Retail in Frontier Markets in South Asia: Three Key Trends for 2025

December 2025

This report covers the retail sector in the frontier markets of South Asia. Euromonitor International’s definition of the region includes the following countries: Bangladesh, Pakistan and Sri Lanka

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Overview:

Understand the latest market trends and future growth opportunities for the Retail industry in Bangladesh with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.

Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.

Data and analysis in thsi report provides detailed qualitative analysis for the folloiwng regions, with detailed quantitative analaysis provided for all indivdiual countries within the regional groupings:

  • The Baltic States – Estonia, Latvia, Lithuania
  • Frontier Markets in Southeast Europe – Bosnia and Herzegovina, Croatia, North Macedonia, Serbia, Slovenia
  • Central Asia and the Caucasus – Azerbaijan, Georgia, Kazakhstan, Uzbekistan
  • Frontier Markets in South Asia – Bangladesh, Pakistan, Sri Lanka 
  • Frontier Markets in Southeast Asia – Cambodia, Laos, Myanmar
  • Central America and the Caribbean – Dominican Republic, Guatemala, Honduras, El Salvador, Panama, Costa Rica
  • Frontier Markets in South America – Bolivia, Ecuador, Paraguay, Uruguay
  • Frontier Markets in the Middle East and North Africa – Algeria, Iraq, Jordan, Kuwait, Lebanon, Oman, Qatar, Tunisia
  • Frontier Markets in Sub-Saharan Africa – Angola, Cote d Ivoire, Ethiopia, Ghana, Kenya, Cameroon, Tanzania, Uganda

Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:

  • Grocery Retailers
  • Non-Grocery Retailers
  • Retail E-Commerce
  • Direct Selling
  • Vending

If you're in the Retail industry in Bangladesh, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.

The Retail in Bangladesh report includes:

  • Analysis of key retail trends
  • Detailed segmentation of histroic retail value sales by channel
  • Company and brand market shares (retail value sales)
  • Five year forecasts of market trends and market growth
  • Robust and transparent research methodology, conducted in-country

This report answers:

  • What is the market size of Retail in Bangladesh?
  • Which are the leading retailers in Retail in Bangladesh?
  • How are products distributed in Retail in Bangladesh?
  • How is the rise of e-commerce and the expansion of modern grocery retail impacting traditional retail?
  • How significant are discounters and private label in Bangladesh?
  • To what extent are sales shifting towards digital channels?​
  • What is the long-term outlook for bricks-and-mortar? ​
  • How is macroeconomic and political uncertainty affecting the retail industry?​
  • What types of retailers are seeing the fastest growth in digital sales?​
  • What is the future of retail?

