Kuwait Retail Market Size Booming to Cross USD 208.6 Billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Kuwait retail market size at USD 139.2 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Kuwait retail market size to grow at a CAGR of 5.9% reaching a value of USD 208.62 billion by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Kuwait retail market size at USD 139.2 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Kuwait retail market size to grow at a CAGR of 5.9% reaching a value of USD 208.62 billion by 2029. Major growth drivers for the Kuwait retail market include increasing purchasing capacity fueled by strategic infrastructural projects, a growing retail landscape, and a rising trading and oil sector. The retail domain in Kuwait has witnessed remarkable growth due to the proliferation of modern shopping centers. The economy's resurgence, along with enhanced consumer buying power, affluent middle-class households, and convenient accessibility, have been instrumental in fostering the country's retail sector. Notably, about 45% of Kuwait's population falls within the 20 to 39 age category, a demographic segment that exhibits a keen preference for retail expenditures within malls and a penchant for international brand acquisitions. Also, Kuwait boasts an increasing internet penetration rate of 98% as of 2017, contributing significantly to the rapid expansion of the e-commerce sector, as both locals and expatriates increasingly engage in online shopping. However, increasing competition and costs of advanced technologies are anticipated to restrain the overall market growth during the period in analysis.
Kuwait Retail Market – Overview
Kuwait Retail Market refers to the economic sector encompassing the buying and selling of goods and services to end consumers within the country of Kuwait. This market involves various activities such as operating retail stores, shopping malls, e-commerce platforms, and other retail-related establishments. It is characterized by the exchange of products between retailers and consumers, driven by factors such as consumer preferences, purchasing power, economic trends, and demographic influences. The Kuwait retail market plays a vital role in the nation's economy, contributing to employment, revenue generation, and overall economic growth.
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Impact of COVID-19 on Kuwait Retail Market
COVID-19 pandemic adversely affected the Kuwait retail market. Lockdowns, restrictions, and reduced consumer confidence led to a decline in foot traffic and sales. Physical store closures forced retailers to pivot towards e-commerce and digital strategies. The government's measures to curb the virus affected supply chains, causing product shortages and import delays. Despite challenges, the crisis accelerated the adoption of online shopping, leading to a digital transformation in the retail sector. As the pandemic waned, consumer behavior shifted, demanding safer shopping experiences. Overall, COVID-19 acted as a catalyst for change, reshaping Kuwait's retail landscape and prompting businesses to adapt to new realities.
Kuwait Retail Market – By Distribution Channel
Based on distribution channel, the Kuwait retail market is divided into Store-based, Direct Selling, and E-commerce segments. The e-commerce segment is expected to witness the fastest growth rate in the Kuwait retail market by distribution channel during the forecast period. The expanding landscape of e-commerce distribution channels in Kuwait is attracting new participants to the market. Retail enterprises in Kuwait are strategically enhancing economies of scale, operational efficiency, and revenue diversification by capitalizing on e-commerce avenues. The evolution of sophisticated online platforms has rendered online shopping remarkably convenient, complemented by enticing deals. The substantial smartphone penetration rate in the country significantly contributes to Kuwait's e-commerce surge, facilitated by advanced mobile networks provided by local operators, positioning Kuwait among the forefront of Middle Eastern digital connectivity.
Competitive Landscape
Major players operating in the Kuwait retail market include The Sultan Center, Morad Yousuf Behbehani Group, Alshaya Group, Abdul Aziz S. AL-Babtain & Sons Co, Gulf Franchising Company, Future Communication Company Global, Villa Moda, Musaed Bader Al Sayer Group, YIACO Medical Company, and SAFWAN's Pharma. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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