
Spencer's (RPG Group) Spencer's Retail Ltd 97.8 100.8 101.8 101.8
Group)
Others Others 524,003.5 532,982.5 531,707.4 545,708.8
Total Total 526,680.2 535,945.1 534,910.2 549,210.5
Table 38 Non-Grocery Specialists GBO Company Shares: % Value 2017-2021

Company 2017 2018 2019 2020 2021
Reliance Group 1.4 1.9 2.1 2.5 2.2

Tata Group 1.1 1.1 1.1 1.3 1.3
Enterprises Ltd
Samsung Corp 0.2 0.2 0.1 0.3 0.3
Vijay Sales Ltd 0.2 0.2 0.3 0.3 0.3
Medplus Health Services 0.2 0.2 0.2 0.2 0.2
Pvt Ltd

Future Group 0.2 0.3 0.3 0.2 0.2

Asian Paints Ltd (APL) 0.2 0.2 0.2 0.2 0.2
Godrej Group 0.2 0.2 0.2 0.2 0.2
Landmark Group 0.2 0.2 0.2 0.2 0.2
Bata Ltd 0.2 0.2 0.2 0.2 0.2
Tribhovandas Bhimji 0.1 0.1 0.1 0.1 0.1
Zaveri Delhi Pvt Ltd
Decathlon SA 0.1 0.1 0.1 0.1 0.1
LG Corp 0.1 0.1 0.1 0.1 0.1
adidas Group 0.0 0.0 0.0 0.0 0.0
S Mobility Ltd 0.0 0.0 0.0 0.0 0.0
Univercell 0.0 0.0 0.0 0.0 0.0
Telecommunications
India Pvt Ltd
Lenskart Solutions Pvt 0.0 0.0 0.0 0.0 0.0
Ltd
Videocon Industries Ltd 0.0 0.0 0.0 0.0 0.0
Essar Group 0.0 - - - -
Others 95.0 94.6 94.3 93.5 93.8
Total 100.0 100.0 100.0 100.0 100.0
Table 39 Non-Grocery Specialists GBN Brand Shares: % Value 2018-2021


Enterprises Ltd
Samsung Plaza Samsung Corp 0.2 0.1 0.3 0.3
Vijay Sales Vijay Sales Ltd 0.2 0.3 0.3 0.3
Medplus Medplus Health Services 0.2 0.2 0.2 0.2
Pvt Ltd
Colour Idea Store Asian Paints Ltd (APL) 0.2 0.2 0.2 0.2
Interio Godrej Group 0.2 0.2 0.2 0.2
Max Landmark Group 0.2 0.2 0.2 0.2
Reliance Jewels Reliance Group 0.1 0.1 0.1 0.2
Bata Bata Ltd 0.2 0.2 0.2 0.2
Brand Factory Future Group 0.1 0.1 0.1 0.1
TBZ - The Original Tribhovandas Bhimji 0.1 0.1 0.1 0.1
Decathlon Decathlon SA 0.1 0.1 0.1 0.1
LG Shoppe LG Corp 0.1 0.1 0.1 0.1
Spice Hotspot S Mobility Ltd 0.0 0.0 0.0 0.0
UniverCell Univercell 0.0 0.0 0.0 0.0
Telecommunications
India Pvt Ltd
Lenskart Lenskart Solutions Pvt Ltd 0.0 0.0 0.0 0.0
Next Videocon Industries Ltd 0.0 0.0 0.0 -
Others 95.1 94.8 93.9 94.1
Total 100.0 100.0 100.0 100.0

Table 40 Non-Grocery Specialists LBN Brand Shares: Outlets 2018-2021
sites/outlets

Enterprises Ltd
(Reliance Group)
Medplus Medplus Health Services 1,650 1,800 1,890 1,920
Pvt Ltd
Bata (Bata Ltd) Bata India Ltd 1,375 1,450 1,558 1,526
Lenskart Lenskart Solutions Pvt Ltd 438 550 700 1,000
(Reliance Group)
Colour Idea Store Asian Paints Ltd (APL) 380 395 450 470
Samsung Plaza Samsung India 450 452 452 454
(Samsung Corp) Electronics Pvt Ltd
Tanishq (Tata Group) Titan Co Ltd 251 327 353 358
Max (Landmark Group) Max Fashion India 250 320 331 352
Reebok (adidas Group) Reebok India Pvt Ltd 225 225 223 220
Interio (Godrej Godrej & Boyce Mfg Co Ltd 180 200 190 198
Group)
Spice Hotspot (S Spice Retail Ltd 125 120 110 107
Mobility Ltd)
Brand Factory Future Lifestyle 86 100 100 105
(Future Group) Fashions Ltd
Vijay Sales Vijay Sales Ltd 76 99 101 101
LG Shoppe (LG Corp) LG Electronics India 90 90 90 90
Pvt Ltd
Reliance Jewels Reliance Retail Ltd 68 72 72 74
(Reliance Group)
Decathlon Decathlon Sports India 62 71 71 71
(Decathlon SA) Pvt Ltd
UniverCell Univercell 75 70 60 60
Telecommunications
India Pvt Ltd
Next (Videocon Techno Kart India Ltd 850 800 720 -
Industries Ltd)
Others Others 2,912,105 3,103,602 3,112,227 3,345,711
Total Total 2,925,379 3,118,188 3,127,519 3,360,847
Table 41 Non-Grocery Specialists LBN Brand Shares: Selling Space 2018-2021

Reliance Digital Reliance Retail Ltd 1,229.6 1,352.5 1,379.6 1,381.0

(Reliance Group)
Reliance Trends Reliance Retail Ltd 481.3 630.0 699.3 765.0
(Reliance Group)

Max (Landmark Group) Max Fashion India 275.0 295.0 305.1 324.5
Bata (Bata Ltd) Bata India Ltd 301.5 330.0 354.6 298.0
Brand Factory Future Lifestyle 219.6 280.0 280.0 294.0
Croma (Tata Group) Infiniti Retail Ltd 104.9 128.8 154.5 159.8
Tanishq (Tata Group) Titan Co Ltd 96.1 125.2 135.2 137.1
Decathlon Decathlon Sports India 112.7 132.0 132.0 132.0
(Decathlon SA) Pvt Ltd
Enterprises Ltd
Interio (Godrej Godrej & Boyce Mfg Co Ltd 73.6 81.8 77.7 80.9
Group)
Samsung Plaza Samsung India 78.6 79.0 79.0 80.0
Pvt Ltd
Vimal (Reliance Reliance Retail Ltd 59.2 58.0 55.5 40.3
Group)
Reliance Jewels Reliance Retail Ltd 26.8 28.0 28.0 28.1
(Reliance Group)
Reebok (adidas Group) Reebok India Pvt Ltd 25.8 25.8 25.0 25.0
LG Shoppe (LG Corp) LG Electronics India 15.2 15.2 15.2 15.2
Pvt Ltd
TBZ - The Original Tribhovandas Bhimji 10.2 10.4 10.2 10.2
Next (Videocon Techno Kart India Ltd 251.1 230.0 200.0 -
Industries Ltd)
Others Others 254,645.6 273,810.5 268,960.5 290,123.3
Total Total 258,740.1 278,453.7 273,854.9 295,015.7
Table 42 Mixed Retailers GBO Company Shares: % Value 2017-2021

Company 2017 2018 2019 2020 2021
K Raheja Corp 19.8 17.8 16.3 16.7 17.3

Landmark Group 17.5 16.6 15.8 16.4 17.1
Future Group 12.6 12.4 11.3 11.7 12.2
Tata Group 9.4 9.6 9.7 10.1 10.5
Shriram Group Of 6.9 6.8 6.9 7.2 7.5
Enterprises
V-Mart Retail Ltd 5.5 5.8 6.1 6.5 6.6
Arvind Ltd 2.4 3.0 2.8 2.9 3.0
Globus Stores Pvt Ltd 0.9 0.8 0.7 0.7 0.8
Ebony Retail Holdings Ltd - - - - -
Others 11.7 13.9 17.8 17.5 13.5
Total 100.0 100.0 100.0 100.0 100.0
Table 43 Mixed Retailers GBN Brand Shares: % Value 2018-2021


Lifestyle Landmark Group 16.6 15.8 16.4 17.1
Central Future Group 12.4 11.3 11.7 12.2
Pantaloons Aditya Birla Group 13.2 12.6 10.3 11.4
Westside Tata Group 9.6 9.7 10.1 10.5
Vishal Mega Mart Shriram Group Of 6.8 6.9 7.2 7.5
Enterprises
V-Mart V-Mart Retail Ltd 5.8 6.1 6.5 6.6
Unlimited Arvind Ltd 3.0 2.8 2.9 3.0
Globus Globus Stores Pvt Ltd 0.8 0.7 0.7 0.8
Megamart Arvind Ltd - - - -
Ebony Ebony Retail Holdings Ltd - - - -
Pantaloons Future Group - - - -
Others 13.9 17.8 17.5 13.5
Total 100.0 100.0 100.0 100.0
Table 44 Mixed Retailers LBN Brand Shares: Outlets 2018-2021
sites/outlets
Pantaloons (Aditya Aditya Birla Fashion & 290 342 346 342
Birla Group) Retail Ltd
Vishal Mega Mart Airplaza Retail 245 322 330 325
(Shriram Group Of Holdings Pvt Ltd
Enterprises)
V-Mart V-Mart Retail Ltd 203 253 279 282
Westside (Tata Group) Trent Ltd 130 150 165 167
Lifestyle (Landmark Lifestyle International 74 82 82 79
Group) Pvt Ltd
Raheja Corp)
Unlimited (Arvind Arvind Retail Ltd 75 84 82 75
Ltd)
Central (Future Future Lifestyle 43 48 47 49
Group) Fashions Ltd
Globus Globus Stores Pvt Ltd 40 40 38 38
Megamart (Arvind Ltd) Arvind Retail Ltd - - - -
Pantaloons (Future Pantaloon Retail India - - - -
Group) Ltd
Pantaloons (Aditya Pantaloons Fashion & - - - -
Others Others 904 917 918 900
Total Total 2,087 2,329 2,376 2,334
Table 45 Mixed Retailers LBN Brand Shares: Selling Space 2018-2021


Pantaloons (Aditya Aditya Birla Fashion & 568.1 610.0 617.1 610.0
Shoppers Stop (K Shoppers Stop Ltd 429.4 460.0 449.9 450.0
Raheja Corp)
Central (Future Future Lifestyle 392.0 425.0 416.1 433.9
Group) Fashions Ltd
Vishal Mega Mart Airplaza Retail 278.8 363.2 372.2 366.6
Enterprises)
Lifestyle (Landmark Lifestyle International 373.4 400.0 400.0 355.5
Group) Pvt Ltd
Westside (Tata Group) Trent Ltd 245.6 265.0 291.5 300.6
Unlimited (Arvind Arvind Retail Ltd 60.6 66.9 65.3 59.8
Ltd)
Group) Ltd
Others Others 769.2 890.3 963.2 929.3
Total Total 3,320.6 3,709.4 3,848.4 3,771.1
Table 46 Forecast Sales in Retailing by Store-based vs Non-Store: Value 2021-2026
INR million
2021 2022 2023 2024 2025 2026

74.1 24.8 26.1 54.9 49.9 10.7
2.1 2.6 3.4 4.4 5.8 4.1
Retailing 52,153,3 57,095,3 61,577,7 65,315,9 68,892,9 72,336,2
86.2 87.3 89.5 29.3 15.7 44.8
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Note: Forecast value data in constant terms.
Table 47 Forecast Sales in Retailing by Store-based vs Non-Store: % Value Growth

2021-2026
% constant value growth, retail value rsp excl sales tax
2021/2022 2021-26 CAGR 2021/26 Total

Retailing 9.5 6.8 38.7
trade sources

Table 48 Forecast Sales in Store-based Retailing by Channel: Value 2021-2026
INR million
2021 2022 2023 2024 2025 2026

41.1 07.4 15.2 61.0 61.8 05.0
35.3 98.2 59.3 96.3 39.8 84.1
Mixed Retailers 202,797.7 235,419.2 264,851.6 289,297.7 311,548.3 331,221.5
Luxury Retailing 20,823.6 - - - - -
Off-Price Retailing 19,063.5 - - - - -
74.1 24.8 26.1 54.9 49.9 10.7
trade sources
Note 1: Forecast value data in constant terms.
stores.
Note 4: No forecast data available for luxury and off-price retailing.
Table 49 Forecast Sales in Store-based Retailing by Channel: % Value Growth 2021-

2026
2021/2022 2021-26 CAGR 2021/26 Total

Luxury Retailing - - -
Off-Price Retailing - - -
trade sources
stores.
Table 50 Forecast Store-based Retailing Outlets by Channel: Units 2021-2026
outlet
2021 2022 2023 2024 2025 2026

29.0 05.0 35.0 26.0 88.0 10.0
7.0 1.0 7.0 2.0 1.0 2.0
Mixed Retailers 2,334.0 2,603.0 2,888.0 3,183.0 3,494.0 3,808.0
Luxury Retailing 86.0 - - - - -
Off-Price Retailing 105.0 - - - - -

10.0 69.0 70.0 51.0 13.0 80.0

trade sources
stores.
Table 51 Forecast Store-Based Retailing Outlets by Channel: % Unit Growth 2021-2026
% unit growth
2021/22 2021-26 CAGR 2021/26 Total

Luxury Retailing - - -
Off-Price Retailing - - -
trade sources
stores.
Table 52 Forecast Sales in Non-Store Retailing by Channel: Value 2021-2026
INR million
2021 2022 2023 2024 2025 2026
Direct Selling 163,156.1 174,931.8 186,281.8 197,297.1 207,806.0 217,444.9

Homeshopping 76,658.3 85,419.3 92,880.3 99,455.2 105,723.5 111,397.0
Vending - - - - - -
E-Commerce (Goods) 3,377,99 4,150,11 5,027,20 6,027,12 7,099,63 8,228,69
7.7 1.5 1.3 2.0 6.3 2.2
2.1 2.6 3.4 4.4 5.8 4.1
trade sources
Table 53 Forecast Sales in Non-Store Retailing by Channel: % Value Growth 2021-2026
2021/2022 2021-26 CAGR 2021/26 Total


Vending - - -
trade sources
Table 54 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2021-2026
2021 2022 2023 2024 2025 2026
41.1 07.4 15.2 61.0 61.8 05.0
Outlets 12,812,8 13,019,5 13,125,6 13,193,4 13,235,0 13,184,3
29.0 05.0 35.0 26.0 88.0 10.0
trade sources
Table 55 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth
2021-2026
% growth
2021/22 2021-26 CAGR 2021/26 Total

Outlets 1.6 0.6 2.9
trade sources
Table 56 Forecast Sales in Grocery Retailers by Channel: Value 2021-2026
INR million
2021 2022 2023 2024 2025 2026

-- Forecourt Retailers 3,228.7 3,849.8 4,087.7 4,225.6 4,325.1 4,395.7
-- Hypermarkets 383,447.1 492,273.1 592,084.9 657,660.1 729,341.7 804,029.5
-- Supermarkets 718,784.9 685,447.0 654,572.1 626,437.5 600,467.4 575,633.5
- Modern Grocery 1,150,10 1,239,32 1,318,88 1,365,28 1,419,41 1,477,93
Retailers 6.8 0.7 8.5 6.5 2.4 2.3
Retailers 34.3 86.6 26.7 74.5 49.4 72.7
41.1 07.4 15.2 61.0 61.8 05.0
trade sources

Table 57 Forecast Sales in Grocery Retailers by Channel: % Value Growth 2021-2026
2021/2022 2021-26 CAGR 2021/26 Total

-- Hypermarkets 28.4 16.0 109.7
-- Supermarkets -4.6 -4.3 -19.9
trade sources
Table 58 Forecast Grocery Retailers Outlets by Channel: Units 2021-2026
outlet
2021 2022 2023 2024 2025 2026

-- Forecourt Retailers 338.0 361.0 381.0 392.0 397.0 400.0
-- Hypermarkets 690.0 754.0 840.0 917.0 972.0 1,026.0
-- Supermarkets 17,421.0 19,121.0 20,865.0 22,730.0 24,471.0 26,072.0
- Modern Grocery 20,119.0 22,112.0 24,263.0 26,547.0 28,708.0 30,756.0
Retailers
Retailers 10.0 93.0 72.0 79.0 80.0 54.0
29.0 05.0 35.0 26.0 88.0 10.0
trade sources
Table 59 Forecast Grocery Retailers Outlets by Channel: % Unit Growth 2021-2026
% unit growth
2021/22 2021-26 CAGR 2021/26 Total

trade sources

Table 60 Non-Grocery Specialists Forecasts: Value Sales, Outlets and Selling Space
2021-2026
2021 2022 2023 2024 2025 2026
35.3 98.2 59.3 96.3 39.8 84.1
Outlets 3,360,84 3,620,36 3,873,94 4,125,84 4,373,23 4,616,96
7.0 1.0 7.0 2.0 1.0 2.0
Table 61 Non-Grocery Specialists Forecasts: Value Sales, Outlets and Selling Space: %
Growth 2021-2026
% growth
2021/22 2021-26 CAGR 2021/26 Total

Outlets 7.7 6.6 37.4
Table 62 Forecast Sales in Non-Grocery Specialists by Channel: Value 2021-2026
INR million
2021 2022 2023 2024 2025 2026

- Electronics and 3,078,23 3,232,15 3,384,98 3,511,98 3,611,91 3,681,19
Appliance Specialist 8.5 0.4 4.6 5.0 4.8 2.1
Retailers
- Home and Garden 1,945,33 2,074,84 2,209,20 2,345,40 2,475,24 2,597,15
- Leisure and Personal 4,486,54 5,570,03 6,127,71 6,491,77 6,837,60 7,058,53
Goods Specialist 4.6 9.6 3.5 5.6 5.2 7.1
Retailers
Specialists
35.3 98.2 59.3 96.3 39.8 84.1
trade sources
Table 63 Forecast Sales in Non-Grocery Specialists by Channel: % Value Growth 2021-

2026

2021/2022 2021-26 CAGR 2021/26 Total

Retailers
Retailers
trade sources
Table 64 Forecast Non-Grocery Specialists Outlets by Channel: Units 2021-2026
outlet
2021 2022 2023 2024 2025 2026

- Electronics and 199,886.0 214,609.0 224,948.0 233,067.0 238,996.0 242,830.0
Appliance Specialist
Retailers
- Home and Garden 219,278.0 230,851.0 242,997.0 255,014.0 266,086.0 276,213.0
- Leisure and Personal 349,017.0 370,328.0 391,475.0 409,794.0 428,018.0 444,107.0
Goods Specialist
Retailers
Specialists
7.0 1.0 7.0 2.0 1.0 2.0
trade sources
Table 65 Forecast Non-Grocery Specialists Outlets by Channel: % Unit Growth 2021-

2026
% unit growth
2021/22 2021-26 CAGR 2021/26 Total

Retailers
Retailers

trade sources
Table 66 Mixed Retailers Forecasts: Value Sales, Outlets and Selling Space 2021-2026
2021 2022 2023 2024 2025 2026
Outlets 2,334.0 2,603.0 2,888.0 3,183.0 3,494.0 3,808.0
trade sources
Note: Forecast value data in constant terms
Table 67 Mixed Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth
2021-2026
% growth
2021/22 2021-26 CAGR 2021/26 Total