Retail in Frontier Markets in South Asia: Three Key Trends for 2025

Frontier markets in South Asia: Overview
Chart 1 Retail in Context 2024
Chart 2 Retail in the Context of Asia Pacific
Retail in 2024: The big picture
Chart 3 Retail Sales 2019-2029
Bangladesh leads retail with strong e-commerce growth, while Pakistan struggles offline
Chart 4 Retail Channel Breakdown by Country 2019-2024
Retail e-commerce grows due to rising internet access and consumer convenience preferences
Chart 5 Retail Breakdown by Channel 2019-2024
Building trust and local adaptability is essential for scaling e-commerce across frontier markets in South Asia
Digital tools and B2B platforms drive inclusive, efficient retail transformation across frontier markets in South Asia
Pakistan shutters USC, as mounting financial losses made subsidised retail unsustainable
Affordability-focused retail, SME-driven e-commerce and rural sourcing reshape frontier markets in South Asia
Chart 6 Top 10 Retail Companies 2019-2024
Localised platforms, mega-sale events and electronics assortments drove rapid growth
Chart 7 Top Companies by Sales Growth 2019-2024
Grocery retail success hinges on affordability, wider reach and trusted local sourcing
Chart 8 Grocery Retailers: Top Companies 2019-2024
Abans and Hayleys leverage finance, brands and local manufacturing for growth
Chart 9 Non-Grocery Retailers: Top Companies 2019-2024
Alibaba’s shifting focus to B2B helps support growth of its B2C retail business
Chart 10 Retail E-Commerce: Top Companies 2019-2024
Oriflame stabilises operations in Pakistan as its exits Sri Lanka
Chart 11 Direct Selling: Top Companies 2019-2024
Retail's future blends affordability, personalisation and digital ecosystems to sustain growth
Chart 12 The Evolution of Retail 2019-2029
Chart 13 Absolute Growth by Channel 2019-2029
Chart 14 Retail: Country Sizes and Growth by Channel 2019-2029
E-commerce to prioritise trust, personalisation, cross-border trade and omnichannel convenience
Chart 15 Retail: Channel Sizes and Growth by Country 2019-2029
Bangladesh
Chart 16 Bangladesh: Company Shares of Grocery Retailers
Chart 17 Bangladesh: Grocery Retailers Channel Breakdown 2024 and % CAGR 2019-2024
Chart 18 Bangladesh: Company Shares of Non-Grocery Retailers
Chart 19 Bangladesh: Non-Grocery Retailers Channel Breakdown 2024 and % CAGR 2019-2024
Pakistan
Chart 20 Pakistan: Company Shares of Grocery Retailers
Chart 21 Pakistan: Grocery Retailers Channel Breakdown 2024 and % CAGR 2019-2024
Chart 22 Pakistan: Company Shares of Non-Grocery Retailers
Chart 23 Pakistan: Non-Grocery Retailers Channel Breakdown 2024 and % CAGR 2019-2024
Chart 24 Pakistan: Company Shares of Retail E-Commerce
Chart 25 Pakistan: Company Shares of Direct Selling
Sri Lanka
Chart 26 Sri Lanka: Company Shares of Grocery Retailers
Chart 27 Sri Lanka: Grocery Retailers Channel Breakdown 2024 and % CAGR 2019-2024
Chart 28 Sri Lanka: Company Shares of Non-Grocery Retaiers
Chart 29 Sri Lanka: Non-Grocery Retailers Channel Breakdown 2024 and % CAGR 2019-2024
Chart 30 Sri Lanka: Company Shares of Retail E-Commerce
Chart 31 Sri Lanka: Company Shares of Direct Selling

DISCLAIMER

Retail

Retail is the sale of new and used goods to consumers from a business for personal or household consumption from retail outlets, kiosks, market stalls, vending, direct selling and e-commerce. Retail is the aggregation of Retail Offline and Retail E-Commerce. Excludes specialist retailers of motor vehicles, motorcycles, vehicle parts. Also excludes fuel sales, foodservice sales, rental transactions, and wholesale sales (e.g. Cash and Carry). Sales value excluding or including VAT/Sales Tax. Retail also excludes the informal retail sector. Informal retailing is retail trade which is not declared to the tax authorities. Informal retailing encompasses (a) sales generated by unregistered and unlicensed retailers, i.e. retailers operating illegally, and (b) any proportion of sales generated by a registered and licensed retailer that is not declared to the tax authorities. Unregistered and unlicensed retailers operate predominantly (although not exclusively) as street hawkers or operate open market stalls, as these channels are harder for the authorities to monitor than permanent outlets. Activities in the illegal market, which is usually understood to refer to trade in illegal, counterfeit or stolen merchandise, are included within our definition of informal retailing. Activities in the “grey market”, which is usually understood to refer to trade in legal merchandise that is sold through unauthorized channels – for example cigarettes bought legally in another country, legally imported, but sold at lower prices than in authorized channels – will be included as informal retailing if no tax is paid on sale by the retailer. However if the retailer pays tax – for example on cigarettes bought legally in another country but sold at a lower price than standard – the sale is included within formal retail.

See all of our definitions
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This report originates from Passport, our Retail research and analysis database.

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