Food Retail Market Size, Share, Growth Report 2032

Food Retail Industry Prospective:

The global food retail market size was evaluated at $11.65 trillion in 2022 and is slated to hit $14.79 trillion by the end of 2030 with a CAGR of nearly 3.03% between 2023 and 2030.

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Food Retail Market: Overview

Food retail implies sales of myriad kinds of food items purchased by consumers and consumed off the premises. Retail food is available in supermarkets and retail stores and it is in the form of packaged products. It includes fruits, meat, vegetables, snacks, milk, and organic food products. However, food retailing does not include restaurant food. Furthermore, retail food items include food packaged in cans, cellophane wrapping, and cylindrical cardboard containers.   

Key Insights

• As per the analysis shared by our research analyst, the global food retail market is projected to expand annually at the annual growth rate of around 3.03% over the forecast timespan (2023-2030)
• In terms of revenue, the global food retail market size was evaluated at nearly $11.65 trillion in 2022 and is expected to reach $14.79 trillion by 2030.
• The food retail market is anticipated to grow rapidly over the forecast timeline owing to a rise in shopping activities in hypermarkets and supermarket stores.
• In terms of distribution channels, the supermarkets/hypermarkets segment is slated to register the highest CAGR over the forecast period.
• Region-wise, the North American food retail industry is projected to register the fastest CAGR over the assessment timeline.

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Food Retail Market: Growth Factors

Change in the lifestyle and food habits of customers to boost the global market expansion by 2030

Changes in food habits, rising standard of living, and lifestyle are expected to steer the growth of the global food retail market over the forecast timeframe. Furthermore, changes in the food intake patterns of the customers and a rise in their food spending capacity will contribute significantly towards the expansion of the global market over the estimated timespan. Apparently, a rise in consumer inclination toward private-label brands will fuel the global market over the next couple of years.  

In addition to this, the rise in shopping activities in hypermarkets and supermarket stores will escalate the global market space over the forthcoming years. Apart from this, supermarkets in countries such as the U.S. have added healthy checkout lanes stocked with products having high nutritive value. Moreover, supermarkets in Europe and America improve the visual appeal of a healthy diet through exquisite packaging, lighting, and signage. Food retail stores in Western countries also offer healthy food samples and comprehensive information about the nutritive contents of the food product, thereby driving the growth of the food retail market across the globe.

Furthermore, the rise in shopping activities at grocery stores, specialty food stores, and convenience stores will steer the global food retail market growth over the forecasting years. Apparently, retailers what kind of food products should be ordered from suppliers, where these products should be stored or shelved, and what type of appeal or effect signage or shelving of products have on consumers. All these aspects will further push the growth of the global market over the forthcoming years. In addition to this, the profit or revenue of the market across the globe is impacted by product, placement or locating, promotion or advertisement, and pricing strategies of the retailers along with presentation or demonstration as well as staff.

Food Retail Market: Restraints

Instabilities in the distribution network activities can put brakes on the global industry over the forecast timeline

Large-scale competition from regional industry players is projected to put brakes on the global food retail industry in the years ahead. Moreover, disruptions in supply chain management & distribution networks can pose a huge threat to the growth of the industry across the globe.

Food Retail Market: Opportunities

A rise in online retail operations can create new growth avenues for the global market over 2023-2030

The growing trend of online shopping activities among the global population along with the habit of customers for restocking a variety of foods in homes is predicted to open new growth avenues for the global food retail market.

Food Retail Market: Challenges

A surge in transport prices can pose a huge challenge to global industry expansion by 2030

A rise in transportation costs along with an increase in the prices of raw materials can pose a huge threat to the growth of the global food retail industry in the upcoming years.

Food Retail Market: Segmentation

The global food retail market is sectored into distribution channels and region.                                    

In terms of distribution channels, the food retail market across the globe is segregated into independent & specialist retail, convenience stores, supermarkets/hypermarkets, and other segments. Furthermore, the supermarkets/hypermarkets segment, which acquired nearly 40% of the global market proceeds during 2023-2030, is projected to register the fastest CAGR over the forecast timeline. Moreover, the segmental surge over the coming eight years can be due to the easy availability of various kinds of food on the shelves of supermarkets/hypermarkets. Furthermore, a large number of discounts are offered in supermarkets/hypermarket stores to attract customers, thereby further augmenting the growth of the segment.

Food Retail Market: Report Scope

Food Retail Market: Regional Insights

Asia-Pacific is predicted to establish a strong foothold in the global food retail market in the coming decade

Asia-Pacific, which accounted for nearly two-thirds of the global food retail market revenue in 2022, will be the leading region in the next eight years. Moreover, the regional market elevation over the forecast timeline can be credited to swiftly expanding food retail chains in emerging economies such as China and India. In addition to this, the large presence of small & local retail stores in this region will further boost the regional market expansion. Apparently, the rise in digital shopping and online food retailing activities particularly by the middle-income group population in the region will embellish the regional market landscape.

North American food retail industry is set to register the highest CAGR in the forecast timeline. The growth of the industry in North America over the forecast timeline can be owing to the presence of giant players in countries such as Canada and the U.S. Furthermore, an increase in the number of food retail stores in the region will steer the expansion of the industry in North America. According to USDA, the food stores in the U.S. sold nearly $718 billion of both retail food & non-food items in 2019. Reportedly, supermarket stores and groceries contributed the highest share of about 92% of the sales of these items in 2019.

Key Developments

• In the first half of 2021, Alimentation Couche-Tard Inc., a Canada-based firm operating in the convenience stores segment, acquired Carrefour, a major retailing & wholesaling corporation based in France. The move is aimed at launching over 25,000 food & grocery in Canada and the U.S.
• In the second quarter of 2020, Instacart, a U.S.-based retail firm, signed a partnership deal with C&S Wholesale Grocers to offer e-commerce services to more than 2,900 retail firms owned by C&S Wholesale Grocers across the U.S. The initiative is predicted to boost the growth of the food retail sector in the U.S.  

Food Retail Market: Competitive Space

The global food retail market profiles key players such as:

• Walmart
• Carrefour
• Costco Wholesale Corporation
• 7-ELEVEN Inc.
• Target Brands Inc.
• AEON Co Ltd
• Amazon.com Inc.
• The Kroger Co.
• ALDI
• Schwarz Gruppe

The global food retail market is segmented as follows:

By Distribution Channel

• Independent & Specialist Retails
• Supermarkets/Hypermarkets
• Convenience Stores
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa