Overview and Scope
Convenience stores refer to retail establishments that offer a small assortment of essential items, such as packaged foods and medicines, and are open late to accommodate customers. These stores are conveniently located where customers can rapidly obtain a wide range of products such as groceries, food, gasoline, and others.
Sizing and Forecast
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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Segmentation & Regional Insights
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
North America was the largest region in the convenience stores market in 2023. The regions covered in the convenience stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the convenience stores market are focused on innovative stores, such as virtual convenience stores, to offer a differentiated solution in the e-commerce industry. A virtual convenience store refers to an online platform or digital service that provides a wide range of everyday products. For instance, in September 2021, The Kroger Co, a US-based grocery retailer, and Instacart, a US-based online delivery platform, launched Kroger Delivery Now, a ‘virtual convenience store’ providing fresh groceries, meals, snacks, and household items through Kroger stores. Kroger Delivery Now offers 25,000 items, reaching up to 50 million households, leveraging Kroger’s extensive store network
The convenience stores market report table of contents includes:
1. Executive Summary
2. Convenience Stores Market Characteristics
3. Convenience Stores Market Trends And Strategies
4. Convenience Stores Market – Macro Economic Scenario
5. Global Convenience Stores Market Size and Growth
…
31. Global Convenience Stores Market Competitive Benchmarking
32. Global Convenience Stores Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Convenience Stores Market
34. Convenience Stores Market Future Outlook and Potential Analysis
35. Appendix
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