Product Code: ETC13394294 | Publication Date: Apr 2025 | Updated Date: Jul 2025 | Product Type: Market Research Report | |
Publisher: 6Wresearch | Author: Bhawna Singh | No. of Pages: 190 | No. of Figures: 80 | No. of Tables: 40 |
According to 6Wresearch internal database and industry insights, the Global Retail Sourcing and Procurement Market was valued at USD 3.4 Billion in 2024 and is expected to reach USD 9.1 Billion by 2031, growing at a compound annual growth rate of 20.40% during the forecast period (2025-2031).
The Global Retail Sourcing and Procurement Market encompasses the processes and strategies that retailers use to obtain goods and services from suppliers. This market is driven by the increasing demand for cost-effective sourcing solutions, efficient supply chain management, and the need for transparency and compliance in procurement practices. Key trends shaping the market include the adoption of e-procurement platforms, the integration of analytics and AI for data-driven decision-making, and the focus on sustainability and ethical sourcing practices. Major players in this market offer a range of solutions such as sourcing optimization, supplier management, contract management, and spend analysis tools. As retailers strive to enhance operational efficiency, reduce costs, and mitigate risks, the Global Retail Sourcing and Procurement Market is expected to witness steady growth and innovation in the coming years.
The Global Retail Sourcing and Procurement Market is witnessing a shift towards digitalization and automation to streamline processes, improve efficiency, and reduce costs. Key trends include the adoption of cloud-based sourcing solutions, AI-powered analytics for demand forecasting, and blockchain technology for enhanced supply chain transparency. Sustainability and ethical sourcing practices are also gaining prominence, with retailers increasingly focused on sourcing products from eco-friendly and socially responsible suppliers. Opportunities lie in leveraging data analytics for strategic decision-making, enhancing supplier collaboration through digital platforms, and implementing agile procurement strategies to respond quickly to changing market dynamics. As e-commerce continues to grow, retailers are exploring new sourcing strategies to meet consumer demand for fast delivery and personalized products.Overall, the market is ripe for innovation and collaboration to drive competitiveness and sustainability in retail sourcing and procurement.
The Global Retail Sourcing and Procurement Market faces several challenges, including managing complex and global supply chains, ensuring compliance with regulations and ethical sourcing practices, dealing with fluctuating commodity prices, and effectively utilizing technology for procurement processes. Retailers also need to navigate the increasing demand for sustainability and transparency in sourcing, as well as the need to adapt quickly to changing consumer preferences. Additionally, the rise of e-commerce and omnichannel retailing has added pressure to streamline sourcing and procurement operations to meet the demands of a fast-paced market. Overall, balancing cost efficiency, quality assurance, and sustainability goals while staying competitive in the market poses significant challenges for players in the Global Retail Sourcing and Procurement industry.
The Global Retail Sourcing and Procurement Market is primarily being driven by factors such as the increasing adoption of digital technologies for sourcing and procurement processes, the rising demand for cost-effective and efficient sourcing solutions, and the growing focus on supply chain optimization in the retail sector. Additionally, the trend towards sustainable and ethical sourcing practices is also influencing market growth as retailers aim to meet consumer expectations for transparency and corporate responsibility. The market is further propelled by the need for real-time data analytics and visibility across the supply chain to improve decision-making and enhance operational efficiencies. Overall, the shift towards more strategic and collaborative sourcing and procurement practices is driving the market`s expansion and innovation.
Government policies related to the Global Retail Sourcing and Procurement Market vary by country but generally focus on trade regulations, labor standards, environmental sustainability, and supply chain transparency. Many governments have implemented trade agreements and tariffs that impact sourcing decisions, while also enforcing labor laws to ensure fair working conditions in supplier factories. Environmental regulations may require retailers to adhere to sustainability practices in sourcing and procurement processes. Additionally, governments are increasingly pushing for greater transparency in supply chains to combat issues such as human rights violations and unethical practices. Overall, government policies play a significant role in shaping the practices and strategies of companies operating in the Global Retail Sourcing and Procurement Market.
The Global Retail Sourcing and Procurement Market is expected to witness steady growth in the coming years due to the increasing adoption of advanced technologies such as AI, machine learning, and blockchain to streamline sourcing processes and improve supply chain efficiency. The market is also likely to benefit from the growing trend of omnichannel retailing, which requires retailers to source products from multiple channels to meet consumer demands. Additionally, the focus on sustainability and ethical sourcing practices is expected to drive the demand for transparent and responsible sourcing solutions. Overall, the market is projected to expand as retailers seek innovative sourcing and procurement strategies to stay competitive in the rapidly evolving retail landscape.
