Convenience Stores Market Size, Share, Growth Analysis, By Type(Cigarettes & Tobacco, Foodservice, Packaged Beverages, Center Store), By Region - Industry Forecast 2024-2031

Q: What is the market size of Convenience Stores Market?

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).

Report ID: SQMIG30I2308 | Region: Global | Published Date: April, 2024
Pages: 198 | Tables: 39 | Figures: 74

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.

Convenience Stores Market Report Snapshots

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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).

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. '7-Eleven', 'Circle K', 'FamilyMart', 'Lawson', '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 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.

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.

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.

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Convenience Stores Market Size, Share, Growth Analysis, By Type(Cigarettes & Tobacco, Foodservice, Packaged Beverages, Center Store), By Region - Industry Forecast 2024-2031

Convenience Stores Market Dynamics

Convenience Stores Market Report Snapshots

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