Food And Beverage Stores Global Market Report 2024

The food and beverage stores market size has grown rapidly in recent years. It will grow from $2,501.89 billion in 2023 to $2,776.14 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth experienced in the historical period can be attributed to various factors, including economic conditions, consumer preferences, population growth, urbanization, and technological advances. These factors collectively contributed to the expansion of the food and beverage stores market.

The food and beverage stores market size is expected to see strong growth in the next few years. It will grow to $4,053.35 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The projected growth in the forecast period can be attributed to several key factors, including the rise of e-commerce and online grocery shopping, the influence of health and wellness trends, the prominence of private label and store brands, the utilization of digital marketing and personalization in the industry. Additionally, major trends in the forecast period encompass sustainability and eco-friendly practices, the emergence of virtual grocery shopping and augmented reality (AR) applications, a growing focus on food safety and traceability, and the increasing demand for convenience and ready-to-eat foods.

The food and beverage stores market is anticipated to benefit from the steady economic growth projected for many developed and developing countries. According to the International Monetary Fund (IMF), the global GDP experienced growth rates of 3.3% in 2020 and 3.4% in 2021. The recovery in commodity prices, following a historic decline, is also expected to be a significant factor driving economic growth. In particular, the US economy is forecasted to maintain stable growth during the forecast period. Moreover, emerging markets are expected to exhibit slightly faster growth rates compared to developed markets within the forecast period. This greater economic growth is likely to drive increased public and private investments, joint ventures, and foreign direct investments in the end-user markets, thereby stimulating the food and beverage stores market throughout the forecast period.

The primary types of food and beverage stores include specialty food stores and beer, wine, and liquor stores. Specialty food stores are retail outlets that specialize in offering food products that are typically exclusive and limited to certain locations. These food and beverage stores can be operated either by retail chains or independent retailers, and they cater to a range of price categories, including premium, mid-range, and economy.

The food and beverages stores market research report are one of a series of new reports that provides food and beverages stores market statistics, including food and beverages stores industry global market size, regional shares, competitors with a food and beverages stores market share, detailed food and beverages stores market segments, market trends and opportunities, and any further data you may need to thrive in the food and beverages stores industry. This food and beverages stores market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The increasing number of restaurants and food service establishments is expected to drive the growth of the food and beverage stores market in the foreseeable future. Restaurants and food service establishments encompass businesses that prepare and serve food and beverages, offering a diverse range of dining options to customers. Food and beverage stores play a pivotal role in the day-to-day operations of restaurants by providing them with the necessary supplies, resources, and materials required to maintain the quality of their menus and the efficient functioning of their kitchens. For example, as of July 2023, The Chef’s Store reported an increase of 2.4 percent in the number of Mexican restaurant establishments in the US, reaching a total of 49,365 in 2021, compared to the figures from 2022. This growth in restaurants and food service establishments is thus a driving force behind the expansion of the food and beverage stores market.

The food and beverage stores market experienced a significant setback in 2020 due to the outbreak of COVID-19. The pandemic disrupted supply chains as a result of trade restrictions, and consumption declined sharply due to government-imposed lockdowns worldwide. COVID-19, characterized by symptoms like fever, cough, and breathing difficulties, was initially identified in Wuhan, China, in 2019 and rapidly spread across the globe, affecting regions in Western Europe, North America, and Asia. National governments implemented measures to curb the virus's transmission, resulting in reduced production and trade of non-essential goods, along with an overall economic downturn. Many countries implemented lockdowns to manage the crisis, and the outbreak negatively impacted businesses throughout 2020 and extended into 2021. However, it is anticipated that the food and beverage stores market will gradually recover from this unprecedented event during the forecast period. This setback is considered a 'black swan' event and not indicative of ongoing or fundamental weaknesses in the market or the global economy.

Self-checkout technology has seen widespread adoption in department stores, specialty shops, and small convenience stores, enabling the automation of payment processes. These self-checkout systems are seamlessly integrated with mobile software applications to capture purchase data and facilitate automatic payment transactions. They leverage technologies like Near Field Communication (NFC) or quick response codes (QR codes), which are machine-readable optical labels, eliminating the necessity for traditional checkouts, long queues, manual loading and unloading, and the need for employees to manage checkout counters. This automation results in reduced operational costs and a significant reduction in the time typically spent on manual billing processes. The utilization of self-checkout systems is prevalent in retail stores, particularly in the United States and the United Kingdom. For example, in a survey assessing self-service checkouts across various countries, 90% of respondents reported using self-checkouts, with Australia and Italy being among the leading adopters. As an illustration of this trend, Wal-Mart has installed 10,000 self-checkout systems in its 1,200 stores throughout the USA.

Prominent companies in the food and beverage stores market are embracing innovation, with initiatives like the introduction of milk run stores aimed at enhancing their market revenue. 'Milk run' stores operate as ultra-convenient, app-based platforms that allow customers to effortlessly order a wide range of grocery items within minutes. As an example of this trend, in July 2023, Woolworths Ltd., an Australia-based retail company, unveiled its 'milk run' service in New Zealand. In this system, local Countdown supermarkets handle the selection and packing of products, ensuring their delivery to customers in under an hour. To encourage initial use, customers can benefit from free delivery on their first three orders, with a subsequent fixed delivery fee of $7, excluding any additional service charges. The overarching goal of 'milk run' is to provide clients with a swift, convenient, and dependable option for having their groceries delivered directly to their doorsteps.

Major companies operating in the food and beverage stores market include Woolworths Group Limited, Alimentation Couche-Tard Inc., Koninklijke Ahold Delhaize NV, LVMH Moet Hennessy Louis Vuitton SE, George Weston Limited, Jardine Matheson Holdings Limited, Seven & i Holdings Co. Ltd., Marubeni Corporation, Greggs PLC, Lancaster Colony Corporation, Walmart Inc., The Kroger Company, Albertsons Companies Inc., Ahold Delhaize USA Inc., Publix Super Markets Inc., H-E-B Grocery Company LP, Meijer Inc., Hy-Vee Inc., Wegmans Food Markets Inc., Giant Eagle Inc., Wakefern Food Corporation, WinCo Foods Inc., Sprouts Farmers Market Inc., Whole Foods Market Inc., Trader Joe's Company, Aldi Inc., Lidl US LLC, Costco Wholesale Corporation, Sam's West Inc., Target Corporation, The Home Depot Inc., Lowe's Companies Inc., Best Buy Co. Inc., Barnes & Noble Inc., Starbucks Corporation, Dunkin Brands Group Inc., McDonald's Corporation, Yum Brands Inc., Domino's Pizza Inc.

Asia-Pacific was the largest region in the food and beverage stores market in 2023. Africa was the second largest region in the food and beverage stores market. The regions covered in the food and beverages stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the food and beverage stores market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The food and beverage stores market include revenues earned by entities by providing services through restaurants, bars, coffee shops, and banquets. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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