NEWARK, Del, April 25, 2024 (GLOBE NEWSWIRE) -- The current valuation of the food and grocery retail market is US$ 12.4 trillion by 2024. The market valuation is estimated to be US$ 17.1 trillion by 2034, projected at a CAGR of 3.3%.
Growing awareness about health and wellness has spurred demand for organic, natural, and health-conscious food products. Retailers catering to these preferences are experiencing accelerated growth as they offer diverse nutritious options aligning with evolving dietary trends.
Innovation in technology, such as artificial intelligence (AI), data analytics, and the Internet of Things (IoT), propels efficiency and innovation across the food and grocery retail supply chain.
Despite technological advancements, the food and grocery retail market remains susceptible to supply chain disruptions caused by natural disasters, geopolitical tensions, and global health crises.
Intense competition, price wars, and aggressive marketing strategies can exert downward pressure on profit margins and limit growth opportunities for retailers.
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Key Takeaways from the Market Study
- Based on product type, the fresh food is registered at a CAGR of 3.1% by 2034.
- The United States is expected to register at a CAGR of 1.4% by 2034.
- The United Kingdom registers significant growth, projected at a CAGR of 1.3% by 2034.
- Based on distribution channel, the supermarkets and hypermarkets segment is registered at a CAGR of 2.9% by 2034.
“The modern consumers, especially those with busy lifestyles, prioritize convenience in their shopping experience where the demand has led to the rise of various convenience-oriented solutions such as online grocery shopping, meal kits, and ready-to-eat options in-store, thus pushing the food and grocery retail market to grow,” says Nandini Roy Choudhury, Client Partner at Future Market Insights.
Competitive Landscape
Intense competition drives innovation, price competitiveness, and strategic acquisitions. Players leverage technology and customer-centric strategies to enhance offerings and capture consumers' evolving preferences. Some of the key developments are:
- In January 2020, Walmart introduced Alphabot, a cutting-edge technology to enhance its grocery business. Alphabot streamlined picking, packing, and delivering online grocery orders, enabling Walmart to reinforce its position as America’s leading grocer and provided faster and more efficient service to shoppers.
- In September 2023, C&S Wholesale Grocers, LLC (C&S) acquired 413 stores, eight distribution centers, and two offices. These assets became available following the planned merger between Kroger Co. and Albertsons Companies Inc.
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Key Companies Profiled
- Walmart
- Costco Wholesale Corp.
- 7-ELEVEN, Inc.
- Amazon.com Inc.
- The Kroger Co.
- Target Brands, Inc.
- ALDI
- AEON Co Ltd
- Carrefour CA
- Schwarz Gruppe
More Valuable Insights Available
Future Market Insights offers an unbiased global food and grocery retail market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034
To understand market opportunities, the food and grocery retail market is segmented based on Product (Fresh Food, Frozen Food, Food Cupboard, Beverages, Cleaning & Household, Others), Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Departmental Stores, Online) and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East and Africa).
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Key Segments
By Product:
- Fresh Food
- Frozen Food
- Food Cupboard
- Beverages
- Cleaning & Household
- Others
By Distribution Channel:
- Supermarkets & Hypermarkets
- Convenience Stores
- Departmental Stores
- Online
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
About the Food and Beverage Team at Future Market Insights
The food and beverage team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one trillion+ data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Explore FMI’s related ongoing Coverage in the Food and Beverage Domain:
The India online grocery market size is predicted to reach a valuation of US$ 6.8 billion by 2033. Our food and beverage industry analysts opine that India online grocery providers can expect a CAGR of 7.8% through 2033
The hyperlocal grocery delivery market is likely to grow in the global market space at a promising CAGR of 7.8% between 2022 and 2032. The market is valued at US$ 38.5 Bn in 2022 and is expected to reach US$ 81.5 Bn by 2032.
The online food delivery and takeaway market is expected to reach a valuation of US$ 28,295.9 million in 2024.
The online food delivery services market size is likely to expand at a valuation of US$ 41.94 billion in 2023. Based on the online on-demand food delivery services market report, the adoption traces a CAGR of 10% through 2033.
GCC Functional Food Market: The revenue generated from the sales of functional foods in GCC countries is estimated to be around US$ 30.9 Bn by 2032, and is projected to expand at a CAGR of 11% during the forecast period 2022-2032.
The global natural food colors market is expected to reach a valuation of US$ 1.7 billion in 2023. From 2023 to 2033, it is projected to accelerate at a positive CAGR of 7.2%. In 2033, the market’s value is likely to surpass US$ 3.3 billion.
The global demand for convenience food is anticipated to rise at a CAGR of 7.2%. The market revenue is likely to be valued at US$ 591.5 million in 2022 and exhibit a revenue growth of US$ 1,138.8 million by 2033.
The online grocery market is projected to be worth US$ 377.4 billion in 2023. The market is likely to reach US$ 3396.9 billion by 2033.
The global ready-to-eat food market is expected to reach US$ 195.9 billion in 2024 and US$ 391.1 billion by 2034. By 2034, the market is projected to rise at a 9.2% CAGR.
The market for ready to use supplementary food products is projected to grow at a robust CAGR of 9.9% between 2022 and 2032, totaling around US$ 1,646.1 Million by the end of 2032.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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