Food & Grocery Retail Market, By Product (Food Cupboard, Beverages), By Distribution Channel (Supermarkets & Hypermarkets, Online) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Food & Grocery Retail Market size is projected to reach a CAGR of 5.2% from 2023-2030.
A Food and Grocery Retail Market is a store that sells food and other small household items including meat, fresh dairy products, fresh dairy produce, bakery items, baby foods, cleaning products, beverages, vegetables, and fruits, cooking oil, frozen foods, and more. Food and groceries are necessities, and Food and Grocery Retailers facilitate all of these necessities in a single place with suitable price discounts and numerous other offers.
The demand for groceries is rising rapidly in response to the increasing demand for daily needs. This is one of the main factors driving the Food and Grocery Retail industry. Moreover, with the world’s population increasing, most people require regular groceries for basic survival. The global Food And Grocery Retail industry is expanding rapidly grow as a result of factors including rapid urbanization and industrialization. As people’s standard of living enhances, they demand higher-quality food. Moreover, because groceries are vital foods for the general public, the Food and Grocery Retail industry is growing. Price and convenience have a substantial impact on a consumer’s decision because these are the 2 primary concerns of customers when buying grocery products. As an outcome, price parity in-store or online has a beneficial impact on customer development.
Even though it has many drivers, a few restraints can affect the growth of this market. The industry can face challenges in the form of an ineffective supply chain and challenges from unrecognized players in the market.
The growth can be primarily attributed to COVID-19 lockdown-induced higher spending on groceries, increased online-grocery sales volume, and consumer polarization. The pandemic resulted in the emergence of consumer polarization where some consumers scaled up to purchase expensive products. Furthermore, the pandemic-induced increased cooking at home has been a major growth driver for the market growth. The COVID-19 pandemic has altered the food and grocery retail industry.
The growth of the grocery market is a direct result of the increasing demand for daily necessities. The population factor is a significant contributing factor, as people have raised their standard of living, leading to an increased demand for high-quality food and grocery items. Food and groceries are essential goods, and food and grocery retailers provide all these necessary items in one convenient location, offering suitable price discounts and a multitude of other offers to further entice customers. As a result, the grocery market has seen significant expansion, and the competition among retailers has intensified, benefiting consumers with better deals and more options.
North America to Dominate the Market