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

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.