Food and Grocery Retail Market Size 2024 Global Industry Share, Top Players, Opportunities And Forecast To 2034
The current valuation of the food and grocery retail market is US$ 12.4 trillion by 2024. The market valuation is estimated to be US$ 17.1 trillion by 2034, projected at a CAGR of 3.3%.
Growing awareness
about health and wellness has spurred demand for organic, natural, and
health-conscious food products. Retailers catering to these preferences are
experiencing accelerated growth as they offer diverse nutritious options
aligning with evolving dietary trends.
Innovation in
technology, such as artificial intelligence (AI), data analytics, and the Internet
of Things (IoT), propels efficiency and innovation across the food and grocery
retail supply chain.
Despite
technological advancements, the food and grocery retail market remains
susceptible to supply chain disruptions caused by natural disasters,
geopolitical tensions, and global health crises.
Intense competition,
price wars, and aggressive marketing strategies can exert downward pressure on
profit margins and limit growth opportunities for retailers.
Information Source: https://www.futuremarketinsights.com/reports/food-and-grocery-retail-market
Key
Takeaways from the Market Study
- Based on product
type, the fresh food is registered at a CAGR of 3.1% by 2034.
- The United States
is expected to register at a CAGR of 1.4% by 2034.
- The United Kingdom
registers significant growth, projected at a CAGR of 1.3% by 2034.
- Based on distribution
channel, the supermarkets and hypermarkets segment is registered at a CAGR
of 2.9% by 2034.
“The modern consumers, especially those with busy
lifestyles, prioritize convenience in their shopping experience where the
demand has led to the rise of various convenience-oriented solutions such as
online grocery shopping, meal kits, and ready-to-eat options in-store, thus
pushing the food and grocery retail market to grow,” comments a Future Market
Insights analyst.
Competitive Landscape
Intense competition drives innovation, price
competitiveness, and strategic acquisitions. Players leverage technology and
customer-centric strategies to enhance offerings and capture consumers'
evolving preferences. Some of the key developments are:
- In January 2020, Walmart
introduced Alphabot, a cutting-edge technology to enhance its grocery
business. Alphabot streamlined picking, packing, and delivering online
grocery orders, enabling Walmart to reinforce its position as America’s
leading grocer and provided faster and more efficient service to shoppers.
- In September 2023, C&S
Wholesale Grocers, LLC (C&S) acquired 413 stores, eight distribution
centers, and two offices. These assets became available following the
planned merger between Kroger Co. and Albertsons Companies Inc.
More Valuable Insights Available
Future Market Insights offers an unbiased global food and
grocery retail market analysis, providing historical data from 2019 to 2023 and
forecast statistics from 2024 to 2034
To understand market opportunities, the food and grocery
retail market is segmented based on Product (Fresh Food, Frozen Food, Food
Cupboard, Beverages, Cleaning & Household, Others), Distribution Channel (Supermarkets
& Hypermarkets, Convenience Stores, Departmental Stores, Online) and Region
(North America, Latin America, Western Europe, Eastern Europe, South Asia and
Pacific, East Asia, and the Middle East and Africa).
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