Outlets 11.5 10.3 63.2
trade sources
Table 68 Forecast Sales in Mixed Retailers by Channel: Value 2021-2026
INR million
2021 2022 2023 2024 2025 2026

Mixed Retailers 202,797.7 235,419.2 264,851.6 289,297.7 311,548.3 331,221.5
trade sources
Table 69 Forecast Sales in Mixed Retailers by Channel: % Value Growth 2021-2026
2021/2022 2021-26 CAGR 2021/26 Total

trade sources

Table 70 Forecast Mixed Retailers Outlets by Channel: Units 2021-2026
outlet
2021 2022 2023 2024 2025 2026

Mixed Retailers 2,334.0 2,603.0 2,888.0 3,183.0 3,494.0 3,808.0
Table 71 Forecast Mixed Retailers Outlets by Channel: % Unit Growth 2021-2026
% unit growth
2021/22 2021-26 CAGR 2021/26 Total

DISCLAIMER
Forecast closing date: 17 January 2022
Report closing date: 8 February 2022
Analysis and data in this report give full consideration to consumer behaviour and market
performance in 2021 and beyond as of the dates above. For the very latest insight on this
industry and consumer behaviour, at both global and national level, readers can access
strategic analysis and updates on www.euromonitor.com and via the Passport system, where
new content is being added on a systematic basis.
SOURCES
Sources used during research include the following:
Summary 2 Research Sources

Official Sources Ministry of Statistics & Programme
Implementation
Trade Associations Clothing Manufacturers' Association of India,

The
Indian Direct Selling Association
Internet & Mobile Association of India (IAMAI)

Retail Association of India
Retailers Association of India
Trade Press Business Standard
Domain B
E Retail Biz
Economic Times, The
Equity Master, The
Financial Express
Food & Beverage News
Hindu Business Line
ICICI Direct
IIFL
Images Retail
India Retail News
India Retailing
IndiaRetailBiz
Inside Franchising
Money Control
Nam News
News 4 sites
Newsvision
Pitch
Retail Angle
Retail Yatra
Retailbiz
Retailing 360
Telegraph
The Economic Time
Source: Euromonitor International

CONVENIENCE STORES IN INDIA -

CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Retail value sales increase by 11% in current terms in 2021 to INR44.6 billion
▪ Central Government Employees Consumer Cooperative Society Ltd is the leading player in
2021, with a retail value share of 40%
▪ Retail sales are set to grow at a current value CAGR of 21% (2021 constant value CAGR of
16%) over the forecast period to INR118 billion
2021 DEVELOPMENTS
Convenience stores continues to suffer from lower footfall

Convenience stores, which are predominantly located in tier 1 and tier 2 cities in India,
witnessed lower footfall than pre-pandemic in 2021, as consumers preferred to order groceries
from home through e-commerce channels, or visit bigger supermarkets because of lucrative
offers and discounts, or visit traditional grocery retailers because of their competitive pricing.
Convenience stores, which are smaller than supermarkets, have less bargaining power in terms
of offers and discounts to attract customers, even though they have the convenience of
proximity.
Low penetration of convenience stores leads to subdued performance

Convenience stores is a very small channel with low penetration in India, with just a few major
players, such as Future Retail (Easy Day) and Central Government Employees Consumer
Cooperative Society (Kendriya Bhandar). Although the potential of convenience stores in India
is huge, the major competition that comes from traditional grocery retailers remains a concern
for these players. Maintaining the operation of stores which can offer competitive prices, provide
delivery services and attract customers remains a challenge for these players.
Essential items help convenience stores sail through the first half of
2021
COVID-19-related rules and regulations mandated that stores which were not selling essential
items such as milk and staples had to remain closed during the lockdown. In such conditions,
convenience stores remained open and provided a hygienic and sanitised space for shoppers to
buy the items they needed. This led to continuing sales of products in the first half of the year
and reduced the negative impact of COVID-19 on the performance of convenience stores in
terms of sales, although these remained lower than pre-pandemic.
PROSPECTS AND OPPORTUNITIES

Increasing number of players to expand the channel

With changes in consumer behaviour, the high disposable incomes of the middle-income
group, and the preference for packaged food, retailers have realised the potential for
convenience stores in India, and are increasingly working towards increasing their penetration
and providing products at competitive prices. With major players such as Reliance’s 7-Eleven,
AMPM and Fresho stores announcing expansion plans in India, this retail channel is expected to
grow further in the forecast period. Retail start-ups such as The New Shop and Kisan
Convenience Stores are also gaining a more significant presence in the Indian market.
Omnichannel presence to benefit convenience stores

Having an omnichannel business model is imperative to meet consumers’ needs in the future.
With the capabilities and resources available to retailers involved in the convenience stores
business, they will be able to manage and operate this channel efficiently, while being closer to
and catering to all kinds of shoppers. The increased penetration of convenience stores,
combined with the omnichannel model, will also mean quick delivery of products and shorter
turnaround times, thus improving the efficiency of the business model.
Leveraging data for improving business

India is a vast country, with varied customer demands and needs. To cater to these demands,
a one-size-fits-all strategy would not work. Usage of data analytics to determine customer
profiles and needs specific to a particular area would help convenience stores stock the
products most relevant to their customers. Since the size of convenience stores is small, it is
important for them to stock every product thoughtfully and use their shelf space efficiently.
Further to this, digital transformation in terms of payment, recommendations to shoppers and
engagement with the target audience will continue to be important in the future. The major
competition for convenience stores is traditional grocery retailers, where the shoppers often
have a personal bond with the shopkeeper. In order to attract these customers, convenience
stores will have to offer propositions such as competitive pricing, quality control and personal
assistance to grow their sales.
CHANNEL DATA
Table 72 Convenience Stores: Value Sales, Outlets and Selling Space 2016-2021
2016 2017 2018 2019 2020 2021
Outlets 1,124.0 1,224.0 1,420.0 1,676.0 1,659.0 1,670.0
Selling Space '000 sq m 169.3 183.6 233.8 281.7 308.2 296.6
Table 73 Convenience Stores: Value Sales, Outlets and Selling Space: % Growth 2016-
2021
% growth
2020/21 2016-21 CAGR 2016/21 Total

Outlets 0.7 8.2 48.6

Table 74 Convenience Stores GBO Company Shares: % Value 2017-2021

Company 2017 2018 2019 2020 2021
Central Government 31.8 28.3 26.4 39.2 40.0

Employees Consumer
Cooperative Society Ltd
Future Group 45.6 55.0 53.6 29.1 21.3
Twenty Four Seven 4.8 6.2 7.2 10.6 10.7
Retail Stores Pvt Ltd
Arambagh Hatcheries Ltd 2.1 2.0 1.9 2.9 2.9
REI Agro Ltd - - - - -
Reliance Group - - - - -
Bharti Enterprises Ltd - - - - -
Others 15.7 8.4 10.8 18.2 25.1
Total 100.0 100.0 100.0 100.0 100.0
Table 75 Convenience Stores GBN Brand Shares: % Value 2018-2021

Kendriya Bhandar Central Government 28.3 26.4 39.2 40.0

Employees Consumer
Easy Day Future Group 55.0 53.6 29.1 21.3
Twenty Four Seven Twenty Four Seven 6.2 7.2 10.6 10.7
Arambagh's Food Mart Arambagh Hatcheries Ltd 2.0 1.9 2.9 2.9
Easy Day Bharti Enterprises Ltd - - - -
Big Apple Future Group - - - -
6Ten REI Agro Ltd - - - -
Delight Proteins Reliance Group - - - -
Others 8.4 10.8 18.2 25.1
Total 100.0 100.0 100.0 100.0
Table 76 Convenience Stores LBN Brand Shares: Outlets 2018-2021
sites/outlets
Easy Day (Future Future Retail Ltd 900 1,100 1,098 1,090
Group)
Twenty Four Seven Twenty Four Seven 100 125 170 180

Kendriya Bhandar Central Government 137 125 125 125

Employees Consumer
Arambagh's Food Mart Arambagh Hatcheries Ltd 57 59 63 65
Easy Day (Bharti Bharti Retail Pvt Ltd - - - -
Enterprises Ltd)
Delight Proteins Delight Proteins Ltd - - - -
(Reliance Group)
Big Apple (Future Future Consumer - - - -
Group) Enterprises Ltd
Total Total 1,420 1,676 1,659 1,670
Table 77 Convenience Stores LBN Brand Shares: Selling Space 2018-2021

Easy Day (Future Future Retail Ltd 184.1 229.8 258.5 246.2
Group)
Twenty Four Seven Twenty Four Seven 13.0 16.0 16.7 16.7
Kendriya Bhandar Central Government 9.5 9.2 9.2 9.2
Employees Consumer
Arambagh's Food Mart Arambagh Hatcheries Ltd 4.0 4.1 4.3 4.5
Easy Day (Bharti Bharti Retail Pvt Ltd - - - -
Enterprises Ltd)
Delight Proteins Delight Proteins Ltd - - - -
(Reliance Group)
Big Apple (Future Future Consumer - - - -
Group) Enterprises Ltd
Others Others 23.2 22.6 19.5 20.0
Total Total 233.8 281.7 308.2 296.6
Table 78 Convenience Stores Forecasts: Value Sales, Outlets and Selling Space 2021-
2026
2021 2022 2023 2024 2025 2026
Outlets 1,670.0 1,876.0 2,177.0 2,508.0 2,868.0 3,258.0
Selling Space '000 sq m 296.6 348.9 407.1 471.5 542.1 618.9
trade sources
Table 79 Convenience Stores Forecasts: Value Sales, Outlets and Selling Space: %
Growth 2021-2026

% growth
2021/22 2021-26 CAGR 2021/26 Total

Outlets 12.3 14.3 95.1
trade sources

DISCOUNTERS IN INDIA - CATEGORY

ANALYSIS
2021 DEVELOPMENTS
▪ Discounters is not a popular format in India, and there were negligible sales via this channel in
2021. The likelihood of this changing is low, as informal retailing remains huge in India, and
highly affordable. Traditional grocery retailers is the main formal alternative to discounters in
India.

HYPERMARKETS IN INDIA -
CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Retail value sales grow by 10% in current terms in 2021 to INR383 billion
▪ Avenue Supermarts Ltd is the leading player in 2021, with a retail value share of 67%
▪ Retail sales are set to rise at a current value CAGR of 21% (2021 constant value CAGR of
16%) over the forecast period to INR1,009 billion
2021 DEVELOPMENTS
Second wave COVID-19 lockdown hinders recovery

The second wave of COVID-19 led to nationwide lockdowns, social distancing norms, travel
restrictions and shutdowns, which hampered consumer confidence and reduced discretionary
spending. The recovery of hypermarkets was slow, since consumers were unwilling to travel to
crowded places, which was seen in the performance of hypermarkets in India. Although retailers
were more prepared for the pandemic this time in terms of their supply chain and store
maintenance protocols, the second wave slowed down recovery. However, by the second half of
the year, the vaccination drive and reduced number of cases improved customer confidence
and the performance of hypermarkets improved, although sales remained lower than pre-
pandemic in 2021 overall.
Rising price-consciousness dampens growth

Due to the pandemic, consumers preferred buying in bulk to minimise their trips to stores.
This led to an increase in the average order value, but a smaller number of orders. Also, since
customers were buying in bulk, they were more conscious of the prices of products, thus
ultimately leading to less overall revenue per store. This consumer behaviour was also reflected
in the relative performance of individual hypermarkets. D-Mart from leading player Avenue
Supermarts, which offers an excellent value proposition to its customers, performed relatively
better than its counterpart premium stores.
Limitations on the operation of commercial spaces affect the

performance of hypermarkets
The penetration of hypermarkets in India is not very wide yet, with their presence limited to
shopping centres. The COVID-19 guidelines mandated the closure of these kinds of spaces,
where daily footfall is huge, in order to prevent the spread of the virus. Hypermarkets were
therefore affected by these restrictions, as customers had limited access. Moreover,
hypermarkets had agreements with the property owners and had to pay rent in spite of their
dampened performance. This led to the relocation of some hypermarkets from prime but
expensive locations to other less expensive but business-intensive locations.

Expansion plans of hypermarket chains to improve market penetration

For many years, the Indian market was dominated by neighbourhood kirana stores for
shopping for everyday needs, while hypermarkets were considered relatively more expensive.
However, in the last few years retail companies have realised the huge potential of organised
grocery and non-grocery retailing. The Indian market, which is driven by the middle-income
segment is expected to grow because of increasing disposable incomes and increasing
discretionary spending. The predominant young population of India is aspirational and tech-
savvy, and they prefer the convenience of hypermarkets over traditional grocery retailers.
Retailers such as Avenue Supermarts, Spencer’s Retail and Trent Hypermarkets have realised
this shift in the market and have already formulated expansion plans to improve their
penetration in the Indian market. Hypermarkets is expected to benefit from this expansion
combined with changing customer preferences in the forecast years.
Foreign players plan to enter India by piggybacking on local retailers

Witnessing the huge potential for hypermarkets in India, many established foreign retail
chains are looking at India as a favourable market. These foreign players are entering in joint
ventures with Indian retailers to enter the market, for example, British retailer Tesco Plc in a joint
venture with Trent Hypermarkets. Meanwhile, the retail segment of TATA Group entered India
this year, LuLu Hypermarkets, owned by LuLu Group International based in Abu Dhabi, opened
a hypermarket in Bangalore, and Netherlands-based Spar in partnership with Landmark Group’s
Max Hypermarkets India already has expansion plans in India. With these new entrants
partnering with established players, hypermarkets is expected to see dynamic growth in the
forecast period.
Increasing brand-consciousness amongst buyers to drive sales in the

forecast years
India is a youth-driven country, with many interesting changes therefore happening over the
course of recent years. With more young people in the workforce, more discretionary spending,
increasing internet penetration and increasing awareness, customers are more brand- and
value-conscious than ever before. This is a major factor driving the organised market, and could
potentially attract customers to hypermarkets away from traditional grocery stores in the forecast
years.
CHANNEL DATA
Table 80 Hypermarkets: Value Sales, Outlets and Selling Space 2016-2021
2016 2017 2018 2019 2020 2021
Outlets 468.0 532.0 580.0 633.0 645.0 690.0
Table 81 Hypermarkets: Value Sales, Outlets and Selling Space: % Growth 2016-2021

% growth
2020/21 2016-21 CAGR 2016/21 Total

Outlets 7.0 8.1 47.4
Table 82 Hypermarkets GBO Company Shares: % Value 2017-2021

Company 2017 2018 2019 2020 2021

Future Group 43.5 43.8 42.6 19.3 13.3
RPG Group 4.6 4.2 3.9 5.1 5.0
Internationale Spar 3.1 3.0 3.0 3.9 3.8
Centrale BV
Tata Group 2.8 2.6 2.4 3.1 3.1
K Raheja Corp 3.5 - - - -
Auchan Group SA - - - - -
Bharti Enterprises Ltd - - - - -
Others 0.8 0.0 0.0 0.3 4.7
Total 100.0 100.0 100.0 100.0 100.0
Table 83 Hypermarkets GBN Brand Shares: % Value 2018-2021


Spar Internationale Spar 3.0 3.0 3.9 3.8
Centrale BV
Star Bazaar Tata Group 2.6 2.4 3.1 3.1
Auchan Auchan Group SA - - - -
Easy Day Market Bharti Enterprises Ltd - - - -
Food Right Future Group - - - -
Hypercity K Raheja Corp - - - -
Reliance Reliance Group - - - -
Others 0.0 0.0 0.3 4.7
Total 100.0 100.0 100.0 100.0
Table 84 Hypermarkets LBN Brand Shares: Outlets 2018-2021

sites/outlets
Group)
Star Bazaar (Tata Trent Hypermarket Ltd 41 41 42 42
Group)
Spencer's Hyper Spencer's Retail Ltd 39 40 42 42
(RPG Group)
Interspar Max Hypermarket India 20 22 22 22
(Internationale Pvt Ltd
Spar Centrale BV)
More Mega Store Aditya Birla Retail Ltd 20 20 20 20
(Aditya Birla Group)
Easy Day Market Bharti Retail Pvt Ltd - - - -
(Bharti Enterprises
Ltd)
Group)
Food Right (Future Future Value Retail Ltd - - - -
Group)
Auchan (Auchan Max Hypermarket India - - - -
Group SA) Pvt Ltd
Reliance Mart Reliance Retail Ltd - - - -
(Reliance Group)
Hypercity (K Raheja Shoppers Stop Ltd - - - -
Corp)
Total Total 580 633 645 690
Table 85 Hypermarkets LBN Brand Shares: Selling Space 2018-2021

Big Bazaar (Future Future Retail Ltd 1,150.0 1,214.9 1,220.8 1,216.7
Group)
More Mega Store Aditya Birla Retail Ltd 103.0 103.0 103.0 103.0
(Aditya Birla Group)
Interspar Max Hypermarket India 91.6 97.0 97.0 97.0
(Internationale Pvt Ltd
Spar Centrale BV)
Spencer's Hyper Spencer's Retail Ltd 80.0 83.0 84.0 84.0
(RPG Group)
Star Bazaar (Tata Trent Hypermarket Ltd 58.9 59.5 60.0 60.0
Group)
Easy Day Market Bharti Retail Pvt Ltd - - - -
(Bharti Enterprises
Ltd)
Group)
Food Right (Future Future Value Retail Ltd - - - -
Group)
Auchan (Auchan Max Hypermarket India - - - -
Group SA) Pvt Ltd

Reliance Mart Reliance Retail Ltd - - - -

(Reliance Group)
Hypercity (K Raheja Shoppers Stop Ltd - - - -
Corp)
Others Others 0.0 0.0 0.2 9.2
Total Total 2,003.5 2,155.4 2,165.0 2,320.9
Table 86 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space 2021-2026
2021 2022 2023 2024 2025 2026
Outlets 690.0 754.0 840.0 917.0 972.0 1,026.0
trade sources
Table 87 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth
2021-2026
% growth
2021/22 2021-26 CAGR 2021/26 Total

Outlets 9.3 8.3 48.7
trade sources

SUPERMARKETS IN INDIA -
CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Reliance Retail Ltd is the leading player in 2021, with a retail value share of 56%
2021 DEVELOPMENTS
Supermarkets benefits from fewer restrictions on operations

Amongst modern grocery retailers, the growth of supermarkets was the least affected during
the pandemic. Supermarkets, which are often spread across large commercial spaces in tier 1
and tier 2 cities in India, were open for their usual hours, and their operations were not affected
by COVID-19 restrictions since they stock essential items. Also, supermarkets had the
resources and agility to conform to the stringent health and safety regulations mandated by the
government. The large floor area of supermarkets allowed for social distancing, and the wide
array of products available made them a one-stop-shop for customers who preferred to buy
items in bulk and at reasonable prices.
Preference for organised retail contributes to the growth of

supermarkets
In 2021, customers were already aware of COVID-19, and knew how to deal with it. The
primary concern for them changed from pricing, to shopping in a hygienic and sanitised space.
Supermarkets provided a hygienic shopping space, high-quality packaged products, minimum
manual intervention in the shopping journey of the customer, and competitive pricing. Moreover,
most supermarkets also offered some kind of loyalty points, membership discounts or other
lucrative offers to attract and retain customers. For example, Reliance’s unique membership
benefit allows customers to use loyalty points across all formats of Reliance Retail stores, thus
improving customer stickiness. All of these factors increased the customer preference for
supermarkets.
Supermarkets expand their services beyond the shopping experience

Supermarkets in India maintain total control of the supply chain, eliminating the middleman
and dealing directly with the manufacturers and farmers. This ensures quality, reduces leakage
and optimises the prices of the products sold through this channel. In 2021, when many other
store formats were impacted by disrupted supply chains and other factors, supermarkets were
able to maintain their inventory and supply products to customers, hence maintaining their good
reputation in the market. Also, this year, due to home seclusion and more at-home consumption
occasions, customers were interested in a wide variety of items, not just basic day-to-day items.
Owing to their large size and shelf space, supermarkets were able to stock a variety of items to
meet the needs of all customers.

