Global Food Retail Market is projected to reach the value of $17.29 trillion by 2030

According to the report published by Virtue Market Research , In 2022, the Global Food Retail Market was valued at $11.70 trillion, and is projected to reach a market size of $17.29 trillion by 2030. Over the forecast period of 2023-2030, market is projected to grow at a CAGR of 5%. The food retail industry has witnessed significant transformations over the past two decades, driven by various factors such as changing consumer preferences, technological advancements, and global events

One of the prominent long-term market drivers in the food retail industry is the growing demand for healthy and sustainable food options. Consumers are increasingly conscious of their dietary choices, focusing on fresh, organic, and locally sourced products. This shift is attributed to heightened awareness of the impact of food choices on personal health and the environment.

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However, the outbreak of the COVID-19 pandemic in early 2020 has significantly impacted the food retail market. The pandemic forced rapid adaptations to ensure the safety and well-being of both consumers and employees. Social distancing measures, restrictions on dine-in services, and increased hygiene protocols led to a surge in online food retail and delivery services. Retailers swiftly adapted by expanding their e-commerce platforms and implementing contactless delivery options. This shift in consumer behavior, driven by the need for convenience and safety, is expected to have a lasting impact on the industry.

One of the key short-term market drivers in the food retail industry is the rise of personalized and convenient shopping experiences. With the advancements in technology and the widespread use of smartphones, consumers now expect personalized recommendations, seamless online shopping, and easy access to nutritional information. Retailers are leveraging artificial intelligence and data analytics to understand customer preferences and provide personalized offers and recommendations. This not only enhances customer satisfaction but also drives sales and customer loyalty.

One significant opportunity in the food retail market lies in catering to the growing demand for plant-based and alternative protein products. As consumers become more health-conscious and environmentally aware, there is a rising interest in vegetarian, vegan, and flexitarian diets. Retailers have the opportunity to expand their product offerings by partnering with plant-based food companies or developing their own plant-based product lines. By embracing this trend, retailers can tap into a rapidly growing market segment and cater to the evolving dietary preferences of consumers.

A notable trend observed in the food retail industry is the integration of technology and automation in various aspects of the value chain. From inventory management and supply chain optimization to checkout processes and customer interactions, technology is playing a pivotal role in enhancing efficiency and streamlining operations. Retailers are investing in technologies such as self-checkout systems, smart shelves, and robotics to improve productivity and deliver enhanced customer experiences. This trend is expected to continue as retailers seek to optimize their operations and stay competitive in the evolving market.

Segmentation Analysis:

The global Food Retail Market segmentation includes:

By Product: Fresh Food, Frozen Food, Food Cupboard, Beverages, and Others
The food retail market can be broadly classified into several product segments, including fresh food, frozen food, food cupboard, beverages, cleaning & household, and others. Among these segments, the largest subsegment is food cupboard. Food cupboard products encompass a wide range of essential items such as cereals, snacks, canned goods, and cooking ingredients. These products are in high demand due to their long shelf life, convenience, and versatility, making food cupboard the dominant subsegment in the market.

However, the fastest-growing subsegment during the forecast period is beverages. The beverage segment includes various types of non-alcoholic drinks such as carbonated beverages, juices, energy drinks, and bottled water. Factors such as changing consumer lifestyles, increasing health consciousness, and the demand for innovative and functional beverages are driving the growth of this subsegment. Consumers are actively seeking refreshing and healthier beverage options, leading to the rapid expansion of the beverages segment in the food retail market.

By Category: Packed, and Unpacked
Packed products refer to items that are pre-packaged and ready for sale, whereas unpacked products are sold in bulk and require packaging at the point of purchase.

The largest subsegment within this category is packed products. Packed products offer several advantages such as convenience, extended shelf life, portion control, and ease of transportation. Consumers prefer packed products due to their ready-to-use nature and the assurance of quality and safety provided by the packaging. As a result, packed products dominate the market, catering to the needs of consumers seeking convenience and efficiency in their food shopping experience.

In terms of the fastest-growing subsegment, packed products continue to outpace the growth of unpacked products. This can be attributed to various factors, including changing consumer lifestyles, busy schedules, and the desire for quick and easy meal solutions. Packed products offer time-saving benefits and are often accompanied by innovative packaging designs that enhance convenience and appeal. Consequently, packed products are expected to experience significant growth during the forecast period, driven by evolving consumer preferences and market trends.

By Distribution Channel: Supermarkets & Hypermarkets, Convenience Stores, Departmental Stores & Clubs, and Online

The largest segment is supermarkets & hypermarkets. These large-scale retail establishments offer a wide range of food products, household essentials, and other consumer goods under one roof. With their vast selection, competitive pricing, and convenience, supermarkets & hypermarkets have become a go-to choice for consumers looking to fulfill their grocery needs.

While supermarkets & hypermarkets dominate the market, the fastest-growing distribution channel during the forecast period is online platforms. The rise of e-commerce has transformed the way consumers shop for food products. Online platforms provide the convenience of doorstep delivery, a wider product assortment, and easy price comparisons. The COVID-19 pandemic further accelerated the adoption of online food retail as consumers sought contactless shopping experiences. As a result, the online segment is witnessing substantial growth and is expected to continue expanding in the coming years.

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Regional Analysis:

The largest regional segment within the food retail market is Asia-Pacific. The region's population size, rapid urbanization, and increasing disposable income contribute to its dominance in the market. The diverse culinary preferences and strong food culture in countries like China and India further fuel the growth of the food retail industry in the Asia-Pacific region.

However, the fastest-growing region during the forecast period is North America. Factors such as a high standard of living, busy lifestyles, and the growing popularity of online grocery shopping are driving the growth of the food retail market in this region. Additionally, the increasing focus on health and wellness, sustainable food options, and the demand for convenience contribute to the market's growth in North America. As consumers become more conscious of their food choices, retailers are adapting to meet these evolving demands, leading to the region's fast-paced growth.

Latest Industry Developments:

In November 2021, an announcement was made that Walmart had acquired Flipkart, India's largest e-commerce platform, for a total of USD 16 billion. This strategic move by Walmart aims to expand its presence and reach in the rapidly growing Indian food retail market. Additionally, the acquisition allows Walmart to benefit from Flipkart's advanced technology and efficient logistics capabilities.

During October 2021, Amazon introduced its new online grocery store named Amazon Fresh in Singapore. This store offers a wide selection of fresh and frozen food products, as well as essential household items, with delivery guaranteed within a two-hour timeframe. With this launch, Amazon entered the Southeast Asian market with its first online grocery store. The intention is to compete with local players such as RedMart and FairPrice, aiming to establish a strong foothold in the region.

In September 2021, Carrefour collaborated with Google to introduce a voice-based grocery shopping service in France. This innovative service enables customers to utilize Google Assistant to create shopping lists, check product availability, and place orders directly through Carrefour's online platform. This initiative aligns with Carrefour's digital transformation strategy and its ambition to become a prominent player in the e-commerce industry. By leveraging voice technology, Carrefour aims to enhance the convenience and ease of the shopping experience for its customers.

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Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets

This release was published on openPR.