Latest News- Convenience Stores Market: Independent retailer is expected to lead the Ownership segment during 2025-2029

The Convenience Stores Market is being driven by Growing demand for convenient food products

The Convenience Stores Market is expected to grow at a CAGR of 7.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 1036.9 billion. In the dynamic retail landscape of 2024, private-label products, including grocery and apparel, have experienced significant growth worldwide. Despite the concentration of retail market share among a select few players, these dominant retailers continue to expand their private-label product offerings. Popular private-label categories, such as soft drinks, frozen and refrigerated foods, alcohol, snacks, confectionery items, meat, dairy, and sausages, have seen increased demand due to their affordability. Changing consumer preferences call for high-quality, premium products at competitive prices, thereby driving the proliferation of private-label brands. Manufacturers are responding to this trend by launching private-label brands to cater to these evolving consumer expectations. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Ownership
  • Independent retailer
  • Retail chain
• Type
  • Traditional convenience store
  • Mini convenience store
  • Hyper convenience store
  • Expanded convenience store
  • Kiosks
• Product Offering
  • Food and Beverages
  • Tobacco Products
  • Everyday Convenience Items
  • Over-the-Counter Drugs
  • Others
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • Middle East and Africa
  • South America
    • Brazil

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing demand for convenient food products
• Rapid urbanization and rising consumer spending
• Rising promotions including bundled prices volume discounts and seasonal sales

However, the market also witnesses some limitations, which are as follows:

• Changing buying behavior due to increasing online retailing and e-commerce
• Underdeveloped infrastructure
• Increasing number of counterfeit products

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Market Scope in Convenience Stores Market Research Report

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Research Analysis Overview

The Convenience Stores market in urban areas, particularly metropolitan regions, experiences growth due to increased population density. Retail investments surge in response, leading to the proliferation of various convenience store formats: Mini, Traditional, Expanded, and Hyper. Franchising concepts gain popularity, offering important staple and impulse products, as well as emergency essentials. Retail chains dominate, providing household groceries, home consumables, and packaged beverages. Foodservice segments and home deliveries further expand the convenience offerings in congested venues.

Market Research Overview

The global broadline retail market encompasses the earnings generated by entities offering general retail services, discount merchandise sellers, department stores, and online retailers and marketplaces dealing in consumer discretionary merchandise. According to Technavio's market research, key growth drivers for this sector include the increasing preference for convenience and the proliferation of advanced mobile devices and high Internet penetration. This trend is particularly prominent in metropolitan areas with increased population density, where retail investments in franchising concepts for important home consumables have surged. Retail chains have capitalized on this trend, expanding their footprint in congested venues to cater to the rising demand for on-the-go shopping experiences.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/