The global social commerce market was valued at US$573.21 billion in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 25.4% between 2022 and 2029. The rise in number of social media users during the pandemic coupled with the convenience the medium offers to buyers are some of the factors aiding the market growth.
Social commerce is an online shopping trend that uses social media platforms, such as Facebook, Twitter, Pinterest Instagram and Snapchat, as a means to promote and sell products and services online. The success of a social media campaign is measured by social interactions and user contributions such as the likes, shares and retweets by consumers.
AgileIntel’s global social commerce market study is a 157 pages report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, business type, and component type perspective.
The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
Figure 1: Global Social Commerce Market during 2018-2029 in US$ billion
Key insights from the Global Social Commerce report
Insights on Business Type:
The social commerce market is classified into Business to Consumer (B2C), Business to Business (B2B), Consumer to Consumer (C2C) based on the business type.
The B2C segment held the largest market share in 2021 and is estimated to grow significantly during the forecast period. The growing digitization and change in consumer behaviour are the major factors driving the B2C business model. Social commerce platforms bridge the gap between consumers and manufacturers/retailers, allowing the latter the flexibility to view, choose and purchase the product after considering the reviews by other buyers.
Likewise, social commerce platform is also used by other businesses to sell products or services to another company. For instance, TripAdvisor partners with hotels through its Twitter account. B2B social commerce businesses focus on niche markets to fulfil specific customer needs. The changing business trend towards social media platform is expected to boost the social commerce market during the forecast period.
Figure 2: Global Social Commerce Market by Business Type in 2021
Insights on Product Type:
The product type segment is classified into personal and beauty care, apparel, accessories, home products, health supplements, food and beverage, and others.
The personal and beauty care segment held a market share of 23% in 2021 and is expected to grow significantly during the forecast period. Leading beauty brands are capitalizing on the rise of social commerce by significantly influencing consumers' purchasing decisions by offering personalized skincare solutions, virtual try-on, etc. Moreover, the growth of the personal care and beauty segment is determined by social media influencers whom their followers highly trust. For instance, the success of Kylie Cosmetics, owned by American media personality Kylie Jenner is largely dependent on her massive online following.
Due to the COVID-19 pandemic and subsequent lockdown, shoppers have discovered social commerce platforms. Apparel retailers are no longer restricted to brick-and-mortar stores but are also exploring social media channels to maximize sales. Additionally, online retailers are implementing social media monitoring tools such as artificial intelligence (AI), big data, and machine learning (ML) to track usage from mobile devices and web searches to study consumer behavior and preferences and psychographics.
Figure 3: Global Social Commerce Market by Product Type in 2021
Insights on Regional Growth:
The Asia Pacific accounted for the largest revenue share of 69% of the global social commerce market in 2021, with China being the fastest growing country in the region, followed by India, Australia, and South Korea. The growth in the region is majorly attributed to the rising investments in the telecom infrastructure, extensive use of the internet and smartphones, and the expansive reach of social media platforms. Additionally, the rising number of smartphones and social media users in countries like India and China is expected to positively impact regional market growth.
Meanwhile, the social commerce market in North America and Europe also grew substantially during the COVID-19 pandemic, as many people opted for online shopping due to government-imposed lockdowns and social distancing norms. Additionally, the deployment of 4G network, increased penetration of smartphones, and extensive promotion of e-commerce on social media platforms is anticipated to promote growth in these regions.
Figure 4: Global Social Commerce Market by Region in 2021
Insights on Key Markets:
The U.S. social commerce market accounts for 12.5% of the global market share and is valued at US$71.4 billion in 2021. According to various reports, in the U.S., online users in the age group between18 to 34 years had the largest social commerce engagement rate, thereby driving the market growth in the country.
The social commerce market in China was pegged at US$256.9 billion in 2021. The market is primarily driven by two technology platforms, Tencent (WeChat), and Alibaba which have integrated social media, digital payment infrastructure, and product discovery into their platforms. Additionally, e-commerce platforms such as Xiaohongshu and Pinduoduo have been instrumental in exploring the merits of social shopping through many promotional activities.
