Step into the progressive aisles of the food and grocery retail market, where every product tells a story of sustenance and satisfaction. Fresh off the press in FMI's new report, a culinary chronicle advancing the current valuation of US$ 12.4 trillion in 2024. By 2034, the market could reach a valuation of US$ 17.1 trillion, representing a sluggish CAGR of 3.3%.
| Attributes | Details |
|---|---|
| Food and Grocery Retail Market Value for 2024 | US$ 12.4 trillion |
| Food and Grocery Retail Market Value for 2034 | US$ 17.1 trillion |
| Food and Grocery Retail Market Forecast CAGR for 2024 to 2034 | 3.3% |
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| Historical CAGR (2019 to 2023) | 5.3% |
|---|---|
| Forecast CAGR (2024 to 2034) | 3.3% |
Over the past five years, the food and grocery retail market has been a beacon of moderate growth, with a historical CAGR of 5.3% from 2019 to 2023. The period witnessed an era of flourishing consumer demand, led by evolving tastes, expanding populations, and the emergence of new shopping habits.
A slightly tempered yet sluggish trajectory emerges as we peer into the crystal ball of forecasts. From 2024 to 2034, the anticipated CAGR of 3.3% suggests a market in transition, where factors like economic fluctuations, technological innovations, and changing consumer behaviors play important roles.
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This section compares the food and grocery retail industry, the fresh food packaging market, and the food preservatives market. Consumers are broadly concerned about the safety and freshness of the food they purchase, augmenting demand for packaging solutions that preserve the integrity of fresh produce and perishable goods.
With consumers leading highly busy lifestyles and seeking convenience, there is a heightened demand for packaged foods that offer longer shelf life and greater durability.
Food and Grocery Retail Market:
| Attributes | Food and Grocery Retail Market |
|---|---|
| CAGR from 2024 to 2034 | 3.3% |
| Opportunity | With advancements in technology and data analytics, retailers can offer personalized shopping experiences to their customers. |
| Key Trends | The online grocery shopping trend continues to surge, fueled by changing consumer preferences and technological advancements. |
Fresh Food Packaging Market:
| Attributes | Fresh Food Packaging Market |
|---|---|
| CAGR from 2023 to 2033 | 3.88% |
| Opportunity | As consumers become environmentally conscious, there is a surge in demand for sustainable packaging solutions. |
| Key Trends | Provides real-time information about product freshness, safety, and traceability. |
Food Preservatives Market:
| Attributes | Food Preservatives Market |
|---|---|
| CAGR from 2023 to 2033 | 6.8% |
| Opportunity | A surge in demand for clean-label preservatives derived from natural sources. |
| Key Trends | The clean label movement is urging significant changes in the food preservatives market, with consumers broadly seeking products made with simple, recognizable ingredients. |
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The below section shows the leading segment. Based on product type, the fresh food segment is registered at a CAGR of 3.1% by 2034. Based on the distribution channel, the supermarkets and hypermarkets segment is registered at a CAGR of 2.9% by 2034.
| Category | CAGR by 2034 |
|---|---|
| Fresh Food | 3.1% |
| Supermarkets and Hypermarkets | 2.9% |
Based on product type, the fresh food segment is registered to hold at a CAGR of 3.1% by 2034. The enduring appeal of the segment lies in its intrinsic value proposition of offering consumers access to wholesome, unprocessed produce, catering to the ever-growing demand for healthier dietary choices.
As consumers prioritize nutrition and freshness in their culinary pursuits, the fresh food segment remains a vital element of the market, sustaining its growth trajectory through a combination of quality offerings and evolving consumer preferences.
Based on distribution channel, the hypermarkets and supermarkets segment is forecasted at a CAGR of 2.9% by 2034. Despite competition from e-commerce platforms and niche specialty stores, supermarkets and hypermarkets continue to thrive by offering convenience, variety, etc., solidifying their position as indispensable players in the food and grocery retail ecosystem.