Apart from the wide array of products and product availability, supermarkets were also able to
offer doorstep delivery to customers and schedule an appointment for them to shop, which
helped them avoid long queues, and they also launched offers for members, thus attracting
more consumers.
Developing infrastructure in tier 2 and tier 3 cities to aid expansion of

supermarkets
Supermarkets require large commercial spaces in the areas of cities with high footfall. With
the development of commercial space in tier 2 and tier 3 cities in India, there is a lot of scope for
supermarkets to expand their presence in these areas and tap into these unsaturated markets.
Many factors, such as nuclear families, more women in the workforce, reverse migration and
higher family incomes, will contribute to higher disposable incomes and retailing opportunities in
these areas, which are expected to aid the expansion of supermarkets in India.
FDIs to contribute to growth in the future

Foreign Direct Investments (FDI) are now allowed by the government in the Indian retail
industry, provided they expand through a local retailer. In addition, in 2021 the Department for
Promotion of Industry and Internal Trade announced that it is working on reducing the
compliance process between industries and the government, thus facilitating investments
further. The increasing number of retailers in the Indian market in the forecast period will
contribute to growth in the overall sales of supermarkets in the country.
Supermarkets in association with fintechs to emerge as A lucrative

sector for customers
With the increasing penetration of digital cashless payment, supermarkets are also innovating
their strategies to retain and onboard more customers. Various cashback offers, loyalty points
and other offers have now emerged which are a product of collaboration between fintech
companies such as Cred, Google Pay, PayTM and RazorPay and the supermarket chains. For
instance, Reliance, which is the largest store-based retailer in the country, has integrated its
digital, retail and financial services under one umbrella. The integration of JioMoney with the
retail sector is expected to increase reach, affordability and customer retention. Other retail
players are also launching other benefits for customer retention.
CHANNEL DATA
Table 88 Supermarkets: Value Sales, Outlets and Selling Space 2016-2021
2016 2017 2018 2019 2020 2021
Outlets 15,083.0 15,610.0 16,428.0 16,919.0 16,915.0 17,421.0

Table 89 Supermarkets: Value Sales, Outlets and Selling Space: % Growth 2016-2021
% growth
2020/21 2016-21 CAGR 2016/21 Total

Outlets 3.0 2.9 15.5
Table 90 Supermarkets GBO Company Shares: % Value 2017-2021

Company 2017 2018 2019 2020 2021
Reliance Group 8.8 13.0 14.8 17.5 17.7

Future Group 1.3 1.3 1.3 0.9 0.9
RPG Group 0.8 0.8 0.8 0.8 0.8
Foodworld Supermarkets 0.2 0.2 0.2 0.2 0.2
Pvt Ltd
Margin Free Market Pvt 0.0 0.0 0.0 0.0 0.0
Ltd
Dairy Farm - - - - -
International Holdings
Ltd
Heritage Foods Ltd - - - - -
Nilgiri's Franchises Ltd - - - - -
Others 83.3 79.6 77.7 75.8 75.6
Total 100.0 100.0 100.0 100.0 100.0
Table 91 Supermarkets GBN Brand Shares: % Value 2018-2021


Nilgiri's Future Group 1.3 1.3 0.9 0.9
Foodworld Foodworld Supermarkets 0.2 0.2 0.2 0.2
Pvt Ltd
Margin Free Market Margin Free Market Pvt Ltd 0.0 0.0 0.0 0.0
Foodworld Dairy Farm - - - -
International Holdings Ltd
KBs Fair Price Future Group - - - -
Heritage Fresh Heritage Foods Ltd - - - -
Nilgiri's Nilgiri's Franchises Ltd - - - -
Reliance Super Reliance Group - - - -
Others 79.6 77.7 75.8 75.6
Total 100.0 100.0 100.0 100.0

Table 92 Supermarkets LBN Brand Shares: Outlets 2018-2021
sites/outlets
Reliance Fresh Reliance Retail Ltd 430 540 621 700

(Reliance Group)
Group)
(Reliance Group)
Nilgiri's (Future Nilgiri's Franchises Ltd 250 300 295 285
Group)
Spencer's (RPG Group) Spencer's Retail Ltd 83 83 83 83
Foodworld Foodworld Supermarkets 35 35 35 35
Pvt Ltd
Margin Free Market Margin Free Market Pvt Ltd 16 16 16 16
Foodworld (Dairy Foodworld Supermarkets - - - -
Farm International Pvt Ltd
Holdings Ltd)
KBs Fair Price Future Value Retail Ltd - - - -
(Future Group)
Reliance Super Reliance Retail Ltd - - - -
(Reliance Group)
Others Others 14,964 15,132 14,955 15,364
Total Total 16,428 16,919 16,915 17,421
Table 93 Supermarkets LBN Brand Shares: Selling Space 2018-2021

Reliance Fresh Reliance Retail Ltd 301.0 378.0 434.7 560.0

(Reliance Group)
Reliance Smart Reliance Retail Ltd 200.0 215.0 361.0 400.0
(Reliance Group)
More (Aditya Birla Aditya Birla Retail Ltd 120.8 123.0 123.0 123.0
Group)
Nilgiri's (Future Nilgiri's Franchises Ltd 57.5 68.0 67.5 66.0
Group)
Margin Free Market Margin Free Market Pvt Ltd 60.3 60.3 60.3 60.3
Spencer's (RPG Group) Spencer's Retail Ltd 17.8 17.8 17.8 17.8
Foodworld Foodworld Supermarkets 13.5 13.5 13.5 13.5
Pvt Ltd
Foodworld (Dairy Foodworld Supermarkets - - - -
Farm International Pvt Ltd
Holdings Ltd)
KBs Fair Price Future Value Retail Ltd - - - -
(Future Group)


Reliance Super Reliance Retail Ltd - - - -
(Reliance Group)
Others Others 4,846.5 4,986.9 4,808.6 4,911.3
Total Total 5,617.4 5,862.5 5,886.4 6,151.9
Table 94 Supermarkets Forecasts: Value Sales, Outlets and Selling Space 2021-2026
2021 2022 2023 2024 2025 2026
Outlets 17,421.0 19,121.0 20,865.0 22,730.0 24,471.0 26,072.0
trade sources
Table 95 Supermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth
2021-2026
% growth
2021/22 2021-26 CAGR 2021/26 Total
Value sales INR million -4.6 -4.3 -19.9

Outlets 9.8 8.4 49.7
trade sources

TRADITIONAL GROCERY RETAILERS

IN INDIA - CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Retail value sales increase by 8% in current terms in 2021 to INR31,716 billion

▪ Mother Dairy Fruit & Vegetable Pvt Ltd is the leading player in 2021, with a retail value share
of 0.1%
▪ Retail sales are set to increase at a current value CAGR of 9% (2021 constant value CAGR of
2021 DEVELOPMENTS
Digitisation of traditional grocery retailers widens business prospects

With the challenges faced during the pandemic, traditional grocery retailers adopted
digitisation by collaborating with digital marketplaces and other channels. The collaboration with
marketplaces such as Indiamart for bulk orders, with Amazon and Flipkart to improve visibility
and reach, and with JioMart to improve supply, helped traditional grocery retailers grow in 2021.
E-commerce companies also identified the potential in this space and came up with various
programmes to aid their expansion with the help of traditional grocery retailers. For example,
under Walmart’s Kirana Development Program, the retailer receives a POS device to help them
simplify their business in terms of inventory management, billing, customer data management,
etc. Meanwhile, Nukkad Shops developed POS software that helps retailers formalise their in-
store operations, and JioMart collaborated with kirana stores to enhance their last-mile delivery.
Government initiatives help traditional grocery grow further in 2021

The government of India has created a number of initiatives to help traditional grocery
retailers grow and provide more jobs in India. The loans disbursed under MSME (micro, small
and medium enterprises) promotional programmes have helped small businesses to formalise
their operations, build credibility and improve their reach. The Digital India initiative has helped
business owners to shift their payments to cashless digital platforms across the value chain to
enable a shift in transactions. Other initiatives, such as Skill India and Make in India, have also
helped people to upskill and understand the improvements that they can make to their traditional
retail stores. With the government’s reach in all parts of India, large and small, the impact of
these programmes has been remarkable, which has helped traditional grocery retailers grow in
India.
Traditional grocery retailers remains the preferred choice in tier 2 and

tier 3 cities and rural areas
With the low penetration of modern grocery retail channels in tier 2 and tier 3 cities and rural
markets, the main choice for consumers there remains traditional grocery retailers. In these
areas, with years of operation, these retailers tend to build personal relationships with their
customers and offer services such as extending small loans, personalising their shopping
experience and making items available for them on demand. This has built up a trusted

relationship over many years between retailers and customers, which is very difficult to translate
to modern grocery retailers or e-commerce channels. For customers who are used to this way of
shopping, traditional grocery retailers were and will continue to be the preferred choice.
Online collaborations to continue aiding the growth of traditional grocery

retailers
With the success of collaborations between e-commerce players such as Amazon, Walmart
and Snapdeal, they have realised the huge potential to reach shoppers in traditional grocery
retailers in India. With improvements in online and offline collaborations, traditional grocery
retailers or kirana stores will benefit from improved reach and visibility – a win-win proposition
for both parties. This shift to digitisation will help traditional grocery retailers to continue to grow
in the forecast period.
Retail 4.0 to improve market demands

Retail 4.0 or the shift to multi-channel or omnichannel retailing is expected to disrupt
traditional grocery retailing as we know it. With the advance of online-offline integration, the
availability and reach of traditional grocery retailers are expected to expand in the forecast
period. The network of traditional grocery retailers is widespread in the country, and when
strung together, they can create a network of retailers which has huge potential. Online retailers
have realised this, and are continuously working towards liaising with and aggregating these
stores to bring a win-win proposition for every stakeholder.
Traditional grocery retailers to benefit from deep penetration and vast

network
Traditional grocery retailers has extremely deep penetration and a vast network compared
with other formats of grocery retailers in India. They are particularly predominant in areas where
the average income is low, and the customers buy small-ticket items on a regular basis. These
retailers stock items which cater to their specific needs, such as sachets of shampoos, hair oils
and detergents, and small bottles of beverages and cooking oils. Although fragmented, this
remains one of the most important retail channels in a country like India, where there is
significant disparity in the income levels and lifestyles of people. Due to the wide coverage and
penetration of these formats, their sales will continue to grow, and hence the channel size of
traditional grocery retailers is also expected to increase in India in the forecast period.
CHANNEL DATA
Table 96 Traditional Grocery Retailers: Value Sales, Outlets and Selling Space 2016-
2021
2016 2017 2018 2019 2020 2021
84.0 41.6 26.1 31.5 60.7 34.3
Outlets 12,623,5 12,695,2 12,770,4 12,833,5 12,641,0 12,792,7
61.0 35.0 13.0 21.0 18.0 10.0

Table 97 Traditional Grocery Retailers: Value Sales, Outlets and Selling Space: %
Growth 2016-2021
% growth
2020/21 2016-21 CAGR 2016/21 Total

Outlets 1.2 0.3 1.3
Table 98 Traditional Grocery Retailers GBO Company Shares: % Value 2017-2021

Company 2017 2018 2019 2020 2021
National Dairy 0.1 0.1 0.1 0.1 0.1

Development Board
Others 99.9 99.9 99.9 99.9 99.9
Total 100.0 100.0 100.0 100.0 100.0
Table 99 Traditional Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space
2021-2026
2021 2022 2023 2024 2025 2026
34.3 86.6 26.7 74.5 49.4 72.7
Outlets 12,792,7 12,997,3 13,101,3 13,166,8 13,206,3 13,153,5
10.0 93.0 72.0 79.0 80.0 54.0
trade sources
Table 100 Traditional Grocery Retailers Forecasts: Value Sales, Outlets and Selling
Space: % Growth 2021-2026
% growth
2021/22 2021-26 CAGR 2021/26 Total

Outlets 1.6 0.6 2.8
trade sources


APPAREL AND FOOTWEAR

SPECIALIST RETAILERS IN INDIA -
CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Retail value sales rise by 11% in current terms in 2021 to INR3,720 billion
▪ Retail sales are set to increase at a current value CAGR of 17% (2021 constant value CAGR
of 12%) over the forecast period to INR8,033 billion
2021 DEVELOPMENTS
Apparel and footwear specialist retailers launch Initial Public Offerings

(IPOs) to raise funds and expand
2021 saw apparel and footwear specialist retailers launching IPOs to raise funds and further
strengthen their expansion plans in the country, as the pandemic situation stabilised after the
second wave of COVID-19 and footfall returned to physical stores such as shopping centres. Go
Fashion, an apparel specialist retailer that offers women’s apparel such as leggings and
jeggings, was a player that through listing raised INR10.1 billion to aid its growth and expansion
plans. This IPO not only allowed the retailer to raise funds but also helped investors earn strong
profits, as the Go Fashion IPO was subscribed 135 times. With the support of these funds, Go
Fashion aims to expand its footprint in the country and work on its digital strategy. Another
retailer, footwear specialist retailer Metro Brands, also enrolled itself for IPO listing in 2021.
Through this IPO, the company issued 19 million shares, for which it received close to 70 million
bids. Metro Brands aims to raise INR13.6 billion, which it will utilise to fund its expansion plans.
During the forecast period, it is projected that several other apparel and footwear specialist
retailers will focus on introducing IPOs to raise funds.
Retailers experience strong growth, new launches and collaborations in

ethnic/ wedding apparel
In 2020, all social events, including weddings, were either rescheduled or were held with just
close family members, unlike typical Indian weddings, which are celebrated with a lot of
grandeur and fervour and a long guest list. This resulted in ethnic wear, especially wedding-
related ethnic wear, which includes saris, lehengas, gowns, sherwanis and kurtas, experiencing
strong decline. However, in 2021, with the COVID-19 situation stabilising and vaccination rates
increasing, weddings returned to their normal format to a great extent in the second half of the
year. This resulted in a rise in demand for these wedding outfits, and resulted in apparel and
footwear specialist retailers focusing on launching products and expanding in the wedding
apparel segment. On the one hand, Aditya Birla Fashion & Retail, in collaboration with fashion
designer Tarun Tahiliani, launched men’s ethnic apparel brand Tasva Fashion, which will focus
on a ready-to-wear line of ethnic apparel that can be worn during weddings and formal family
events. Meanwhile, Reliance Brands acquired a 40% stake in the fashion label Manish
Malhotra, following which it acquired another 52% stake in Ritu Kumar to increase its presence

in the ethnic wear segment. Although Omicron may impact the recovery of fully-fledged wedding
ceremonies in 2022, they will rebound again once the situation stabilises. This will result in
apparel brands continuing to enter the segment to capture the opportunities offered.
Pure play e-commerce retailer Flipkart acquires stake in apparel and

footwear specialist retailers
Flipkart Investments took an aggressive stance during the two years of the pandemic starting
in 2020, acquiring stakes in leading apparel and footwear specialist retailers Aditya Birla
Fashion & Retail and Arvind Lifestyle Brands to expand its presence in the channel. Since the
pandemic started, several apparel and footwear specialist retailers suffered a cash crunch,
which hindered their expansion plans. The internet retailer therefore took advantage of this
opportunity and acquired a 7.8% stake in Aditya Birla Fashion & Retail in 2021, which operates
brands such as Allen Solly, Peter England, Louis Philippe and Van Heusen, and is valued at
INR15 billion. In 2020 too, along a similar line, Flipkart acquired a minority stake in Arvind
Lifestyle Brands, which is also amongst the leading apparel and footwear specialist retailers.
The online retailer invested INR2.6 billion in Arvind Youth Brands, which owns the Flying
Machine brand and is a subsidiary of the parent company.
Retailers struggle with inventory forecasting due to changing pandemic

scenario
The pandemic triggered a major change in the way in which consumers shop, which was
visible from when the pandemic emerged in March 2020. During this time, there was a strong
rise in demand for comfortable apparel options, resulting in new apparel categories being
created, such as loungewear. However, during 2021, post-June, the pandemic situation
remained largely stable, and consumers started going out for social events, weddings, dinners
and domestic travel. With all these occasions again becoming part of consumers’ lives, the
demand for occasion-based apparel such as casual shirts, jeans, chinos, casual blazers and
polo shirts, returned, resulting in some amount of stagnancy in demand for comfortable apparel
options such as loungewear. However, with the increasing spread of the new Omicron variant of
COVID-19, there are projections of a third wave, which is resulting in the authorities again
calling for lockdowns, weekend curfews and home isolation. This would again suppress the
recovery of occasion-based apparel and give a push to sales of comfortable clothing. All these
events and inconsistency in consumer demand have resulted in apparel and footwear specialist
retailers finding it very difficult to forecast demand and inventory for these categories. Hence,
during the forecast period retailers are likely to focus on lower inventory levels so that they can
maintain agility in their operations.
Rising costs as the government announces hike in GST rates

As the pandemic situation stabilised after the second wave of COVID-19 and footfall returned
to apparel and footwear specialist retailers, the government announced a revision in the GST
rates for apparel and footwear in November 2021. As per the directive, starting January 2022,
apparel and footwear products that are priced below INR1,000 will experience a hike in their
GST rates from 5% to 12%. Previously, apparel and footwear products were taxed at 12% for
products priced above INR1,000 and 5% for those priced below INR1,000. Although the
Retailers Association of India has voiced strong concerns about this hike in GST rates, as it
requested the government not to overburden an industry that is already experiencing delayed

recovery due to the pandemic and rising costs due to the increase in the price of raw materials
such as cotton and fuel (petrol/diesel), the government did not make any changes, and went
ahead and implemented the rise. Hence, during the forecast period, with the enforcement of the
new rates, the prices of apparel and footwear will increase, and apparel and footwear specialist
retailers will have no option but to pass these rises on to end consumers.
Need for comfortable attire will allow athleisure to maintain growth

