Global Convenience Store Market Set to Reach USD 2,321.9 Billion by 2031, With a Sustainable CAGR Of 6.12% | Growth Market Reports

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Jan 10, 2023, 08:00 ET

PUNE, India, Jan. 10, 2023 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Convenience Store Market by Product Type (Tobacco products, Food service, Packaged Beverages, Candy and snacks, Beer, and Others), Age Group (Consumers [Below 25], [25 to 44], [45 to 64], and [65 and Above]), Convenience Store Type (Forecourt Convenience Stores, Mini Convenience Store, Limited Selection Convenience Store, Traditional Convenience Store, Expanded Convenience Store, Hyper Convenience Store, and Others), and Region: Size, Share, Trends, and Opportunity Analysis, 2023-2031", the market size was USD 1,360.4 bn in 2022 and is expected to reach USD 2,321.9 bn expanding at a CAGR of 6.12% by the end of 2031. The market growth is attributed to the increasing demand for convenience stores in emerging economies due to the rising population and increasing consumer disposable income.

Key Market Players Profiled in the Report

7-Eleven Inc.
Wawa, Inc
EG Group
Casey's Retail Company
Cumberland Farms
Al Madina Hypermarket
FamilyMart Co., Ltd
Alimentation
Couche-Tard
Parkland Corporation
GPM Investments, LLC.

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include product type, convenience store type, and competitor analysis.

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This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.

Highlights on the Segments of the Convenience Store Market

Based on product type, the convenience store market is segmented into tobacco products, food service, packaged beverages, candy and snacks, beer, and others. The tobacco products segment is projected to expand at a significant CAGR during the forecast period, due to the growing demand for tobacco products and cigarettes among young consumers.

In terms of age group, the market is segregated into consumers (below 25), (25 to 44), (45 to 64), and (65 and above). The consumers (25 to 44) segment is expected to hold a major share of the market in the coming years due to the rising demand for frozen and ready-to-eat food from the working-class population with a hectic life schedule.

On the basis of convenience store type, the global market is fragmented into the forecourt convenience store, mini convenience store, limited selection convenience store, traditional convenience store, expanded convenience store, and hyper convenience store. The expanded convenience store segment is anticipated to grow at a significant pace of CAGR during the forecast period due to the availability of a large number of grocery products, and sufficient parking space that can attract consumers.

Based on region, the convenience store market is divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. The market in North America is projected to expand at a significant CAGR during the forecast period as the number of convenience store chains in the US has been growing at a rapid pace as it is like to grow further in the coming years.

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Key Takeaways from the Study:

Convenience stores are ideal for working-class consumers due to the availability of various frozen and ready-to-eat food and the rising population of working-class people across the globe can drive the global market.
Rising disposable income of consumers and increasing urbanization can boost market growth in the coming years.
Availability of standardized brands and products in convenience stores is attracting a large number of consumers. Moreover, increasing consumer preference for stores with advanced technology and good service.
Increasing the adoption of automated AI solutions by store owners for a better consumer experience can produce new opportunities for the global market in the coming years.
The population density in urban areas and the rising investments in retail business in various developed and developing nations are creating opportunities for market players.
Rising population in emerging economies such as China and India has increased demand for various products such as cosmetics products, medicines, and other essential products leading to the high demand for various products at convenience stores.

Read 200 Pages Research Report with Detailed ToC on "Convenience Store Market by Product Type (Tobacco products, Food service, Packaged Beverages, Candy and snacks, Beer, and Others), Age Group (Consumers [Below 25], Consumers [25 to 44], Consumers [45 to 64], Consumers [65 and Above], Convenience Store Type (Forecourt Convenience Stores, Mini Convenience Store, Limited Selection Convenience Store, Traditional Convenience Store, Expanded Convenience Store, Hyper Convenience Store, and Others), and Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast, 2023 – 2031"

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Key Segments Covered

Product Type

Tobacco products
Food service
Packaged Beverages
Candy and Snacks
Beer
Others

Age Group

Consumers [Below 25]
[25 to 44]
[45 to 64]
[65 and above]

Convenience Store Type

Forecourt Convenience Stores
Mini Convenience Store
Limited Selection Convenience Store
Traditional Convenience Store
Expanded Convenience Store
Hyper Convenience Store
Others

Region

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Other Related Reports:

Global Consumer Packaged Goods Market by Distribution Channels (Online and Offline), Types (Household Supplies, Food & Beverage, and Personal Care and Cosmetics), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028
Ready To Drink Tea and Coffee Market by Product Types (Ready to Drink Tea and Ready to Drink Coffee), Packaging Types (Canned, Glass Bottle, PET Bottle, and Others), Distribution Channels (Supermarket/Hypermarket, Convenience Stores, Food Service, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) – Global Industry Analysis, Growth, Share, Size, Trends, And Forecast From 2022 To 2030
Global Functional Beverages Market by Type (Probiotic Drinks, Energy Drinks, Fruit & Vegetable Juices, and Herbal & Fruit Tea), Application (Super/ Hyper Stores, Department Stores, Grocery, and Online Retailers), and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028
Global Functional Food and Beverage Market by Type (Dairy Products, Bread, Grain, Sports Drinks, and Energy Drinks), Application (Adult, Children, and Old Men), and Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa), Forecast From 2022 To 2030

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