The polarization of consumer preferences and behaviors is contributing to market growth. The incorporation of cutting-edge technologies like online platforms, AI-driven personalized shopping experiences, and smart supply chain management are significantly impacting the food and grocery retail industry, surpassing USD 12.0 Billion valued in 2023 to reach a valuation of around USD 16.0 Billion by 2031.
In addition to this, the changing dietary preferences and culinary trends are impacting the demand for specific food products is spurring up the adoption of food & grocery retail. The integration of data analytics and automation improves operational efficiency and customer engagement in this ever-changing industry, is enabling the niche market grow at a CAGR of 4.0% from 2024 to 2031.
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Food & grocery retail refers to the sale of food and beverages to consumers for personal consumption. This encompasses a wide range of formats, from traditional supermarkets and convenience stores to online grocery platforms and specialty food stores.
Food & grocery retail is an essential industry that serves the basic needs of individuals and households. It provides access to a variety of food products, including fresh produce, packaged goods, and prepared meals. This industry plays a crucial role in the distribution and supply of food to consumers.
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Consumers are actively shaping the evolution and adoption of innovative grocery delivery models that align with their changing retail and service preferences. Emerging delivery methods such as Buy Online Pickup In-Store (BOPIS), curbside pickup, and direct-to-door are gaining traction, suggesting a change in customer behavior. One- to two-day delivery is becoming increasingly common, and it has the potential to raise delivery expectations. For instance, on 22 may 2023, Hannaford Supermarkets announced a new partnership with Flybuy, to support the grocery retailer’s ‘Hannaford To Go ‘pickup service. This innovative technology will increase convenience for customers by providing them with a completely seamless and efficient pickup experience, while simultaneously maximizing productivity for Hannaford stores.
The rising of e-commerce has significantly transformed the food and grocery retail landscape. Online platforms offer a multitude of benefits that have attracted consumers thus driving the market growth. Online platforms make it easy for consumers to compare prices across different retailers, ensuring they get the best deals on their groceries. For instance, on 14 September 2021, Kroger and Instacart collectively launched a virtual convenience store, “Kroger Delivery Now,” offering delivery of fresh food, meal solutions, snacks, and other products in as little as 30 minutes.
Changing lifestyles have significantly impacted the Food And Grocery Retail Market. As people lead busier lives with longer working hours, there is a growing demand for convenient food options that reduce the time and effort required for meal preparation. This has led to a surge in popularity for pre-prepared meals, frozen foods, and convenience stores that offer ready-to-eat or easy-to-cook products. These options provide consumers with a quick and convenient way to satisfy their hunger, especially during busy weekdays or on-the-go.
Increasing operational costs presents a major restraint in the food and grocery retail industry, affecting both profitability and pricing approaches. Rising costs associated with labor, utilities, and overheads can put pressure on retailer margins, especially in an industry with narrow profit margins. In addition, the volatility in the prices of raw materials and energy adds to the financial challenges faced by retailers. They are left with the difficult choice of either absorbing these costs or passing them on to consumers in the form of higher prices, which in turn can impact customer demand.
Supply chain disruptions can also be a major challenge, impacting the availability of products and overall operational efficiency. Problems such as delays in logistics, bottlenecks in transportation, and shortages from suppliers can result in inventory shortages, higher costs, and lower customer satisfaction. These disruptions have a significant impact on both the immediate availability of goods and the complexity of long-term planning and inventory management. Retailers must address these challenges by strengthening their supply chain, adopting advanced technology, and establishing solid backup plans to mitigate disruptions and ensure a consistent supply of products to customers.
In 2023, the food cupboard segment dominated the market with a market share of over 20%. Based on the COVID-19 Consumer Tracker commissioned by the U.K. Food Standards Agency, around 39% of U.K. consumers turned to cooking meals from scratch during the pandemic-induced lockdowns. This was a result of the temporary closure of bars, restaurants, and cafes. There has been a noticeable increase in cooking and baking activities, particularly among Generation Z consumers, which has resulted in a higher demand for the food cupboard segment in recent years. The fine food industry has witnessed a growing emphasis on nutrition and provenance in recent years. However, there is a projected rise in the demand for top-notch, durable food cupboard ingredients in the upcoming years. This can be attributed to the increasing number of customers opting for local shopping and reducing their frequency of visits.
The supermarkets & hypermarkets segment is expected to dominate the market during the forecast period. The significant presence of supermarkets and hypermarkets worldwide contributes to its substantial market share. Supermarkets and hypermarkets provide a one-stop-shop experience, offering a wide range of food and grocery products under one roof. This convenience is particularly appealing to busy consumers who value efficiency. In addition, storeowners are implementing creative marketing and promotional activities to sustain customers’ in-store buying habits.
Many supermarkets and hypermarkets offer additional services, such as in-store pharmacies, banking facilities, and food courts, providing a comprehensive shopping experience. These retailers frequently implement loyalty programs to reward repeat customers and encourage customer loyalty. The growth of supermarkets and hypermarkets has led to increased competition within the food and grocery retail industry. While this competition has benefited consumers by offering lower prices and better selection, it has also put pressure on smaller retailers to adapt and innovate to remain competitive.
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The Asia Pacific region is poised to dominate the Food And Grocery Retail Market during the forecast period. The rapid expansion of supermarkets in developing countries within this region has been a key driver behind its growing dominance. The surge of supermarkets in Asia Pacific can be attributed to various factors. On the demand side, urbanization and increasing disposable incomes have played a significant role. Meanwhile, on the supply side, factors such as Foreign Direct Investment (FDI), format diversification, domestic investments, and the modernization of procurement systems have all contributed to reducing costs. The growth of online food purchases has been supported by the increasing mobile usage and broadband penetration, especially in developing countries.
Asian retailers are at the forefront of food safety thanks to advancements in blockchain technologies. As an example, Walmart China has implemented a state-of-the-art traceability system that utilizes advanced blockchain technology and Artificial Intelligence (AI) to monitor the transportation of a significant portion of their packaged fresh meat, vegetables, and seafood throughout the entire supply chain. Customers are increasingly conscious of the origins of their food, prompting retailers to invest in technologies that prioritize health and safety. This not only boosts customer trust, but also fosters brand loyalty.
The North America region is a rapidly growing segment of the Food And Grocery Retail Market. The market is primarily influenced by the substantial expansion of the food retail industry in the United States and Canada. The Census Bureau reported that food and beverage store sales in 2022 experienced a 7.6% year-over-year increase, totaling $947.57 billion (unadjusted). During this period, grocery stores saw a significant increase of 8.3% in revenue, reaching a total of $848.52 billion over the span of 12 months. The region’s demographics are evolving, with a growing elderly population and a rising number of millennials. These demographic shifts drive demand for different food and grocery products, supporting market growth.
North America is at the forefront of technological advancements in the retail industry. Innovations such as online grocery shopping, mobile payments, and smart fridges are transforming the way consumers shop for food and groceries, are driving the market growth. Consumers in North America are increasingly health-conscious, seeking organic, natural, and healthier food options. This trend supports the growth of specialty grocery stores and health food chains. Government initiatives aimed at promoting healthy eating and food safety can also contribute to the growth of the Food And Grocery Retail Market.
The Food And Grocery Retail Market is a dynamic and competitive landscape, with a mix of established players and emerging challengers vying for market share. These players are actively working to strengthen their presence by implementing strategic plans such as collaborations, mergers, acquisitions, and political support. The organizations are dedicated to continuously improving their product line to meet the needs of a wide range of customers in different regions.
Some of the key players operating in the Food And Grocery Retail Market include:
Walmart, Costco Wholesale Corp., 7-ELEVEN, Inc., Amazon.com Inc, The Kroger Co., Target Brands, Inc., ALDI, AEON Co Ltd, Carrefour CA, Schwarz Gruppe.
| Report Attributes | Details |
|---|---|
| Study Period | 2018-2031 |
| Growth Rate | CAGR of ~4.0% from 2024 to 2031 |
| Base Year for Valuation | 2023 |
| Historical Period | 2018-2022 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players |
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| Customization | Report customization along with purchase available upon request |
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.
1 INTRODUCTION OF GLOBAL FOOD AND GROCERY RETAIL MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL FOOD AND GROCERY RETAIL MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL FOOD AND GROCERY RETAIL MARKET, BY PRODUCT
5.1 Overview
5.2 Food Cupboard
5.3 Fresh Food
5.4 Frozen Food
5.5 Beverages
5.6 Cleaning & Household
5.7 Others
6 GLOBAL FOOD AND GROCERY RETAIL MARKET, BY DISTRIBUTION CHANNEL
6.1 Overview
6.2 Supermarkets & Hypermarkets
6.3 Convenience Stores
6.4 Departmental Stores & Clubs
6.5 Online
7 GLOBAL FOOD AND GROCERY RETAIL MARKET, BY GEOGRAPHY
7.1 Overview
7.2 North America
7.2.1 U.S.
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 U.K.
7.3.3 France
7.3.4 Rest of Europe
7.4 Asia Pacific
7.4.1 China
7.4.2 Japan
7.4.3 India
7.4.4 Rest of Asia Pacific
7.5 Rest of the World
7.5.1 Latin America
7.5.2 Middle East & Africa
8 GLOBAL FOOD AND GROCERY RETAIL MARKET COMPETITIVE LANDSCAPE
8.1 Overview
8.2 Company Market Ranking
8.3 Key Development Strategies
9 COMPANY PROFILES
9.1 Walmart
9.1.1 Overview
9.1.2 Financial Performance
9.1.3 Product Outlook
9.1.4 Key Developments
9.2 Costco Wholesale Corp.
9.2.1 Overview
9.2.2 Financial Performance
9.2.3 Product Outlook
9.2.4 Key Developments
9.3 7-ELEVEN, Inc.
9.3.1 Overview
9.3.2 Financial Performance
9.3.3 Product Outlook
9.3.4 Key Developments
9.4 Amazon.com Inc
9.4.1 Overview
9.4.2 Financial Performance
9.4.3 Product Outlook
9.4.4 Key Developments
9.5 The Kroger Co.
9.5.1 Overview
9.5.2 Financial Performance
9.5.3 Product Outlook
9.5.4 Key Developments
9.6 Target Brands, Inc.
9.6.1 Overview
9.6.2 Financial Performance
9.6.3 Product Outlook
9.6.4 Key Developments
9.7 ALDI
9.7.1 Overview
9.7.2 Financial Performance
9.7.3 Product Outlook
9.7.4 Key Developments
9.8 AEON Co Ltd
9.8.1 Overview
9.8.2 Financial Performance
9.8.3 Product Outlook
9.8.4 Key Developments
9.9 Carrefour CA
9.9.1 Overview
9.9.2 Financial Performance
9.9.3 Product Outlook
9.9.4 Key Developments
9.10 Schwarz Gruppe
9.10.1 Overview
9.10.2 Financial Performance
9.10.3 Product Outlook
9.10.4 Key Developments
10 Appendix
10.1 Related Research
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