From March 2020, the pandemic forced people to stay isolated at home for much of the time,
resulting in many people working from home, studying from home and shopping from home.
This resulted in the home playing a more important role than just being a place to sleep. It was
where individuals were spending most of their days. Staying at home since 2020 created a
renewed demand for apparel and footwear that allows people to be comfortable while
working/studying. Even though people started leaving their homes during 2021, the habit of
wearing comfortable apparel/footwear has remained, and given the opportunity, people would
prefer to continue dressing in comfortable clothing, which will maintain the athleisure trend.
During the forecast period, this will also create new demand for multipurpose apparel that can
be worn indoors at home and outdoors for social events. Hence, athleisure is projected to
experience healthy growth as the pandemic is yet to disappear, with people continuing to work
from home. Also, celebrities and social media influencers are continuing to sport these outfits,
also giving extended life to this trend.
CHANNEL DATA
Table 101 Apparel And Footwear Specialist Retailers: Value Sales, Outlets and Selling
Space 2016-2021
2016 2017 2018 2019 2020 2021
6.0 6.0 2.0 0.9 6.7 8.8
Outlets 978,913.0 1,071,91 1,168,68 1,262,18 1,199,07 1,190,08
0.0 8.0 3.0 4.0 1.0
Table 102 Apparel And Footwear Specialist Retailers: Value Sales, Outlets and Selling
% growth
2020/21 2016-21 CAGR 2016/21 Total

Outlets -0.7 4.0 21.6
Table 103 Apparel And Footwear Specialist Retailers GBO Company Shares: % Value
2017-2021


Company 2017 2018 2019 2020 2021
Reliance Group 1.1 1.3 1.5 1.5 1.5

Landmark Group 0.8 0.8 0.8 0.7 0.8
Future Group 0.5 0.7 0.7 0.7 0.7
Bata Ltd 0.6 0.6 0.6 0.6 0.6
Inditex, Industria de 0.3 0.3 0.3 0.3 0.3
Diseño Textil SA
H&M Hennes & Mauritz AB 0.2 0.2 0.3 0.3 0.3
PVH Corp 0.3 0.3 0.3 0.2 0.3
Fabindia Overseas Pvt Ltd 0.2 0.2 0.2 0.2 0.2
Marks & Spencer Plc 0.2 0.2 0.2 0.2 0.2
Raymond Ltd 0.2 0.2 0.2 0.2 0.2
Levi Strauss & Co 0.2 0.2 0.2 0.1 0.2
Nalli Kuppuswamy Chetty 0.1 0.1 0.1 0.1 0.1
& Sons Ltd
Benetton Group Srl 0.1 0.1 0.1 0.1 0.1
Kontoor Brands Inc - - 0.1 0.1 0.1
Metro Shoes Pvt Ltd 0.1 0.1 0.1 0.1 0.1
Burberry Group Plc 0.1 0.1 0.1 0.1 0.1
Gini & Jony Ltd 0.0 0.0 0.0 0.0 0.0
VF Corp 0.1 0.1 - - -
Koutons Retail India Ltd - - - - -
Others 94.4 94.1 93.9 94.1 93.9
Total 100.0 100.0 100.0 100.0 100.0
Table 104 Apparel And Footwear Specialist Retailers GBN Brand Shares: % Value 2018-
2021


Max Landmark Group 0.7 0.7 0.7 0.7
Bata Bata Ltd 0.6 0.6 0.6 0.6
Brand Factory Future Group 0.5 0.5 0.5 0.5
Zara Inditex, Industria de 0.3 0.3 0.3 0.3
Diseño Textil SA
H&M H&M Hennes & Mauritz AB 0.2 0.3 0.3 0.3
Fabindia Fabindia Overseas Pvt Ltd 0.2 0.2 0.2 0.2
Marks & Spencer Marks & Spencer Plc 0.2 0.2 0.2 0.2
fbb Future Group 0.2 0.2 0.2 0.2
Levi's Levi Strauss & Co 0.2 0.2 0.1 0.2
Louis Philippe Aditya Birla Group 0.2 0.1 0.1 0.1
Nalli's Nalli Kuppuswamy Chetty 0.1 0.1 0.1 0.1
& Sons Ltd
Reliance Footprint Reliance Group 0.1 0.1 0.1 0.1
Peter England Aditya Birla Group 0.1 0.1 0.1 0.1
Van Heusen PVH Corp 0.1 0.1 0.1 0.1
Allen Solly Menswear Aditya Birla Group 0.1 0.1 0.1 0.1
United Colors of Benetton Group Srl 0.1 0.1 0.1 0.1
Benetton
Arrow PVH Corp 0.1 0.1 0.1 0.1
Metro Metro Shoes Pvt Ltd 0.1 0.1 0.1 0.1

The Raymond Shop Raymond Ltd 0.1 0.1 0.1 0.1

Others 94.6 94.3 94.5 94.3
Total 100.0 100.0 100.0 100.0
Table 105 Apparel And Footwear Specialist Retailers LBN Brand Shares: Outlets 2018-
2021
sites/outlets
Bata (Bata Ltd) Bata India Ltd 1,375 1,450 1,558 1,526
Peter England Aditya Birla Fashion & 780 850 980 974
(Aditya Birla Group) Retail Ltd
(Reliance Group)
Van Heusen (PVH Corp) Aditya Birla Fashion & 330 365 363 395
Retail Ltd
Levi's (Levi Levi Strauss India Pvt 410 430 430 391
Strauss & Co) Ltd
Louis Philippe Aditya Birla Fashion & 370 400 394 390
Benetton (Benetton Benetton India Pvt Ltd 500 450 350 353
Group Srl)
Max (Landmark Group) Max Fashion India 250 320 331 352
The Raymond Shop Raymond Ltd 327 330 330 290
Allen Solly Aditya Birla Fashion & 260 290 288 285
Menswear (Aditya Retail Ltd
Birla Group)
Reliance Footprint Reliance Retail Ltd 265 270 268 280
(Reliance Group)
Arrow (PVH Corp) Arvind Lifestyle Brands 250 270 270 266
Ltd
Fabindia Fabindia Overseas Pvt Ltd 274 322 302 211
Metro Metro Shoes Pvt Ltd 180 185 185 209
Gini & Jony Gini & Jony Ltd 275 250 166 168
Brand Factory Future Lifestyle 86 100 100 105
Marks & Spencer Marks & Spencer 65 77 88 91
(Marks & Spencer Plc) Reliance India Pvt Ltd
fbb (Future Group) Future Retail Ltd 66 70 70 67
H&M H&M Hennes & Mauritz AB 40 47 43 50
Vimal (Reliance Reliance Retail Ltd 47 46 44 32
Group)
Others Others 1,162,012 1,254,961 1,191,737 1,182,796
Total Total 1,168,688 1,262,183 1,199,074 1,190,081
Table 106 Apparel And Footwear Specialist Retailers LBN Brand Shares: Selling Space
2018-2021

Reliance Trends Reliance Retail Ltd 481.3 630.0 699.3 765.0

(Reliance Group)
Max (Landmark Group) Max Fashion India 275.0 295.0 305.1 324.5
Bata (Bata Ltd) Bata India Ltd 301.5 330.0 354.6 298.0
Brand Factory Future Lifestyle 219.6 280.0 280.0 294.0
Peter England Aditya Birla Fashion & 111.5 120.7 139.2 138.3
Reliance Footprint Reliance Retail Ltd 123.3 130.0 129.0 134.8
(Reliance Group)
Louis Philippe Aditya Birla Fashion & 122.1 132.0 132.0 130.7
H&M H&M Hennes & Mauritz AB 70.6 82.0 75.0 87.2
Benetton (Benetton Benetton India Pvt Ltd 94.7 97.0 75.4 76.1
Group Srl)
Van Heusen (PVH Corp) Aditya Birla Fashion & 59.4 65.5 65.2 70.9
Retail Ltd
Marks & Spencer Marks & Spencer 50.1 54.0 61.7 63.8
(Marks & Spencer Plc) Reliance India Pvt Ltd
The Raymond Shop Raymond Ltd 68.7 69.1 69.1 60.7
fbb (Future Group) Future Retail Ltd 61.3 61.3 61.3 58.7
Zara (Inditex, Inditex Trent Retail 50.3 53.2 58.0 50.8
Industria de Diseño India Pvt Ltd
Textil SA)
Vimal (Reliance Reliance Retail Ltd 59.2 58.0 55.5 40.3
Group)
Levi's (Levi Levi Strauss India Pvt 26.7 27.3 26.0 37.7
Strauss & Co) Ltd
Fabindia Fabindia Overseas Pvt Ltd 52.9 54.0 50.7 35.4
Metro Metro Shoes Pvt Ltd 28.7 29.0 29.0 32.8
Arrow (PVH Corp) Arvind Lifestyle Brands 21.4 23.0 23.0 22.7
Ltd
Allen Solly Aditya Birla Fashion & 16.4 18.0 17.9 17.7
Menswear (Aditya Retail Ltd
Birla Group)
Others Others 102,392.7 110,750.7 105,268.1 106,325.7
Total Total 104,687.4 113,359.8 107,975.1 109,065.6
Table 107 Apparel And Footwear Specialist Retailers Forecasts: Value Sales, Outlets and
Selling Space 2021-2026
2021 2022 2023 2024 2025 2026
8.8 6.1 0.9 2.0 1.7 9.5
Outlets 1,190,08 1,294,21 1,399,69 1,509,14 1,618,25 1,730,40
1.0 3.0 1.0 7.0 8.0 3.0
trade sources
Table 108 Apparel And Footwear Specialist Retailers Forecasts: Value Sales, Outlets and
Selling Space: % Growth 2021-2026
% growth

2021/22 2021-26 CAGR 2021/26 Total

Outlets 8.7 7.8 45.4
trade sources

ELECTRONICS AND APPLIANCE

SPECIALIST RETAILERS IN INDIA -
CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Retail sales are set to increase at a current value CAGR of 9% (2021 constant value CAGR of
2021 DEVELOPMENTS
Retailers benefit from the omnichannel sales model in 2021

In 2021, the second wave of COVID-19 affected the normal operation of electronics and
appliance specialist retailers, as they remained closed in the first half of the year. Even after the
lockdown was lifted and the rules and regulations became less stringent, consumers remained
wary of returning to physical stores. In such a situation, however, consumers preferred going to
modern retail formats, which were perceived as more hygienic, and social distancing norms
were strictly followed. Such stores also operated an omnichannel model; that is, the customers
could make their order online, and the last-mile delivery was fulfilled by the store. This format
helped electronics and appliance specialist retailers see some recovery in 2021 from the decline
seen the previous year.
Pent-up demand and festive sales aid recovery

With relatively more time spent at home with their families, consumer demand for household
products increased in 2021. Since consumers were unable to purchase items in 2020 because
of the lockdowns and supply disruption, there was a lot of pent-up demand to be met in 2021.
The sluggish sales in 2020 resulted in increased inventories for manufacturers and retailers,
which also led to lucrative discounts and offers during the festive season. All these factors led to
the positive performance of electronics and appliance specialist retailers in 2021.
Consumers prefer premium products in 2021

In 2021, due to home seclusion and people spending more time working, studying and
socialising at home, they spent more money on premium appliances and electronics, such as
large-screen televisions, soundbars and speakers, large-sized refrigerators, coffee makers, etc.
With limited household help available during the pandemic, they also preferred to buy products
such as dishwashers and robotic vacuum cleaners to help with household tasks. With increasing
sales of such big-ticket items, electronics and appliance specialist retailers witnessed rapid
recovery.

PLI (Production Linked Incentive) scheme to benefit the industry in

forecast years
A PLI scheme was announced by the Indian government in November 2020 to boost India’s
production capability to facilitate exports, which also included electronics and appliances. This
scheme, also aimed to promote Atmanirbhar Bharat, or making India a self-reliant nation, will
also help manufacturers bring down their production costs and improve their production
capabilities, thus helping their domestic business. With cheaper production, the benefits are
likely to be passed on to customers, leading to growth for electronics and appliance specialist
retailers in India.
Government plans to improve housing and infrastructure to boost sales

The government of India is planning to improve housing and infrastructure in the smaller
towns in the country in the coming years, which is also expected to drive the sales of electronics
and appliance specialist retailers in the forecast period. Improving disposable incomes and
rising employment amongst Indians are also likely to contribute to growth.
Changing consumer lifestyles to emerge as A main growth driver

Increasing awareness and affordability, higher access and changing lifestyles are expected to
be the main growth drivers for electronics and appliance specialist retailers in India in the
forecast period. The relaxation of FDI (Foreign Direct Investment), with approval of 51% in multi-
brand and 100% in single brand retail, will also attract many foreign companies to invest in
India, hence improving access and affordability further.
CHANNEL DATA
Table 109 Electronics and Appliance Specialist Retailers: Value Sales, Outlets and Selling
Space 2016-2021
2016 2017 2018 2019 2020 2021
3.6 7.8 0.2 1.8 0.6 8.5
Outlets 183,729.0 188,620.0 194,062.0 199,010.0 194,807.0 199,886.0
Table 110 Electronics and Appliance Specialist Retailers: Value Sales, Outlets and Selling
% growth
2020/21 2016-21 CAGR 2016/21 Total

Outlets 2.6 1.7 8.8

Table 111 Electronics and Appliance Specialist Retailers GBO Company Shares: % Value
2017-2021

Company 2017 2018 2019 2020 2021
Reliance Group 5.1 7.4 8.5 9.3 8.5

Tata Group 1.2 1.3 1.3 1.7 1.6
Samsung Corp 0.8 0.8 0.8 1.3 1.4
Vijay Sales Ltd 1.2 1.3 1.4 1.2 1.3
LG Corp 0.7 0.6 0.6 0.6 0.5
Vasanth & Co Ltd 0.3 0.3 0.3 0.2 0.3
Vivek Ltd 0.2 0.2 0.2 0.2 0.2
S Mobility Ltd 0.2 0.1 0.1 0.1 0.1
Univercell 0.1 0.1 0.1 0.1 0.1
Telecommunications
India Pvt Ltd
Sony Corp 0.1 0.1 0.1 0.0 0.0
Acer Inc 0.0 0.0 0.0 0.0 0.0
Videocon Industries Ltd 0.2 0.2 0.1 0.1 -
Future Group 0.1 0.1 0.0 0.0 -
Essar Group 0.2 - - - -
Others 89.7 87.5 86.4 85.0 86.1
Total 100.0 100.0 100.0 100.0 100.0
Table 112 Electronics and Appliance Specialist Retailers GBN Brand Shares: % Value
2018-2021


Samsung Plaza Samsung Corp 0.8 0.8 1.3 1.4
LG Shoppe LG Corp 0.6 0.6 0.6 0.5
Vasanth & Co Vasanth & Co Ltd 0.3 0.3 0.2 0.3
Vivek's Vivek Ltd 0.2 0.2 0.2 0.2
Spice Hotspot S Mobility Ltd 0.1 0.1 0.1 0.1
Telecommunications
India Pvt Ltd
Sony Centre Sony Corp 0.1 0.1 0.0 0.0
Acer Mall Acer Inc 0.0 0.0 0.0 0.0
Next Videocon Industries Ltd 0.2 0.1 0.1 -
eZone Future Group 0.1 0.0 0.0 -
The MobileStore Essar Group - - - -
LG Cyber Shoppe LG Corp - - - -
Others 87.5 86.4 85.0 86.1
Total 100.0 100.0 100.0 100.0

Table 113 Electronics and Appliance Specialist Retailers LBN Brand Shares: Outlets 2018-
2021
sites/outlets

(Reliance Group)
Samsung Plaza Samsung India 450 452 452 454
Spice Hotspot (S Spice Retail Ltd 125 120 110 107
Mobility Ltd)
Vijay Sales Vijay Sales Ltd 76 99 101 101
LG Shoppe (LG Corp) LG Electronics India 90 90 90 90
Pvt Ltd
Vasanth & Co Vasanth & Co Ltd 73 80 81 80
Vivek's Vivek Ltd 75 80 79 79
UniverCell Univercell 75 70 60 60
Telecommunications
India Pvt Ltd
Sony Centre (Sony Sony India Pvt Ltd 50 40 35 35
Corp)
Acer Mall (Acer Inc) Acer India (Pvt) Ltd 32 31 31 31
Next (Videocon Techno Kart India Ltd 850 800 720 -
Industries Ltd)
eZone (Future Group) Future Retail Ltd 13 7 7 -
LG Cyber Shoppe (LG LG Electronics India - - - -
Corp) Pvt Ltd
The MobileStore MobileStore Ltd, The - - - -
(Essar Group)
Next (Videocon Next India Retail Ltd - - - -
Industries Ltd)
eZone (Future Group) Pantaloon Retail India Ltd - - - -
Others Others 189,336 193,996 189,777 195,569
Total Total 194,062 199,010 194,807 199,886
Table 114 Electronics and Appliance Specialist Retailers LBN Brand Shares: Selling
Space 2018-2021

Reliance Digital Reliance Retail Ltd 1,229.6 1,352.5 1,379.6 1,381.0

(Reliance Group)
Croma (Tata Group) Infiniti Retail Ltd 104.9 128.8 154.5 159.8
Samsung Plaza Samsung India 78.6 79.0 79.0 80.0
Vivek's Vivek Ltd 34.9 27.2 35.5 35.5
LG Shoppe (LG Corp) LG Electronics India 15.2 15.2 15.2 15.2
Pvt Ltd
Vasanth & Co Vasanth & Co Ltd 13.6 14.9 15.0 14.9
Sony Centre (Sony Sony India Pvt Ltd 10.7 8.0 7.8 7.8
Corp)


Telecommunications
India Pvt Ltd
Spice Hotspot (S Spice Retail Ltd 4.4 4.0 3.8 2.7
Mobility Ltd)
Acer Mall (Acer Inc) Acer India (Pvt) Ltd 1.3 1.2 1.2 1.2
Next (Videocon Techno Kart India Ltd 251.1 230.0 200.0 -
Industries Ltd)
eZone (Future Group) Future Retail Ltd 12.7 7.0 7.0 -
LG Cyber Shoppe (LG LG Electronics India - - - -
Corp) Pvt Ltd
The MobileStore MobileStore Ltd, The - - - -
(Essar Group)
Next (Videocon Next India Retail Ltd - - - -
Industries Ltd)
eZone (Future Group) Pantaloon Retail India Ltd - - - -
Others Others 12,929.6 13,179.8 12,989.1 13,780.5
Total Total 14,775.1 15,159.2 15,000.1 15,591.1
Table 115 Electronics and Appliance Specialist Retailers Forecasts: Value Sales, Outlets
and Selling Space 2021-2026
2021 2022 2023 2024 2025 2026
8.5 0.4 4.6 5.0 4.8 2.1
Outlets 199,886.0 214,609.0 224,948.0 233,067.0 238,996.0 242,830.0
trade sources
Table 116 Electronics and Appliance Specialist Retailers Forecasts: Value Sales, Outlets
and Selling Space: % Growth 2021-2026
% growth
2021/22 2021-26 CAGR 2021/26 Total

Outlets 7.4 4.0 21.5
trade sources

HEALTH AND BEAUTY SPECIALIST

RETAILERS IN INDIA - CATEGORY
ANALYSIS
KEY DATA FINDINGS
▪ Apollo Hospitals Enterprises Ltd is the leading player in 2021, with a retail value share of 3%
2021 DEVELOPMENTS
Physical stores impacted by lockdown

The revenue of health and beauty specialist retailers in India depends on the ability and
willingness of customers to visit these physical stores. In 2021, due to government-mandated
lockdowns and restrictions on travel, working in offices and the operation of commercial areas
due to the second wave of COVID-19, consumers made limited trips outside the home, which
impacted their visits to these stores. Even after the restrictions were lifted, these stores found it
difficult to attract customers, since the demand for colour cosmetics fell and some consumers
remained wary about venturing out. Consumers who were loyal to a brand preferred buying the
product online, or deferred their purchase.
Retailers continue with their expansion plans, aiming to realise future

potential
With the lockdowns and slow commercial activity in 2021, the rates of commercial property
reduced. Growing retailers such as Sephora, Nykaa and Lenskart acted on this opportunity to
announce aggressive expansion their store networks in tier 1 and tier 2 cities, in order to
improve visibility and access, and be ready for future demand. Many retailers also closed down
any unprofitable stores to relocate to places with more potential.
Rising health concerns benefit chemists/pharmacies

The first wave of COVID-19 in India made people realise the need for chemists/pharmacies in
nearby locations that are operational around the clock and face no difficulties due to supply
chain issues. Established chemists/pharmacies such as Apollo and Medplus went above and
beyond to serve customers by increasing their rate of expansion and maintaining operations
during the second wave of COVID-19. Their efforts were reflected in their rising shares of sales
and rising revenues for chemists/pharmacies, which continued to see a healthy rate of growth in
India in 2021.

