Food and Grocery Retail Global Market Report 2024

The food and grocery retail market size has grown steadily in recent years. It will grow from $11.72 trillion in 2023 to $12.29 trillion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth observed in the historic period can be ascribed to factors such as the expansion of global trade, adherence to regulatory compliance, advancements in risk management practices, fluctuations in cargo volume, and the emergence of specialized cargo handling.

The food and grocery retail market size is expected to see steady growth in the next few years. It will grow to $14.13 trillion in 2028 at a compound annual growth rate (CAGR) of 3.5%. The anticipated growth in the forecast period can be linked to various factors, including natural disasters and incidents at sea, shifts in global economic trends, the impact of climate change and environmental risks, rigorous regulatory changes, and evolving dynamics within the supply chain. Noteworthy trends expected in the forecast period encompass the increasing prevalence of digitalization and data analytics, a rise in collaboration and partnerships, growing concerns related to security and cyber risks, and technological advancements in the shipping industry.

The growth of the food and grocery retail market is anticipated to be propelled by the expanding e-commerce sector. E-commerce in this context refers to the online buying and selling of food and grocery products, facilitating transactions between businesses and consumers. This digital approach enhances market reach, broadens customer bases, and fosters revenue growth for businesses involved in food and grocery retail. Notably, according to Census.gov, in November 2023, US-based e-commerce sales for Q3 2023 reached $271.7 billion, marking a 0.9 percent (±0.4%) increase from the preceding quarter. This surge in e-commerce is a significant factor driving the overall growth of the food and grocery retail market.

Companies within the food and grocery retail market are actively incorporating innovative technologies to cater to the evolving demands of consumers. A notable trend is the development of 30-minute delivery services, offering ultra-fast and on-demand delivery options. Instacart, a US-based retail company, introduced 'Fairway Now,' a 30-minute delivery service, in December 2023. This technology-driven service provides customers with the convenience of receiving grocery and convenience items within a 30-minute timeframe, aligning with the increasing preference for quick and efficient shopping experiences. Such advancements contribute to the overall dynamism and competitiveness of the food and grocery retail industry.

In August 2023, Aldi Einkauf GmbH & Co. oHG, a German supermarket company, successfully acquired Winn-Dixie Stores Inc. and Harveys Supermarket, both prominent entities in the US grocery retail sector. The strategic acquisition, carried out for an undisclosed amount, signifies Aldi's commitment to expanding its market presence in the southeastern region of the United States. This move equips Aldi with speed-to-market advantages, quality retail locations, and a robust core business. The acquisition of Winn-Dixie, a US-based supermarket chain, and Harveys Supermarket, a US-based grocery chain, enhances Aldi's capacity to better serve the Southeastern region, reinforcing its position in the competitive landscape and offering potential savings for consumers in the grocery retail market.

Major companies operating in the food and grocery retail market report are Wal-Mart Stores Inc., Costco Wholesale Corporation, The Kroger Co., Target Brands Inc., 7-ELEVEN Inc., Carrefour S.A., REWE Group, Lidl Stiftung & Co. KG, Tesco PLC, Edeka Zentrale AG & Co. KG, Aeon Co. Ltd., Publix Super Markets Inc., Woolworths Group, J Sainsbury plc, Les Mousquetaires, Auchan Retail, Aldi Einkauf GmbH & Co. oHG, Mercadona S.A., ASDA Stores Limited, Coles Group Limited, Système U, Wm Morrison Supermarkets Limited, HEB Grocery Company LP, Meijer Inc., Wakefern Food Corporation, Kaufland Stiftung & Co. KG, Fred Meyer Stores Inc., Spar International, Safeway Inc., Leclerc SA.

North America was the largest region in the food and grocery retail market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the food and grocery retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the food and grocery retail market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The food and grocery retail market includes revenues earned by entities by subscription services, online shopping and delivery, in-store services, specialty services, digital coupons and discounts, health and wellness programs, sustainability initiatives. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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).

Food and grocery retail encompasses the retail sector's segment dedicated to the direct sale of food items and essential household products to consumers. Within this industry, the primary objective is to offer consumers convenient access to a wide range of products while ensuring the consistent availability of everyday essentials.

The key product categories in food and grocery retail comprise fresh food, frozen food, food cupboard, beverages, and cleaning and household items. Fresh food pertains to unprocessed and unaltered food items, encompassing both packed and unpacked varieties. Distribution channels for fresh food include supermarkets, hypermarkets, convenience stores, departmental stores, and clubs.

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

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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