Convenience Stores Market size is estimated to reach USD 3.12 trillion by 2028

 Convenience Stores Industry Overview

The global convenience stores market size was valued at USD 2.12 trillion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 5.6% from 2022 to 2028. Strong economic growth in emerging markets, increased population density in urban areas, expanding investments in the retail business in developing nations, and rising popularity of the franchising idea all contributed to the growth of the market.

 

Convenience stores are gaining popularity as these stores contain each and every necessary item, benefitting customers to get the required items whenever needed in an emergency. Moreover, the market is surging due to long opening hours that provides customers with quick purchasing option of the necessary products when compared to other retail stores. The COVID-19 outbreak positively impacted the market. Convenience stores around the world have remained resilient to the pandemic, as customers visited convenience stores to avoid crowded places such as large stores or supermarkets.

 

Gather more insights about the market drivers, restrains and growth of the Global Convenience Stores Market

 

A convenience store is a chain in the retail sector that offers a limited range of prepared and ready-to-eat food items, household groceries, packaged beverages, confectionery items, tobacco products, and periodicals. Convenience stores generally operate in small sizes and are open for extended hours as they operate 24/7 in some areas. These stores are often run till late at night, early in the morning, and also on holidays. Many customers rely on them for emergency purchases of products such as over-the-counter medicines, ice, milk, and eggs when regular stores are closed.

 

The convenience store has numerous benefits as they are mostly located in busy locations such as near railway stations or fuel stations so that customers can quickly grab their required items in a hurry which is one of the major factors for the market growth. Moreover, local corner stores are offering home deliveries by partnering with companies like Uber Eats which is again attracting consumers to demand their required items is the factor attributing to the growth of the market.

 

Additionally, the availability of ready-to-eat foods or prepared foods offered by corner stores is again attracting more customers to visit. Convenience stores can save much time for the customers by offering a large variety of items at the stores during their emergencies or in hurry. During the forecast period, the growing number of supermarkets that deliver goods online is likely to impede the expansion of the industry.

 

Browse through Grand View Research's Consumer F&B Industry Research Reports

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Market Share Insights

  • October 2021: Reliance Retail announced its partnership with 7-Eleven, a giant convenience store to launch its store across India. The acquisition is made to increase its strong presence in the grocery segment. 

 

Key Companies Profile

Some of the prominent players in the global convenience stores market include:

  • Casey's General Stores, Inc
  • Alimentation Couche-Tard Inc.
  • Murphy USA Inc.
  • Parkland Corporation
  • 7-Eleven
  • Alibaba Group Holding Limited
  • com, Inc.
  • FamilyMart
  • OXXO (FEMSA)
  • Lawson Inc.

 

Order a free sample PDF of Convenience Stores Market Intelligence Study, published by Grand View Research.

 

 

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