The Asia Pacific Internet of Things (IoT) in Retail Market would witness market growth of 7.6% CAGR during the forecast period (2021-2027).
Consumers highly prefer to purchase flavored yogurts from supermarkets/hypermarkets in bulk volumes. Therefore, due to the strong presence of independent supermarkets/hypermarkets and chains in developed countries. The growing penetration of the independent supermarkets/hypermarkets in emerging countries has led to a higher share in the Internet of Things (IoT) in Retail Market. Owing to the increasing necessity for convenience and a busy lifestyle, nowadays the consumers are inclined to purchase food products including flavored yogurts through e-commerce channels. This will result in the highest growth rate of e-commerce segment over the forecast period.
The Asia Pacific would showcase significant growth in the Internet of Things (IoT) in Retail Market during the forecast period. The increasing popularity of flavored yogurt as a substitute option for ice cream and desserts in restaurants and hotels is becoming a new trend in emerging countries like India and China. The living standard of people in China is continuously improving, and they are becoming more health-conscious. Yogurt being natural and pure is a good source of nutrients and it fulfils the need of a health-conscious group of consumers.
The demand for flavored yogurt is continuously increasing in developing nations. The rising disposable income and new flavors of yogurt offered by key players are the main contributing factors for the growth of flavored yogurt in this region. Moreover, the rising awareness about health among consumers is anticipated to drive the regional Internet of Things (IoT) in Retail Market. The outbreak of the COVID-19, an infectious disease caused by the SARS-CoV-2 virus has been challenging for almost every sector. COVID-19 pandemic leads to a massive increase in online grocery delivery. In initial phase of lockdown, supermarkets and grocery stores across Asian counties were remained closed. There is a growing presence of online delivery companies like Grofers, Big Basket, and Amazon in India. These companies are offering numerous products in fresh dairy products and have a quick delivery system. Moreover, the demand for various types of yogurts including fat-free, low fat, non-dairy-based, and organic has been increased in recent years among Indian consumers.
The Supermarket market dominated the Malaysia Internet of Things (IoT) in Retail Market by Distribution Channel 2020, thereby, achieving a market value of $508.2 million by 2027. The Convenience Stores market is estimated to grow at a CAGR of 11.6% during (2021 - 2027). Additionally, The Online market is expected to witness highest CAGR of 12.9% during (2021 - 2027).
Based on Flavor Type, the market is segmented into Strawberry, Vanilla, Blueberry, Peach and Others. Based on Distribution Channel, the market is segmented into Supermarket, Convenience Stores, Online and Other. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Internet of Things (IoT) in Retail Market is Projected to reach USD 150.1 Billion by 2027, at a CAGR of 24.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Cisco Systems, Inc., IBM Corporation, Intel Corporation, Microsoft Corporation, PTC, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Amazon.com, Inc., SAP SE, Software AG, Google, Inc.
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