E-commerce to continue contributing to the growth story of brands

During the two years India has been impacted by COVID-19, one thing brands realised was
that there was significant potential in the e-commerce channel. As consumers became
increasingly comfortable shopping virtually from the comfort of their homes, online channels
evolved in terms of convenience, automation and functionality. With digital stores expected to
grow in the metaverse in the forecast period, e-commerce is expected to grow further and
develop as a major revenue stream for health and beauty specialist retailers.
Offline-online integration to expand reach and coverage

With e-commerce being an integral part of the sales channels of any retailer, the integration of
offline and online channels will further facilitate sales of products in the market. Brands such as
Lenskart, which started as an online-only retailer, have now expanded their physical stores
across the country, while brands such as Vision Express have forayed into the online space.
With the blurring of the line between these two channels, retailers as well as customers benefit,
with a shorter turnaround period, better quality and prompt service. This also builds trust and
loyalty amongst consumers, which in turn helps brands to stay relevant in the longer term. The
online and offline integration of health and beauty specialist retailers is expected to become an
integral part of their business model in the forecast years, which will help drive growth in the
channel.
High awareness and rising disposable incomes to drive sales

Increased use of social media, higher awareness of trends, higher disposable incomes and
the increasing “influencer” culture has led the youth population of the country to be aspirational
in their choices and not shy away from trying new products – be it colour cosmetics, skin care
products, eyewear, etc. This trend is expected to continue in the forecast period, with the youth
population in India driving health and beauty specialist retailers to see growth.
CHANNEL DATA
Table 117 Health and Beauty Specialist Retailers: Value Sales, Outlets and Selling Space
2016-2021
2016 2017 2018 2019 2020 2021
3.6 8.8 5.9 9.9 2.1 7.5
Outlets 801,829.0 860,426.0 932,928.0 995,030.0 1,074,24 1,273,60
1.0 0.0
Table 118 Health and Beauty Specialist Retailers: Value Sales, Outlets and Selling Space:
% Growth 2016-2021
% growth
2020/21 2016-21 CAGR 2016/21 Total

Outlets 18.6 9.7 58.8


Table 119 Sales in Health and Beauty Specialist Retailers by Channel: Value 2016-2021
INR million
2016 2017 2018 2019 2020 2021
-- Beauty Specialist 17,902.0 20,834.9 23,946.8 26,820.4 18,707.2 20,241.2

Retailers
-- Chemists/Pharmacies 886,739.1 1,005,80 1,130,55 1,277,52 1,515,27 1,771,64
8.0 1.7 3.5 0.6 5.3
-- Optical Goods Stores 252,442.5 265,365.9 291,207.4 310,086.1 188,284.3 234,621.0
-- Drugstores/ - - - - - -
Parapharmacies
-- Vitamins and Dietary - - - - - -
Supplements Specialist
Retailers
Table 120 Sales in Health and Beauty Specialist Retailers by Channel: % Value Growth
2016-2021
2020/21 2016-21 CAGR 2016/21 Total
-- Beauty Specialist Retailers 8.2 2.5 13.1

-- Chemists/Pharmacies 16.9 14.8 99.8
-- Optical Goods Stores 24.6 -1.5 -7.1
-- Drugstores/Parapharmacies - - -
-- Vitamins and Dietary Supplements - - -
Table 121 Health and Beauty Specialist Retailers GBO Company Shares: % Value 2017-
2021

Company 2017 2018 2019 2020 2021

Enterprises Ltd
Medplus Health Services 1.7 1.7 1.8 1.9 1.9
Pvt Ltd
Tata Group 0.3 0.3 0.3 0.2 0.2
Himalaya Drug Co, The 0.1 0.1 0.2 0.2 0.1
Natura&Co 0.1 0.2 0.2 0.1 0.1
Estée Lauder Cos Inc 0.2 0.2 0.2 0.1 0.1

Lenskart Solutions Pvt 0.0 0.1 0.1 0.1 0.1

Ltd
Lawrence & Mayo Ltd 0.2 0.2 0.2 0.1 0.1
Mountain Valley Springs 0.1 0.1 0.1 0.1 0.1
Pvt Ltd
GrandVision NV 0.1 0.1 0.1 0.1 0.1
Foodworld Supermarkets 0.1 0.1 0.1 0.1 0.1
Pvt Ltd
LVMH Moët Hennessy 0.0 0.0 0.0 0.0 0.0
Louis Vuitton SA
Religare Enterprises Ltd 0.1 0.1 0.0 0.0 0.0
L'Oréal Groupe - - - - -
Dairy Farm - - - - -
International Holdings
Ltd
Others 94.5 94.3 94.2 94.4 94.2
Total 100.0 100.0 100.0 100.0 100.0
Table 122 Health and Beauty Specialist Retailers GBN Brand Shares: % Value 2018-2021


Enterprises Ltd
Pvt Ltd
Titan Eye+ Tata Group 0.3 0.3 0.2 0.2
Himalaya Herbals Himalaya Drug Co, The 0.1 0.2 0.2 0.1
The Body Shop Natura&Co 0.2 0.2 0.1 0.1
Lawrence & Mayo Lawrence & Mayo Ltd 0.2 0.2 0.1 0.1
Forest Essentials Mountain Valley Springs 0.1 0.1 0.1 0.1
Pvt Ltd
Vision Express GrandVision NV 0.1 0.1 0.1 0.1
Health & Glow Foodworld Supermarkets 0.1 0.1 0.1 0.1
Pvt Ltd
Sephora LVMH Moët Hennessy 0.0 0.0 0.0 0.0
Louis Vuitton SA
Health & Glow Dairy Farm - - - -
International Holdings Ltd
The Body Shop L'Oréal Groupe - - - -
Religare Wellness Religare Enterprises Ltd - - - -
Others 94.5 94.4 94.5 94.3
Total 100.0 100.0 100.0 100.0
Table 123 Health and Beauty Specialist Retailers LBN Brand Shares: Outlets 2018-2021
sites/outlets

Enterprises Ltd

Medplus Medplus Health Services 1,650 1,800 1,890 1,920

Pvt Ltd
Lenskart Lenskart Solutions Pvt Ltd 438 550 700 1,000
Titan Eye+ (Tata Titan Co Ltd 542 555 540 542
Group)
Himalaya Herbals Himalaya Drug Co, The 185 190 199 203
The Body Shop Quest Retail Pvt Ltd 175 195 200 199
(Natura&Co)
Health & Glow Foodworld Supermarkets 123 145 170 171
Pvt Ltd
Vision Express Reliance Vision Express 158 168 165 155
(GrandVision NV) Pvt Ltd
Lawrence & Mayo Lawrence & Mayo Ltd 130 140 138 132
Forest Essentials Forest Essentials 63 70 82 94
(Mountain Valley
Springs Pvt Ltd)
Sephora (LVMH Moët Sephora Cosmetics Pvt Ltd 17 23 24 25
Hennessy Louis
Vuitton SA)
Health & Glow Health & Glow Retailing - - - -
(Dairy Farm Pte Ltd
International
Holdings Ltd)
The Body Shop Quest Retail Pvt Ltd - - - -
(L'Oréal Groupe)
Religare Wellness Religare Wellness Ltd - - - -
(Religare
Enterprises Ltd)
Titan Eye+ (Tata Titan Industries Ltd - - - -
Group)
Others Others 926,147 987,594 1,066,353 1,265,259
Total Total 932,928 995,030 1,074,241 1,273,600
Table 124 Health and Beauty Specialist Retailers LBN Brand Shares: Selling Space 2018-
2021


Enterprises Ltd
Sephora (LVMH Moët Sephora Cosmetics Pvt Ltd 56.1 75.9 79.2 79.2
Hennessy Louis
Vuitton SA)
Pvt Ltd
Forest Essentials Forest Essentials 28.0 32.8 37.6 41.0
(Mountain Valley
Springs Pvt Ltd)
Titan Eye+ (Tata Titan Co Ltd 35.5 36.6 36.0 36.0
Group)
Lawrence & Mayo Lawrence & Mayo Ltd 31.3 35.0 34.0 31.8
Health & Glow Foodworld Supermarkets 8.6 9.5 11.1 11.2
Pvt Ltd
Vision Express Reliance Vision Express 11.5 11.6 11.6 11.1
(GrandVision NV) Pvt Ltd

The Body Shop Quest Retail Pvt Ltd 6.7 7.0 7.2 7.1
(Natura&Co)
Himalaya Herbals Himalaya Drug Co, The 5.8 6.3 6.6 6.8
Health & Glow Health & Glow Retailing - - - -
(Dairy Farm Pte Ltd
International
Holdings Ltd)
The Body Shop Quest Retail Pvt Ltd - - - -
(L'Oréal Groupe)
Religare Wellness Religare Wellness Ltd - - - -
(Religare
Enterprises Ltd)
Titan Eye+ (Tata Titan Industries Ltd - - - -
Group)
Others Others 50,681.2 55,255.9 57,283.0 67,658.8
Total Total 51,219.4 55,890.2 58,002.9 68,521.3
Table 125 Health and Beauty Specialist Retailers Forecasts: Value Sales, Outlets and
2021 2022 2023 2024 2025 2026
7.5 9.2 7.1 9.2 7.7 5.7
Outlets 1,273,60 1,378,88 1,481,17 1,583,55 1,685,25 1,785,69
0.0 1.0 6.0 2.0 3.0 6.0
trade sources
Table 126 Health and Beauty Specialist Retailers Forecasts: Value Sales, Outlets and
% growth
2021/22 2021-26 CAGR 2021/26 Total

Outlets 8.3 7.0 40.2
trade sources
Table 127 Forecast Sales in Health and Beauty Specialist Retailers by Channel: Value
2021-2026
INR million
2021 2022 2023 2024 2025 2026
-- Beauty Specialist 20,241.2 25,287.8 28,726.7 31,957.3 34,893.0 37,433.9

Retailers
-- Chemists/Pharmacies 1,771,64 1,867,82 1,962,51 2,057,21 2,150,49 2,238,91

5.3 0.3 2.8 0.2 9.4 8.4

-- Optical Goods Stores 234,621.0 281,921.1 332,617.6 364,431.6 390,485.3 406,193.5
-- Drugstores/ - - - - - -
Parapharmacies
-- Vitamins and Dietary - - - - - -
Supplements Specialist
Retailers
trade sources
Table 128 Forecast Sales in Health and Beauty Specialist Retailers by Channel: % Value
Growth 2021-2026
2021/2022 2021-26 CAGR 2021/26 Total
-- Beauty Specialist Retailers 24.9 13.1 84.9

-- Chemists/Pharmacies 5.4 4.8 26.4
-- Optical Goods Stores 20.2 11.6 73.1
-- Drugstores/Parapharmacies - - -
-- Vitamins and Dietary Supplements - - -
trade sources

HOME AND GARDEN SPECIALIST

RETAILERS IN INDIA - CATEGORY
ANALYSIS
KEY DATA FINDINGS
▪ Asian Paints Ltd (APL) is the leading player in 2021, with a retail value share of 2%
▪ Retail sales are set to increase at a current value CAGR of 11% (2021 constant value CAGR
of 6%) over the forecast period to INR3,260 billion
2021 DEVELOPMENTS
Home seclusion leads to growth for home and garden specialist retailers
With people spending more time at home for work, education and socialising during the
pandemic, they were increasingly concerned to maintain or improve their homes and gardens.
After the second wave of COVID-19, people also realised that home seclusion is likely to
endure, and social distancing will emerge as the norm for a while. With this realisation, as well
as improved access to and support from home and garden specialist retailers, the channel grew
in 2021. Consumers bought furniture for working from home, made improvements to their
homes, and moved to gardening as a hobby, all of which helped the channel to bounce back
from the decline seen in 2020.
Emergence of ‘phygital’ stores contributes to growth

The emergence of high-tech phygital stores which converge the physical and digital has been
seen. These offer customers everything under one roof – from home décor and wall colours to
fittings and furnishings, thus making them a one-stop solution for all their home improvement
needs. This enables consumers to envision and conveniently shop for home and garden
products without making trips to multiple stores for multiple items – easing the purchasing
process and reducing customer journeys. Innovations from major players, such as the Beautiful
Homes service from Asian Paints, helped the channel to grow in 2021.
Emerging home services companies aid the growth of home and garden
specialist retailers
Growing health concerns due to the pandemic in 2020 and 2021 led to demand for hygienic
and safe at-home services. Home service companies such as Urban Company, HouseJoy,
UrbanPro, Zimmber and Helpr connected service seekers with providers and played a major
role in consolidating the unorganised market into an organised one. With the ‘safe-service’
options for painting, cleaning, repairing, etc. provided by these service providers, customers
were confident about using their services, hence facilitating the growth of home and garden
specialist retailers.

Work from home trend to benefit home and garden specialist retailers in
the long run
In the past year, many companies have realised the benefits of having their employees
working from home, and have switched to hybrid work models in the longer term. The possibility
of more waves of the pandemic in the future is also likely to keep people at home. With more
time spent at home, homeowners are likely to invest more in the décor, fittings and furnishings
of their homes, thus benefitting home and garden specialist retailers in the forecast period.
Home and garden specialist retailers to benefit from the growing real
estate market
2021 was a landmark year in terms of real estate growth, due to the easing of regulations and
the extension of government aid. With new residential areas developing in the near future, the
need for home improvement products, homewares and home furnishings is expected to grow in
the forecast period. Moreover, multiple channels and options are available to consumers, while
the decision-making has also shifted to them from contractors, who previously made the
decisions. The information widely available in stores, experience centres and online has helped
consumers get to know more about low involvement products such as paint, sanitaryware, tiles
and fittings to make the best decisions for their homes.
Growing number of players to expand to the Indian market, targeting

growth
Foreign homewares and home furnishings stores player IKEA has opened three stores in
India, and has announced plans to expand further in the country. With its competitive prices,
sustainable products and DIY offerings, the company has quickly gained popularity amongst
consumers. Witnessing the growth potential in India, many other foreign players, such as
Damro, Kartell and Wayfair, have also announced their expansion plans in the country. The
competition from foreign players has also prompted local businesses such as Saraf Furniture
and Nestroots to expand their reach through online platforms. Furniture manufacturing start-ups
including Wakefit and Pepperfry have also expanded their portfolios, witnessing the significant
demand coming from Indian consumers. Even established players such as Reliance Retail have
announced expansion plans in homewares and home furnishings. With multiple players entering
or expanding in the market, home and garden specialist retailers is expected to see dynamic
growth in the forecast period.
CHANNEL DATA
Table 129 Home and Garden Specialist Retailers: Value Sales, Outlets and Selling Space
2016-2021
2016 2017 2018 2019 2020 2021
6.9 9.3 0.0 8.9 8.6 5.3
Outlets 188,036.0 198,545.0 206,852.0 215,396.0 215,485.0 219,278.0

Table 130 Home and Garden Specialist Retailers: Value Sales, Outlets and Selling Space:
% Growth 2016-2021
% growth
2020/21 2016-21 CAGR 2016/21 Total

Outlets 1.8 3.1 16.6
Table 131 Sales in Home and Garden Specialist Retailers by Channel: Value 2016-2021
INR million
2016 2017 2018 2019 2020 2021
-- Home Improvement and 339,651.7 363,068.7 389,132.2 410,272.0 430,006.1 475,500.8

Gardening Stores
-- Homewares and Home 1,110,73 1,207,59 1,336,61 1,472,70 1,334,27 1,469,83
Furnishing Stores 5.2 0.6 7.8 6.9 2.4 4.5
- Home and Garden 1,450,38 1,570,65 1,725,75 1,882,97 1,764,27 1,945,33
Table 132 Sales in Home and Garden Specialist Retailers by Channel: % Value Growth
2016-2021
2020/21 2016-21 CAGR 2016/21 Total
-- Home Improvement and Gardening Stores 10.6 7.0 40.0

-- Homewares and Home Furnishing Stores 10.2 5.8 32.3
Table 133 Home and Garden Specialist Retailers GBO Company Shares: % Value 2017-
2021

Company 2017 2018 2019 2020 2021
Asian Paints Ltd (APL) 1.6 1.6 1.6 1.8 1.8

Godrej Group 1.6 1.6 1.6 1.5 1.5
Inter IKEA Systems BV - 0.1 0.3 0.4 0.4
Future Group 0.4 0.4 0.4 0.3 0.4
Durian Industries Pvt Ltd 0.2 0.2 0.2 0.1 0.1
Nilkamal Ltd 0.2 0.1 0.1 0.1 0.1
Adventz Group 0.1 0.1 0.1 0.1 0.1

Wadia Group 0.1 0.1 0.1 0.0 0.0

Somany Home Innovations 0.1 0.0 0.0 0.0 0.0
Ltd
Others 95.9 95.8 95.7 95.6 95.4
Total 100.0 100.0 100.0 100.0 100.0
Table 134 Home and Garden Specialist Retailers GBN Brand Shares: % Value 2018-2021

