Supermarkets Global Market Report 2024

The supermarkets market has grown strongly in recent years. It will grow from $1634.55 billion in 2023 to $1769.68 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth observed in the historical period can be attributed to shifts in consumer lifestyles, increased urbanization and population density, a rise in disposable income, a heightened focus on convenience, and the expansion of private label products.

The supermarkets market is expected to see strong growth in the next few years. It will grow to $2405.78 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The anticipated growth in the forecast period can be attributed to the integration of e-commerce and omnichannel retailing, trends in health and wellness, increased emphasis on sustainability and ethical consumerism, growing demand for local and organic produce, and adaptation to changing demographics. Major trends expected in the forecast period include the introduction of smart shelving and inventory management, personalized marketing and loyalty programs, an enhanced focus on fresh and local produce, and the incorporation of contactless and cashless payment options, along with the introduction of automated and robotic solutions.

The anticipated growth in the supermarkets market is expected to be driven by the rising consumer preference for healthy eating. Healthy eating involves adopting a balanced diet that includes various wholesome foods and beverages. The popularity of healthy eating habits has increased due to the associated benefits, such as reducing the risk of chronic diseases such as diabetes, heart disease, and obesity. Supermarkets play a crucial role in offering a range of healthy food options, including fresh fruits and vegetables, lean proteins, whole grains, low-fat dairy, as well as organic, non-GMO, and sustainably sourced products. These items are prominently displayed on the shelves to promote healthy habits and meet the demands of health-conscious consumers. For example, a survey conducted by the World Economic Forum in March 2023 revealed that 50% of Americans claimed to have started trying to eat healthier. Additionally, the 2022 Food and Health Survey by the International Food Information Council reported that 52% of 1,005 Americans aged 18 to 80 were following a diet or healthy eating habit, marking a significant increase from 39% in 2021. Therefore, the rising consumer preference for healthy eating is a key factor driving the growth of the supermarkets market.

The increasing demand for electronic devices and appliances is also expected to contribute to the growth of the supermarkets market. Consumer electronics, encompassing devices intended for everyday use such as entertainment, communication, productivity, or utility purposes, are in high demand. Supermarkets leverage this demand to enhance the customer experience by providing convenience and a diverse range of electronic products catering to various needs and preferences. According to the Japan Electronics and Information Technology Industries Association, the total electronic equipment production in Japan reached $52,36,535 million (¥771,457 million) in May 2023. Furthermore, consumer electronics production increased to $2,178,430 million (¥32,099 million) in May 2023, compared to $1,714,724 million (¥25,268 million) in May 2022. Hence, the surge in demand for electronic devices and appliances is expected to contribute to increased revenues in the supermarkets market.

Technological advancements have become a prominent trend in the supermarkets market. Major companies within this sector are consistently directing their efforts toward innovating new technologies to maintain a competitive edge. For example, in June 2022, the UK-based supermarket chain Asda Stores Ltd. introduced Salesforce technology to offer customers a 360-degree view, enabling personalized and tailored shopping experiences. This implementation aimed to establish a cloud-first infrastructure, providing customers with a cohesive experience across various channels and devices. Asda's development of a headless e-commerce architecture, separating front-end and back-end e-commerce apps, allowed the company to deliver cutting-edge online purchasing experiences.

Leading companies in the supermarkets market are also prioritizing next-generation solutions such as OpenAI chatbot solutions to enhance personalized shopping experiences, optimize inventory management, and streamline operational efficiency. OpenAI chatbot solutions utilize advanced AI models to comprehend, generate, and engage in human-such as conversations, employing natural language processing and machine learning capabilities. For instance, in June 2023, the France-based retailer Carrefour integrated a ChatGPT-based chatbot called Hopla into its Carrefour.fr website. This natural-language AI assists customers with everyday shopping tasks, offering product recommendations based on budget, dietary restrictions, or menu ideas. The chatbot is easily accessible on the website's main page and can provide insights on waste reduction, suggesting creative uses of materials through related baskets and recipes.

In August 2022, Asda Stores Ltd. made a significant acquisition by purchasing The Co-op for approximately $744 million. This strategic move involved gaining control of 132 stores, 129 gas station forecourts, and three development sites, along with 2,300 employees. All employees from these Co-op sites transitioned to Asda. This acquisition is anticipated to reshape the grocery store industry, positioning Asda as a key player. The Co-op, in this context, refers to a UK-based network of supermarkets and convenience shops.

Major companies operating in the supermarkets market report are Tesco plc, Carrefour Group, J Sainsbury plc, REWE Group, The Kroger Company, ALDI Nord Group, Albertsons Companies Inc., Target Corporation, Costco Wholesale Corporation, ICA Supermarket, Real Canadian Superstore, ParknShop Limited, Wm Morrison Supermarkets Limited, Woolworths Group Limited, Asda Stores Ltd., Walmart Inc., Kroger Co., Ahold Delhaize USA Inc., Publix Super Markets Inc., The Home Depot Inc., Lowe's Companies Inc., Walgreens Boots Alliance Inc., CVS Health Corporation, Safeway Inc., H-E-B Grocery Company LP, Meijer Inc., Giant Food Stores LLC, Hy-Vee Inc., Wegmans Food Markets Inc., The Schwarz Group.

North America was the largest region in the supermarkets market in 2023. The regions covered in the supermarkets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the supermarkets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Supermarkets primarily offer two main types of foods packaged foods and fresh foods. Packaged foods comprise enclosed food items, including processed foods such as preserved, canned, frozen, and various forms of meat and vegetables. The ownership types encompass retail chains and independent retailers, catering to both personal shoppers and business customers.

The supermarkets market research report provides supermarkets market statistics, including supermarkets industry global market size, regional shares, competitors with a supermarkets market share, detailed supermarkets market segments, market trends and opportunities, and any further data you may need to thrive in the supermarkets industry. This supermarkets 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 supermarkets market includes revenues earned by entities by providing self-service shopping, mechanized groceries selling, offering delivery services. 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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