Convenience Stores Market Growth & Trends
The global convenience stores market size is estimated to reach USD 3.12 trillion by 2028 and is expected to grow at a CAGR of 5.6% from 2022 to 2028, according to a new report by Grand View Research, Inc. The market is surging due to long opening hours which provides easy access to customers to quickly purchase their necessary products when compared to other retail channels.
Convenience Stores Market Segmentation
Grand View Research has segmented the global convenience stores market based on type, and region:
Based on the Type Insights, the market is segmented into Cigarettes & Tobacco, Foodservice, Packaged Beverages, Center Store, Low Alcoholic Beverages, Others.
- The cigarettes & tobacco segment dominated the market and contributed a revenue share of around 39% in 2021 and is forecast to grow at a CAGR of 5.8% from 2022 to 2028. The rising nicotine consumption across the globe is one of the primary factors driving the growth of the segment. In addition, the easy availability of tobacco products at every nearby convenience store is again accelerating the segment growth. In every country of the globe, tobacco consumption is comparatively higher than other items which are sold in convenience stores. Therefore, convenience stores are dominating in the revenue generation of the cigarettes & tobacco segment sales.
- The foodservice segment is expected to witness the highest CAGR of 6.4% from 2022 to 2028. The foodservice segment is growing due to the easy availability of prepared food items in every convenience store. Moreover, the ready-to-eat food items and home delivery service offered by local convenience stores are again attributed to the growth of the foodservice segment. Convenience stores provide meals at all hours of the day so that consumers may obtain their things as soon as possible. As a result, throughout the forecast period, the foodservice segment is predicted to grow at the fastest CAGR.
Convenience Stores Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East and Africa (MEA)
Market Share Insights
- October 2021: Reliance Retail announced its partnership with 7-Eleven, a giant convenience store to launch its store across India. The acquisition is made to increase its strong presence in the grocery segment.
Key Companies Profile & Market Share Insights
The market is characterized by the presence of established as well as new players. Major players operating in this market are offering various advantages such as partnership & acquisition.
Some of the prominent players operating in the global convenience stores market include,
- Casey's General Stores, Inc
- Alimentation Couche-Tard Inc.
- Murphy USA Inc.
- Parkland Corporation
- 7-Eleven
- Alibaba Group Holding Limited
- com, Inc.
- FamilyMart
- OXXO (FEMSA)
- Lawson Inc.
Order a free sample PDF of the Convenience Stores Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment