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FOOD RETAIL MARKET REPORT OVERVIEW
The Food Retail Market Size was Valued at US$ 674000.07 Million in 2023. The Market is likely to Surpass US$ 1094825 Million by 2032 at a CAGR of 4.97% During the Forecast period [2024-2032].
The global food retail market is growing steadily due to the constant need for food and increasing population. The industry is very competitive, with big companies dominating. It's tough for new players to enter the market. Online food sales are becoming more popular, adding to traditional store sales. The market is divided into different types of products and customer groups, giving a clear picture of how sales are spread out. The report uses simple numbers and explanations to provide a complete understanding of the market, its competition, and future trends across different regions and segments.
COVID-19 Impact: Disruptions in Food Supply Chain and Market Stability
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The COVID-19 pandemic severely disrupted the global food retail market. Travel restrictions impacted worker mobility, shifted consumer demand, and led to the closure of food production facilities. This caused limited food trade and financial strain across the supply chain. Governments need to allow easier movement for workers and products, financially support small farmers, improve safety measures in facilities, and avoid restrictive policies to keep food prices stable.
LATEST TRENDS
"Rising demand for online convenience reshapes global food retail dynamics"
Various studies conducted on the current trends in the Global food retail market imply that the population is buying more groceries online since the grocery shopping is convenient. Though stores are still relevant, online shopping is growing in popularity to because it is convenient and the consumer can choose from a broader selection. Evolving methods of coupling the flow of food products from producers and via the internet for marketing the products to consumers is making shopping easier and exciting for the customers.
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FOOD RETAIL MARKET SEGMENTATION
By Types
- Internet Sales: Refers to the retail of food products through online platforms and e-commerce channels.
- Store Sales: Involves the traditional retail of food products through physical stores and outlets.
By Applications
- To Ending Consumers: Direct sales of food products to individual consumers for personal consumption.
- Ad: Sales for advertising purposes, including promotional campaigns and sponsored products.
- Others: Includes institutional sales to businesses, bulk purchases, and other specialized market segments.
DRIVING FACTORS
"Population growth drives food demand, expanding retail markets globally"
Population growth leads to higher demand for food, which drives in the food retail market growth. As global populations increase, especially in developing countries, there's a greater need for a variety of food choices that are easy to access. This trend not only boosts sales in physical stores but also encourages the growth of online food shopping. Companies respond by offering more products and improving how they deliver them, reaching more customers worldwide.
"Technological innovations drive consumer convenience and operational efficiency in retail"
Technological advances are changing how we buy groceries. Online shopping is easier now, thanks to better websites and apps. Stores are also getting better at managing how products get to us. They're improving how they handle stock and deliveries, making things faster and cheaper. This helps stores meet our demands for quick, reliable service and a smoother shopping experience, which boosts the market.
RESTRAINING FACTOR
"Competition and supply chain challenges stall growth in food retail"
A fierce rivalry between large companies and issues with the food supply chain due to the COVID-19 pandemic, and geopolitical tensions such as the Russia-Ukraine war, restrict the global food retail market. The establishment of new firms is also difficult because the large firms dominate most of the market share. Challenges that are associated with logistics of getting a product to the required destine.
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FOOD RETAIL MARKET REGIONAL INSIGHTS
The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
"North America to Dominate the Market due to Technological Advancements"
North America is set to lead the global food retail market share because people here like buying food online and going to convenient stores. Laws that are stable and a lot of businesses competing also help North America stay strong in the food retail industry. This makes sure the market keeps growing and coming up with new ideas.
KEY INDUSTRY PLAYERS
"Big players like Tesco and Walmart shape global food retail trends"
Key industry players in the global food retail market are companies like Tesco, KFC, and Walmart. They're big players because they sell a lot of food worldwide. These companies use different ways to sell food, like in stores or online. They compete by offering good prices and making sure they can get food to stores fast. Their size and how they sell food affect how the whole market works.
LIST OF MARKET PLAYERS PROFILED
- Walmart (US)
- Kroger (US)
- Tesco (UK)
- Auchan Holding (France)
- Carrefour (France)
- Royal Ahold Delhaize (Netherlands)
INDUSTRIAL DEVELOPMENT
June 2023, The food retail industry has seen big improvements in how they sell online. In stores like Tesco and Walmart made their websites better for shopping groceries. They used new ideas to make sure they can deliver things faster and make customers happier when they shop online. This shows how they're trying to keep up with what customers want and make shopping easier on the internet.
REPORT COVERAGE
The report provides a comprehensive analysis of the global Food Retail market from a 10-year perspective, combining quantitative and qualitative insights. It covers market segmentation by product type, downstream industry, and region, offering data on sales, revenue, and growth rates. The report also includes competitive landscape analysis, industrial developments, and strategic insights for market players.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 674000.07 Million in 2023 |
Market Size Value By |
US$ 1094825 Million by 2032 |
Growth Rate |
CAGR of 4.97% from 2023 to 2032 |
Forecast Period |
2032 |
Base Year |
2023 |
Historical Data Available |
2019-2022 |
Regional Scope |
Global |
Segments Covered |
Type and Application |
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What value is the global Food Retail market expected to reach by 2032?
The global Food Retail market is expected to reach USD 1094825 million by 2032.
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What CAGR is the global Food Retail market expected to exhibit by 2032?
The global Food Retail market is expected to exhibit a CAGR of 4.97% by 2032.
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Which are the driving factors of the global Food Retail market?
Population growth, technological advancements facilitating online sales, and consumer preference for convenience and variety are some of the driving factors of the market.
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What are the key segments of the global Food Retail market?
The key segments of the global Food Retail market include internet sales and store sales as primary modes of retailing. Additionally, sales to ending consumers, advertisements, and other downstream industries form crucial components of market segmentation. These segments provide insights into how food products are distributed and consumed across different channels and customer bases worldwide.
