The global TIC market for consumer goods & retail industry is anticipated to grow at a CAGR of 4.5% during the forecast period 2021-2027. The consumer Goods and Retail (CG&R) industry is going through a significant transformation. The change in face of consumers, developing geopolitical scenarios, changes in personal consumption patterns, technological advancements, and structural changes are influencing the future of the sector. Thus, the sector needs to find new business practices to accommodate the demand of consumers. TIC companies must understand the changing customer behavior and make changes in the client's business models to provide services are rendered to the clients. Furthermore, mandatory regulations by the government on consumer product testing, a need for inspection rules, and rising trade of consumer goods will accelerate the growth of the TIC market for consumer goods & retail industry. Nevertheless, quality expectations and safety requirements are essential and are becoming complex day by day, resulting in an increase in laboratory testing, product inspection and consulting process assessment, technical and transactional assistance.

The COVID-19 pandemic has been challenging for companies in consumer goods & retail sector owing to supply chain disruptions but some sectors such as household cleaning and frozen foods demand have increased. Companies have become more flexible with their product offerings and have adopted digital transformation strategies. Moreover, the TIC market for consumer goods & retail industry is anticipated to grow owing to the introduction o9f services like virtual inspection, visual inspection, and remote auditing.

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Based on service type, the TIC market for consumer goods & retail industry is segmented into testing, inspection, and certification. The inspection services are important in consumer goods & retail industry to ensure that the products meet international quality standards. Moreover, TIC aids manufacturers to enhance efficiency and provides quality control measures at the factory, and proves to retailers that manufacturers can produce goods and avoids delay in packaging, labeling, and shipment.

Geographically, Asia Pacific is anticipated to have the highest CAGR during the forecast period owing to the development of advanced technologies, rapid urbanization, an increase in the development of smart cities, and developed countries are setting up their testing labs in the region.

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

Source: VynZ Research