The global retail sourcing and procurement market is witnessing significant growth across various regions. In Asia, countries like China and India are driving market expansion due to their large consumer base and manufacturing capabilities. North America is experiencing a surge in demand for advanced procurement solutions to enhance supply chain efficiency. In Europe, the market is characterized by the adoption of sustainable sourcing practices and digital procurement technologies. The Middle East and Africa region is seeing a growing focus on cost reduction and supplier diversity in retail procurement. Latin America is witnessing a rise in demand for cloud-based procurement solutions to streamline sourcing processes. Overall, the global retail sourcing and procurement market is dynamic and diverse, with each region contributing unique opportunities and challenges to the industry.
Global Retail Sourcing and Procurement Market |
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Global Retail Sourcing and Procurement Market Overview |
3.1 Global Regional Macro Economic Indicators |
3.2 Global Retail Sourcing and Procurement Market Revenues & Volume, 2021 & 2031F |
3.3 Global Retail Sourcing and Procurement Market - Industry Life Cycle |
3.4 Global Retail Sourcing and Procurement Market - Porter's Five Forces |
3.5 Global Retail Sourcing and Procurement Market Revenues & Volume Share, By Regions, 2021 & 2031F |
3.6 Global Retail Sourcing and Procurement Market Revenues & Volume Share, By Solution, 2021 & 2031F |
3.7 Global Retail Sourcing and Procurement Market Revenues & Volume Share, By Service, 2021 & 2031F |
3.8 Global Retail Sourcing and Procurement Market Revenues & Volume Share, By Deployment Type, 2021 & 2031F |
3.9 Global Retail Sourcing and Procurement Market Revenues & Volume Share, By User Type, 2021 & 2031F |
4 Global Retail Sourcing and Procurement Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Global Retail Sourcing and Procurement Market Trends |
6 Global Retail Sourcing and Procurement Market, 2021 - 2031 |
6.1 Global Retail Sourcing and Procurement Market, Revenues & Volume, By Solution, 2021 - 2031 |
6.1.1 Overview & Analysis |
6.1.2 Global Retail Sourcing and Procurement Market, Revenues & Volume, By Strategic sourcing, 2021 - 2031 |
6.1.3 Global Retail Sourcing and Procurement Market, Revenues & Volume, By Supplier management, 2021 - 2031 |
6.1.4 Global Retail Sourcing and Procurement Market, Revenues & Volume, By Contract management, 2021 - 2031 |
6.1.5 Global Retail Sourcing and Procurement Market, Revenues & Volume, By Procure-to-pay, 2021 - 2031 |
6.1.6 Global Retail Sourcing and Procurement Market, Revenues & Volume, By Spend analysis, 2021 - 2031 |
6.2 Global Retail Sourcing and Procurement Market, Revenues & Volume, By Service, 2021 - 2031 |
6.2.1 Overview & Analysis |
6.2.2 Global Retail Sourcing and Procurement Market, Revenues & Volume, By Implementation, 2021 - 2031 |
6.2.3 Global Retail Sourcing and Procurement Market, Revenues & Volume, By Training and support, 2021 - 2031 |
6.2.4 Global Retail Sourcing and Procurement Market, Revenues & Volume, By Consulting, 2021 - 2031 |
6.3 Global Retail Sourcing and Procurement Market, Revenues & Volume, By Deployment Type, 2021 - 2031 |
6.3.1 Overview & Analysis |
6.3.2 Global Retail Sourcing and Procurement Market, Revenues & Volume, By Cloud, 2021 - 2031 |
6.3.3 Global Retail Sourcing and Procurement Market, Revenues & Volume, By On-Premises, 2021 - 2031 |
6.4 Global Retail Sourcing and Procurement Market, Revenues & Volume, By User Type, 2021 - 2031 |
6.4.1 Overview & Analysis |
