2024 Amazon US Market and hot selling category forecast!
According to Momentum Commerce’s latest forecast, Amazon’s total retail sales in the US market are expected to reach a staggering $641.3 billion in 2024, which is a 19.9% increase over 2023, or an increase of $106.6 billion. This growth was not evenly distributed across all product categories, but was driven by strong performance in some specific categories.
Among the product categories expected to see the highest growth, CDS and vinyl records are a notable example. With the rise of the retro trend and the pursuit of high-quality audio by music lovers, CDS and vinyl records have been showing growth in recent years. Momentum Commerce predicts that this trend will continue in 2024, bringing CD and vinyl sales to $607.5 million, up 29.6 percent year on year.
Also performing well is the beauty and personal care category, which is expected to reach $36 billion in sales in 2024, up 26.0% year-over-year. This growth can be attributed to consumers’ increasing concern about personal image and the convenience of online shopping. More and more consumers are choosing to buy cosmetics and skincare products on Amazon, enjoying its convenient shopping experience and rich product selection.
The pet products category is also expected to achieve a 25.3% year-over-year growth rate in 2024, with sales reaching $22.6 billion. This growth reflects the continued prosperity of the pet market and the enhancement of consumer care for pets. From pet food to toys and accessories, Amazon offers a one-stop pet supply shopping experience that meets consumers’ every need.
However, not all product categories are poised for high growth in 2024. Categories such as books, video games and handmade goods are expected to achieve lower year-over-year growth rates in 2024. Sales in the book category are expected to reach $9.1 billion, an increase of just 0.9% year-over-year. The slowdown in this growth rate is likely due to the popularity of e-books and digital content as well as increased competition in the physical book market.
It’s worth noting that while emerging platforms such as TikTok Shop are on the rise and gaining market share in categories such as luxury, clothing or electronics, Amazon’s dominance in categories such as groceries and health and beauty products remains clear. Sales in these categories are expected to continue to grow in 2024.
The cleaning and hygiene category is expected to be one of the fastest growing subcategories on Amazon, with sales of $1.6 billion, up 176% year over year. This increase reflects the increasing consumer demand for personal hygiene and cleaning products, especially during the pandemic.
The grocery and food category is also expected to achieve a year-over-year growth rate of 8.9% in 2024, with sales reaching $9 billion. Among them, the beverage category will see particularly significant growth, which is expected to reach $9 billion, an increase of 27.3%. This growth can be attributed to increased consumer demand for healthy eating and convenient shopping, as well as Amazon’s rich selection and excellent service in the beverage category.