As they navigate evolving consumer trends and technological advancements, supermarkets and hypermarkets remain steadfast in their commitment to delivering value and convenience, thus propelling their continued growth in the years to come.
The table mentions the top five countries ranked by revenue, with South Korea holding the top position. The food and grocery retail market in South Korea thrives on innovation and convenience. Tech-savvy consumers urge demand, with retailers embracing digital strategies and omnichannel approaches.
Competition is fierce, prompting retailers to innovate with advanced technologies, enhance customer experiences, and fuel economic growth in this dynamic and vibrant sector.
Forecast CAGRs from 2024 to 2034
| Countries | CAGR |
|---|---|
| The United States | 3.5% |
| Canada | 4.3% |
| China | 3.9% |
| Japan | 4.8% |
| South Korea | 5.2% |
In the United States, the market serves as the cornerstone of the retail landscape, catering to consumers' diverse needs and preferences across the country.
From bustling supermarkets and hypermarkets to specialty grocery stores and online platforms, the market offers a wide array of options for consumers to access fresh produce, pantry staples, and gourmet delights.
With a strong emphasis on convenience, variety, and value, the market in the United States is utilized by consumers for their daily food shopping needs, as well as for special occasions and culinary indulgences.
The market in Canada plays a central role in meeting the dietary requirements and preferences of the population. Canadian consumers rely on various retail outlets, including supermarkets, convenience stores, farmers' markets, and online grocery platforms, to access multiple food products, ranging from locally sourced produce to international delicacies.
With a focus on quality, freshness, and sustainability, the market caters to its multicultural palate, blending traditional favorites and innovative culinary offerings.
With a rapidly expanding urban population and rising disposable incomes, Chinese consumers have turned to supermarkets, hypermarkets, convenience stores, and online grocery platforms to fulfill their food shopping requirements.
The market offers diverse domestic and imported food products, catering to changing consumer preferences and lifestyle trends.
As the middle class expands and urbanization rates rise, the demand for high-quality, safe, and convenient food products is expected to propel further growth in the market.
The market is characterized by a unique blend of tradition and innovation, catering to the culinary preferences of its discerning consumers.
The market is renowned for its meticulous attention to detail, with retailers offering a diverse array of seasonal produce, artisanal foods, and gourmet delicacies to satisfy the sophisticated tastes of consumers.
The market serves as a cultural institution, reflecting the nation's rich culinary heritage and traditions while embracing modern trends and influences.
In South Korea, the food and grocery retail market is a dynamic and vibrant sector that caters to the diverse needs and preferences of its tech-savvy consumers.
The market is characterized by fierce competition and rapid technological advancements, with retailers leveraging digital technologies, data analytics, and omnichannel strategies to enhance the shopping experience and drive customer engagement.
The market in South Korea serves as a key driver of economic growth, supporting employment generation, infrastructure development, and foreign investment in the thriving retail sector of the country.
With a keen eye on expansion and loyalty, these industry stalwarts are orchestrating a symphony of acquisition and promotional endeavors to fortify their foothold and forge enduring connections with customers.
The market is embarking on a technological transformation journey, leveraging cutting-edge innovations like blockchain and artificial intelligence (AI) to sculpt unparalleled customer experiences and refine the intricate dance of supply chain orchestration.
Some of the key developments
| Attributes | Details |
|---|---|
| Estimated Market Size in 2024 | US$ 12.4 trillion |
| Projected Market Valuation in 2034 | US$ 17.1 trillion |
| Value-based CAGR 2024 to 2034 | 3.30% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | Value in US$ trillion |
| Key Regions Covered |
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| Key Market Segments Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
|
As of 2024, the market for food and grocery retail is expected to be valued at US$ 12.4 trillion.
The food and grocery retail market is projected to expand at a CAGR of 3.30% between 2024 and 2034.
The fresh food segment is projected to dominate the industry.
