These 5 key markets could help Amazon's international retail business explode

Amazon launched in Brazil in 2012 by selling Kindle and e-books online.

The company now offers 120,000 products across 15 different categories in Brazil, and Amazon has grown to become the third-most popular online retailer in the country according to RBC.

RBC estimates Amazon generated $107 million in sales in Brazil in 2018, and expects that figure to grow to $1.3 billion by 2023. Brazil's e-commerce market is expected to grow by 18% a year over the next five years driven by the proliferation of e-commerce platforms like Amazon, according to the firm's analysis.

RBC estimates Amazon hit $300 million in revenue in Australia last year, and predicts sales could increase to $2.4 billion by 2023.

Amazon is currently the second-most popular e-commerce site in Australia, according to the firm's report. The company entered Australia in 2009 through its Kindle product, and in December 2017 launched its Amazon MarketPlace.

Similar to Brazil, Amazon expanded into Mexico in 2013 by selling e-books on the Kindle store.

According to RBC's analysis, Amazon is the leading retailer in Mexico in terms of total online sales, and the firm estimates the company generated $500 million in revenue in the country last year. That figure is expected to swell to $2.9 billion by 2023, representing a 43% annual growth rate.

Amazon launched in India in 2013 with its Selling on Amazon and Fulfillment by Amazon programs.

According to RBC, India alone could represent at $18 billion revenue opportunity for Amazon. The firm's analysis projects that by 2023 India could for 13% of Amazon's international sales, and 4% of the company's total revenue.

RBC, citing data from Euromonitor, said Amazon claimed about a third of India's e-commerce market in 2018, trailing behind only Walmart, which took 44% market share.

"We believe that Amazon's ongoing investments in India will allow the company to take 35% (up from 30% in 2018, per Euromonitor) of India's Online Retail Sales," Mahaney said in a note to clients.