While navigating a world where consumer spending habits are evolving at a dizzying pace, the global consumer products industry not only survived but thrived, swelling to a staggering $2.1 trillion market in 2023—a testament to its remarkable resilience and adaptability.
Key Takeaways
- Global consumer products market size reached $2.1 trillion in 2023, with a CAGR of 4.2% from 2018-2023
- U.S. consumer packaged goods (CPG) industry sales hit $620 billion in 2022, up 7.4% YoY
- Asia-Pacific region accounted for 42% of global CPG market share in 2023, driven by population growth
- Procter & Gamble reported $82 billion in net sales for FY2023, up 1% YoY
- Unilever's total turnover €60.1 billion in 2023, down 0.8% YoY due to divestitures
- Nestlé net sales CHF 93 billion in 2023, organic growth 7.2%
- 72% of global consumers prefer sustainable brands, willing to pay 9.7% premium on average
- 81% of U.S. shoppers switched brands due to price in 2023
- 65% of millennials prioritize health claims on CPG packaging
- Food CPG segment held 52% of global market in 2023
- Personal care products 22% share, $460 billion in 2023
- Household care 14% market share, $290 billion globally 2023
- 68% of CPG companies set net-zero emissions targets by 2050
- Recyclable packaging used in 45% of global CPG products in 2023, up from 30% in 2020
- Water usage in CPG manufacturing reduced 25% industry-wide since 2015
The global consumer products market is large, growing steadily, and evolving with a focus on value and sustainability.
Consumer Behavior
- 72% of global consumers prefer sustainable brands, willing to pay 9.7% premium on average
- 81% of U.S. shoppers switched brands due to price in 2023
- 65% of millennials prioritize health claims on CPG packaging
- Gen Z spends 20% more on eco-friendly CPG products
- 55% of consumers read ingredient lists before buying CPG, up from 48% in 2021
- Online grocery shopping frequency increased to 2.3 times/month per U.S. household in 2023
- 47% of consumers tried new CPG brands in 2023 due to social media influence
- Plant-based food purchases grew 27% among U.S. consumers in 2023
- 62% of European shoppers avoid plastic packaging in CPG
- Loyalty to CPG brands dropped to 52% globally in 2023 from 60% pre-pandemic
- 78% of parents seek allergen-free labels on baby CPG products
- U.S. Hispanic consumers over-index 25% on value-oriented CPG purchases
- 41% of consumers use AI recommendations for CPG shopping in 2023
- Subscription services for CPG adopted by 35% of urban millennials
- 69% of consumers influenced by TikTok for beauty CPG buys
- Impulse CPG purchases at checkout rose 15% with digital payments
- 58% of Boomers prefer in-store CPG sampling over online
- Female consumers drive 75% of household CPG decisions globally
- 64% shop CPG based on ethical sourcing claims
- Low-income households cut CPG spending by 8% in 2023 inflation
- 73% of consumers scan QR codes on CPG for more info
- Pet owners spend 12% more on premium CPG pet food
- 56% delay CPG purchases waiting for discounts
- Urban consumers buy 22% more organic CPG than rural
- 49% influenced by influencer endorsements for CPG
Consumer Behavior Interpretation
Today’s consumer is a walking paradox, simultaneously demanding sustainability and a fair price, guided by ethics and algorithms, yet still swiping on impulse while waiting for a coupon.
