With the middle-class population getting inclined towards convenience foodstuff, the global food retail market is expected to create wonders in the forecast period.
What’s more to the Food Retail Market?
The global food retail market, by distribution, spans convenience stores, independent and specialist retails, hypermarkets/supermarkets, and likewise. By product, it’s unpackaged food, packaged food, tobacco, drinks, and household products. Though hypermarkets/supermarkets did dominate the market with more than 50% of the market share, the future belongs to online distribution channels. There are retail giants such as Target, Kroger, and Walmart extensively investing in online ordering as well as distribution capabilities, so as to give a tough competition to platforms like Amazon.
Besides, adoption of broadband and smartphone on continuous basis (in the developing countries in particular) is there to boost online retail sales. The key factor over here is the availability of flexible retail. Food products like chocolate, liquid milk, cookies, and crisps/chips have been witnessing an escalating demand since the last few years. With online retail at its peak, the sales of the items mentioned above have skyrocketed. This trend is not expected to recede anytime soon, thereby keeping the cash registers ringing for food retail market.
Additionally, packaged food holds the largest market share. This could be attributed to higher intake of packaged grocery products and packaged foods like desserts, cheese, butter, bread, edible oil, frozen groceries, processed meat, yogurt, and savory snacks. The other advantages offered by packaged food include easy handling, effortless cooking, and better preservation with regards to external tampering.
The working population also prefers packaged and ready-to-eat meals as it saves on time and efforts. The vendors have been tabling innovative packaging, so as to stay strong amidst fierce competition. Though there are other aspects like distinct varieties of foodstuff, the factor of packaging is also something to ponder about. Plus, discounts are being offered on specific/lump sum purchasing through both – offline and online modes of purchasing. Platforms like Amazon introduce “Happy hours” during the festive season to draw more attention of consumers therein. Persistence Market Research has walked through these developments with insights in its latest market study entitled “Food Retail Market”.
The Asia-Pacific holds the largest market share. It, in fact, holds over 45% of the total revenue generated. The flag bearers are Indonesia, Japan, India, and China. This could be reasoned with an exponential growth of online retail and e-Commerce retail. Also, the fact that tier-1 cities in North America and Europe have reached the saturation point can’t be ignored. As such, several vendors are shifting their base towards tier-2 and tier-3 cities. This is another factor driving the food retail market in the Asia-Pacific. LATAM is expected to pick up pace with Brazil turning agrarian in the years to come. Persistence Market Research has mentioned these details with insights in its latest market study entitled “food Retail Market”.
Persistence Market Research has profiled the key players in the food retail market as Walmart Stores, Inc., Carrefour S.A., Tesco plc, Metro AG, AEON CO., LTD., Seven and I Holdings Co., Ltd., The Kroger Co., Costo Wholesale Corporation, Group Auchan SA, REWE Group, and likewise. It has gone further with mentioning about the latest developments in this regard. For instance – Walmart, in April 2019, did announce investing over US$ 800 Mn in Texas, Florida, California, and various other states of the US for opening novel retail stores and renovating.
What’s in further?
The global food retail market is bound to witness an astounding growth between 2021 and 2031 – Persistence Market Research
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