Figure 5: Global Social Commerce Market by Key Countries in 2021
Market dynamics
Trends
Drivers
Opportunities
Challenges
Impact of COVID-19
The COVID-19 pandemic has disrupted operations of several brick-and-mortar enterprises globally due to strict lockdowns and social distancing norms. During this time, online shopping has emerged as a breakthrough retail model. The pandemic has also brought about a shift in consumer behavior that is expected to transcend across the social commerce channel. Social media platforms have made progressive changes shifting from text-based updates to visual content, which is expected to create a favorable outlook for the social commerce market.
Furthermore, the growing use of social media platforms for entertainment purposes during the COVID-19 induced lockdown has encouraged enterprises to adopt influencer marketing strategies, positively impacting the market.
Scope of the Global Social Commerce report
This report provides analysis of the latest industry trends and estimates revenue growth at global, regional, and country levels. For this report, AgileIntel has segmented the global Social Commerce market report based on business type, product type, and region:
Insights on Business Type (Revenue in US$ billion, 2018-2029)
Insights on Product Type (Revenue in US$ billion, 2018-2029)
Insights on Regional market (Revenue in US$ billion, 2018-2029)
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| Report Parameters | Details |
|---|---|
| Time Period Considered | 2018-2029 |
| Historical Period | 2018-2021 |
| Forecast Period | 2022-2029 |
| Units considered | Revenue in US$ billion |
| Report Coverage | Value/Revenue forecast, competitive landscape, drivers, challenges, opportunities, and trends |
| COVID-19 | Impact of the COVID-19 pandemic has been factored in the revenue estimations, trends, and drivers |
| Segments | By Business Type By Product Type By Region |
| Regions included in the study | Asia Pacific (APAC), North America, Europe, Middle East and Africa, South America |
| Companies Profiled | Etsy, Inc., Fab, Facebook, PayPal Holdings, Inc, Pinterest, Poshmark, Inc., Reddit Inc., SINA Corp., Taobao.Com, Twitter, Inc. |
The global social commerce market size was estimated at US$573 billion in 2021 and is expected to reach US$713 billion in 2022.
The global social commerce market is expected to grow at a compound annual growth rate of 25.4% from 2022 to 2029 to reach US$4,367 billion by 2029.
APAC dominated the social commerce market with a share of 69% in 2021. This can be attributed to proliferation of internet and smartphones, and the widespread reach of social media websites such as Facebook, Instagram, and Twitter in countries such as India and China.
The B2C segment dominated the social commerce market with a share of 54% in 2021. This can be attributed to the rapid growth of e-commerce and a gradual shift in consumer mindset towards digital payments.
Some key players operating in the social commerce market include Etsy, Inc., Fab, Facebook, PayPal Holdings, Inc, Pinterest, Poshmark, Inc., Reddit Inc., SINA Corp., Taobao.Com, Twitter, Inc. among others.
Key factors that are driving the social commerce market include growing preference for online buying and the rising adoption of social media platforms.
The global industrial refrigeration systems market size was estimated at US$16,995.16 million in 2021 and is expected to reach US$17,170million in 2022.
The global industrial refrigeration systems market is expected to grow at a compound annual growth rate of 4% from 2022 to 2029 to reach US$23,467million by 2029.
North America dominated the industrial refrigeration systems market with a share of 32% in 2021. This can be attributed to boom in the online grocery business operations, which has resulted in the rise in demand for refrigerated systems to store perishable food products, beverages, and dairy.
500kW-1,000kW capacity segment accounted for the revenue share of 32% of the market in 2021, primarily driven by its extensive usage in the food and beverage industry for storing and processing perishable and processed products.
Some key players operating in the industrial refrigeration systems market include Johnson Controls, Emerson Electric, Danfoss, GEA Group Aktiengesellschaft, Mayekawa Mfg. Co., Ltd., Daikin Industries among others.
Key factors that are driving the industrial refrigeration systems are growing consumption of processed food globally and government initiatives supporting development of cold chain infrastructure.
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