Social Commerce Market Size, Share, Trends and Analysis by Region, Product, Access, Platform and Segment Forecast to 2030
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- Identify promising areas, growth trends, segments, and markets to expand your product portfolio or successful investment
- Anticipate expected changes in demand and adjust your business development strategies
- Identify potential areas of disruption
How is our ‘Social Commerce’ report different from other reports in the market?
- The report presents in-depth market sizing and forecast at a segment level for more than 20 countries including historical and forecast analysis for the period 2020-2030 for market assessment
- Detailed segmentation by product – Apparel, Food & Beverages, Home Products, Electronics & Accessories, Personal Care, Others
- The report also highlights key access segments Mobile Devices, Desktops & Laptops
- Detailed segmentation by platform segments Live Commerce, Group Buying, Super Apps, Others
- Detailed value chain analysis helping businesses identify areas where they can improve their efficiency and effectiveness, reduce costs, and enhance their competitive advantage
- The report offers technology and regulatory trends, along with challenging factors impacting the social commerce market.
- The growth innovation matrix included in the report, divides the market players in to four categories i.e., flagbearers, contenders, specialists, and experimenters, which will help value chain participants in understanding how competition is performing based on their revenue growth and their R&D efforts
- Competitive profiling and benchmarking of key players in the market to provide deeper understanding of industry competition
We recommend this valuable source of information to anyone involved in:
- Social Media Companies
- Ecommerce Firms
- Technology Companies
- Supply Chain and Logistic Firms
- Venture Capital Firms
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Social Commerce Market Overview
The global social commerce market will be valued at $2.4 trillion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 24.4% over the forecast period. The rising disposable income, improved network connectivity, and proliferation of mobile devices are some of the prime factors responsible for the growth of this market. Furthermore, growing interest and confidence of millennial population in shopping over social media is anticipated to contribute to market growth.
Social commerce platforms allow an individual to shop for products and services without any distractions and leaving the social media page. Additionally, shopping on social media is spurred by the presence of influencers and individual social networks, which are leveraged by the brands to gain customer confidence. Brands are responsible for creating content that is engaging, relative, and offers an emotional connect with the users. For instance, social media simplifies purchases for individuals who may be following an influencer and would be interested in similar products owned or promoted by the influencer.
Social Commerce Market Outlook, 2020-2030 (USD Trillion)
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Social media shopping is gaining immense popularity with the younger generation. Millennials and Gen Z are influenced by digitally smart interfaces, owing to which they are expected to lookout for advanced features that offer them a personalized experience. As such social media firms are investing in integrating technologies such as artificial intelligence, machine learning and Big Data to help streamline social media shopping, which is anticipated to attract the young consumers. Social media firms can leverage the user analytics generated by Big Data to study consumer behavior, which is expected to help create engaging content and attract young users.
Implementation of various technologies such as machine learning and augmented reality (AR) is further expected to contribute to market growth. These technologies help brands to create an interactive and entertaining interface for the users shopping on the platform. In the future, metaverse and AR are anticipated to allow brands to create virtual environment wherein, brands and vendors can own digital assets, build stores, and sell products to customers. This is expected to offer an immersive experience to the customer, in which they can try on the products before purchase. Additionally, the customers will also be able to interact with a network of buyers in the virtual environment in order to get opinions before making a purchase decision. Advancements in technology is enabling social media companies to introduce various new features such as live streaming, chat bots, and gamification, among others, which are appealing to the users and bode well for market growth.
Social commerce offers a growth opportunity to small and niche businesses by allowing them creative liberty of connecting to their target audience through engaging content. Social media platforms offer a massive consumer base along with their likes and dislikes data, which can be utilized to develop a marketing and sales strategy to reach specific users. As such, increasing number of individuals and businesses are registering on social media platforms to capitalize on the revenue opportunity and gain popularity to expand their customer base, which is anticipated to fuel the market growth.
| Market Size (2023) | $2.4 trillion |
| Market Size (2030) | $11.1 trillion |
| CAGR (2023-2030) | 24.4% |
| Forecast Period | 2023-2030 |
| Historic Data | 2020-2022 |
| Report Scope & Coverage | Industry Overview, Revenue Forecast, Regional Analysis, Competitive Landscape, Company Profiles, Growth Trends |
| Product Segment | Apparel, Food & Beverages, Home Products, Electronics & Accessories, Personal Care, Others |
| Access Segment | Mobile Devices, Desktops & Laptops |
| Platform Segment | Live Commerce, Group Buying, Super Apps, Others |
| Regional Segment | North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa |
| Country Segment | US, Canada, Mexico, UK, Germany, France, Netherlands, Italy, Spain, Belgium, China, India, Japan, South Korea, Australia, Singapore, Philippines, Malaysia, Indonesia, Thailand, Vietnam, Brazil, Argentina, Saudi Arabia, South Africa, UAE |
| Key Companies | Google LLC (YouTube), Beijing ByteDance Technology Co Ltd, Meta Platforms Inc, PDD Holdings Inc, Pinterest Inc, Poshmark Inc, Snap Inc, Tencent Holdings Ltd, Twitter Inc, Yunji Inc |
Social Commerce Market Segmentation by Product
The apparel segment is anticipated to dominate the social commerce market in 2023. Social media feeds often display the most trending news, products, images, video and more. With apparel trends changing on daily basis, clothing and footwear businesses look to capitalize on the opportunity to connect with users through influencers and content. Most of apparel businesses also utilize user generated content in and hashtags in order to gain trust and attention of new users visiting the brands page. As such, there is a stiff competition in the apparel sector on social media, which has contributed towards the growth of this segment.
