Mumbai, May 6 (UNI) The Indian retail market was worth around USD 332.8 billion (Rs 1,330,000 cr) at current prices in 2007, according to a report.
The report ''Food for Thought: Indian Food Report'' to be released later this year, based its estimate on private final consumption expenditure data from the Central Statistical Organisation (CSO) National Accounts statistics and year round feed back from the Industry. Organising retail had increased its share from three per cent in 2004 to 5.9 per cent and was valued at around Rs 78,300 crore (USD 19.6 billion).
According to G D Singh, Director-Research, Images, who had carried out the study, given rapid pace of retail growth it was expected that Indian retail market will be in excess of Rs 18,100 billion (USD 452.8 billion) by year 2010. Organised retail would exceed Rs 2,300 billion (USD 57.5 billion), accounting for nearly 13 percent of the total market in 2010.
This growth will call for a greater availability of quality retail space in the country, the report said.
In the overall Retail pie, Food and Grocery was the dominant category with 59.5 per cent share, valued at Rs 792,000 crore (USD 198.2 billion), followed by Clothing and Accessories with a 9.9 percent share at Rs 131,300 crore (USD 32.9 billion).
Interestingly, out-of-home food (catering) services (Rs.71,300 crore / USD 17.8 billion) has overtaken Jewellery (Rs.69,400 crore) to become the third largest retail category, with a 5.4 percent market share.
This largely reflects the massive employment opportunities to youngsters in the services sector, larger number of nuclear families, where normally both male and female partners are employed and accompanying changes in consumer lifestyles, the report added.
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