Market Size & Growth
- Global consumer products market size reached $2.1 trillion in 2023, with a CAGR of 4.2% from 2018-2023
- U.S. consumer packaged goods (CPG) industry sales hit $620 billion in 2022, up 7.4% YoY
- Asia-Pacific region accounted for 42% of global CPG market share in 2023, driven by population growth
- Projected global CPG market to grow to $2.5 trillion by 2027 at 3.8% CAGR
- European CPG market valued at $550 billion in 2023, with 2.1% growth amid inflation
- Online CPG sales grew 15% YoY to $120 billion globally in 2023
- Private label CPG products market expanded to $260 billion in 2023, 8% growth
- Beauty and personal care segment in CPG reached $580 billion globally in 2023, CAGR 5.1%
- Household products CPG market at $280 billion in 2022, projected 4% CAGR to 2028
- Food and beverage CPG dominated with 55% market share worth $1.15 trillion in 2023
- Latin America CPG market grew 6.5% to $180 billion in 2023 despite economic challenges
- Premium CPG segment surged 12% to $450 billion globally in 2023
- Middle East & Africa CPG market at $150 billion in 2023, 5.2% CAGR forecast
- Health & wellness CPG market valued $900 billion in 2023, 7% growth YoY
- Sustainable CPG products market reached $220 billion in 2023, 10% CAGR
- North America CPG e-commerce penetration at 18% of total sales in 2023
- Global baby care products market $140 billion in 2023, 4.8% CAGR to 2030
- Oral care CPG segment $45 billion in U.S. alone in 2023
- Fabric care products global market $130 billion in 2023
- Pet care CPG market exploded to $230 billion globally in 2023, 6.5% growth
- Over-the-counter (OTC) drugs CPG $180 billion worldwide in 2023
- Confectionery CPG market $220 billion in 2023, 3.9% CAGR forecast
- Global tobacco products market $900 billion in 2023 despite regulations
- Dairy products CPG $950 billion globally in 2023
- Non-alcoholic beverages CPG $1.2 trillion in 2023
- Global apparel and footwear CPG $1.7 trillion in 2023
- Home care products market $600 billion in 2023, 5% growth
- Fragrances CPG segment $52 billion globally in 2023
- Global snacks market in CPG $500 billion in 2023, 5.2% CAGR
- U.S. CPG inflation-adjusted growth was 1.2% in 2023
Market Size & Growth Interpretation
For all the talk of economic uncertainty, the data reveals a stubbornly optimistic truth: while our wallets are being squeezed by inflation and shifting channels, humanity's collective appetite for everything from pet food to prestige beauty—and our willingness to splurge on health, convenience, and a bit of indulgence—keeps this two-trillion-dollar beast lumbering steadily forward.
Product Segments
- Food CPG segment held 52% of global market in 2023
- Personal care products 22% share, $460 billion in 2023
- Household care 14% market share, $290 billion globally 2023
- Beverages 18% of CPG, led by non-alcoholic at $1.1 trillion
- Health & beauty aids 12%, OTC drugs $170 billion in 2023
- Snacks & confectionery 11% share, $480 billion 2023
- Dairy products 9%, plant-based alternatives 15% growth within
- Oral care 4%, electric toothbrushes 25% sub-segment growth
- Baby care 5%, diapers dominant at $70 billion
- Pet products 7%, premium food 40% of sales
- Fabric care 6%, laundry detergents $80 billion leader
- Hair care 3.5%, natural products 30% share
- Skin care 8% within beauty, $180 billion 2023
- Fragrances 2%, prestige segment 55% growth
- OTC pharmaceuticals analgesics 35% sub-share
- Cleaning wipes household 20% CAGR in hygiene segment
- Energy drinks beverages 28% growth within segment
- Functional foods health segment 12% share
- Men's grooming personal care 15% rising share
- Vegan cosmetics beauty 8% penetration 2023
- Paper towels household 25% of tissue market
- Probiotic dairy 22% growth in yogurt sub-segment
- E-cigarettes tobacco alternatives 18% segment share
- Meal kits ready-to-eat 10% food segment
- Natural deodorants personal care 12% share
- Smart home cleaning devices 5% household emerging
Product Segments Interpretation
The world's shopping cart reveals our priorities: we are a species obsessed with feeding ourselves, sprucing ourselves up, and cleaning up after ourselves, all while increasingly demanding that everything—from our yogurt to our dog's dinner—be smarter, healthier, or more ethically sourced.