6.4.2 Global Retail Sourcing and Procurement Market, Revenues & Volume, By Small and Medium Enterprise (SME), 2021 - 2031 |
6.4.3 Global Retail Sourcing and Procurement Market, Revenues & Volume, By Large Enterprise, 2021 - 2031 |
7 North America Retail Sourcing and Procurement Market, Overview & Analysis |
7.1 North America Retail Sourcing and Procurement Market Revenues & Volume, 2021 - 2031 |
7.2 North America Retail Sourcing and Procurement Market, Revenues & Volume, By Countries, 2021 - 2031 |
7.2.1 United States (US) Retail Sourcing and Procurement Market, Revenues & Volume, 2021 - 2031 |
7.2.2 Canada Retail Sourcing and Procurement Market, Revenues & Volume, 2021 - 2031 |
7.2.3 Rest of North America Retail Sourcing and Procurement Market, Revenues & Volume, 2021 - 2031 |
7.3 North America Retail Sourcing and Procurement Market, Revenues & Volume, By Solution, 2021 - 2031 |
7.4 North America Retail Sourcing and Procurement Market, Revenues & Volume, By Service, 2021 - 2031 |
7.5 North America Retail Sourcing and Procurement Market, Revenues & Volume, By Deployment Type, 2021 - 2031 |
7.6 North America Retail Sourcing and Procurement Market, Revenues & Volume, By User Type, 2021 - 2031 |
8 Latin America (LATAM) Retail Sourcing and Procurement Market, Overview & Analysis |
8.1 Latin America (LATAM) Retail Sourcing and Procurement Market Revenues & Volume, 2021 - 2031 |
8.2 Latin America (LATAM) Retail Sourcing and Procurement Market, Revenues & Volume, By Countries, 2021 - 2031 |
8.2.1 Brazil Retail Sourcing and Procurement Market, Revenues & Volume, 2021 - 2031 |
8.2.2 Mexico Retail Sourcing and Procurement Market, Revenues & Volume, 2021 - 2031 |
8.2.3 Argentina Retail Sourcing and Procurement Market, Revenues & Volume, 2021 - 2031 |
8.2.4 Rest of LATAM Retail Sourcing and Procurement Market, Revenues & Volume, 2021 - 2031 |
8.3 Latin America (LATAM) Retail Sourcing and Procurement Market, Revenues & Volume, By Solution, 2021 - 2031 |
8.4 Latin America (LATAM) Retail Sourcing and Procurement Market, Revenues & Volume, By Service, 2021 - 2031 |
8.5 Latin America (LATAM) Retail Sourcing and Procurement Market, Revenues & Volume, By Deployment Type, 2021 - 2031 |
8.6 Latin America (LATAM) Retail Sourcing and Procurement Market, Revenues & Volume, By User Type, 2021 - 2031 |
9 Asia Retail Sourcing and Procurement Market, Overview & Analysis |
9.1 Asia Retail Sourcing and Procurement Market Revenues & Volume, 2021 - 2031 |
9.2 Asia Retail Sourcing and Procurement Market, Revenues & Volume, By Countries, 2021 - 2031 |
9.2.1 India Retail Sourcing and Procurement Market, Revenues & Volume, 2021 - 2031 |
9.2.2 China Retail Sourcing and Procurement Market, Revenues & Volume, 2021 - 2031 |
9.2.3 Japan Retail Sourcing and Procurement Market, Revenues & Volume, 2021 - 2031 |
9.2.4 Rest of Asia Retail Sourcing and Procurement Market, Revenues & Volume, 2021 - 2031 |
9.3 Asia Retail Sourcing and Procurement Market, Revenues & Volume, By Solution, 2021 - 2031 |
9.4 Asia Retail Sourcing and Procurement Market, Revenues & Volume, By Service, 2021 - 2031 |
9.5 Asia Retail Sourcing and Procurement Market, Revenues & Volume, By Deployment Type, 2021 - 2031 |
9.6 Asia Retail Sourcing and Procurement Market, Revenues & Volume, By User Type, 2021 - 2031 |
10 Africa Retail Sourcing and Procurement Market, Overview & Analysis |
10.1 Africa Retail Sourcing and Procurement Market Revenues & Volume, 2021 - 2031 |
10.2 Africa Retail Sourcing and Procurement Market, Revenues & Volume, By Countries, 2021 - 2031 |
10.2.1 South Africa Retail Sourcing and Procurement Market, Revenues & Volume, 2021 - 2031 |
10.2.2 Egypt Retail Sourcing and Procurement Market, Revenues & Volume, 2021 - 2031 |