Interio Godrej Group 1.6 1.6 1.5 1.5
IKEA Inter IKEA Systems BV 0.1 0.3 0.4 0.4
Home Town Future Group 0.4 0.4 0.3 0.4
Durian Durian Industries Pvt Ltd 0.2 0.2 0.1 0.1
@Home Nilkamal Ltd 0.1 0.1 0.1 0.1
Style Spa Adventz Group 0.1 0.1 0.1 0.1
Bombay Dyeing Wadia Group 0.1 0.1 0.0 0.0
Evok Somany Home Innovations 0.0 0.0 0.0 0.0
Ltd
Reliance Living Reliance Group - - - -
Others 95.8 95.7 95.6 95.4
Total 100.0 100.0 100.0 100.0
Table 135 Home and Garden Specialist Retailers LBN Brand Shares: Outlets 2018-2021
sites/outlets
Colour Idea Store Asian Paints Ltd (APL) 380 395 450 470
Bombay Dyeing Bombay Dyeing & Mfg Co 270 300 270 290
(Wadia Group) Ltd
Interio (Godrej Godrej & Boyce Mfg Co Ltd 180 200 190 198
Group)
Style Spa (Adventz Style Spa Furniture Ltd 85 85 83 81
Group)
Durian Durian Industries Pvt Ltd 33 33 41 39
Home Town (Future Praxis Home Retail Ltd 33 34 34 34
Group)
@Home Nilkamal Ltd 21 19 18 21
Evok Home Fashion Somany Home Innovations 14 18 20 18
Mega Store Ltd
Home Town Express Praxis Home Retail Ltd 8 8 8 8
(Future Group)
IKEA (Inter IKEA Ikea India Pvt Ltd 1 1 2 2
Systems BV)
Home Town (Future Future Retail Ltd - - - -
Group)
Home Town Express Future Retail Ltd - - - -
(Future Group)
Home Town (Future Home Solutions Retail - - - -

Group) (India) Ltd

Home Town Express Home Solutions Retail - - - -
(Future Group) (India) Ltd
Reliance Living Reliance Retail Ltd - - - -
(Reliance Group)
Others Others 205,827 214,303 214,369 218,117
Total Total 206,852 215,396 215,485 219,278
Table 136 Home and Garden Specialist Retailers LBN Brand Shares: Selling Space 2018-
2021

Home Town (Future Praxis Home Retail Ltd 135.3 143.0 143.0 143.0
Group)
IKEA (Inter IKEA Ikea India Pvt Ltd 37.2 37.2 84.0 84.0
Systems BV)
Interio (Godrej Godrej & Boyce Mfg Co Ltd 73.6 81.8 77.7 80.9
Group)
Durian Durian Industries Pvt Ltd 61.4 61.4 75.4 73.1
Bombay Dyeing Bombay Dyeing & Mfg Co 62.4 68.0 67.0 67.8
(Wadia Group) Ltd
Evok Home Fashion Somany Home Innovations 45.1 58.0 64.4 57.8
Mega Store Ltd
@Home Nilkamal Ltd 46.3 41.9 39.7 46.3
Style Spa (Adventz Style Spa Furniture Ltd 21.6 22.0 21.6 20.8
Group)
Home Town Express Praxis Home Retail Ltd 12.7 12.7 12.7 12.7
(Future Group)
Home Town (Future Future Retail Ltd - - - -
Group)
Home Town Express Future Retail Ltd - - - -
(Future Group)
Home Town (Future Home Solutions Retail - - - -
Group) (India) Ltd
Home Town Express Home Solutions Retail - - - -
(Future Group) (India) Ltd
Reliance Living Reliance Retail Ltd - - - -
(Reliance Group)
Others Others 61,318.5 65,223.6 64,005.6 71,171.3
Total Total 62,109.0 66,064.5 64,949.9 72,132.5
Table 137 Home and Garden Specialist Retailers Forecasts: Value Sales, Outlets and
2021 2022 2023 2024 2025 2026
5.3 5.2 0.9 5.8 2.6 2.0
Outlets 219,278.0 230,851.0 242,997.0 255,014.0 266,086.0 276,213.0

trade sources
Table 138 Home and Garden Specialist Retailers Forecasts: Value Sales, Outlets and
% growth
2021/22 2021-26 CAGR 2021/26 Total

Outlets 5.3 4.7 26.0
trade sources
Table 139 Forecast Sales in Home and Garden Specialist Retailers by Channel: Value
2021-2026
INR million
2021 2022 2023 2024 2025 2026
-- Home Improvement and 475,500.8 477,765.1 479,986.8 478,767.5 475,104.6 470,382.4

Gardening Stores
-- Homewares and Home 1,469,83 1,597,08 1,729,21 1,866,63 2,000,13 2,126,76
Furnishing Stores 4.5 0.2 4.1 8.3 7.9 9.6
- Home and Garden 1,945,33 2,074,84 2,209,20 2,345,40 2,475,24 2,597,15
Table 140 Forecast Sales in Home and Garden Specialist Retailers by Channel: % Value
Growth 2021-2026
2021/2022 2021-26 CAGR 2021/26 Total
-- Home Improvement and Gardening Stores 0.5 -0.2 -1.1

-- Homewares and Home Furnishing Stores 8.7 7.7 44.7

DEPARTMENT STORES IN INDIA -

CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Retail value sales increase by 10% in current terms in 2021 to INR203 billion
▪ Shoppers Stop Ltd is the leading player in 2021, with a retail value share of 17%
▪ Retail sales are set to decrease at a current value CAGR of 15% (2021 constant value CAGR
of 10%) over the forecast period to INR416 billion
2021 DEVELOPMENTS
The importance of store-based shopping to remain, benefiting

department stores
The pandemic acted as a strong engine for continued growth in e-commerce. Although the
rise of this channel is projected to continue, as consumers have become more comfortable
browsing and ordering online, in-store shopping will continue to hold its own in this dynamic
market, benefiting in-store sales in department stores. The reason for this is that consumers still
find it quite exciting to visit stores within shopping centres at the weekend, either for a family
outing or for some retail therapy. In the second half of 2021, the excitement of being in stores
was further heightened by the fact that consumers were able to shop freely in physical stores for
the first time in months, and consumers wanted to experience their favourite products either by
touch, smell or seeing them in person, while also taking advice from friends or family before
making a purchase. The strong interest in visiting shopping centres and department stores and
making purchases in stores is also demonstrated by the Google Mobility Report, which
showcases the strong recovery of footfall at retail and recreational locations. During 2021, there
was a 100% recovery in footfall to these places, according to the report in December. Although
a strong performance is projected to continue during the forecast period, the rising spread of
Omicron cases in the country could suppress recovery for a while before rebounding again.
Weddings and festivals aid the recovery of department stores

Visits to department stores declined significantly during the pandemic because of social
distancing and home isolation, which created fear amongst consumers. However, weddings and
festivals are amongst those occasions which rebound the fastest from such situations. This was
visible later in 2021, when restrictions relaxed to a great extent, increasing footfall at weddings
compared with 2020, when weddings had to be conducted in small family-only gatherings due to
government restrictions. The sacred nature of marriages and the tradition in the country to
celebrate such events with grandeur, inviting hundreds of guests, allowed department stores to
recover well. Since department stores tend to be one-stop-shops that can cater to all the
requirements for an event such as a wedding, for example offering apparel, beauty and personal
care products, bags and luggage, jewellery and furniture, they became the go-to place for
families when planning a wedding. Also, festivals proved to be other events when shopping
sprees were visible, as for a long time people could not visit stores physically, nor could they
connect with their loved ones during the previous year and share gifts. Hence, 2021 offered this
opportunity, which benefited sales in department stores. However, during the forecast period

Omicron is projected to dent recovery for a couple months, after which recovery is expected to
be kick-started again.
Digitalisation initiatives to remain crucial for department stores to

maintain their competitive advantage
The pandemic forced people to remain at home, working from home, studying from home and
socialising from home. This in turn forced consumers to explore e-commerce to order products.
This is projected to continue as the new wave of Omicron enters the country during 2022.
Hence, it is now even more crucial for department stores to continue aggressively with their
digitalisation initiatives, either by launching online portals, upgrading them to offer a smoother
experience to consumers, working on last-mile delivery, or offering a better in-store experience
and omnichannel experience. The reason for this is that pure play internet retailers are now
consistently grabbing a larger share of sales due to the pandemic. Hence, during the forecast
period, if department stores do not push their digital initiatives, they will lose share, impacting
their profitability and competitive advantage. Apparel and footwear specialist retailers and
beauty specialist retailers that leveraged pure play e-commerce retailers to expand their online
presence in 2020 also increased their focus on launching their own portals in 2021. Hence, this
will act as another challenge to department stores during the forecast period when it comes to
capturing share.
Store rentals to experience constant revision based on the pandemic

situation
The pandemic in 2020 resulted in a strong decline in store rentals across the country due to
the lockdowns, which resulted in some retailers shutting their doors due to the pressure on their
businesses. There was a surge in vacant properties during this period, which allowed
department stores with healthy financial backing to secure good properties in high street areas
and shopping centres. This continued until after the second wave of the pandemic in 2021,
which ended around June. After this, as the pandemic situation stabilised, rentals recovered
across all geographies, especially in urban areas, as the footfall to retail and recreation locations
recovered fully in December 2021, according to the Google Mobility Report. According to the
Retailers Association of India, this resulted in rentals even touching pre-COVID-19 numbers,
seen in 2019. However, with the news of a rise in cases of Omicron within the country, it is
projected that new lockdowns and weekend curfews will be announced in the country. This
would result in rentals once again facing pressure, leading to a decline in the rents being
charged by shopping centre owners. Hence, there is likely to be constant change in what rents
will be applied based on the pandemic situation.
Tier 2 and tier 3 markets offer strong potential for department stores
There has been increasing demand for well-known brands in apparel, furniture, beauty and
leisure and personal goods in tier 2 and tier 3 cities. This consumer base would previously shop
in local retailers. However, with economic growth in these cities and the increasing presence of
department stores and other retailers, a shift in demand has been evident. These cities now also
have an increasing consumer base with healthy income flows, due to both economic growth in
their cities as a result of government initiatives such as smart cities, and the opening of
tech/manufacturing parks. The rise in demand from these areas was also supplemented by
reverse migration during the pandemic, which resulted in people moving back to their

hometowns and working from home. As the income levels of this population were unaffected by
the pandemic, they were open to upgrading to well-known global brands, as they were saving
on rental and transportation costs, that they would have spent when staying in cities for work.
Some people who migrated back to tier 2 and tier 3 cities also started their own businesses to
avoid having to move back to urban areas. This resulted in major department store retailers
such as Shoppers Stop and Pantaloons (Aditya Birla Fashion & Retail) announcing that they
would focus on expanding in these areas. Shoppers Stop announced that it would open smaller
department stores in lower-tier cities, including 20 stores in 2022. Meanwhile, Pantaloons is
planning to open around 100 stores in 2022. During the forecast period, it is projected that these
cities will contribute to the revenues of department stores, resulting in retailers focusing on
further expansion in tier 2 and tier 3 locations.
Spread of Omicron to result in inconsistent demand across categories,

impacting recovery of department stores
The pandemic, which is going to enter its third year early in 2022, has kept department stores
on their toes when it comes to inventory planning. They are still trying to recover from the
damage that was caused during the first and second waves, and are finding it increasingly tough
to forecast demand, especially with another wave of the pandemic approaching. The reason for
this is that several products that are available in department stores, such as apparel, bags and
luggage, jewellery, colour cosmetics and skin care products, are discretionary in nature.
Demand is directly impacted when a new COVID-19 wave comes into the picture, resulting in a
shift in consumer behaviour. For example, when the pandemic situation stabilised, there was
recovery in categories such as bags and luggage, which experienced a strong decline during
the pandemic due to restrictions on travel, and the closure of offices and schools due to home
seclusion. However, with the Omicron wave, the category again finds itself in a tough position,
which is projected to affect growth. Hence, department stores will be fatigued by the ever-
changing consumer behaviours driven by the pandemic. This will result in inventory pile-up for
department stores, leading to deep discounts, thus impacting their profitability.
CHANNEL DATA
Table 141 Department Stores: Value Sales, Outlets and Selling Space 2016-2021
2016 2017 2018 2019 2020 2021
Outlets 1,538.0 1,786.0 2,087.0 2,329.0 2,376.0 2,334.0
Table 142 Department Stores: Value Sales, Outlets and Selling Space: % Growth 2016-
2021
% growth
2020/21 2016-21 CAGR 2016/21 Total

Outlets -1.8 8.7 51.8

Table 143 Department Stores GBO Company Shares: % Value 2017-2021

Company 2017 2018 2019 2020 2021
K Raheja Corp 19.8 17.8 16.3 16.7 17.3

Landmark Group 17.5 16.6 15.8 16.4 17.1
Future Group 12.6 12.4 11.3 11.7 12.2
Tata Group 9.4 9.6 9.7 10.1 10.5
Shriram Group Of 6.9 6.8 6.9 7.2 7.5
Enterprises
V-Mart Retail Ltd 5.5 5.8 6.1 6.5 6.6
Arvind Ltd 2.4 3.0 2.8 2.9 3.0
Globus Stores Pvt Ltd 0.9 0.8 0.7 0.7 0.8
Ebony Retail Holdings Ltd - - - - -
Others 11.7 13.9 17.8 17.5 13.5
Total 100.0 100.0 100.0 100.0 100.0
Table 144 Department Stores GBN Brand Shares: % Value 2018-2021


Lifestyle Landmark Group 16.6 15.8 16.4 17.1
Central Future Group 12.4 11.3 11.7 12.2
Pantaloons Aditya Birla Group 13.2 12.6 10.3 11.4
Westside Tata Group 9.6 9.7 10.1 10.5
Vishal Mega Mart Shriram Group Of 6.8 6.9 7.2 7.5
Enterprises
Unlimited Arvind Ltd 3.0 2.8 2.9 3.0
Megamart Arvind Ltd - - - -
Pantaloons Future Group - - - -
Others 13.9 17.8 17.5 13.5
Total 100.0 100.0 100.0 100.0
Table 145 Department Stores LBN Brand Shares: Outlets 2018-2021
sites/outlets
Pantaloons (Aditya Aditya Birla Fashion & 290 342 346 342
Vishal Mega Mart Airplaza Retail 245 322 330 325

Enterprises)
V-Mart V-Mart Retail Ltd 203 253 279 282
Westside (Tata Group) Trent Ltd 130 150 165 167
Lifestyle (Landmark Lifestyle International 74 82 82 79
Group) Pvt Ltd
Raheja Corp)
Unlimited (Arvind Arvind Retail Ltd 75 84 82 75
Ltd)
Central (Future Future Lifestyle 43 48 47 49
Group) Fashions Ltd
Globus Globus Stores Pvt Ltd 40 40 38 38
Group) Ltd
Total Total 2,087 2,329 2,376 2,334
Table 146 Department Stores LBN Brand Shares: Selling Space 2018-2021

Pantaloons (Aditya Aditya Birla Fashion & 568.1 610.0 617.1 610.0
Shoppers Stop (K Shoppers Stop Ltd 429.4 460.0 449.9 450.0
Raheja Corp)
Central (Future Future Lifestyle 392.0 425.0 416.1 433.9
Group) Fashions Ltd
Vishal Mega Mart Airplaza Retail 278.8 363.2 372.2 366.6
Enterprises)
Lifestyle (Landmark Lifestyle International 373.4 400.0 400.0 355.5
Group) Pvt Ltd
Westside (Tata Group) Trent Ltd 245.6 265.0 291.5 300.6
Unlimited (Arvind Arvind Retail Ltd 60.6 66.9 65.3 59.8
Ltd)
Group) Ltd
Others Others 769.2 890.3 963.2 929.3
Total Total 3,320.6 3,709.4 3,848.4 3,771.1
Table 147 Department Stores Forecasts: Value Sales, Outlets and Selling Space 2021-
2026

2021 2022 2023 2024 2025 2026
Outlets 2,334.0 2,603.0 2,888.0 3,183.0 3,494.0 3,808.0
trade sources
Table 148 Department Stores Forecasts: Value Sales, Outlets and Selling Space: %
Growth 2021-2026
% growth
2021/22 2021-26 CAGR 2021/26 Total

Outlets 11.5 10.3 63.2
trade sources

VARIETY STORES IN INDIA -

CATEGORY ANALYSIS
2021 DEVELOPMENTS
▪ Variety stores is not a popular format and did not have notable sales in India in 2021,
although in the future growth is expected to be facilitated by the entry of international players
in this space. However, it remains to be seen whether this will become a notable channel in
the forecast period, as demand for the types of products available in variety stores is met by
the strong presence of informal retailing in the country.

WAREHOUSE CLUBS IN INDIA -

CATEGORY ANALYSIS
2021 DEVELOPMENTS
▪ Warehouse clubs is not a popular format in India and did not have notable sales in the country
in 2021. Customer interaction is a very important aspect of the appeal of store-based retailers
in the country, and consumers specifically look for this. As this is not part of the offering of
warehouse clubs, this channel is not likely to gain prominence in India. In addition, the
purpose of warehouse clubs is to offer low prices, and with the strong presence of informal
retailing in the country, these outlets are unnecessary.

DIRECT SELLING IN INDIA -

CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Retail value sales rise by 5% in current terms in 2021 to INR163 billion

▪ Herbalife International India Pvt Ltd is the leading player in 2021, with a retail value share of
26%
2021 DEVELOPMENTS
Direct selling gains popularity as it is A flexible source of income for

sellers
During the pandemic, when people were spending more time at home, direct selling emerged
as a flexible source of income for sellers, which empowered individuals with the capability to sell
products within their communities from the comfort of their home. The tendency of customers to
avoid visiting physical retail stores also contributed to the growing demand for products via
direct selling in 2021. Witnessing the earning potential through direct selling, often not just
individuals, but whole families get involved in the business and contribute to the growth of this
channel. The pandemic accelerated the business opportunities for direct sellers, as many took
their businesses online, expanding their reach through apps, and training people online.
Growth in direct selling driven by personal care and nutraceuticals

As direct sellers grew in India, so did demand for goods such as wellness products and
nutraceuticals, personal care items and home care products. With the shift of consumers’ focus
to health and wellbeing, they became increasingly mindful of what they were consuming. The
product portfolios of leading direct selling companies such as Herbalife, Amway and Modicare
include these goods, and they therefore witnessed growth in demand, which was also reflected
in their overall growth. The innovations brought forward by direct selling companies also helped
drive demand during the pandemic, with new products including vitamin gummies, vitamin-D
topical products, etc.
Direct selling benefits MSMEs through contract manufacturing

In order to maintain the quality of their products, direct selling companies work closely with
micro, small and medium enterprises (MSMEs) in India. In turn, more MSMEs have also
developed the capability to cater to the demand for quality and quantity required by these direct
selling companies. This growing partnership has made India an emerging manufacturer for the
export of goods, as well as carrying out stringent quality control for domestic goods, thus raising
the quality standard for direct selling products.

