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 USD 12.4 trillion in 2024. By 2034, the market could reach a valuation of USD 17.1 trillion, representing a sluggish CAGR of 3.3%.
| Attributes | Details |
|---|---|
| Food and Grocery Retail Market Value for 2024 | USD 12.4 trillion |
| Food and Grocery Retail Market Value for 2034 | USD 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.
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.
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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 | USD 12.4 trillion |
| Projected Market Valuation in 2034 | USD 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 USD trillion |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa |
| Key Market Segments Covered | Product, Distribution Channel, Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| 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 |
As of 2024, the market for food and grocery retail is expected to be valued at USD 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 USD 17.1 trillion.
South Korea is likely the top-performing market, with a CAGR of 5.2%.
| Estimated Size, 2024 | USD 93.5 billion |
|---|---|
| Projected Size, 2034 | USD 129.6 billion |
| Value-based CAGR (2024 to 2034) | 3.3% |
| Market Estimated Size in 2023 | USD 377.4 billion |
|---|---|
| Projected Market Value in 2033 | USD 3,396.9 billion |
| Value-based CAGR from 2023 to 2033 | 24.60% |
| Market Size (2023) | USD 10,797.4 million |
|---|---|
| Market Size (2033) | USD 55,247.6 million |
| Market CAGR (2023 to 2033) | 17.5% |
| Market Value in 2023 | USD 2,965.62 million |
|---|---|
| Market Value in 2033 | USD 5,725.70 million |
| Growth Rate (2023 to 2033) | 6.8% CAGR |
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