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Wholesale Industry: Adapting to Market Demands in 2024
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According to The Business Research Company's, The wholesale market size has grown strongly in recent years. It will grow from $49488.7 billion in 2023 to $53017.84 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to economic growth, global trade, supply chain efficiency, government policies, infrastructure development, globalization.
The wholesale market size is expected to see strong growth in the next few years. It will grow to $68092.65 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to growing sustainability concerns, demand for health and wellness products, diversification of product offerings, regulatory changes, logistics innovation, global economic uncertainty. Major trends in the forecast period include digital transformation in wholesale, data analytics and business intelligence, integration of artificial intelligence (ai), cross-border wholesale trade, blockchain for supply chain transparency.
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Market Drivers and Trends:
The wholesale market is expected to benefit from the steady economic growth forecast for many developed and developing countries. According to the International Monetary Fund (IMF), the global GDP growth was 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a decline in the historic period is further expected to be a significant factor driving economic growth. The US economy is expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Greater economic growth is likely to drive public and private investments, joint ventures, and foreign direct investments in the end-user markets, thereby driving the market during the forecast period.
The use of analytics in the wholesale trade market is enhancing supply chain efficiencies by anticipating the future demand of the customer. Predictive analytics uses historic data to predict future events. Some of the applications where wholesale trade companies use predictive analytics are to project profitability, model business scenarios, and improve marketing campaigns. For instance, HD Smith, a pharmaceutical wholesale distributor, implemented analytics to streamline their operations, manage their inventory, and perform profitability analysis.
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Major Key Players of the Market:
Walmart Inc., Amazon.com Inc., Berkshire Hathaway Inc., AmerisourceBergen Corp., Cardinal Health Inc., The Home Depot Inc., Target Corporation, Itochu Corp, Lowe's Companies Inc., Sinopharm, Sysco Corp., Best Buy Co. Inc., Dollar General Corporation, Tech Data Corp., C&S Wholesale Grocers Inc., Dollar Tree Inc., The Sherwin-Williams Company, Genuine Parts Company, BJ's Wholesale Club Holdings Inc., W.W. Grainger Inc., Tractor Supply Company, LKQ Corporation, United Rentals Inc., Brueder Mannesmann AG, HD Supply Holdings Inc., Fastenal Company, Pool Corporation, Big Lots Inc., The Michaels Companies Inc., Applied Industrial Technologies Inc.
Wholesale Market 2024 Key Insights:
• The wholesale market size is expected to see strong growth in the next few years. It will grow to $68092.65 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Positive Economic Outlook And Commodity Price Recovery Fuel Wholesale Market Growth
• Transforming Wholesale Trade With Predictive Analytics: Case Study Of Hd Smith
• Asia-Pacific was the largest region in the wholesale market in 2023
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