10.2.3 Nigeria Retail Sourcing and Procurement Market, Revenues & Volume, 2021 - 2031 |
10.2.4 Rest of Africa Retail Sourcing and Procurement Market, Revenues & Volume, 2021 - 2031 |
10.3 Africa Retail Sourcing and Procurement Market, Revenues & Volume, By Solution, 2021 - 2031 |
10.4 Africa Retail Sourcing and Procurement Market, Revenues & Volume, By Service, 2021 - 2031 |
10.5 Africa Retail Sourcing and Procurement Market, Revenues & Volume, By Deployment Type, 2021 - 2031 |
10.6 Africa Retail Sourcing and Procurement Market, Revenues & Volume, By User Type, 2021 - 2031 |
11 Europe Retail Sourcing and Procurement Market, Overview & Analysis |
11.1 Europe Retail Sourcing and Procurement Market Revenues & Volume, 2021 - 2031 |
11.2 Europe Retail Sourcing and Procurement Market, Revenues & Volume, By Countries, 2021 - 2031 |
11.2.1 United Kingdom Retail Sourcing and Procurement Market, Revenues & Volume, 2021 - 2031 |
11.2.2 Germany Retail Sourcing and Procurement Market, Revenues & Volume, 2021 - 2031 |
11.2.3 France Retail Sourcing and Procurement Market, Revenues & Volume, 2021 - 2031 |
11.2.4 Rest of Europe Retail Sourcing and Procurement Market, Revenues & Volume, 2021 - 2031 |
11.3 Europe Retail Sourcing and Procurement Market, Revenues & Volume, By Solution, 2021 - 2031 |
11.4 Europe Retail Sourcing and Procurement Market, Revenues & Volume, By Service, 2021 - 2031 |
11.5 Europe Retail Sourcing and Procurement Market, Revenues & Volume, By Deployment Type, 2021 - 2031 |
11.6 Europe Retail Sourcing and Procurement Market, Revenues & Volume, By User Type, 2021 - 2031 |
12 Middle East Retail Sourcing and Procurement Market, Overview & Analysis |
12.1 Middle East Retail Sourcing and Procurement Market Revenues & Volume, 2021 - 2031 |
12.2 Middle East Retail Sourcing and Procurement Market, Revenues & Volume, By Countries, 2021 - 2031 |
12.2.1 Saudi Arabia Retail Sourcing and Procurement Market, Revenues & Volume, 2021 - 2031 |
12.2.2 UAE Retail Sourcing and Procurement Market, Revenues & Volume, 2021 - 2031 |
12.2.3 Turkey Retail Sourcing and Procurement Market, Revenues & Volume, 2021 - 2031 |
12.3 Middle East Retail Sourcing and Procurement Market, Revenues & Volume, By Solution, 2021 - 2031 |
12.4 Middle East Retail Sourcing and Procurement Market, Revenues & Volume, By Service, 2021 - 2031 |
12.5 Middle East Retail Sourcing and Procurement Market, Revenues & Volume, By Deployment Type, 2021 - 2031 |
12.6 Middle East Retail Sourcing and Procurement Market, Revenues & Volume, By User Type, 2021 - 2031 |
13 Global Retail Sourcing and Procurement Market Key Performance Indicators |
14 Global Retail Sourcing and Procurement Market - Export/Import By Countries Assessment |
15 Global Retail Sourcing and Procurement Market - Opportunity Assessment |
15.1 Global Retail Sourcing and Procurement Market Opportunity Assessment, By Countries, 2021 & 2031F |
15.2 Global Retail Sourcing and Procurement Market Opportunity Assessment, By Solution, 2021 & 2031F |
15.3 Global Retail Sourcing and Procurement Market Opportunity Assessment, By Service, 2021 & 2031F |
15.4 Global Retail Sourcing and Procurement Market Opportunity Assessment, By Deployment Type, 2021 & 2031F |
15.5 Global Retail Sourcing and Procurement Market Opportunity Assessment, By User Type, 2021 & 2031F |
16 Global Retail Sourcing and Procurement Market - Competitive Landscape |
16.1 Global Retail Sourcing and Procurement Market Revenue Share, By Companies, 2024 |
16.2 Global Retail Sourcing and Procurement Market Competitive Benchmarking, By Operating and Technical Parameters |
17 Top 10 Company Profiles |
18 Recommendations |
19 Disclaimer |