Revenue & Sales
- Procter & Gamble reported $82 billion in net sales for FY2023, up 1% YoY
- Unilever's total turnover €60.1 billion in 2023, down 0.8% YoY due to divestitures
- Nestlé net sales CHF 93 billion in 2023, organic growth 7.2%
- Colgate-Palmolive global net sales $19.5 billion in 2023, up 10.1% YoY
- Kimberly-Clark sales $20.4 billion in 2023, 2% organic growth
- Reckitt Benckiser net revenue £14.6 billion in 2023, like-for-like 6.5% growth
- Estée Lauder net sales $15.9 billion FY2023, down 8% YoY
- L'Oréal worldwide sales €41.2 billion in 2023, +10.5% like-for-like
- PepsiCo net revenue $91.5 billion in 2023, up 6.7% YoY
- Coca-Cola net revenues $45.8 billion in 2023, +6% YoY
- Mondelez International net revenues $36 billion in 2023, +11.2% YoY
- General Mills net sales $20.1 billion FY2024, flat YoY
- Kellogg Co. net sales $15.3 billion in 2023, +1.9% YoY
- Clorox net sales $7.4 billion FY2023, +4.9% YoY
- Coty Inc. net revenues $5.6 billion FY2023, -2% YoY
- Henkel sales €21.3 billion in 2023, organic +2.4%
- Symrise sales €4.7 billion in 2023, +8.5% YoY
- Edgewell Personal Care net sales $2.2 billion FY2023, -1.6% YoY
- U.S. CPG retail sales through supermarkets reached $300 billion in 2023
- E-commerce CPG sales in Europe $80 billion in 2023, 12% growth
- Amazon captured 38% of U.S. CPG online sales in 2023
- Private label sales accounted for 18% of total CPG revenue in U.S. 2023
- Walmart U.S. CPG sales $250 billion in FY2023
- Costco CPG sales exceeded $100 billion in FY2023
- Dollar General CPG category sales $20 billion in FY2023
- Global CPG advertising spend $250 billion in 2023
- Nielsen measured U.S. CPG dollar sales growth at 4.3% for 2023
- IRI reports CPG sales volume down 1.5% in U.S. 2023 despite price hikes
- Kantar Worldpanel: UK grocery CPG sales £200 billion in 2023
- China CPG retail sales RMB 12 trillion in 2023
- India FMCG market revenue INR 5.3 trillion in FY2023
- Brazil CPG sales BRL 800 billion in 2023
- Australia CPG sector revenue AUD 120 billion in 2023
Revenue & Sales Interpretation
Despite a global landscape where giants like Procter & Gamble lumber forward on flat sales, Unilever shrinks from its own shadow, and Estée Lauder loses its glow, the consumer products industry proves it can still find growth—whether by peddling pampering serums like L'Oréal, irresistible snacks like Mondelez, or simply convincing us to pay more for less as volumes fall but retailer coffers swell.
Sustainability & ESG
- 68% of CPG companies set net-zero emissions targets by 2050
- Recyclable packaging used in 45% of global CPG products in 2023, up from 30% in 2020
- Water usage in CPG manufacturing reduced 25% industry-wide since 2015
- 52% consumer demand drove CPG sustainable sourcing to 60% of ingredients
- Plastic packaging reduction goal met by 35% of top CPG firms, 12% less virgin plastic
- Renewable energy powers 40% of CPG factories globally in 2023
- Carbon footprint labeling on 22% of CPG products in Europe 2023
- Organic ingredients in 28% of food CPG, up 15% YoY
- Zero-waste packaging initiatives cover 18% of beauty CPG sales
- Fair trade certified CPG products sales $12 billion in 2023
- CPG supply chain deforestation-free commitments by 75% of majors
- Biodegradable materials in 15% household CPG cleaners
- CPG Scope 3 emissions reporting by 88% of largest firms in 2023
- Regenerative agriculture adopted by 20% of crop-based CPG ingredients
- 90% reduction in food waste targeted by 40% CPG companies by 2030
- Recycled content in PET bottles reached 30% average for beverage CPG
- Ethical labor audits cover 65% of CPG supply chains
- Solar-powered CPG distribution centers at 12% globally
- Biodiversity impact assessments by 25% of agribusiness CPG
- Compostable packaging in 10% snack CPG wrappers 2023
- CPG water stewardship programs saved 2.5 billion liters annually
- Vegan certifications on 35% plant-based CPG labels
- GHG emissions down 18% per ton of CPG production since 2010
- Circular economy models in 22% CPG packaging return schemes
- Sustainable palm oil usage 92% RSPO-certified in CPG
- Energy-efficient appliances in CPG homes influence 40% product design
- 55% of CPG firms achieved B Corp certification progress
- Microplastic-free claims on 8% personal care CPG
- Carbon-neutral shipping for 15% e-commerce CPG orders
- 75% reduction in Scope 1 emissions targeted by Unilever by 2030
Sustainability & ESG Interpretation
The consumer goods industry is finally wrapping its head around sustainability, with 68% of companies promising to clean up their act by 2050, all while today's more enlightened shopper is increasingly voting with their wallet for recycled packaging, plant-based formulas, and products that track their carbon like a guilty conscience.
