Convenience Stores Global Market Report 2024

The convenience stores market size has grown rapidly in recent years. It will grow from $1010.74 billion in 2023 to $1112.69 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The expansion observed during the historic period can be attributed to several factors, including changing consumer lifestyles, urbanization trends, the appeal of diverse product assortments and convenience, extended operating hours, and an increase in the number of single-person households. These elements collectively contributed to the growth and development of convenience stores during that timeframe.

The convenience stores market size is expected to see strong growth in the next few years. It will grow to $1575.45 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The anticipated growth in the forecast period can be attributed to factors such as the increasing prevalence of digital and contactless payments, a heightened focus on health and wellness, the integration of e-commerce and delivery services, sustainability initiatives, and the introduction of diverse and ethnic product offerings. Major trends expected during this period include the adoption of contactless shopping and payment options, the integration of AI and analytics for customer insights, collaborations with food delivery platforms, innovations in store design and layout, and the rise of micro-fulfillment centers. These factors are poised to shape and influence the trajectory of convenience stores in the upcoming forecast period.

The projected increase in consumer disposable income is anticipated to significantly drive the growth of the convenience store market in the near future. Disposable income, which denotes the remaining amount after income tax deductions, is pivotal in influencing consumer spending behaviors. With higher disposable incomes, consumers tend to allocate more funds towards purchasing goods and services, consequently amplifying the demand for convenience stores. For instance, data released in December 2022 by the Ministry of Statistics and Program Implementation in India showcased an upsurge in consumer disposable income, reaching 274.13 million in 2022 from 238.57 million in 2021. A global surge in disposable incomes and family expenditures by 2.6% in 2022 further highlights this trend, indicating a propensity for increased convenience store patronage.

The ongoing trend of urbanization is expected to be a driving force behind the escalating growth of the convenience store market. Urbanization refers to the transformation of rural regions into urban areas due to economic development and industrial growth. Convenience stores play a crucial role in densely populated urban locales by offering swift and accessible solutions for everyday necessities. As per a report from the World Bank Group in April 2023, over half of the world's population currently resides in urban settings. Projections suggest a surge in urban populations to 6 billion by 2045, signifying a 1.5 times increase. This escalating urbanization trend directly contributes to the burgeoning demand for convenience stores due to their suitability and relevance in meeting the needs of urban dwellers.

The integration of technological advancements stands as a pivotal trend propelling growth within the convenience store market. Major companies invested in this market are actively leveraging new technologies to enhance their business operations. For instance, in January 2022, Amazon, a prominent US-based e-commerce company, introduced its groundbreaking 'Just Walk Out' technology in convenience stores. This technology facilitates a rapid, hassle-free shopping experience for customers by eliminating the need for traditional checkouts. Designed to cater to varying industries and store sizes, the technology offers swift transactions, particularly beneficial in high-demand scenarios or for time-pressed customers. Its scalability enables retailers to efficiently manage diverse customer volumes and product assortments within their stores.

Major companies within the convenience stores sector are strategically embracing innovation by introducing novel store formats, including virtual convenience stores, to revolutionize the e-commerce industry. Virtual convenience stores represent online platforms or digital services that provide a wide array of everyday products. For example, in September 2021, The Kroger Co, a prominent US-based grocery retailer, in collaboration with Instacart, an online delivery platform, launched Kroger Delivery Now. This initiative presents a 'virtual convenience store' offering an extensive selection of fresh groceries, meals, snacks, and household essentials sourced from Kroger's expansive store network. With an inventory of 25,000 items, Kroger Delivery Now aims to cater to approximately 50 million households, leveraging the robust reach of Kroger's store infrastructure.

In March 2022, Majors Management, LLC, a US-based property management company, executed a strategic acquisition of sixty-nine convenience store locations from Circle K Stores, Inc., a renowned US-based convenience store company, for an undisclosed sum. This acquisition marks Majors Management's expansion into additional states within the US. The move signifies Majors Management's strategic growth initiative, expanding its operational footprint and market presence within the convenience store industry.

Major companies operating in the convenience stores market report are Casey's General Stores Inc., Alimentation Couche-Tard Inc., Murphy USA Inc., Parkland Corporation, 7-Eleven Inc., FamilyMart Co. Ltd., Alibaba Group, OXXO, Amazon.com Inc., GasBuddy Organization Inc., Best-One, BGF Retail Co. Ltd., Sunoco LP, Bargain Booze Ltd., Speedway LLC, Lawson Inc., Wawa Inc., Cumberland Farms Inc., Al Madina Hypermarket, ConocoPhillips, Love's Travel Stops & Country Stores, Pilot Corporation, QuickChek Corporation, QuickTrip Corporation, RaceTrac Inc., Royal Farms Inc., Rutter's Holdings Inc., Sheetz Inc., Stripes Convenience Stores, SuperAmerica LLC, Thorntons LLC, Tom Thumb Food Stores, Turkey Hill Dairy, United Dairy Farmers Inc., Yesway Holdings Inc.

North America was the largest region in the convenience stores market in 2023. The regions covered in the convenience stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the convenience stores market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of convenience stores include kiosks, mini convenience stores, limited selection convenience stores, traditional convenience stores, expanded convenience stores, and hyper-convenience stores. Cigarettes and tobacco products consist of narrow cylinders containing combustible substances, typically tobacco, rolled into thin paper for smoking. These products are sold by retail chains and independent retailers and encompass various categories such as cigarettes and tobacco, foodservice, packaged beverages, center store items, low-alcoholic beverages, and others.

The convenience stores market research report is one of a series of new reports that provides convenience stores market statistics, including convenience stores industry global market size, regional shares, competitors with a convenience stores market share, detailed convenience stores market segments, market trends, and opportunities, and any further data you may need to thrive in the convenience stores industry. This convenience stores market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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