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.
Principal Consultant
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 | 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 |
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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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