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Convenience Stores Market 2024 - By Analysis, Industry Trends, Growth And Forecast To 2033
Convenience Stores Market
According to The Business Research Company's, The convenience stores market size has grown rapidly in recent years. It will grow from $1010.74 billion in 2023 to $1112.69 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to changing consumer lifestyles, urbanization trends, product assortment and convenience, extended operating hours, rise in single-person households..
The convenience stores market size is expected to see strong growth in the next few years. It will grow to $1575.45 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to digital and contactless payments, focus on health and wellness, integration of e-commerce and delivery services, sustainability initiatives, diverse and ethnic product offerings.. Major trends in the forecast period include contactless shopping and payment options, integration of ai and analytics for customer insights, collaborations with food delivery platforms, innovations in store design and layout, rise of micro-fulfillment centers..
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Market Drivers and Trends:
The rise in disposable income of consumers is expected to propel the growth of the convenience store market going forward. Disposable income of the consumer refers to the amount of money left to spend and save after income tax has been deducted. The increase in consumer disposable income causes them to spend more money on goods and services, which boosts total product consumption. Thus, increasing the demand for convenience stores. For instance, in December 2022, according to the Ministry of Statistics and Program Implementation, an India-based commercial organization, the rise in disposable income of consumers increased to 274.13 million in 2022 from 238.57 million in 2021. Global disposable incomes and family spending are both projected to increase by 2.6% in 2022. Therefore, the rise in disposable income of consumers is driving the growth of the convenience stores market.
Technological advancement is a key trend gaining popularity in the convenience store market. Major companies operating in the convenience store market are introducing new technologies to develop their businesses in the market. For instance, in January 2022, Amazon, a US-based online e-commerce company, launched its Just Walk Out technology in convenience stores. It enables companies to provide customers with a quick, frictionless shopping experience without the bother of checking out. The technology can be used in a wide range of industries and store sizes, particularly where there is high demand, a need to reduce wait times, or where customers are pressed for time. The technology is readily scalable for retailers to handle any volume of customers or products in the store.
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:
Casey's General Stores Inc.; Alimentation Couche-Tard Inc.; Murphy USA Inc.; Parkland Corporation; 7-Eleven Inc.; FamilyMart Co. Ltd.; Alibaba Group; OXXO; Amazon.com Inc.; GasBuddy Organization Inc.; Best-One; BGF Retail Co. Ltd.; Sunoco LP; Bargain Bo*oze Ltd.; Speedway LLC; Lawson Inc.; Wawa Inc.; Cumberland Farms Inc.; Al Madina Hypermarket; ConocoPhillips; Love's Travel Stops & Country Stores; Pilot Corporation; QuickChek Corporation; QuickTrip Corporation; RaceTrac Inc.; Royal Farms Inc.; Rutter's Holdings Inc.; Sheetz Inc.; Stripes Convenience Stores; SuperAmerica LLC; Thorntons LLC; Tom Thumb Food Stores; Turkey Hill Dairy; United Dairy Farmers Inc.; Yesway Holdings Inc.
Convenience Stores Market 2024 Key Insights:
• The convenience stores market will grow to $1575.45 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
• Consumer Disposable Income Fuels Convenience Store Market
• Tech Wave Reshaping Convenience Stores
• North America was the largest region in the convenience stores market in 2023
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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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