Convenience Store Market Size
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Historical Data Period||2018 - 2021|
|CAGR||> 6.00 %|
*Disclaimer: Major Players sorted in no particular order
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Convenience Store Market Analysis
The global convenience store market has generated revenues of USD 663.5 billion in the current year and is poised to register a CAGR of 6% for the forecast period.
As the global population and existing population density are continuously rising, existing retail convenience stores are rising to meet the increasing demand of the rising population. A convenience store provides easy access to products from nearby stores, and with some stores opening 24 hours a day, customers can access their products when needed.
With the advent of COVID-19, lockdown restrictions were placed globally and convenience stores as necessities were allowed to function, as a result of which convenience stores faced a sudden surge in demand for necessities as people were passing through uncertainties and taking risks. To meet rising demands, large convenience store chains also started online delivery services for products, satisfying consumer needs. Other than this, an increase in economic stress and unemployment with COVID-19 created a challenge for the sale of products other than necessities.
As the economy is recovering, convenience stores are expanding their network and choosing locations, creating a large demand with an increasing purchasing power. Other than this, as a new era of home-based delivery services is arising, these stores are adopting new delivery mechanisms. With demand recovery, unplanned purchases play an important role in the recovery of C-stores.
Convenience Store Market Trends
Convenience Stores Rising as Community Hub
Over the years, convenience stores have also emerged as a community hub, with shoppers spending their time and money for food, drink, and other activities instead of only doing their regular retail shopping. These increasing opportunities are leading to an increasing scope of business for convenience stores.
Coffee shops, indoor and outdoor seating, and the availability of mobile charging points are leading to an increase in footfall to convenience stores and indirectly having a positive externality in their marketing and advertising. Texas, California, Florida, and New York are the states in the US with the most convenience stores and are continuously adopting this model of making convenience stores community hubs.
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AI and Digitech Adoption by Convenience Stores
Artificially enabled technologies are helping convenience stores adopt cashierless checkout and AI-enabled scheduling. With rising labor costs in Western countries, AI has enabled convenience stores to cut some of the costs associated with conducting business through transactions.
With digital transactions, convenience stores are providing buyers with discounts on purchases, and with that, convenience stores are launching loyalty programs, providing buyers with membership-specific prices and other incentives for their purchases toward building customer loyalty. This adoption of technology-enabled tools and other methods is helping convenience stores increase their sales and customer loyalty globally.
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Convenience Store Industry Overview
With the amount of capital required, a large number of independent convenience stores are emerging globally, other than convenience store chains. Convenience stores are providing customers with fresh products, which is resulting in an increase in foot traffic towards these stores. Among the largest and leading convenience stores globally, there are 7-Eleven, Easy Joy, Family Mart, Meiyijia, uSmile, OXXO, Indomaret, Alfamart, Pyaterochka, and Magnit, with their leadership in the market and large customer and market shares.
Convenience Store Market Leaders
*Disclaimer: Major Players sorted in no particular order
Convenience Store Market News
- December 2022: The Gokongwei family supermarket and convenience store announced a merger that was expected to be completed by July 2023. Prior to this, on January 20, 2022, Gokongwei Group bought out its partner convenience store, Ministop Philippines.
- January 2022: Parkland acquires M&M Food Market, which acted as a frozen food retailer, for USD 322 million. With this acquisition, Parkland would acquire 300 standalone franchises and more than 2000 M&M Food Market Express locations in Canada.
- May 2021: 7 Eleven completed the acquisition of 3,800 convenience stores located in 36 states across the United States in its USD 21 billion deal. With this acquisition, 7-Eleven was expected to have a total of 14,000 stores in North America, diversifying its presence in 47 of the 50 most populated metro areas in the US with the expansion of its company-operated store footprint.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Buyers
4.5.2 Bargaining Power of Suppliers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insights of Technology Innovations in the Market
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product types
5.1.1 Staple Products
5.1.2 Impulse Products
5.1.3 Emergency Products
5.2 By Store Types
5.2.2 Mini Convenience Stores
5.2.3 Limited Selection Convenience Stores
5.2.4 Traditional Convenience Stores
5.2.5 Expanded Convenience Stores
5.2.6 Hyper Convenience Stores
5.3 By Region
5.3.1 North America
5.3.2 Latin America
5.3.4 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.3 Family Mart
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Frequently Asked Questions
What is the current Convenience Store Market size?
The Convenience Store Market is projected to register a CAGR of greater than 6% during the forecast period (2023-2028).
Who are the key players in Convenience Store Market?
Parkland Corporation, Family Mart, 7 Eleven, 24 SEVEN and Alfamart are the major companies operating in the Convenience Store Market.
Convenience Store Industry Report
Statistics for the 2023 Convenience Store market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Convenience Store analysis includes a market forecast outlook to for 2023 to (2023to2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.