USD 2.24 trillion
Convenience Stores Market Size, Share, Growth Analysis, By Type(Cigarettes & Tobacco, Foodservice, Packaged Beverages, Center Store), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30I2308 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|Tables:
39
|Figures:
74
Convenience Stores Market Insights
Global Convenience Stores Market size was valued at USD 2.24 trillion in 2022 and is poised to grow from USD 2.37 trillion in 2023 to USD 3.66 trillion by 2031, growing at a CAGR of 5.60% during the forecast period (2024-2031).
Strong economic growth in emerging economies, increased population density in metropolitan areas, increased retail investments in developing countries, and rising popularity of the franchising concept all contributed to growth of the global convenience stores market. Convenience stores are growing in popularity because they contain every important item, allowing customers to grab the products they need in an emergency. Furthermore, the market is booming as a result of extensive operating hours, which give customers with a speedy purchase choice of vital products when compared to other retail establishments. The COVID-19 epidemic had a beneficial effect on the market. Convenience stores around the world have held up well in the face of the pandemic, as customers avoided congested venues like major stores or supermarkets.
A convenience shop is a retail chain that sells a limited selection of ready-to-eat foods, home consumables, packaged beverages, confectionery items, tobacco products and periodicals. Convenience stores are typically compact in size and open for extended hours, with some locations operating 24 hours a day, seven days a week. These stores are frequently open until late at night, early in the morning, and on holidays. When traditional stores are closed, many customers rely on convenience stores for emergency purchases of commodities such as over-the-counter drugs, ice, milk, and eggs.
The convenience store offers various advantages because they are generally placed in congested areas such as near railway stations or fuel stations, allowing customers to rapidly grab their essential things in a hurry, which is one of the primary drivers driving market growth. Furthermore, local corner stores are giving home delivery by working with companies like Uber Eats, which is luring consumers to demand their essential things and contributing to the market's growth.
Furthermore, the availability of ready-to-eat foods or prepared foods given by convenience stores is drawing new clients. Convenience stores may save consumers a lot of time by stocking a wide range of things during emergencies or when they are in a hurry. During the projection period, the expanding number of supermarkets that offer goods online is likely to stymie industry growth.
US Convenience Stores Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Cigarettes & Tobacco
Fastest Growth
Cigarettes & Tobacco
Growth Rate
5.60% CAGR
Global Convenience Stores Market 2021-2030 ($ Bn)
Country Share for North America Region- 2021 (%)
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Convenience Stores Market Segmental Analysis
Global Convenience Stores Market is segmented based on type, and region. Based on Type, the market is segmented into Cigarettes & Tobacco, Foodservice, Packaged Beverages, Center Store, Low Alcoholic Beverages, Others. Based on region the global Convenience Stores Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Global Convenience Stores Market By Type 2021 (%)
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Convenience Stores Market Regional Insights
In 2021, North America held the greatest market revenue share of more than 47%. Convenience stores exceed other channels of commerce in the United States, accounting for over 35% of brick-and-mortar retail operations. Furthermore, changing purchasing habits and the pandemic have altered the retail sector in the United States, and the operation of convenience stores has expanded beyond expectations. Customers were more willing to frequent convenience stores as the sickness progressed because they were less crowded than supermarkets. As a result, the overall sales of convenience stores in this region have increased. As a result, the region is predicted to grow at a rapid pace during the projection period.
Asia Pacific is expected to register the fastest CAGR of 6.4% from 2022 to 2028. The growth in demand for convenience stores is due to the increase in purchasing power of China's and Vietnam's middle-class population. Furthermore, due to lifestyle changes and consumers living a fast-paced life, Vietnam has seen the largest increase in convenience stores, particularly in urban regions. Furthermore, as infrastructure develops, the number of outlets grows in popularity, and collaboration agreements among local enterprises boost the entire market. As a result, the region is predicted to develop at the fastest CAGR over the projection period.
Global Convenience Stores Market By Geography, 2021-2030
- Largest
- Fastest
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Convenience Stores Market Dynamics
Convenience Stores Market Drivers
Increasing Demand for Convenient Shopping
- Convenience stores offer customers the convenience of shopping for their everyday needs quickly and easily. With busy lifestyles, consumers are increasingly opting for convenient shopping options, driving the growth of the convenience store market.
Convenience Stores Market Restraints
Rising Real Estate Costs
- Real estate costs in urban areas, where most convenience stores are located, are rising, making it challenging for convenience stores to secure profitable locations. This is impacting the profitability of convenience stores.
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Convenience Stores Market Competitive Landscape
The market is characterized by the presence of both established and new firms. Major competitors in the convenience stores industry are offering numerous benefits such as merger and acquisition, and joint ventures. For instance, Reliance Retail announced a deal with 7-Eleven, a massive convenience store, in October 2021 to launch its stores across India. The acquisition is made to strengthen its position in the supermarket market.
Convenience Stores Market Top Player’s Company Profiles
- FamilyMart
- Mini Stop
- Spar
- Tesco Express
- Co-op Food
- Shell Select
- BP Connect
- Caltex Star Mart
- Speedway
- Sheetz
- Wawa
- Casey's General Stores
- QuikTrip
- Kwik Trip
- Holiday Stationstores
- Cumberland Farms
- Maverik
Convenience Stores Market Recent Developments
- In May 2021, JD.com, a Chinese e-commerce giant, opened its first offline convenience store in Beijing. The store features smart shelves, facial recognition technology, and a variety of fresh food options.
- In March 2021, UK-based convenience store chain Co-op announced that it would begin offering same-day delivery to customers through its online shopping platform. The move is part of the company's efforts to compete with online retailers like Amazon and Tesco.
Convenience Stores Key Market Trends
- Focus on Health and Wellness: Consumers are increasingly looking for healthier food and beverage options, and convenience stores are responding by offering more fresh, organic, and low-sugar options. This trend is expected to continue as consumers become more health-conscious.
- Emphasis on Digital Transformation: Convenience stores are adopting new technologies to improve the customer experience and streamline operations. This includes mobile payment options, self-checkout, and inventory management systems.
- Expansion in Emerging Markets: Many convenience store chains are expanding their operations in emerging markets, such as Southeast Asia and Africa, where there is a growing demand for convenience store products.
- Growing Importance of Private Label Brands: Private label brands are becoming increasingly popular in the convenience stores market, as they offer a cost-effective alternative to national brands and provide a unique product offering to consumers.
- Focus on Sustainability: Convenience stores are making efforts to reduce their environmental footprint by adopting more sustainable practices, such as reducing plastic waste and offering eco-friendly packaging options.
Convenience Stores Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the Convenience Stores market is Strong economic growth in emerging economies, increased population density in metropolitan areas, increased retail investments in developing countries, and rising popularity of the franchising concept all contributed to market expansion. Convenience stores are growing in popularity because they contain every important item, allowing customers to grab the products they need in an emergency. Furthermore, the market is booming as a result of extensive operating hours, which give customers with a speedy purchase choice of vital products when compared to other retail establishments. Real estate costs in urban areas, where most convenience stores are located, are rising, making it challenging for convenience stores to secure profitable locations. This is impacting the profitability of convenience stores. Consumers are increasingly looking for healthier food and beverage options, and convenience stores are responding by offering more fresh, organic, and low-sugar options. This trend is expected to continue as consumers become more health-conscious.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.24 trillion |
| Market size value in 2031 | USD 3.66 trillion |
| Growth Rate | 5.60% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Trillion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Convenience Stores Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Convenience Stores Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Convenience Stores Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Convenience Stores Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Convenience Stores Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Convenience Stores Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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