Social Commerce Market Share by Product, 2023 (%)
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The home products segment is anticipated to register a significant growth over the forecast period. Technological advancements and creative freedom on social media sites are expected to fuel the growth of home décor segment as this segment solely relies on the presentation of products and spaces, which can be designed in a virtual environment and presented to the users. The electronics and accessories segment holds a significant share in the social commerce market owing to high customer demand for new as well as secondhand products.
Social Commerce Market Segmentation by Access
The mobile devices segment has been holding a high market share over past many years and is expected to continue its dominance over the future. A large portion of the population accesses social media through mobile devices like smartphones and tablets. The mobile commerce market has experienced a high growth owing to increasing shopping transaction over mobile devices in the past few years. According to GlobalData estimates, the m-commerce market is anticipated to grow at a CAGR of more than 10% between 2023-2026. As such, several e-commerce and social media companies have launched mobile applications in order to ease the accessibility to the users, which is spurring the growth of this segment.
Social Commerce Market Share by Access, 2023 (%)
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The social commerce market is highly influenced by the penetration and popularity of mobile devices. However, several customers abandon shopping carts while accessing through mobile devices due to multiple reasons such as cluttered user interface, latency issues with the applications, and more. As such, several users still prefer accessing the online shopping websites through Desktops & Laptops, which is expected to upkeep the market growth for this segment.
Social Commerce Market Segmentation by Platform
The live streaming segment is expected to hold the highest market share in 2023 and is projected to exhibit the fastest growth over the forecast period. Live customers interaction with the brand and influencers is the prime factor responsible for the growth of this segment. The surge in the popularity of live stream shopping compelled several social media companies such as Instagram, Facebook, YouTube, and Grip, among others to introduce the feature on their platforms.
Social Commerce Market Share by Platform, 2023 (%)
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The group buying segment is projected to register a significant growth followed by super apps segment over the forecast period. The outbreak of COVID-19 contributed to the growth of this segment in emerging regions, including the Asia Pacific and South & Central America. High demand for online grocery and the food & beverages categories have contributed to the growth of group buying segment. While super apps are still at a nascent stage in the Western countries, the segment is expected to exhibit steady growth in the future.
Social Commerce Market Analysis by Region
The Asia Pacific region is anticipated to hold the highest market share in 2023 and grow at a fastest CAGR over the forecast period. Improved network connectivity, large youth population, and rising disposable income have been the driving factors responsible for the growth of this region. Additionally, the proliferation of mobile devices and growing number of social media platforms other than, Facebook, TikTok, WeChat, and YouTube have also contributed towards the growth of social commerce market in this region. China is the largest social commerce market globally, with a large population purchasing product from social media platforms. Major technology firms such as Tencent Holdings Ltd. and PDD Holdings Inc have captured a large amount of population across China and the Southeast Asia through their social media applications, which has fueled the market growth in this region.
Asia-Pacific Social Commerce Market Share by Country, 2023 (%)
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North America holds the second highest market share in the social commerce market with Facebook marketplace being the largest contributor across the region. The South & Central America region is expected to register a significant growth owing to the surging popularity of TikTok and Instagram along with Facebook. Additionally, the increasing number of social media startups across the emerging economies, including the Asia Pacific and the South & Central America are also anticipated to contribute to market growth.
Social Commerce Market - Competitive Landscape
The global social commerce market is a consolidated market with a few established companies holding a large market share. However, several technology startups are anticipated to enter the market by providing various features on the social media platforms. Additionally, the social media companies are also expected to face competition from e-commerce companies, which are trying to penetrate the market by introducing social features to their existing user interfaces. For instance, Amazon.com Inc has introduced Amazon live facilitating live stream shopping on its platform during the Amazon prime day. This strategy is expected to be followed by other ecommerce firms, which is anticipated to increase the competition in the market.
