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Food and Grocery Retail Sector Global Market Analysis 2024
Food and Grocery Retail Sector Market Analysis
According to The Business Research Company's, The food and grocery retail market size has grown steadily in recent years. It will grow from $11727.37 billion in 2023 to $12299.74 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to global trade expansion, regulatory compliance, risk management practices, cargo volume fluctuations, emergence of specialized cargo.
The food and grocery retail market size is expected to see steady growth in the next few years. It will grow to $14131.77 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%. The growth in the forecast period can be attributed to natural disasters and incidents at sea, global economic trends, climate change and environmental risks, stringent regulatory changes, evolving supply chain dynamics. Major trends in the forecast period include digitalization and data analytics, collaboration and partnerships, security concerns and cyber risks, technological advancements in shipping, technological advances in shipping.
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Market Drivers and Trends:
The increasing e-commerce sector is expected to propel the growth of the food and grocery retail market going forward. E-commerce in food and grocery retail refers to the buying and selling of food and grocery products online. It involves a transaction between two parties, usually a business and a consumer, where the payment and delivery of products are conducted online. E-commerce is used by businesses to reach a wider audience and expand their customer base, leading to increased revenue and growth in the food and grocery retail business. For instance, in November 2023, according to Census.gov, US-based e-commerce sales for the third quarter of 2023 totaled $271.7 billion, an increase of 0.9 percent (±0.4%) from the second quarter of 2023. Therefore, the rise in the e-commerce sector is driving the growth of the food and grocery retail market.
Major companies operating in the food and grocery retail market are developing innovative technologies, such as 30-minute delivery service, to enable ultra-fast or on-demand delivery options in the retail industry and to meet the needs of customers who seek fast and convenient shopping experiences. The 30-minute delivery service is a technology-driven offering that enables customers to receive their grocery and convenience items within a 30-minute time frame. For instance, in December 2023, Instacart of Maplebear Inc., a US-based retail company, launched a 30-minute delivery service called 'Fairway Now,' powered by Instacart. This service allows customers to receive store-to-door delivery of groceries and essentials in as fast as 30 minutes. It is designed to provide last-minute shopping convenience, enabling customers to access a wide range of items quickly.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Wal-Mart Stores Inc., Costco Wholesale Corporation, The Kroger Co., Target Brands Inc., 7-ELEVEN Inc., Carrefour S.A., REWE Group, Lidl Stiftung & Co. KG, Tesco PLC, Edeka Zentrale AG & Co. KG, Aeon Co. Ltd., Publix Super Markets Inc., Woolworths Group, J Sainsbury plc, Les Mousquetaires, Auchan Retail, Aldi Einkauf GmbH & Co. oHG, Mercadona S.A., ASDA Stores Limited, Coles Group Limited, Système U, Wm Morrison Supermarkets Limited, HEB Grocery Company LP, Meijer Inc., Wakefern Food Corporation, Kaufland Stiftung & Co. KG, Fred Meyer Stores Inc., Spar International, Safeway Inc., Leclerc SA
Food And Grocery Retail Market 2024 Key Insights:
• The food and grocery retail market is expected to grow to $14131.77 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%.
• E-Commerce Surge Fuels Growth In The Food And Grocery Retail Market
• Technological Rise Of 30-Minute Delivery Services To Meet Consumer Demand
• North America was the largest region in the food and grocery retail market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the food and grocery retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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