Sources & References
- Reference 1STATISTAstatista.comVisit source
- Reference 2NIELSENIQnielseniq.comVisit source
- Reference 3EUROMONITOReuromonitor.comVisit source
- Reference 4MCKINSEYmckinsey.comVisit source
- Reference 5DELOITTEdeloitte.comVisit source
- Reference 6KANTARkantar.comVisit source
- Reference 7GRANDVIEWRESEARCHgrandviewresearch.comVisit source
- Reference 8FORTUNEBUSINESSINSIGHTSfortunebusinessinsights.comVisit source
- Reference 9BAINbain.comVisit source
- Reference 10NIELSENnielsen.comVisit source
- Reference 11PWCpwc.comVisit source
- Reference 12MARKETSANDMARKETSmarketsandmarkets.comVisit source
- Reference 13IQVIAiqvia.comVisit source
- Reference 14PGINVESTORpginvestor.comVisit source
- Reference 15UNILEVERunilever.comVisit source
- Reference 16NESTLEnestle.comVisit source
- Reference 17INVESTORinvestor.colgatepalmolive.comVisit source
- Reference 18INVESTORinvestor.kimberly-clark.comVisit source
- Reference 19RBNCLAWrbnclaw.comVisit source
- Reference 20ELCOMPANIESelcompanies.comVisit source
- Reference 21LOREAL-FINANCEloreal-finance.comVisit source
- Reference 22PEPSICOpepsico.comVisit source
- Reference 23INVESTORSinvestors.coca-colacompany.comVisit source
- Reference 24IRir.mondelezinternational.comVisit source
- Reference 25INVESTORSinvestors.generalmills.comVisit source
- Reference 26INVESTORinvestor.kellanova.comVisit source
- Reference 27INVESTORinvestor.clorox.comVisit source
- Reference 28INVESTORSinvestors.coty.comVisit source
- Reference 29HENKELhenkel.comVisit source
- Reference 30SYMRISEsymrise.comVisit source
- Reference 31INVESTORinvestor.edgewell.comVisit source
- Reference 32DIGITALCOMMERCE360digitalcommerce360.comVisit source
- Reference 33NIQniq.comVisit source
- Reference 34CORPORATEcorporate.walmart.comVisit source
- Reference 35INVESTORinvestor.costco.comVisit source
- Reference 36INVESTORinvestor.dollargeneral.comVisit source
- Reference 37IRIWORLDWIDEiriworldwide.comVisit source
- Reference 38IBEFibef.orgVisit source
- Reference 39FOODMARKETINGINSTITUTEfoodmarketinginstitute.orgVisit source
- Reference 40PLANTBASEDFOODSplantbasedfoods.orgVisit source
- Reference 41FORBESforbes.comVisit source
- Reference 42PACKAGEDFACTSpackagedfacts.comVisit source
- Reference 43IRIIRI.comVisit source
- Reference 44ORGANICTRADEASSOCIATIONorganictradeassociation.orgVisit source
- Reference 45INFLUENCERMARKETINGHUBinfluencermarketinghub.comVisit source
- Reference 46MORDORINTELLIGENCEmordorintelligence.comVisit source
- Reference 47INNOVAMARKETINSIGHTSinnovamarketinsights.comVisit source
- Reference 48GMINSIGHTSgminsights.comVisit source
- Reference 49NUTRACEUTICALSWORLDnutraceuticalsworld.comVisit source
- Reference 50VOGUEBUSINESSvoguebusiness.comVisit source
- Reference 51BLUEAPRONblueapron.comVisit source
- Reference 52WEFORUMweforum.orgVisit source
- Reference 53ELLENMACARTHURFOUNDATIONellenmacarthurfoundation.comVisit source
- Reference 54WORLDRESOURCESINSTITUTEworldresourcesinstitute.orgVisit source
- Reference 55CDPcdp.netVisit source
- Reference 56ECec.europa.euVisit source
- Reference 57OTAota.comVisit source
- Reference 58COSMETICSDESIGNcosmeticsdesign.comVisit source
- Reference 59FAIRTRADEfairtrade.netVisit source
- Reference 60GLOBALCANOPYglobalcanopy.orgVisit source
- Reference 61SUSTAINALYTICSsustainalytics.comVisit source
- Reference 62NATUREnature.orgVisit source
- Reference 63WRIwri.orgVisit source
- Reference 64NAPCORnapcor.comVisit source
- Reference 65KNOWTHECHAINknowthechain.orgVisit source
- Reference 66IEAiea.orgVisit source
- Reference 67WWFwwf.org.ukVisit source
- Reference 68BIO-BASEDbio-based.euVisit source
- Reference 69CEWcew.orgVisit source
- Reference 70THEVEGAN SOCIETYthevegan society.comVisit source
- Reference 71IPCCipcc.chVisit source
- Reference 72CIRCULARONLINEcircularonline.co.ukVisit source
- Reference 73RSPOrspo.orgVisit source
- Reference 74BCORPORATIONbcorporation.netVisit source
- Reference 75BEATTHEMICROBEADbeatthemicrobead.orgVisit source
- Reference 76DHLdhl.comVisit source