Social Commerce Market Size Set to Achieve USD 6,341.3 Billion by 2030 growing at 31.1% CAGR
Acumen Research and Consulting recently published report titled “Social Commerce Market Report and Region Forecast, 2022 – 2030”
TOKYO, Jan. 05, 2023 (GLOBE NEWSWIRE) — The Global Social Commerce Market Size valued for USD 561.1 Billion in 2021 and is projected to occupy a market size of USD 6,341.3 Billion by 2030 growing at a CAGR of 31.1% from 2022 to 2030.
The demand for social commerce is increasing owing to the increasing number of social media users. Globally, social media users account for 57.6% of the total population. That means that more than half of the world uses at least one social media network at least once a month. The popularity of leading social media platforms such as Facebook, Instagram, TikTok, LinkedIn, and YouTube has captured the majority of users’ attention. According to a 2021 study, Facebook had 2.89 billion users, YouTube had 2.29 billion, WhatsApp had 2 billion, Instagram had 1.39 billion, and TikTok had 1 billion. Furthermore, some of the key factors such as convenience, mobile accessibility, personalization, and collaboration with e-commerce would expand the social commerce industry in the forthcoming years.
Social Commerce Market Statistics
- Global social commerce market revenue gathered USD 561.1 billion in 2021, with a 31.1% CAGR between 2022 and 2030
- Asia-Pacific social commerce market share gathered over 71% in 2021
- North America social commerce market growth is projected to attain over 29% CAGR from 2022 to 2030
- By product type, the apparels sub-segment seized USD 129.1 billion in market revenue in 2021
- Based on platform/sales channel, the video commerce sub-segment acquires over 56% of shares in 2021
- Paid partnership with social media influencers is a key trend in the social commerce industry that fuels the demand
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Social Commerce Market Report Coverage:
|Market||Social Commerce Market|
|Social Commerce Market Size 2021||USD 561.1 Billion|
|Social Commerce Market Forecast 2030||USD 6,341.3 Billion|
|Social Commerce Market CAGR During 2022 – 2030||31.1%|
|Social Commerce Market Analysis Period||2018 – 2030|
|Social Commerce Market Base Year||2021|
|Social Commerce Market Forecast Data||2022 – 2030|
|Segments Covered||By Product Type, By Business Model, By Platform/Sales Channel, And By Geography|
|Social Commerce Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Etsy, Inc., Meta Platforms, Inc. (Facebook), Fashnear Technologies Private Limited (Meesho), Xiaohongshu, Pinterest, Inc., Pinduoduo Inc., Poshmark, Roposo, Taobao, Snap, Inc., TikTok (Douyin), Trell Shop, WeChat (Weixin), Twitter, Inc., and Yunji Sharing Technology Co., Ltd.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Social Commerce Market Dynamics
The social commerce market has grown rapidly in recent years, owing to the increased use of social media and the convenience and personalized shopping experience it provides to customers. Many businesses have embraced social commerce as a means of reaching and engaging with their customers, as well as providing a new channel for customers to discover and purchase products.
The social commerce market is dominated by social media platforms like Facebook, Instagram, and Pinterest, as well as e-commerce platforms that have integrated with social media like Amazon and eBay.
Overall, the social commerce market is expected to expand in the coming years as more businesses and consumers use social media for shopping and social media platforms develop and improve their e-commerce offerings.
Increasing Paid Partnerships with Celebrities and Social Media Influencers Propels the Social Commerce Industry
Paid collaborations with celebrities and social media influencers can help businesses promote their products and services to a big and engaged audience. Celebrities and influencers may promote a brand’s products through sponsored posts or sponsorships on their social media channels. Celebrities and influencers frequently have a large social media following, allowing them to offer businesses high exposure. Celebrities and influencers are frequently regarded as reliable and credible, which can aid in the development of trust in a brand’s products. They have a specific niche or audience, which can help businesses reach a specific group of consumers. Also, they have a high level of engagement with their followers, which can help a brand generate interest and sales. As a result, paid partnerships with celebrities and social media influencers can be an effective tool for businesses looking to promote and sell their products and services on social media.
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Social Commerce Market Segmentation
The global social commerce industry has been split into product type, business model, platform/sales channel, and geography.
The product type segment is categorized into accessories, apparel, personal & beauty care, health supplements, home products, food & beverage, and others. Based on the business model, the market is split into business-to-business (B2B), business-to-consumer (B2C), and consumer-to-consumer (C2C). Based on platform/sales channel, the segmentation covers Group buying, product review platforms, social network-led commerce, social reselling, and video commerce (live stream + prerecorded). Furthermore, the region is divided into North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa.
Social Commerce Market Share
As per our social commerce industry analysis, apparel’s product type gathered around 1/4th of the total market share in 2021 and is expected to do so in the coming years. On the other hand, the personal & beauty care sub-segment is anticipated to record the fastest growth rate during the forecast timeframe from 2022 to 2030.
According to our social commerce market forecast, the business-to-consumer (B2C) sub-segment gathered a significant market share from 2022 to 2030. However, consumer-to-consumer (C2C) is likely to witness a quick CAGR in the coming years.
Furthermore, video commerce is the maximum revenue-generating platform/sales channel segment in 2021, whereas the social reselling sub-segment will surge with an impressive growth rate during the projected years 2022 – 2030.
Social Commerce Market Regional Outlook
Asia-Pacific dominated the global market share one-sidedly among all regions and will continue to do so from 2022 to 2030. Many businesses and consumers use social media platforms to explore and purchase products and services in the Asia-Pacific region, which has a significant and expanding social commerce industry. Many Asia-Pacific emerging markets, such as Indonesia and India have a large and rapidly expanding middle class, which is driving demand for social commerce. Some Asia-Pacific social media platforms, such as WeChat and TikTok, have introduced unique features that have contributed to the expansion of social commerce.
North America is expected to grow at the fastest rate in the coming years. The increase in the number of social media users, the volume of social commerce sales, and the use of various social media platforms by businesses to promote their goods and services to these users all contributed to the growth of this segment.
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Social Commerce Market Players
Some prominent social commerce companies covered in the industry are Etsy, Inc., Meta Platforms, Inc. (Facebook), Fashnear Technologies Private Limited (Meesho), Xiaohongshu, Pinterest, Inc., Pinduoduo Inc., Poshmark, Roposo, Taobao, Snap, Inc., TikTok (Douyin), Trell Shop, WeChat (Weixin), Twitter, Inc., and Yunji Sharing Technology Co., Ltd.
Questions Answered By This Report
- What was the market size of Social Commerce Market in 2021?
- What will be the CAGR of Social Commerce Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Social Commerce Market?
- Which region held the largest share in Social Commerce Market in 2021?
- What are the key market drivers of Social Commerce Market?
- Who is the largest end user Social Commerce Market?
- What will be the Social Commerce Market value in 2030?
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