The streamlining of regulations for direct selling to build more customer

trust
In December 2021, the Indian government banned direct selling companies from promoting
their pyramid and money circulation schemes under the Consumer Protection (Direct Selling)
Rules, 2021. Under this rule, the state government is required to form a framework of
regulations to monitor direct selling activities. These stringent regulations are expected to weed
out unorganised or fake direct selling companies and instil more trust amongst consumers, thus
benefiting legitimate direct selling companies in the long run.
Improved reach and awareness through digitisation to aid growth

Now that direct selling companies have onboarded technology to promote sales and help with
the training of individuals in their selling model, they have the capability to improve their reach
and awareness even in the more remote regions of India. The growth of direct selling
companies only depends on how many people the sellers can reach. With improved reach,
direct selling is expected to see rising sales in the forecast period.
Direct selling companies to benefit from ‘Make in India’

The manufacturing capabilities of Indian direct selling companies are benefiting in terms of
financial aid and manpower under the ‘Make in India’ initiative from the government of India.
With the government’s growing interest in promoting the export capabilities of Indian
manufacturing companies, direct sellers are also expected to grow across the width and depth
of their product portfolios.
CHANNEL DATA
Table 149 Direct Selling by Category: Value 2016-2021
INR million
2016 2017 2018 2019 2020 2021
- Apparel and Footwear - - - - - -

Direct Selling
- Beauty and Personal 27,641.8 29,275.5 33,281.5 35,234.5 35,187.8 39,160.8
Care Direct Selling
- Consumer Electronics - - - - - -
Direct Selling
- Consumer Health 27,873.5 28,296.9 32,713.7 37,849.4 41,126.8 44,117.3
Direct Selling
- Consumer Appliances 1,774.1 1,810.4 1,766.3 1,744.8 1,152.0 2,021.8
Direct Selling
- Food and Drink Direct 9,458.8 11,539.8 13,847.7 16,391.2 18,179.4 20,342.8
Selling
- Home Care Direct 1,332.0 1,308.5 1,314.1 1,211.6 1,166.1 1,165.8
Selling
- Home Improvement and - - - - - -
Gardening Direct Selling
- Homewares and Home 5,644.7 6,139.5 6,428.1 6,506.4 5,389.8 6,383.9
Furnishings Direct
Selling
- Media Products Direct - - - - - -

Selling
- Personal Accessories 494.7 704.7 926.8 1,205.1 1,096.9 1,207.2
and Eyewear Direct
Selling
- Pet Care Direct Selling - - - - - -
- Traditional Toys and - - - - - -
Games Direct Selling
- Video Games Hardware - - - - - -
Direct Selling
- Other Direct Selling 45,461.7 49,689.8 50,075.8 52,141.2 51,741.7 48,756.6
Direct Selling 119,681.2 128,765.1 140,354.0 152,284.1 155,040.4 163,156.1
Table 150 Direct Selling by Category: % Value Growth 2016-2021
2020/21 2016-21 CAGR 2016/21 Total
- Apparel and Footwear Direct Selling - - -

- Beauty and Personal Care Direct 11.3 7.2 41.7
Selling
- Consumer Electronics Direct Selling - - -
- Consumer Health Direct Selling 7.3 9.6 58.3
- Consumer Appliances Direct Selling 75.5 2.6 14.0
- Food and Drink Direct Selling 11.9 16.6 115.1
- Home Care Direct Selling 0.0 -2.6 -12.5
- Home Improvement and Gardening - - -
Direct Selling
- Homewares and Home Furnishings 18.4 2.5 13.1
Direct Selling
- Media Products Direct Selling - - -
- Personal Accessories and Eyewear 10.1 19.5 144.1
Direct Selling
- Pet Care Direct Selling - - -
- Traditional Toys and Games Direct - - -
Selling
- Video Games Hardware Direct Selling - - -
- Other Direct Selling -5.8 1.4 7.2
Table 151 Direct Selling GBO Company Shares: % Value 2017-2021

Company 2017 2018 2019 2020 2021
Herbalife Nutrition Ltd - 18.1 21.3 23.7 25.7

Amway Corp 16.3 15.3 13.8 13.6 13.1
Modi Group KK 3.9 6.8 9.4 9.7 10.1
Vestige Marketing Pvt Ltd 6.0 6.8 7.2 8.3 8.9
Eureka Forbes Ltd 9.8 9.7 9.4 9.1 8.7
Glaze Trading India Pvt 5.4 6.5 6.5 6.8 6.7
Ltd
Oriflame Cosmetics SA 6.5 6.2 6.0 5.3 5.2

Forever Living Products 5.1 4.7 3.9 3.9 3.8

International LLC
Tupperware Brands Corp 3.3 2.3 1.5 1.2 1.1
Natura&Co - - - 0.9 1.0
AMC International Alfa 1.0 0.9 1.0 0.9 0.9
Metalcraft Corp AG
Mi Lifestyle Marketing 0.9 0.1 0.4 0.7 0.8
Global Pvt Ltd
DXN Holdings Bhd 1.7 1.1 0.6 0.7 0.7
Avon Products Inc 1.5 1.7 1.3 - -
Herbalife Ltd 14.0 - - - -
Unilever Group - - - - -
Others 24.8 19.9 17.7 15.1 13.4
Total 100.0 100.0 100.0 100.0 100.0
Table 152 Direct Selling GBN Brand Shares: % Value 2018-2021

Herbalife Nutrition Herbalife Nutrition Ltd 18.1 21.3 23.7 25.7

Amway Amway Corp 15.3 13.8 13.6 13.1
Modicare Modi Group KK 6.8 9.4 9.7 10.1
Vestige Vestige Marketing Pvt Ltd 6.8 7.2 8.3 8.9
Eureka Forbes Eureka Forbes Ltd 9.7 9.4 9.1 8.7
Glaze Trading Glaze Trading India Pvt 6.5 6.5 6.8 6.7
Ltd
Oriflame Oriflame Cosmetics SA 6.2 6.0 5.3 5.2
Forever Forever Living Products 4.7 3.9 3.9 3.8
International LLC
Tupperware Tupperware Brands Corp 2.3 1.5 1.2 1.1
Avon Natura&Co - - 0.9 1.0
AMC AMC International Alfa 0.9 1.0 0.9 0.9
Metalcraft Corp AG
MI Lifestyle Mi Lifestyle Marketing 0.1 0.4 0.7 0.8
Global Pvt Ltd
DXN DXN Holdings Bhd 1.1 0.6 0.7 0.7
Avon Avon Products Inc 1.7 1.3 - -
Herbalife Nutrition Herbalife Ltd - - - -
Hindustan Lever Unilever Group - - - -
Network
Others 19.9 17.7 15.1 13.4
Total 100.0 100.0 100.0 100.0
Table 153 Direct Selling Forecasts by Category: Value 2021-2026
INR million
2021 2022 2023 2024 2025 2026
- Apparel and Footwear - - - - - -

Direct Selling
- Beauty and Personal 39,160.8 41,132.3 43,319.3 45,178.3 46,703.0 48,279.2
Care Direct Selling

Direct Selling
- Consumer Health 44,117.3 48,159.0 52,454.7 56,833.0 61,237.6 65,598.7
Direct Selling
Direct Selling
- Food and Drink Direct 20,342.8 21,724.5 22,788.5 23,822.4 24,800.6 25,681.8
Selling
- Home Care Direct 1,165.8 1,139.6 1,059.6 990.0 866.9 759.2
Selling
Gardening Direct Selling
- Homewares and Home 6,383.9 6,673.5 6,911.4 7,011.3 6,996.9 6,982.6
Furnishings Direct
Selling
- Media Products Direct - - - - - -
Selling
- Personal Accessories 1,207.2 1,277.7 1,471.2 1,719.4 1,997.7 2,306.4
and Eyewear Direct
Selling
- Pet Care Direct Selling - - - - - -
- Traditional Toys and - - - - - -
Games Direct Selling
Direct Selling
- Other Direct Selling 48,756.6 52,408.8 55,439.2 58,474.4 62,012.1 64,435.8
Direct Selling 163,156.1 174,931.8 186,281.8 197,297.1 207,806.0 217,444.9
trade sources
Table 154 Direct Selling Forecasts by Category: % Value Growth 2021-2026
2021/2022 2021-26 CAGR 2021/26 Total
- Apparel and Footwear Direct Selling - - -

- Beauty and Personal Care Direct 5.0 4.3 23.3
Selling
- Consumer Electronics Direct Selling - - -
- Consumer Health Direct Selling 9.2 8.3 48.7
- Consumer Appliances Direct Selling 19.5 11.0 68.2
- Food and Drink Direct Selling 6.8 4.8 26.2
- Home Care Direct Selling -2.2 -8.2 -34.9
Direct Selling
- Homewares and Home Furnishings 4.5 1.8 9.4
Direct Selling
- Media Products Direct Selling - - -
Direct Selling
- Pet Care Direct Selling - - -
- Traditional Toys and Games Direct - - -
Selling
- Video Games Hardware Direct Selling - - -
- Other Direct Selling 7.5 5.7 32.2

trade sources

HOMESHOPPING IN INDIA -
CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ Retail value sales increase by 18% in current terms in 2021 to INR76.7 billion
▪ TV18 Home Shopping Network Ltd is the leading player in 2021, with a retail value share of
38%
2021 DEVELOPMENTS
Popularity of homeshopping is limited amongst consumers

Homeshopping is one of the smallest retail channels in India. Given the low promotional
activities of companies in the channel, its popularity is limited amongst consumers. At a time
when consumers are increasingly spending time on social media and OTT platforms,
homeshopping companies sticking only to television is hampering their growth.
Limited product availability hinders growth

Compared with other non-store-based retail channels, such as e-commerce, homeshopping
has very limited product availability. The channel has very few categories available, mainly
electronics and apparel. Furthermore, the products available on this platform are not leading
brands, and are therefore not particularly popular amongst consumers.
Growth of e-commerce hampers the growth of homeshopping

E-commerce has witnessed significant growth for several years, and has become by far the
most popular channel within non-store retailing. Given the depth and breadth of the
merchandise available from e-commerce retailers, it is becoming increasingly difficult for
homeshopping companies to survive. While homeshopping companies were previously popular
for their availability of low-cost products, similar products are now available via e-commerce.
The homeshopping channel will find it difficult to survive

As younger consumers are more digital-friendly, the popularity of homeshopping is likely to
remain limited amongst consumers in India. However, it is expected that the channel will
embrace digital technologies and improve communication to stay relevant amongst digital- and
tech-savvy consumers.

Homeshopping companies are starting to explore e-commerce for

growth
As the homeshopping channel is mature, leading companies such as HomeShop18 and
Naaptol have slowly started expanding their online channels. While this is the right direction for
these companies, it will be difficult to sustain the competition in an already crowded
marketplace. Moving forward, more homeshopping companies are expected to transition their
business model towards e-commerce to maintain growth.
CHANNEL DATA
Table 155 Homeshopping by Category: Value 2016-2021
INR million
2016 2017 2018 2019 2020 2021
- Apparel and Footwear 667.5 962.6 1,153.3 1,314.1 855.3 950.7

Homeshopping
- Beauty and Personal - - - - - -
Care Homeshopping
- Consumer Appliances 506.9 506.9 562.0 610.7 230.4 1,444.1
Homeshopping
Homeshopping
- Consumer Health 58.4 74.1 93.0 113.5 122.0 144.1
Homeshopping
- Food and Drink 39.6 65.3 111.7 156.4 209.6 262.0
Homeshopping
- Home Care Homeshopping - - - - - -
Gardening Homeshopping
- Homewares and Home - - - - - -
Furnishings Homeshopping
- Media Products - - - - - -
Homeshopping
- Personal Accessories 641.4 732.9 775.5 825.5 681.6 747.1
and Eyewear Homeshopping
- Pet Care Homeshopping - - - - - -
- Traditional Toys and 14.1 8.9 9.3 9.7 3.1 3.0
Games Homeshopping
Homeshopping
- Other Homeshopping 43,192.1 53,146.9 62,227.3 71,642.1 62,862.7 73,107.4
Homeshopping 45,120.0 55,497.6 64,932.2 74,672.0 64,964.7 76,658.3
Table 156 Homeshopping by Category: % Value Growth 2016-2021
2020/21 2016-21 CAGR 2016/21 Total
- Apparel and Footwear Homeshopping 11.2 7.3 42.4

- Beauty and Personal Care Homeshopping - - -
- Consumer Appliances Homeshopping 526.8 23.3 184.9

- Consumer Electronics Homeshopping - - -

- Consumer Health Homeshopping 18.1 19.8 146.8
- Food and Drink Homeshopping 25.0 45.9 561.5
- Home Care Homeshopping - - -
Homeshopping
- Homewares and Home Furnishings - - -
Homeshopping
- Media Products Homeshopping - - -
Homeshopping
- Pet Care Homeshopping - - -
- Traditional Toys and Games -5.6 -26.8 -79.0
Homeshopping
- Video Games Hardware Homeshopping - - -
- Other Homeshopping 16.3 11.1 69.3
Table 157 Homeshopping GBO Company Shares: % Value 2017-2021

Company 2017 2018 2019 2020 2021
Network18 Group 42.9 40.3 37.9 37.9 37.9

SHOP CJ Network Pvt Ltd 37.8 38.1 37.5 37.2 37.4
Naaptol Online Shopping 6.2 6.7 7.5 7.3 7.3
Pvt Ltd
TVC Skyshop Ltd 3.7 3.3 3.1 3.0 3.0
Telebrands Corp 2.1 1.7 1.6 1.6 1.6
Asian Sky Shop Ltd 2.0 1.7 1.4 1.4 1.4
Hinduja TMT Ltd 0.3 0.2 0.2 0.2 0.2
Others 5.0 8.0 10.8 11.5 11.2
Total 100.0 100.0 100.0 100.0 100.0
Table 158 Homeshopping GBN Brand Shares: % Value 2018-2021


ShopCJ SHOP CJ Network Pvt Ltd 38.1 37.5 37.2 37.4
Naaptol Naaptol Online Shopping 6.7 7.5 7.3 7.3
Pvt Ltd
TVC Skyshop TVC Skyshop Ltd 3.3 3.1 3.0 3.0
Telebrands Telebrands Corp 1.7 1.6 1.6 1.6
Asian Sky Shop Asian Sky Shop Ltd 1.7 1.4 1.4 1.4
Shop24Seven Hinduja TMT Ltd 0.2 0.2 0.2 0.2
Others 8.0 10.8 11.5 11.2
Total 100.0 100.0 100.0 100.0

Table 159 Homeshopping Forecasts by Category: Value 2021-2026
INR million
2021 2022 2023 2024 2025 2026
- Apparel and Footwear 950.7 1,028.7 1,113.7 1,209.5 1,312.1 1,418.8

Homeshopping
- Beauty and Personal - - - - - -
Care Homeshopping
Homeshopping
Homeshopping
- Consumer Health 144.1 166.5 195.2 219.0 248.3 273.5
Homeshopping
- Food and Drink 262.0 296.9 325.6 354.9 384.1 408.4
Homeshopping
- Home Care Homeshopping - - - - - -
Gardening Homeshopping
- Homewares and Home - - - - - -
Furnishings Homeshopping
- Media Products - - - - - -
Homeshopping
- Personal Accessories 747.1 783.6 872.7 916.6 1,423.7 1,518.3
and Eyewear Homeshopping
- Pet Care Homeshopping - - - - - -
- Traditional Toys and 3.0 2.8 3.3 4.0 7.0 12.3
Games Homeshopping
Homeshopping
- Other Homeshopping 73,107.4 81,354.7 88,213.0 94,209.1 99,984.5 105,215.0
Homeshopping 76,658.3 85,419.3 92,880.3 99,455.2 105,723.5 111,397.0
trade sources
Table 160 Homeshopping Forecasts by Category: % Value Growth 2021-2026
2021/2022 2021-26 CAGR 2021/26 Total
- Apparel and Footwear Homeshopping 8.2 8.3 49.2

- Beauty and Personal Care Homeshopping - - -
- Consumer Appliances Homeshopping 23.7 12.1 76.6
- Consumer Electronics Homeshopping - - -
- Consumer Health Homeshopping 15.5 13.7 89.8
- Food and Drink Homeshopping 13.3 9.3 55.9
- Home Care Homeshopping - - -
Homeshopping
- Homewares and Home Furnishings - - -
Homeshopping
- Media Products Homeshopping - - -
Homeshopping
- Pet Care Homeshopping - - -

- Traditional Toys and Games -4.6 33.0 315.6

Homeshopping
- Video Games Hardware Homeshopping - - -
- Other Homeshopping 11.3 7.6 43.9
trade sources

VENDING IN INDIA - CATEGORY

ANALYSIS
2021 DEVELOPMENTS
▪ While vending is slowly becoming more popular, sales in non-captive locations were
negligible in India in 2021. Most sales take place in closed environments such as airports,
offices and educational institutions, which are not counted in Euromonitor International
vending figures. It should be noted that vending machines in India are always accompanied
by a helper, who takes the money from the customer and operates the machine. This is
because the literacy rate in the country is still low, which means that many consumers are still
unable to operate these machines properly.

E-COMMERCE (GOODS) IN INDIA -

CATEGORY ANALYSIS
KEY DATA FINDINGS
▪ 3rd Party Merchants is the leading player in 2021, with a retail value share of 69%
2021 DEVELOPMENTS
E-commerce remains an area of focus for A second year in A row

While the growth of e-commerce was propelled by the pandemic in 2020, e-commerce
penetration saw a further strong increase in 2021 due to the second wave of COVID-19
infections. While the lockdown restrictions were totally eased by the end of 2020, the second
wave of infections in 2021 meant that consumers were restricted to their homes once again,
which continued their dependency on e-commerce for shopping. Irrespective of category, e-
commerce became a primary option for shopping for many consumers, especially in tier 2 cities.
Brands and retailers invest in direct to consumer models

During the mobility restrictions imposed during the first wave of the pandemic in 2020, the
majority of brands and store-based retailers struggled due to poor online distribution or poor
last-mile connectivity. With the lessons learned from the first wave, brands and store-based
retailers expanded their online presence by adopting direct to consumer models, in addition to
partnering with third party delivery companies and marketplace models, which meant they were
better prepared for the second wave of the virus and associated restrictions.
Pandemic creates online demand for niche categories

Traditionally, online demand for products such as electronics, appliances, toys and apparel
was high in India. However, the pandemic has also contributed to increasing sales via e-
commerce in categories such as groceries and consumer health, within which online sales were
niche prior to the pandemic. Due to home seclusion, a higher number of consumers bought
groceries and consumer health products through online retailers. This also gave rise to the entry
of many new players offering such products in the last couple of years.
The outlook remains strong for growth in e-commerce in India

While e-commerce saw a significant increase in its sales in the last couple of years, its
contribution to overall retailing in India remains low, still in the single digits, highlighting its huge
growth potential moving forward. Furthermore, India is witnessing a third wave of COVID-19
infections at the end of 2021 and into 2022, which will continue to increase consumers’

dependency on online shopping. With an increasing number of shoppers likely to develop

shopping via e-commerce into a long-term habit, India is expected become a lucrative growth
market for e-commerce companies. Indeed, in the next five years India is expected to witness
one of the strongest absolute increases in value sales in the Asia Pacific region.
Increase in online-offline integration to overcome last-mile challenges

Last-mile connectivity has remained one of the key factors limiting the expansion of the e-
commerce channel in India. With companies looking to expand their reach beyond tier 1 cities,
online-offline integration will become key to overcoming last-mile challenges. Going forward, the
retailing industry will witness an increasing number of partnerships between online and offline
retailers to expand their reach. The large network of traditional grocery retailers in particular will
play a key role in the expansion of online retailers, especially in the food and drinks space.
The competition is expected to intensify in the online space