By 2034, the market value of food and grocery retail is expected to reach US$ 17.1 trillion.
South Korea is likely the top-performing market, with a CAGR of 5.2%.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Investment Feasibility Matrix 3.5. PESTLE and Porter’s Analysis 3.6. Regulatory Landscape 3.6.1. By Key Regions 3.6.2. By Key Countries 3.7. Regional Parent Market Outlook 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 4.1. Historical Market Size Value (US$ Million) Analysis, 2019 to 2023 4.2. Current and Future Market Size Value (US$ Million) Projections, 2024 to 2034 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) Analysis By Product, 2019 to 2023 5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Product, 2024 to 2034 5.3.1. Fresh Food 5.3.2. Frozen Food 5.3.3. Food Cupboard 5.3.4. Beverages 5.3.5. Cleaning & Household 5.3.6. Others 5.4. Y-o-Y Growth Trend Analysis By Product, 2019 to 2023 5.5. Absolute $ Opportunity Analysis By Product, 2024 to 2034 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Distribution Channel 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) Analysis By Distribution Channel, 2019 to 2023 6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Distribution Channel, 2024 to 2034 6.3.1. Supermarkets & Hypermarkets 6.3.2. Convenience Stores 6.3.3. Departmental Stores 6.3.4. Online 6.4. Y-o-Y Growth Trend Analysis By Distribution Channel, 2019 to 2023 6.5. Absolute $ Opportunity Analysis By Distribution Channel, 2024 to 2034 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 7.1. Introduction 7.2. Historical Market Size Value (US$ Million) Analysis By Region, 2019 to 2023 7.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2024 to 2034 7.3.1. North America 7.3.2. Latin America 7.3.3. Western Europe 7.3.4. Eastern Europe 7.3.5. South Asia and Pacific 7.3.6. East Asia 7.3.7. Middle East and Africa 7.4. Market Attractiveness Analysis By Region 8. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 8.2.1. By Country 8.2.1.1. USA 8.2.1.2. Canada 8.2.2. By Product 8.2.3. By Distribution Channel 8.3. Market Attractiveness Analysis 8.3.1. By Country 8.3.2. By Product 8.3.3. By Distribution Channel 8.4. Key Takeaways 9. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 9.2.1. By Country 9.2.1.1. Brazil 9.2.1.2. Mexico 9.2.1.3. Rest of Latin America 9.2.2. By Product 9.2.3. By Distribution Channel 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Product 9.3.3. By Distribution Channel 9.4. Key Takeaways 10. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 10.2.1. By Country 10.2.1.1. Germany 10.2.1.2. UK 10.2.1.3. France 10.2.1.4. Spain 10.2.1.5. Italy 10.2.1.6. Rest of Western Europe 10.2.2. By Product 10.2.3. By Distribution Channel 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Product 10.3.3. By Distribution Channel 10.4. Key Takeaways 11. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 11.2.1. By Country 11.2.1.1. Poland 11.2.1.2. Russia 11.2.1.3. Czech Republic 11.2.1.4. Romania 11.2.1.5. Rest of Eastern Europe 11.2.2. By Product 11.2.3. By Distribution Channel 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Product 11.3.3. By Distribution Channel 11.4. Key Takeaways 12. