Convenience Store Market - Growth, Trends, COVID-19 Impact and Forecast (2023-2028)

The global convenience store market is segmented by product types (staple products, impulse products, emergency products), store types (kiosks, mini convenience stores, limited selection convenience stores, traditional convenience stores, expanded convenience stores, hyper convenience stores), and region (North America, Latin America, Europe, the Middle East and Africa, and Asia Pacific). The report offers market size and forecasts for the global convenience store market in volume (number of stores) and value (USD million) for all the above segments.

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Convenience Store Market Size

Convenience Store Market Summary
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Study Period 2019-2028
Base Year For Estimation 2022
Forecast Data Period 2023 - 2028
Historical Data Period 2018 - 2021
CAGR > 6.00 %
Market Concentration Medium

Major Players

Convenience Store Market Major Players

*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.

Convenience Store Market - Foot traffic development at convenience stores in United States, 2021

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.

Global Convenience Stores Sales, In USD Trillion (2018-2022)

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

  1. Parkland Corporation

  2. Family Mart

  3. 7 Eleven

  4. 24 SEVEN

  5. Alfamart

*Disclaimer: Major Players sorted in no particular order

Convenience Store Market Concentration

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. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS AND INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Industry Value Chain Analysis

    5. 4.5 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.5.1 Bargaining Power of Buyers

      2. 4.5.2 Bargaining Power of Suppliers

      3. 4.5.3 Threat of New Entrants

      4. 4.5.4 Threat of Substitutes

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Insights of Technology Innovations in the Market

    7. 4.7 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product types

      1. 5.1.1 Staple Products

      2. 5.1.2 Impulse Products

      3. 5.1.3 Emergency Products

    2. 5.2 By Store Types

      1. 5.2.1 Kiosks

      2. 5.2.2 Mini Convenience Stores

      3. 5.2.3 Limited Selection Convenience Stores

      4. 5.2.4 Traditional Convenience Stores

      5. 5.2.5 Expanded Convenience Stores

      6. 5.2.6 Hyper Convenience Stores

    3. 5.3 By Region

      1. 5.3.1 North America

      2. 5.3.2 Latin America

      3. 5.3.3 Europe

      4. 5.3.4 Middle East and Africa

      5. 5.3.5 Asia-Pacific

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 7-Eleven

      2. 6.2.2 Easy-Joy

      3. 6.2.3 Family Mart

      4. 6.2.4 Meiyijia

      5. 6.2.5 uSmile

      6. 6.2.6 OXXO

      7. 6.2.7 Indomaret

      8. 6.2.8 Alfamart

      9. 6.2.9 Pyaterochka

      10. 6.2.10 Magnit

    3. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER AND ABOUT US

Convenience Store Industry Segmentation

A convenience store is a retail shop that makes available essential goods consisting of groceries like eggs, bread, butter, and milk, over-the-counter medicines, soft drinks, etc., with a few convenience stores selling limited alcohol products also. The global convenience store market is segmented by product types (staple products, impulse products, emergency products), store types (kiosks, mini convenience stores, limited selection convenience stores, traditional convenience stores, expanded convenience stores, hyper convenience stores), and region (North America, Latin America, Europe, the Middle East and Africa, and Asia Pacific). The report offers market size and forecasts for the global convenience store market in volume (number of stores) and value (USD million) for all the above segments.

By Product types
Staple Products
Impulse Products
Emergency Products
By Store Types
Kiosks
Mini Convenience Stores
Limited Selection Convenience Stores
Traditional Convenience Stores
Expanded Convenience Stores
Hyper Convenience Stores
By Region
North America
Latin America
Europe
Middle East and Africa
Asia-Pacific

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Frequently Asked Questions

The Convenience Store Market is projected to register a CAGR of greater than 6% during the forecast period (2023-2028).

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.

Convenience Store Market Report Snapshots

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