Global TIC Market for Consumer Goods & Retail Industry is Anticipated to grow at a Significant Pace and was USD 30 billion in 2020

Published Date: Sep, 2021

The TIC market for consumer goods & retail is expected to witness a CAGR of 4.5% during the forecast period. TIC services help improve the standards of the manufacturing process by conducting testing, inspections, and certifications in accordance with regulations around the world. This will help in the production of quality, safe, and reliable products/components in the consumer goods & retail industry. The consumer products & retail industry is undergoing a dynamic shift. In the consumer products & retail competitive market, there is a need to provide the right product at the right time at competitive prices. Growing urbanization and people migrating from rural areas to urban areas are driving the growth of the TIC market for the consumer goods & retail industry. Moreover, mandatory safety regulations, advancement in networking and communication technology, digitalization, need to have credibility and image, reduced turnover of employees, increased level of cost control improvement, and rapid improvement of various processes will fuel the growth of TIC in the consumer goods & retail industry. Testing for consumer goods is required for safety, quality, performance, durability, chemical content, microbiological content, and compliance with regulations. Retailers rely on prudent manufacturers to work with reputable suppliers and provide state-of-the-art manufacturing equipment and processes. Consumer goods qualified for import must meet strict international quality standards and regulations to ensure access to lucrative global markets., Thus TIC market for consumer goods & retail industry is propelled to grow as it helps retailers, suppliers, manufacturers, and distributors deliver the quality complied product.

The COVID-19 outbreak has disrupted the supply chain globally but some sectors like household cleaning and frozen food have seen an increase in consumer demand. However, companies have become flexible with their product offerings and are adopting digital-first strategies. Thus, owing to its sustainability and digitalization, the consumer goods & retail industry has the potential to recover from this pandemic which will create opportunities for growth of the TIC market for the consumer goods & retail industry. Moreover, the TIC market is witnessing growth during the COVID 19 pandemic owing to the introduction of new services like virtual inspections, visual inspection, and remote auditing.  

SGS acquired Thomas J. Stephens & Associates Inc. (Stephens), a US-based clinical research organization that serves the cosmetic and personal care industry. The latter is recognized as one of the leading providers of safety and efficacy testing and contract research services. With this acquisition, SGS expanded its Consumer and Retail service portfolio in the clinical testing sector for cosmetic and personal care products.

Browse 53 market data Tables and 35 Figures spread through 300 Pages and in-depth TOC on " TIC Market for Consumer Goods & Retail Industry by Sourcing Type (In-House and Outsourced), by Service Type (Testing, Inspection, and Certification), by Industry Vertical (Apparel and Textiles, Electrical & Electronic Goods, Personal Care and Cosmetics, Home and Garden, Toys and Children’s Products, Footwear and Leather, Bags and Accessories, Fashion Accessories, Smart and Wireless Devices, and Others), and Region - Global Forecast to 2027"

By service type, the inspection segment is playing an important role in the TIC market for consumer goods & retail industry during the forecast period.

Based on service type, the TIC market for consumer goods & retail industry is segmented into testing, inspection, and certification. The consumer goods industry has to comply with various quality regulations and standards and offer the best quality product to the customers. So, there is a need to have an effective and extensive inspection system, which will propel the growth of the TIC market for consumer goods & retail industry.

Global TIC Market for Consumer Goods & Retail Industry Segmentation Analysis

Segment

Categorization

Leading Category

Sourcing Type

In-House and Outsourced

In-House (Largest)

Service Type

Testing, Inspection, and Certification

Testing (Largest)

Certification

 (High CAGR)

Industry Vertical

Apparel and Textiles, Electrical & Electronic Goods, Personal Care and Cosmetics, Home and Garden, Toys and Children’s Products, Footwear and Leather, Bags and Accessories, Fashion Accessories, Smart and Wireless Devices, and Others

Electronic Goods  

(Significant Growth)

Smart & Wireless Devices (Fastest)

Region

North America, Europe, Asia-Pacific, and Rest of the World

Asia-Pacific

(High CAGR)

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“APAC is anticipated to witness fastest-growing region during the forecast period in the TIC market for consumer goods & retail industry.”

Asia Pacific is anticipated to have a fast growth of the TIC market for the consumer goods & retail industry owing to growing urbanization.  Moreover, in order to have sustainability and recognize integration, digital transformation and adoption of IoT technologies by the government are the opportunities for the TIC market for the consumer goods & retail industry in the region. Furthermore, an increase in the number of TIC start-ups supported by government investment and mandatory government regulations on safety and quality will create opportunities for growth of the TIC market for consumer goods & retail industry.

Some of the key players operating in the TIC market in the consumer goods and retail industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins USA, TUV Rheinland, DEKRA SE, ALS Limited, Applus+, and DNV GL.

Scope of the Report

 

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Sourcing Type, Service Type, Industry Vertical, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins USA, TUV Rheinland, DEKRA SE, ALS Limited, Applus+, and DNV GL

Global TIC Market for Consumer Goods & Retail Industry- Market Coverage

Sourcing Type Insight and Forecast 2015-2027

  • In-House
  • Outsourced

Service Type Insight and Forecast 2015-2027

  • Testing
  • Inspection
  • Certification

Industry Vertical Insight and Forecast 2015-2027

  • Apparel and Textiles
  • Electrical & Electronic Goods
  • Personal Care and Cosmetics
  • Home and Garden
  • Toys and Children’s Products
  • Footwear and Leather
  • Bags and Accessories
  • Fashion Accessories
  • Smart and Wireless Devices
  • Others

Geographical Segmentation

TIC Market for Consumer Goods & Retail Industry by Region

North America

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – U.S., Canada, and Mexico

Europe

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

 

 

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Global TIC Market for Consumer Goods & Retail Industry is Anticipated to grow at a Significant Pace and was USD 30 billion in 2020