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 Convenience Stores Market, private-label products have experienced significant growth globally by 2024, particularly in the areas of grocery and apparel. Despite a concentrated retail landscape, leading retailers continue to expand their private-label product offerings. Popular private-label product categories, including 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 premium products at competitive prices, leading to the proliferation of private-label brands in the market. Manufacturers are responding to this trend by launching private-label brands to cater to cost-conscious consumers while maintaining quality standards. 

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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
  • Others
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • Middle East and Africa
  • South America

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 has experienced significant growth due to increased population density in metropolitan regions. Retail investments have surged, leading to the expansion of various convenience store formats such as Mini, Traditional, Expanded, and Hyper Convenience Stores. Franchising concepts have become popular, offering important staple and impulse products, emergency essentials, and home consumables. Retail chains have integrated foodservice segments and home deliveries, making necessities like household groceries, packaged beverages, and kiosks readily available in congested venues.

Market Research Overview

The global convenience stores market is a significant segment of the broader retail industry, with key growth drivers including population density and urbanization in metropolitan areas. Retail investments have surged, leading to an increase in retail chain establishments offering home consumables, packaged beverages, and confectionery items. Franchising concepts have gained traction, enabling expansion and standardization of offerings. Advanced mobile devices and high Internet penetration are essential catalysts, enabling on-demand ordering and contactless payments in congested venues. Technavio's market analysis identifies these factors as key growth drivers for the convenience stores market.. 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
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