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 12.2.1. By Country 12.2.1.1. India 12.2.1.2. Bangladesh 12.2.1.3. Australia 12.2.1.4. New Zealand 12.2.1.5. Rest of South Asia and Pacific 12.2.2. By Product 12.2.3. By Distribution Channel 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Product 12.3.3. By Distribution Channel 12.4. Key Takeaways 13. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 13.2.1. By Country 13.2.1.1. China 13.2.1.2. Japan 13.2.1.3. South Korea 13.2.2. By Product 13.2.3. By Distribution Channel 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Product 13.3.3. By Distribution Channel 13.4. Key Takeaways 14. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 14.2.1. By Country 14.2.1.1. GCC Countries 14.2.1.2. South Africa 14.2.1.3. Israel 14.2.1.4. Rest of MEA 14.2.2. By Product 14.2.3. By Distribution Channel 14.3. Market Attractiveness Analysis 14.3.1. By Country 14.3.2. By Product 14.3.3. By Distribution Channel 14.4. Key Takeaways 15. Key Countries Market Analysis 15.1. USA 15.1.1. Pricing Analysis 15.1.2. Market Share Analysis, 2023 15.1.2.1. By Product 15.1.2.2. By Distribution Channel 15.2. Canada 15.2.1. Pricing Analysis 15.2.2. Market Share Analysis, 2023 15.2.2.1. By Product 15.2.2.2. By Distribution Channel 15.3. Brazil 15.3.1. Pricing Analysis 15.3.2. Market Share Analysis, 2023 15.3.2.1. By Product 15.3.2.2. By Distribution Channel 15.4. Mexico 15.4.1. Pricing Analysis 15.4.2. Market Share Analysis, 2023 15.4.2.1. By Product 15.4.2.2. By Distribution Channel 15.5. Germany 15.5.1. Pricing Analysis 15.5.2. Market Share Analysis, 2023 15.5.2.1. By Product 15.5.2.2. By Distribution Channel 15.6. UK 15.6.1. Pricing Analysis 15.6.2. Market Share Analysis, 2023 15.6.2.1. By Product 15.6.2.2. By Distribution Channel 15.7. France 15.7.1. Pricing Analysis 15.7.2. Market Share Analysis, 2023 15.7.2.1. By Product 15.7.2.2. By Distribution Channel 15.8. Spain 15.8.1. Pricing Analysis 15.8.2. Market Share Analysis, 2023 15.8.2.1. By Product 15.8.2.2. By Distribution Channel 15.9. Italy 15.9.1. Pricing Analysis 15.9.2. Market Share Analysis, 2023 15.9.2.1. By Product 15.9.2.2. By Distribution Channel 15.10. Poland 15.10.1. Pricing Analysis 15.10.2. Market Share Analysis, 2023 15.10.2.1. By Product 15.10.2.2. By Distribution Channel 15.11. Russia 15.11.1. Pricing Analysis 15.11.2. Market Share Analysis, 2023 15.11.2.1. By Product 15.11.2.2. By Distribution Channel 15.12. Czech Republic 15.12.1. Pricing Analysis 15.12.2. Market Share Analysis, 2023 15.12.2.1. By Product 15.12.2.2. By Distribution Channel 15.13. Romania 15.13.1. Pricing Analysis 15.13.2. Market Share Analysis, 2023 15.13.2.1. By Product 15.13.2.2. By Distribution Channel 15.14. India 15.14.1. Pricing Analysis 15.14.2. Market Share Analysis, 2023 15.14.2.1. By Product 15.14.2.2. By Distribution Channel 15.15. Bangladesh 15.15.1. Pricing Analysis 15.15.2. Market Share Analysis, 2023 15.15.2.1. By Product 15.15.2.2. By Distribution Channel 15.16. Australia 15.16.1. Pricing Analysis 15.16.2. Market Share Analysis, 2023 15.16.2.1. By Product 15.16.2.2. By Distribution Channel 15.17. New Zealand 15.17.1. Pricing Analysis 15.17.2. Market Share Analysis, 2023 15.17.2.1. By Product 