The global food and grocery retail market size is anticipated to value at USD 17.3 trillion by 2027 to expand at CAGR of 5.0%. Increased disposable income as a result of economic growth has fueled the spending on consumables. Furthermore, an increasing number of middle-class consumers and rising brand consciousness among them have been driving the market for food and grocery retail in developing countries, including India and China. Over the past few years, consumers are opting for convenient, ready-to-cook, ready-to-eat, and bakery products in order to save time and effort. This has widened the scope of the packaged consumables over the world.
The food and grocery retail sector witness an unprecedented demand during the COVID-19 situation. Nonetheless, the demand for packed food has quadrupled in the household category owing to home quarantine and isolation facilities. On the other hand, this has created the need for innovation to strengthen the supply chain in the food industry.
Food and Grocery Retail Market Report Suggest:
• In terms of product, packaged consumables dominated the market in 2019 with over 40% share of the global revenue owing increased demand for convenience products among the working population.
• Middle East and Africa is expected register the fastest CAGR of 5.8% from 2020 to 2027. Improved economic indicators in countries, including Nigeria, Ethiopia, and Kenya, as a result of supportive economic policies by national governments are expected to have a positive impact on the regional industry growth.
• Online distribution channel is expected to expand at the fastest CAGR of 6.2% from 2020 to 2027 due to increasing penetration of online retailers and smartphones.
• Exclusive value-added services and continuous access of sales support to the consumers are expected to remain critical success factors for the industry participants in the near future.
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Food & Grocery Retail Market Segmentation
Grand View Research has segmented the global food and grocery retail market on the basis of product, distribution channel, and region:
Food And Grocery Retail Product Outlook (Revenue, USD Billion, 2016 – 2027)
• Packaged Food
• Unpackaged Food
• Household Products
Food And Grocery Retail Distribution Channel Outlook (Revenue, USD Billion, 2016 – 2027)
• Supermarkets & Hypermarkets
• Convenience Store
Food And Grocery Retail Regional Outlook (Revenue, USD Billion, 2016 – 2027)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa
List of Key Players of Food & Grocery Retail Market
• Costco Wholesale Corporation
• The Kroger Co
• Schwarz Gruppe
• 7-Eleven, Inc.
• ALDI Purchasing GmbH & Co. oHG
• Tesco PLC
• Target Brands, Inc.
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