Press release
Consumer Disposable Income Fuels Convenience Store Market: An Emerging Driver Transforming The Convenience Stores Market Landscape
Convenience Stores
What Is the Projected Growth of the Convenience Stores Market?
The market size of convenience stores has been expanding at a fast pace over the past few years. It's projected to increase from $1140.11 billion in 2024 to $1268.27 billion in 2025, with a compound annual growth rate (CAGR) of 11.2%. Factors such as transformations in consumer lifestyles, urbanization patterns, diversity of product offerings and convenience, extended working hours, and an increase in single-person households have contributed to the growth during the historic period.
The market size of convenience stores is anticipated to experience robust growth in the forthcoming years. The expansion is projected to reach $1753.22 billion in 2029, with an 8.4% compound annual growth rate (CAGR). The anticipated growth in the forecast period can be credited to advancements in digital and contactless payments, emphasis on health and wellness, fusion of e-commerce and delivery services, initiatives towards sustainability, and various as well as ethnic product offerings. The forecast period is poised to see major trends such as touchless shopping and payment methods, incorporation of AI and analytics for customer understanding, partnerships with food delivery service platforms, transformation in store design and infrastructure, and emergence of micro-fulfillment centers.
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What Are the Different Convenience Stores Market Segments?
The convenience stores market covered in this report is segmented -
1) By Store Type: Kiosks, Mini Convenience Store, Limited Selection Convenience Store, Traditional Convenience Store, Expanded Convenience Store, Hyper Convenience Store
2) By Ownership: Retail Chain, Independent Retailer
3) By Product Type: Cigarettes And Tobacco, Foodservice, Packaged Beverages, Center Store, Low Alcoholic Beverages, Other Product Types
Subsegments:
1) By Kiosks: Mobile Kiosks, Stationary Kiosks
2) By Mini Convenience Store: Small-Format Stores, Express Stores
3) By Limited Selection Convenience Store: Narrow Product Range Stores, Focused Offering Stores
4) By Traditional Convenience Store: Standard Convenience Stores, Neighborhood Stores
5) By Expanded Convenience Store: Larger Footprint Stores, Broader Product Offerings
6) By Hyper Convenience Store: High-Volume Convenience Stores, Super market-Style Convenience Stores
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What Are the Primary Drivers Shaping the Convenience Stores Market?
The surge in consumers' disposable income is anticipated to drive the expansion of the convenience store market in the future. Consumer disposable income is the residual income available for expenditure and savings after accounting for income taxes. A rise in this disposable income prompts consumers to spend more on goods and services, thereby escalating the overall consumption of products. This, in turn, fuels the demand for convenience stores. For instance, the Ministry of Statistics and Program Implementation, an organisation based in India, reported in December 2022 that consumer disposable income had climbed up to 274.13 million in 2022 from 238.57 million in 2021. The global disposable income and family expenditure are predicted to rise by 2.6% in 2022. Therefore, the increase in consumer disposable income is a significant factor contributing to the growth of the convenience stores market.
Which Companies Are Leading in the Convenience Stores Market?
Major companies operating in the convenience stores market include Casey's General Stores Inc., Alimentation Couche-Tard Inc., Murphy USA Inc., Parkland Corporation, 7-Eleven Inc., FamilyMart Co. Ltd., OXXO, Amazon.com Inc., Best-One, BGF Retail Co. Ltd., Sunoco LP, Bargain 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.
What Are the Major Trends Shaping the Convenience Stores Market?
The evolution of technology is a significant trend rising in popularity within the convenience store industry. Major corporations in this industry are leveraging new tech advancements to bolster their market standing. For example, in January 2022, the globally renowned e-commerce firm Amazon, headquartered in the US, introduced its unique technology, Just Walk Out, to convenience stores. This technology empowers companies to offer a swift, seamless shopping experience to their customers, eliminating the need for checkouts. Its application is broad, stretching across diverse industries and store sizes, specifically where there is a heavy demand, a necessity to reduce waiting times, or in scenarios where customers have limited time. This technology can be easily scaled by retailers to accommodate any amount of customers or product volume in the store.
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What Are the Top Revenue-Generating Geographies in the Convenience Stores Market?
North America was the largest region in the convenience stores market in 2024. The regions covered in the convenience stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Convenience Stores Market?
2. What is the CAGR expected in the Convenience Stores Market?
3. What Are the Key Innovations Transforming the Convenience Stores Industry?
4. Which Region Is Leading the Convenience Stores Market?
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