Major players in the market are adopting focused on forming partnerships and acquiring smaller firms in order to leverage their technologies and facilitate product enhancement. For instance, in June 2022, Beijing ByteDance Technology Co Ltd completed the acquisition of PoliQ, a virtual reality startup based in China. The acquisition was aimed at increasing the Metaverse investment and enhance the Metaverse portfolio of the company.
Key players in the social commerce market include:
- Beijing ByteDance Technology Co Ltd
- Google LLC (YouTube)
- Meta Platforms Inc
- PDD Holdings Inc
- Pinterest Inc
- Poshmark Inc
- Snap Inc
- Tencent Holdings Ltd
- Twitter Inc
- Yunji Inc
Other Social Commerce Market Vendors Mentioned
Meesho, CityMall, simsim, Grab, GlowRoad, DealShare, Amazon Live, Mall91, Grip, TaggShop, Twitch, Polyvore.ch, and Xiaohongshu among others.
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Social Commerce Market Segments and Scope
GlobalData Plc has segmented the social commerce market report by product, access, platform, and region:
Social Commerce Market Product Outlook (Revenue, $ Billion 2020-2030)
- Apparel
- Food & Beverages
- Home Products
- Electronics & Accessories
- Personal care
- Others
Social Commerce Market Access Outlook (Revenue, $ Billion 2020-2030)
- Mobile Devices
- Desktops & Laptops
Social Commerce Market Platform Outlook (Revenue, $ Billion 2020-2030)
- Live Commerce
- Group Buying
- Super Apps
- Others
Social Commerce Market Regional Outlook (Revenue, $ Billion 2020-2030)
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Netherlands
- Italy
- Spain
- Belgium
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Singapore
- Philippines
- Malaysia
- Indonesia
- Thailand
- Vietnam
- Rest of Asia Pacific
- South & Central America
- Brazil
- Argentina
- Rest of South & Central America
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
- Rest of Middle East & Africa
Scope
- This report provides overview and service addressable market for social commerce market.
- It identifies the key trends impacting growth of the market over the next 12 to 24 months.
- It includes global market forecasts for the social commerce industry and detailed competitor analysis.
Key Highlights
The global social commerce market will be valued at $ 2,398.4 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 24.4% over the forecast period. The rising disposable income, improved network connectivity, and proliferation of mobile devices are some of the prime factors responsible for the growth of this market.
Reasons to Buy
This market intelligence report offers a thorough, forward-looking analysis of the global social commerce market by type and key opportunities in a concise format to help executives build proactive and profitable growth strategies.
Accompanying GlobalData’s Forecast products, the report examines the assumptions, drivers, deals, strategic initiatives and trend analysis in social commerce markets.
Detailed segmentation by product – Apparel, Food & Beverages, Home Products, Electronics & Accessories, Personal Care, Others
The report also highlights key access segments Mobile Devices, Desktops & Laptops
Detailed segmentation by platform segments Live Commerce, Group Buying, Super Apps, Others
The report includes 50+ charts and tables providing in-depth analysis of the market size, forecast and supporting factors which are tailor-made for an executive-level audience, with enhanced presentation quality.
The report provides an easily digestible market assessment for decision-makers built around in-depth information gathered from local market players, which enables executives to quickly get up to speed with the current and emerging trends in social commerce markets.
The competitive section of the report helps in identifying the flagbearers, experimenters, contenders, and specialists based on their growth and innovation performance in the online retail industry which will help stakeholders analyze competition penetration.
The broad perspective of the report coupled with comprehensive, actionable detail will help mining sector stakeholders, service providers, and other social commerce players succeed in growing the social commerce market globally.
Key Players
Beijing ByteDance Technology Co LtdGoogle LLC (YouTube)
Meta Platforms Inc
PDD Holdings Inc
Pinterest Inc
Poshmark Inc
Snap Inc
Tencent Holdings Ltd
Twitter Inc
Yunji Inc
Table of Contents
Figures
Frequently asked questions
-
What was the social commerce market size in 2023?
The social commerce market size globally will be valued at $2.4 trillion in 2023.
-
What is the social commerce market growth rate?
The social commerce market is expected to grow at a CAGR of 24.4% over the forecast period (2023-2030).
-
What are the key social commerce market drivers?
The high penetration of mobile devices, ease of access to social media, improved network connectivity and rising disposable income are the key factors contributing to the social commerce market growth.
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What are the key social commerce market segments?
Product Segments: Apparel, Food & Beverages, Home Products, Electronics & Accessories, Personal Care, Others
Access Segments: Mobile Devices, Desktops & Laptops
Platform Segments: Live Commerce, Group Buying, Super Apps, Others -
Which are the leading social commerce companies globally?
The leading social commerce companies are Google LLC (YouTube), Beijing ByteDance Technology Co Ltd, Meta Platforms Inc, PDD Holdings Inc, Pinterest Inc, Poshmark Inc, Snap Inc, Tencent Holdings Ltd, Twitter Inc, Yunji Inc
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