Global retail display racks industry has shown a steady growth in the recent years and over the forecast period retail industry is expected to register a robust growth influenced by the positive macroeconomic outlook and growing middle class population. In addition, urbanization and changing lifestyles in emerging economies has contributed to the growth in number of retail stores around the world.
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Retail shop remained important source for purchasing as over more than 70% of Customers across globe. Consumer preference towards the product to touch and feel before purchasing boons the market for retail shops and retail display racks simultaneously.
Increasing investment in the retail display racks sector, Also increase in power of purchasing and increase in their per capita consumption rate, increasing population growth, increasing adoption of new improved promotion strategies by market players as well as intense competition because of the entry of a large number of brands into the market are some of the important growth drivers for the retail display racks market. The demand for display racks is expected to witness robust growth in the coming years due to the growing number of supermarkets and hypermarkets in the country.
Retail display racks are commonly used by retailers to display their products and these racks plays an important role in marketing of goods as they help to attract and influence purchasing decisions of the buyers. Consistently increasing in consumer expenditure and respective demands will remain the key contributor to the overall growth of retail shops and goods result in growth of retail display racks. Frequently changing consumer preferences and their choices for product enables manufacturer and the industry to shift to the latest trends for continuously serve the consumer base.
In recent years, retail display racks retail markets have moved from conventional shops to modern structured retail formats. Companies and retailers prefer retail display racks with effective space-saving and lightweight composition of materials, which helps them minimize their promotional costs for their products. In India, the group of majority players in the retail display racks industry are small to medium-sized companies with small-scale operations. They offer decorative and attractive pool of retail display racks and also provide self-customized depending on the demand.
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COVID-19 Impact on Retail Display Racks Market
With the spread of COVID-19 and lockdowns measures taken by governments to stop the spread of the virus is hurting the economy from all directions. This has resulted in various industries from Manufacturing to production seen a step depth in their economic curve. The current outbreak of COVID-19 will have a significant impact on retail display rack market. The disruption in the supply chain due to the travel restrictions effected the demand for the retail display racks in the market.
The unavailability of the raw materials and fall in demand has forced manufacturers to reduce the production output of retail display racks. People were told strictly to stay at home affected the retailer shops. Maximum purchase done were through E-commerce website which contracted the share of retail display rack market.
However, consistently upgrading and improving the supply chain, manufacturing and safety measures with COVID-19 guidelines for worker safety at industries has helped the retail display racks market to bounce back strongly best by the fourth quarter of 2024. The market is expected to regain its momentum as the restrictions and travel ban are eased by the governments. Once people start visiting the retail shops for their daily goods need, the market for retail display racks will surely bounce back and regain its stabilized position.
Segmentation Analysis of Global Retail Display Racks Market
Considering the Global Retail Display racks market at glance, it’s basically bifurcated into three major segments i.e. material type, by application and region.
On the basis of material type, the global market for Retail Display Racks is divided into:
- Metal
- Plastic
- Wooden
- Others
On the basis of application, the global market for Retail Display Racks is divided into:
- Department Stores
- Grocery Stores
- Hypermarkets and Supermarkets
- Pharmacy Outlets
- Wine and Liquor Outlets
- Others
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