Dublin, May 04, 2022 (GLOBE NEWSWIRE) — The “Report analyzing the food and grocery retail market size, share and trends by product (food cabinets, beverages), by distribution channel (supermarkets and hypermarkets, online), by region (APAC, Europe) and segment forecast, 2022-2030” report has been added to from ResearchAndMarkets.com offer.
The global food and grocery market size is expected to reach USD 14.78 trillion by 2030, registering a CAGR of 3.0%
The shift in consumer spending from food service to food retail due to COVID-19 pandemic-induced lockdowns, growing adoption of online channels for grocery shopping, and consumer polarization caused by changes in income are the major drivers of market growth.
The COVID-19 pandemic has brought unprecedented changes to the food and beverage industry. With some restaurants closed and others only open for take-out or delivery, the majority of meals were eaten at home, especially in places where strict lockdown regulations were in place.
This led to unexpected fluctuations in grocery sales, and changing consumer preferences were visible in real time on empty supermarket shelves. Pantry, nostalgic and decadent foods like confections, desserts and savory snacks have seen a surge in sales.
Customers were willing to forgo national brands in favor of retail brands and private label alternatives. The global beverage market is expected to become the fastest growing product segment during the forecast period. The segment growth is attributed to the launch of new products in the non-alcoholic beverages segment, which includes, among others, cocktail mixers, sodas, non-alcoholic beer and energy drinks.
The introduction of such diverse products coupled with the emergence of online sales of alcoholic beverages in developing economies is expected to be the major factor propelling the growth of the segment. The online distribution channel is expected to register the fastest CAGR during the forecast period.
Even among baby boomers, digital orders for grocery shopping have become increasingly popular. Additionally, the integration of online channels with physical stores is beginning to gain prominence. Asia-Pacific dominated the global market in 2021 and is expected to maintain its dominance over the forecast period.
The growing number of working people coupled with increasing disposable income and convenient accessibility of supermarkets and grocery stores is the major driver of the regional market.
Food and Grocery Retail Market Report Highlights
- The food cabinet segment accounted for the largest share of the global market in 2021 owing to the increase in home food consumption
- The supermarket and hypermarket distribution channel segment dominated the global market in 2021
- The growth can be attributed to a large number of stores present across the world and a wide variety of products offered in one place by these stores.
- Asia Pacific is expected to be the fastest growing regional market over the forecast period. The rapid adoption of online channels and its integration with physical stores for purchasing food and groceries is expected to be the major driver of the regional market
- Moreover, the growing number of internet users and the high proliferation of mobile application users are expected to boost the online sales of food and grocery products in the APAC region.
- The global market is fragmented with the presence of several global players along with local and regional players
Main topics covered:
Chapter 1. Methodology and scope
Chapter 2. Executive Summary
Chapter 3. Food and Grocery Retail Market Variables, Trends and Scope
Chapter 4. Buyer Behavior Analysis
Chapter 5. Food and Grocery Retail Market: Commodity Estimates and Trend Analysis
Chapter 6. Food and Grocery Retail Market: Distribution Channel Estimates and Trend Analysis
Chapter 7. Food and Grocery Retail Market: Regional Estimates and Trend Analysis
Chapter 8. Competitive Analysis
Chapter 9. Business Profiles
- walmart
- Costco Wholesale Corporation
- 7-ELEVEN, Inc.
- Amazon.com Inc.
- The Kroger Company.
- Target Brands, Inc.
- ALDI
- AEON Co Ltd
- Carrefour CA
- Schwarz Group
For more information on this report, visit https://www.researchandmarkets.com/r/95wtig
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