Rise in smartphone penetration and surge in consumer disposable income have boosted the growth of the global dropshipping market.
PORTLAND, Ore., Nov. 7, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, “Dropshipping Market by Product (Electronics, Fashion, Toys, hobby, and DIY, Furniture, Beauty, Health, Personal, and Household Care, Others), by Destination (Domestic, International): Global Opportunity Analysis and Industry Forecast, 2021-2031″. As per the report, the global dropshipping industry accounted for $155.6 billion in 2021, and is expected to reach $1,670.1 billion by 2031, growing at a CAGR of 27.1% from 2022 to 2031. The report provides an in-depth analysis of changing market trends, key investment pockets, top segments, regional landscape, value chain, and competitive scenario.
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Major determinants of the market growth
Rise in smartphone penetration and surge in consumer disposable income have boosted the growth of the global dropshipping market. However, fraudulent or illegal transactions hinder the market growth. On the contrary, growth of e-commerce industry offers lucrative opportunities for the market players for selling various quality products such as foods, electronics, and personal care & appliances.
Covid-19 scenario:
- During the Covid-19 pandemic, the consumers turned toward e-commerce for daily necessities. This favored the growth of the dropshipping market.
- For instance, the number of e-grocery orders increased in China during the pandemic, due to rise in inclination of consumers toward e-commerce companies such as JD.com, MTPD, and Alibaba Group to shop virtually for their household needs.
- Moreover, during the pandemic, people adopted dropshipping for buying medicines and other essentials products online.
- However, the economic uncertainty, partial shutdown of business and low consumer confidence hampered the supply chain, which in turn, negatively impacted the market.
The domestic segment dominated the market growth
By destination, the domestic segment held the largest share in 2021, accounting for more than three-fourths of the global dropshipping market, and is estimated to dominate the market throughout the forecast period. This is due to the fact that domestic dropshipping involves within-border transactions through the internet. These transactions refer to selling or buying goods and/or services, which are then delivered to respective customers. However, the international segment is expected to register the highest CAGR of 29.0% during the forecast period, due to increase in penetration of internet propels smartphone-using population across the world. Digital content, travel & leisure, financial services, and e-tailing constitute a variety of e-commerce options available to the internet accessing customer base that is gaining momentum with increased internet usage. This fuels the market growth.
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The beauty, health, personal, and household care segment to manifest the highest CAGR through 2031
By product, the beauty, health, personal, and household care segment is expected to register the highest CAGR of 31.1% during the forecast period. This is due to increase in fashion trends and major product innovations in cosmetic formulations and formats, such as hair color and other skin care products contribute toward growth of the segment. In addition, various market players are making great efforts to initiate digital marketing strategies, prepare interactive advertisements, and promote their products through social media. This increases demand for products. However, the electronics segment held the largest share in 2021, contributing to nearly one-fourth of the global dropshipping market. However, the fashion segment is expected to dominate the market in terms of revenue throughout the forecast period, owing to the innovative designs, favorite fashion choices, and perfect marketing strategies always benefit the industry. Growth in online and e-commerce presence has increased fashion awareness and made high-end his brands and limited-edition products more accessible.
North America held the largest share
By region, the global dropshipping market across North America dominated the market in 2021, holding more than one-third of the market, and is expected to dominate in terms of revenue during the forecast period, due to rise in e-commerce for buying and selling of goods and services. Digital skills and literacy are also on the rise in Europe as internet users grew from 87% to 89% in 2020, which propels growth of dropshipping in Europe. However, the market across LAMEA is expected to register the highest CAGR of 31.5% during the forecast period. The booming economies of various countries in LAMEA have increased demand for advanced and improved technology. This opens growth prospects for the dropshipping market in the region. The dropshipping market in the region is more mature, owing to growing adoption of B2B e-commerce in the region, especially in Africa. The report includes analysis of the market across Europe and Asia-Pacific.
Major market players
- AliDropship
- Doba Inc.
- Inventory Source
- Megagoods, Inc.
- Modalyst, Inc.
- SaleHoo Group Limited
- Shopify Inc.
- Sunrise Wholesale Merchandise, LLC
- Printify
- Cin7 Orderhive Inc.
- Wholesale2b.
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The report analyzes these key players of the global dropshipping market. These companies have adopted several strategies such as expansion, partnerships, new product launches, collaborations, and mergers & acquisitions to maintain their foothold in the industry. In addition, the report is essential in determining the business performance, product portfolio, operating segments, and developments by every market player.
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