DUBLIN–(BUSINESS WIRE)–The “Convenience Store Market Size, Share and Trends Analysis Report by Type (Cigarettes & Tobacco, Foodservice, Packaged Beverages, Central Store, Low-Alcohol Beverages), By Region and Segment Forecast, 2022 -2028″ report has been added to from ResearchAndMarkets.com offer.
The global convenience store market size is expected to reach USD 3.12 trillion by 2028 and is expected to grow at a CAGR of 5.6% from 2022 to 2028. The market is booming owing to the long opening hours that offer easy access to customers to quickly purchase their needed products compared to other retail channels.
Additionally, many stores remain open 24/7 near high-traffic locations, such as gas stations or near a community, so customers can pick up items they need. need when traveling. This again influences the growth of the market.
In addition, convenience stores face significant challenges from the development of various retail sectors such as vending machines, e-commerce and quick service restaurants. Hence, these factors are restraining the growth of the market. Most of the key players operating in the market are adopting the partnership and acquisition strategy to meet the growing needs and capture maximum market share globally.
The COVID-19 pandemic has had a positive impact on the market. Due to the global lockdown and the spread of deadly diseases, customers were more likely to visit small stores such as convenience stores where the crowds are comparatively smaller than supermarkets. Additionally, a National Association of Convenience Stores (NACS) survey reported that in-store sales saw a 1.5% increase during the pandemic. As most physical retail stores have been closed due to limiting the spread of the virus. Additionally, basket size at convenience stores jumped 18.5%, reflecting the positive side of the market.
The cigarettes and tobacco segment contributed the global market revenue share of around 38% in 2021. The availability of tobacco products in all convenience stores is easily accessible, which again accelerates the growth of the segment. Among all the items offered by convenience stores, the demand for cigarettes and tobacco is comparatively higher. Thus, the demand for cigarettes and tobacco is increasing at high speed and contributing more to market revenue.
North America accounted for the largest market share of over 47% in 2021. Convenience stores in this region are growing their business by increasing stores and quickly offering emergency products such as over-the-counter medications , milk, ice and others, thereby generating more revenue for the North America market.
Convenience stores in the United States have captured the largest share of the brick-and-mortar retail sector, increasing revenue generation in this region. Additionally, the pandemic and changing customer shopping habits have expanded its growth beyond expectations. Thus, it helps to generate more revenue in North America.
Convenience Store Market Report Highlights
Asia-Pacific is expected to grow at the highest CAGR of 6.4% from 2022 to 2028. Rising spending power of the middle-class population and store development in this region have attributed to store growth Proximity
Additionally, local grocery stores are partnering with convenience stores to increase their presence in this market, again due to growth in this region. Thus, is expected to drive the market during the forecast period
The catering segment is expected to register the highest CAGR of 6.4% from 2022 to 2028. Rising spending on ready-to-eat food products or prepared meals by regular customers is driving the revenue. segment’s overall business.
In addition, the home delivery service by local convenience stores is again attracting more customers to buy groceries from the stores. Thus, the catering segment is expected to grow at the highest CAGR during the forecast period
Main topics covered:
Chapter 1. Methodology and scope
Chapter 2. Executive Summary
Chapter 3. Convenience Store Market Variables, Trends and Scope
Chapter 4. Consumer Behavior Analysis
Chapter 5. Convenience Store Market: Type Estimates and Trend Analysis
Chapter 6. Convenience Store Market: Regional Estimates and Trend Analysis
Chapter 7. Competitive Analysis
Chapter 8. Business Profiles
Casey General Stores, Inc
Food Couche-Tard Inc.
Murphy USA Inc.
Alibaba Group Holding Limited
For more information on this report, visit https://www.researchandmarkets.com/r/x8d74k