Traditionally, e-commerce in India was dominated by marketplace companies. However, with
new growth opportunities opening up, a plethora of new brands and retailers are entering the
online space. In the last few years, there have been a significant number of specialist online
retailers entering the market and competing with marketplace companies. Going forward, more
specialist retailers are expected to enter categories such as food and drinks, apparel and
footwear and consumer health, intensifying the competition.
CHANNEL DATA
Table 161 E-Commerce (Goods) by Channel and Category: Value 2016-2021
INR million
2016 2017 2018 2019 2020 2021
- Mobile E-Commerce 143,192.0 267,511.8 415,638.6 585,317.0 893,789.3 1,520,09

(Goods) 9.0
- Cross-Border E- 842,305.8 1,244,24 1,629,95 2,053,74 2,628,79 3,377,99
Commerce (Goods) 0.7 5.4 3.8 2.0 7.7
-- Foreign E-Commerce 40,430.7 58,479.3 75,303.9 93,445.3 99,894.1 145,253.9
(Goods)
-- Domestic E-Commerce 801,875.1 1,185,76 1,554,65 1,960,29 2,528,89 3,232,74
(Goods) 1.5 1.4 8.3 7.8 3.7
- E-Commerce (Goods) by 842,305.8 1,244,24 1,629,95 2,053,74 2,628,79 3,377,99
Product Category 0.7 5.4 3.8 2.0 7.7
-- Apparel and Footwear 107,195.7 154,953.8 218,405.8 259,705.8 284,477.7 332,866.3
E-Commerce
-- Beauty and Personal 14,196.9 19,803.3 27,320.2 34,417.3 50,173.5 62,509.0
Care E-Commerce
-- Consumer Appliances 11,721.5 23,969.9 38,937.8 53,827.6 94,196.9 129,656.7
E-Commerce
-- Consumer Electronics 216,331.4 281,015.3 384,504.4 571,910.8 939,457.7 1,320,85
E-Commerce 5.7
-- Consumer Health E- 3,855.8 4,659.3 6,073.6 7,578.5 9,260.4 11,744.4
Commerce
-- Food and Drink E- 31,200.0 41,600.0 62,400.0 109,200.0 196,560.0 304,668.0
Commerce
-- Home Care E-Commerce 3,217.1 4,021.0 5,051.0 5,910.1 8,004.5 10,262.9
-- Home Improvement and 0.6 1.4 1.9 2.6 4.6 4.6
Gardening E-Commerce

-- Homewares and Home 21,281.6 29,669.5 39,299.3 49,011.0 56,453.7 74,627.4

Furnishings E-Commerce
-- Media Products E- 29,353.8 36,970.3 49,181.3 67,351.9 79,475.3 120,172.3
Commerce
-- Personal Accessories 61,841.5 80,426.6 103,278.1 131,309.6 174,938.0 220,867.8
and Eyewear E-Commerce
-- Pet Care E-Commerce 641.9 872.9 1,151.7 1,507.6 2,502.6 3,045.8
-- Traditional Toys and 2,965.5 3,975.7 4,816.4 5,610.9 8,416.3 11,078.7
Games E-Commerce
-- Video Games Hardware 41.6 50.6 66.6 82.3 117.7 164.8
E-Commerce
-- Other E-Commerce 338,461.1 562,251.3 689,467.4 756,317.8 724,753.1 775,473.5
E-Commerce (Goods) 842,305.8 1,244,24 1,629,95 2,053,74 2,628,79 3,377,99
0.7 5.4 3.8 2.0 7.7
Note: Mobile e-commerce (goods) and cross-border e-commerce (goods) not included in e-commerce (goods)
total to avoid double counting.
Table 162 E-Commerce (Goods) by Channel and Category: % Value Growth 2016-2021
2020/21 2016-21 CAGR 2016/21 Total
- Mobile E-Commerce (Goods) 70.1 60.4 961.6

- Cross-Border E-Commerce (Goods) 28.5 32.0 301.0
-- Foreign E-Commerce (Goods) 45.4 29.1 259.3
-- Domestic E-Commerce (Goods) 27.8 32.2 303.1
- E-Commerce (Goods) by Product Category 28.5 32.0 301.0
-- Apparel and Footwear E-Commerce 17.0 25.4 210.5
-- Beauty and Personal Care E-Commerce 24.6 34.5 340.3
-- Consumer Appliances E-Commerce 37.6 61.7 1,006.1
-- Consumer Electronics E-Commerce 40.6 43.6 510.6
-- Consumer Health E-Commerce 26.8 25.0 204.6
-- Food and Drink E-Commerce 55.0 57.7 876.5
-- Home Care E-Commerce 28.2 26.1 219.0
-- Home Improvement and Gardening E- -0.8 52.4 721.7
Commerce
-- Homewares and Home Furnishings E- 32.2 28.5 250.7
Commerce
-- Media Products E-Commerce 51.2 32.6 309.4
-- Personal Accessories and Eyewear E- 26.3 29.0 257.2
Commerce
-- Pet Care E-Commerce 21.7 36.5 374.5
-- Traditional Toys and Games E-Commerce 31.6 30.2 273.6
-- Video Games Hardware E-Commerce 40.1 31.7 296.2
-- Other E-Commerce 7.0 18.0 129.1
Note: Mobile e-commerce (goods) and cross-border e-commerce (goods) not included in e-commerce (goods)
Table 163 E-Commerce (Goods) GBO Company Shares: % Value 2017-2021

Company 2017 2018 2019 2020 2021

Walmart Inc - 42.1 43.0 41.6 41.5

Amazon.com Inc 29.2 30.3 31.5 31.5 31.9
FNS E-Commerce Ventures 0.4 0.6 0.7 0.8 1.1
Pvt Ltd
Manash Lifestyle Pvt Ltd 0.2 0.2 0.3 0.2 0.3
Network18 Group 0.3 0.3 0.2 0.2 0.2
Apple Inc 0.2 0.2 0.2 0.2 0.2
Actoserba Pte Ltd 0.1 0.1 0.1 0.1 0.0
Rediff.com India Ltd 0.1 0.1 0.0 0.0 0.0
Services Pvt Ltd
eBay Inc - - - - -
Times of India Group, The - - - - -
Sify Ltd - - - - -
Dell Inc - - - - -
Indiaplaza India Pvt Ltd - - - - -
Future Group - - - - -
Rocket Internet AG - - - - -
Myntra.com - - - - -
Others 13.1 16.5 16.1 18.7 18.7
Total 100.0 100.0 100.0 100.0 100.0
Table 164 E-Commerce (Goods) GBN Brand Shares: % Value 2018-2021


Nykaa.com FNS E-Commerce Ventures 0.6 0.7 0.8 1.1
Pvt Ltd
Purplle.com Manash Lifestyle Pvt Ltd 0.2 0.3 0.2 0.3
App Store Apple Inc 0.2 0.2 0.2 0.2
Zivame Actoserba Pte Ltd 0.1 0.1 0.1 0.0
India Online Rediff.com India Ltd 0.1 0.0 0.0 0.0
Jabong.com Walmart Inc 1.2 1.1 - -
Dell Dell Inc - - - -
3rd Party Merchants eBay Inc - - - -
3rd Party Merchants Flipkart Online - - - -
Services Pvt Ltd
Futurebazaar Future Group - - - -
Indiaplaza Indiaplaza India Pvt Ltd - - - -
Jabong.com Rocket Internet AG - - - -
Indiatimes Shopping Times of India Group, The - - - -
Others 16.5 16.1 18.7 18.7
Total 100.0 100.0 100.0 100.0

Table 165 Forecast E-Commerce (Goods) by Channel and Category: Value 2021-2026
INR million
2021 2022 2023 2024 2025 2026
- Mobile E-Commerce 1,520,09 2,033,55 2,664,41 3,495,73 4,472,77 6,171,51

(Goods) 9.0 4.6 6.7 0.8 0.9 9.2
- Cross-Border E- 3,377,99 4,150,11 5,027,20 6,027,12 7,099,63 8,228,69
Commerce (Goods) 7.7 1.5 1.3 2.0 6.3 2.2
-- Foreign E-Commerce 145,253.9 186,755.0 236,278.5 295,329.0 362,081.4 427,892.0
(Goods)
-- Domestic E-Commerce 3,232,74 3,963,35 4,790,92 5,731,79 6,737,55 7,800,80
(Goods) 3.7 6.5 3.0 3.0 4.9 0.5
- E-Commerce (Goods) by 3,377,99 4,150,11 5,027,20 6,027,12 7,099,63 8,228,69
Product Category 7.7 1.5 1.3 2.0 6.3 2.2
-- Apparel and Footwear 332,866.3 403,037.6 474,414.5 556,807.6 647,678.6 746,125.7
E-Commerce
-- Beauty and Personal 62,509.0 78,453.4 96,377.3 117,468.7 142,144.4 172,003.5
Care E-Commerce
-- Consumer Appliances 129,656.7 156,734.5 176,712.8 191,446.7 207,955.1 221,439.1
E-Commerce
-- Consumer Electronics 1,320,85 1,621,59 1,921,50 2,212,84 2,458,23 2,646,08
E-Commerce 5.7 1.3 8.5 4.2 5.5 3.5
-- Consumer Health E- 11,744.4 14,898.8 18,912.4 23,734.6 29,601.8 36,563.5
Commerce
-- Food and Drink E- 304,668.0 438,141.6 605,961.9 799,485.4 1,018,31 1,268,04
Commerce 7.5 8.6
-- Home Care E-Commerce 10,262.9 12,192.9 14,010.9 15,407.2 16,276.1 17,194.0
-- Home Improvement and 4.6 4.6 4.6 4.6 4.7 4.8
Gardening E-Commerce
-- Homewares and Home 74,627.4 90,537.8 107,786.5 126,197.6 146,830.8 170,837.5
Furnishings E-Commerce
-- Media Products E- 120,172.3 160,229.7 210,904.1 276,243.3 359,792.1 465,259.0
Commerce
-- Personal Accessories 220,867.8 268,859.7 316,073.8 368,604.8 427,947.7 494,703.7
and Eyewear E-Commerce
-- Pet Care E-Commerce 3,045.8 3,897.2 4,928.4 6,131.0 7,509.6 9,114.2
-- Traditional Toys and 11,078.7 12,406.3 13,151.8 13,549.5 13,748.2 13,949.8
Games E-Commerce
-- Video Games Hardware 164.8 199.4 238.3 291.7 368.2 464.8
E-Commerce
-- Other E-Commerce 775,473.5 888,926.5 1,066,21 1,318,90 1,623,22 1,966,90
5.6 5.1 6.0 0.7
E-Commerce (Goods) 3,377,99 4,150,11 5,027,20 6,027,12 7,099,63 8,228,69
7.7 1.5 1.3 2.0 6.3 2.2
trade sources
Note 1: Mobile e-commerce (goods) and cross-border e-commerce (goods) not included in e-commerce (goods)
Table 166 Forecast E-Commerce (Goods) by Channel and Category: % Value Growth
2021-2026
2021/2022 2021-26 CAGR 2021/26 Total


- Cross-Border E-Commerce (Goods) 22.9 19.5 143.6
-- Foreign E-Commerce (Goods) 28.6 24.1 194.6
-- Domestic E-Commerce (Goods) 22.6 19.3 141.3
- E-Commerce (Goods) by Product Category 22.9 19.5 143.6
-- Apparel and Footwear E-Commerce 21.1 17.5 124.2
-- Beauty and Personal Care E-Commerce 25.5 22.4 175.2
-- Consumer Appliances E-Commerce 20.9 11.3 70.8
-- Consumer Electronics E-Commerce 22.8 14.9 100.3
-- Consumer Health E-Commerce 26.9 25.5 211.3
-- Home Care E-Commerce 18.8 10.9 67.5
-- Home Improvement and Gardening E- 0.2 0.7 3.7
Commerce
-- Homewares and Home Furnishings E- 21.3 18.0 128.9
Commerce
-- Media Products E-Commerce 33.3 31.1 287.2
-- Personal Accessories and Eyewear E- 21.7 17.5 124.0
Commerce
-- Pet Care E-Commerce 28.0 24.5 199.2
-- Traditional Toys and Games E-Commerce 12.0 4.7 25.9
-- Video Games Hardware E-Commerce 21.0 23.0 182.0
-- Other E-Commerce 14.6 20.5 153.6
trade sources
Note 1: Mobile e-commerce (goods) and cross-border e-commerce (goods) not included in e-commerce (goods)

MOBILE E-COMMERCE (GOODS) IN

INDIA - CATEGORY ANALYSIS
KEY DATA FINDINGS
2021 DEVELOPMENTS
India is A mobile-first country

The penetration of computing devices, including tablets, is considerably lower in India
compared with that of mobiles. Given the high cost of computers, penetration is mostly restricted
to middle- to high-income consumers in urban India. Meanwhile, with several international and
local smartphone brands available at an affordable price, the popularity of mobile phones for
shopping has grown significantly in the last few years. Given the high penetration rate, mobiles
are a popular choice for online shopping amongst consumers, accounting for approaching half
of sales in 2021.
Digital payments further bolster the use of mobiles for online shopping
With mobile-based digital payments gaining popularity, consumers are increasingly using
mobile phones for shopping online. Mobiles are becoming a popular choice of device for all
shopping activities, from browsing product information to paying at the checkout. Also, with
shopping becoming more impulsive, mobiles give on-the-go quick access to e-commerce
websites, making these devices convenient and user-friendly for all shopping activities.

Prominence of mobile to grow further as retailers expand beyond tier 1 cities
To cater to the increasing opportunities available, e-commerce retailers are aggressively
expanding beyond tier 1 cities, and this is expected to continue in the forecast period. As
retailers move beyond tier 1 cities, the prominence of mobiles as a shopping device will
significantly increase due to the high penetration of mobile devices. Given the high penetration
of mobiles across the country, mobile commerce is expected to account for a significant and
increasing share of total e-commerce sales over the next five years, reaching three quarters of
overall e-commerce value sales in 2026.
Growth of social media commerce to further drive the importance of

mobile e-commerce
Give the high convenience factor, coupled with on-the-go usage, consumers extensively use
mobiles for accessing social media. With social media commerce and concepts such as live
selling slowly gaining prominence, consumers will increasingly start to use their mobiles for

shopping. To increase their reach in a country like India, retailers need to ensure that they have
a mobile-friendly app or interface to ensure smooth and easy usage.
CHANNEL DATA
Table 167 Mobile E-Commerce (Goods): Value 2016-2021
INR million
2016 2017 2018 2019 2020 2021
- Mobile E-Commerce 143,192.0 267,511.8 415,638.6 585,317.0 893,789.3 1,520,09

(Goods) 9.0
Table 168 Mobile E-Commerce (Goods): % Value Growth 2016-2021
2020/21 2016-21 CAGR 2016/21 Total

Table 169 Mobile E-Commerce (Goods) Forecasts: Value 2021-2026
INR million
2021 2022 2023 2024 2025 2026
- Mobile E-Commerce 1,520,09 2,033,55 2,664,41 3,495,73 4,472,77 6,171,51

(Goods) 9.0 4.6 6.7 0.8 0.9 9.2
trade sources
Table 170 Mobile E-Commerce (Goods) Forecasts: % Value Growth 2021-2026
2021/2022 2021-26 CAGR 2021/26 Total

trade sources

FOOD AND DRINK E-COMMERCE IN

INDIA - CATEGORY ANALYSIS
KEY DATA FINDINGS
2021 DEVELOPMENTS
Food and drink e-commerce continues to offer growth opportunities

Food and drink e-commerce has become one of the lucrative growth categories for e-
commerce retailers in the recent past, propelled by the pandemic. After registering strong value
growth in 2020, the category continued its strong growth momentum in 2021. An increasing
number of consumers have been experimenting with online grocery shopping, forcing e-
commerce retailers to expand in this space. Even store-based grocery retailers are increasingly
partnering with online retailers and delivery companies to cater to the increasing online demand
for food and drinks.
Online grocery companies increase their focus on delivery speeds to

woo consumers
With the increasing competition, e-commerce retailers are focusing on delivery speeds to
attract consumers. While next day delivery was the norm prior to the pandemic when it came to
grocery deliveries, retailers are now delivering groceries as quickly as 10 to 15 minutes after
ordering. Furthermore, consumers are often offered free delivery for a minimum order size as
low as INR100. While consumers mostly used to purchase in bulk when shopping online to meet
the minimum order size for free delivery, faster and no-fee deliveries are also encouraging
consumers to shop online for small-ticket purchases.
Food and drink e-commerce retailers expand beyond tier 1 cities

E-commerce in India is no longer restricted to tier 1 cities. With the increasing penetration of
internet connectivity, coupled with the impact of the pandemic, consumers have been shopping
online more frequently even in tier 2 cities. Meanwhile, with the increasing competition in tier 1
cities, leading e-commerce food and drink companies are quickly expanding to tier 2 cities.
Furthermore, local food and drink delivery e-commerce companies have been on the rise in tier
2 cities, increasing the number of shopping options for consumers.
Food and drink e-commerce will offer A plethora of growth opportunities

While food and drink e-commerce witnessed very strong growth over the last couple of years,
the contribution of consumer online spending on food and drinks to total consumer spending on

food and drinks remains very small, therefore offering significant growth potential. An increasing
number of consumers experimenting with online delivery and the rising penetration of food
companies beyond metropolitan areas will only continue to benefit the category. By the end of
the forecast period, in 2026, food and drinks is expected to be the second largest e-commerce
category in India, second only to consumer electronics.
Focus will continue to be on the delivery experience

With not much differentiation to offer in terms of products, e-commerce grocery companies
tend to focus on delivery speeds to gain an advantage. With some players offering no minimum
order for free delivery, coupled with delivery speeds of less than 15 minutes, an increasing
number of consumers are likely to turn to online retailers for impulse purchases. This is
expected to have a knock-on impact on the growth of neighbourhood stores, which used to
serve a similar purpose.
Private label will play A key role in driving companies towards

profitability
While there are a significant number of companies operating in the online grocery delivery
space, companies are currently offering huge discounts and benefits to increase their customer
base, which might not be sustainable in the long term. Groceries is a low-margin business, and
it will be difficult for companies to sustain with the current business models in the long run.
Hence, retailers will need to invest and develop their own private label lines to gain a
competitive advantage in the longer term.
CHANNEL DATA
Table 171 Food and Drink E-Commerce: Value 2016-2021
INR million
2016 2017 2018 2019 2020 2021
-- Food and Drink E- 31,200.0 41,600.0 62,400.0 109,200.0 196,560.0 304,668.0

Commerce
Table 172 Food and Drink E-Commerce: % Value Growth 2016-2021
2020/21 2016-21 CAGR 2016/21 Total

Table 173 Food and Drink E-Commerce Forecasts: Value 2021-2026
INR million
2021 2022 2023 2024 2025 2026

-- Food and Drink E- 304,668.0 438,141.6 605,961.9 799,485.4 1,018,31 1,268,04

Commerce 7.5 8.6
trade sources
Table 174 Food and Drink E-Commerce Forecasts: % Value Growth 2021-2026
2021/2022 2021-26 CAGR 2021/26 Total

trade sources


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LIST OF CONTENTS AND TABLES

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Table 60 Non-Grocery Specialists Forecasts: Value Sales, Outlets and Selling

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Discounters in India - Category Analysis .................................................................................. 37

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2021 DEVELOPMENTS .......................................................................................................... 48

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Homeshopping in India - Category Analysis ............................................................................. 91

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