15.17.2.2. By Distribution Channel 15.18. China 15.18.1. Pricing Analysis 15.18.2. Market Share Analysis, 2023 15.18.2.1. By Product 15.18.2.2. By Distribution Channel 15.19. Japan 15.19.1. Pricing Analysis 15.19.2. Market Share Analysis, 2023 15.19.2.1. By Product 15.19.2.2. By Distribution Channel 15.20. South Korea 15.20.1. Pricing Analysis 15.20.2. Market Share Analysis, 2023 15.20.2.1. By Product 15.20.2.2. By Distribution Channel 15.21. GCC Countries 15.21.1. Pricing Analysis 15.21.2. Market Share Analysis, 2023 15.21.2.1. By Product 15.21.2.2. By Distribution Channel 15.22. South Africa 15.22.1. Pricing Analysis 15.22.2. Market Share Analysis, 2023 15.22.2.1. By Product 15.22.2.2. By Distribution Channel 15.23. Israel 15.23.1. Pricing Analysis 15.23.2. Market Share Analysis, 2023 15.23.2.1. By Product 15.23.2.2. By Distribution Channel 16. Market Structure Analysis 16.1. Competition Dashboard 16.2. Competition Benchmarking 16.3. Market Share Analysis of Top Players 16.3.1. By Regional 16.3.2. By Product 16.3.3. By Distribution Channel 17. Competition Analysis 17.1. Competition Deep Dive 17.1.1. Walmart 17.1.1.1. Overview 17.1.1.2. Product Portfolio 17.1.1.3. Profitability by Market Segments 17.1.1.4. Sales Footprint 17.1.1.5. Strategy Overview 17.1.1.5.1. Marketing Strategy 17.1.2. Costco Wholesale Corp. 17.1.2.1. Overview 17.1.2.2. Product Portfolio 17.1.2.3. Profitability by Market Segments 17.1.2.4. Sales Footprint 17.1.2.5. Strategy Overview 17.1.2.5.1. Marketing Strategy 17.1.3. 7-ELEVEN, Inc. 17.1.3.1. Overview 17.1.3.2. Product Portfolio 17.1.3.3. Profitability by Market Segments 17.1.3.4. Sales Footprint 17.1.3.5. Strategy Overview 17.1.3.5.1. Marketing Strategy 17.1.4. Amazon.com Inc 17.1.4.1. Overview 17.1.4.2. Product Portfolio 17.1.4.3. Profitability by Market Segments 17.1.4.4. Sales Footprint 17.1.4.5. Strategy Overview 17.1.4.5.1. Marketing Strategy 17.1.5. The Kroger Co. 17.1.5.1. Overview 17.1.5.2. Product Portfolio 17.1.5.3. Profitability by Market Segments 17.1.5.4. Sales Footprint 17.1.5.5. Strategy Overview 17.1.5.5.1. Marketing Strategy 17.1.6. Target Brands, Inc. 17.1.6.1. Overview 17.1.6.2. Product Portfolio 17.1.6.3. Profitability by Market Segments 17.1.6.4. Sales Footprint 17.1.6.5. Strategy Overview 17.1.6.5.1. Marketing Strategy 17.1.7. ALDI 17.1.7.1. Overview 17.1.7.2. Product Portfolio 17.1.7.3. Profitability by Market Segments 17.1.7.4. Sales Footprint 17.1.7.5. Strategy Overview 17.1.7.5.1. Marketing Strategy 17.1.8. AEON Co Ltd 17.1.8.1. Overview 17.1.8.2. Product Portfolio 17.1.8.3. Profitability by Market Segments 17.1.8.4. Sales Footprint 17.1.8.5. Strategy Overview 17.1.8.5.1. Marketing Strategy 17.1.9. Carrefour CA 17.1.9.1. Overview 17.1.9.2. Product Portfolio 17.1.9.3. Profitability by Market Segments 17.1.9.4. Sales Footprint 17.1.9.5. Strategy Overview 17.1.9.5.1. Marketing Strategy 17.1.10. Schwarz Gruppe 17.1.10.1. Overview 17.1.10.2. Product Portfolio 17.1.10.3. Profitability by Market Segments 17.1.10.4. Sales Footprint 17.1.10.5. Strategy Overview 17.1.10.5.1. Marketing Strategy 18. Assumptions & Acronyms Used 19. Research Methodology
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Food and Grocery Retail Market
