Supermarkets Market Size
|Market Size (2023)||USD 0.95 Trillion|
|Market Size (2028)||USD 1.12 Trillion|
|CAGR (2023 - 2028)||3.30 %|
|Fastest Growing Market||Asia-Pacific|
*Disclaimer: Major Players sorted in no particular order
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Supermarkets Market Analysis
The Supermarkets Market size is estimated at USD 0.95 trillion in 2023, and is expected to reach USD 1.12 trillion by 2028, growing at a CAGR of 3.30% during the forecast period (2023-2028).
A supermarket is a self-service store with many different kinds of food, drinks, and household items set up in other sections. A larger supermarket store has a more comprehensive selection than a grocery store. Globally, supermarkets are expanding by incorporating business intelligence into their systems. With a variety of customers in the market and a time-pressed customer, supermarkets are offering door-to-door delivery within a specific range, providing more utility to the customer. With continuously changing consumer expectations, supermarkets keep pace and find a competitive advantage over other stores. According to National Retail Federation, in 2021, Kroger Co. operated 2,874 stores in the United States. Its store formats include supermarkets, hypermarkets, department stores, convenience stores, and mall jewelry stores.
During COVID-19, consumers switched to shopping online. As a result, retailers tried to meet consumer demand by changing their business model and improving the digital experience within their businesses. People changed their behavior by moving away from frequent shoppers in small baskets to much bigger baskets more infrequently from one store, indicating a change in the time efficiency of buyers. With investment in actual online delivery capability, supermarkets looked out for vulnerable people, assigning their last mile capacity to people who wouldn't be online shoppers. Technology is always helping supermarkets automate their supply chain and make it easier for customers to place orders. This helps them make their business easier to run and lets them focus more on their customers. Supermarkets try to change how people think about them by focusing on price, deals, rewards, speed, convenience, and quality.
Supermarkets Market Trends
Driving Market Growth: Key Factors for Supermarket Success in Meeting Customer Demands
Understanding customer needs and preferences is crucial for supermarkets to meet customer demands. Buying patterns and trends can help supermarkets stock the right products and offer attractive promotions. It's important for supermarkets to offer a diverse range of products to cater to different customer segments. The location of supermarkets also plays a critical role in their success, with easily accessible locations in residential areas or near workplaces attracting more customers. Factors like parking facilities and store layout also contribute to convenience.
Supermarkets have become an important task to satisfy consumers with the emergence of a pent-up market due to disruptions in the supply chain during COVID-19 and an increase in consumer demand post-recovery. E-grocery, which observed growth with COVID-19, existed among the stickiest sectors post-pandemic, resulting in online delivery as an embedded segment of upcoming supermarkets.
Pricing strategy, customer service, location, and convenience are the key important factors that propel market growth for supermarkets.
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North America Holds a Prominent Share in The Market
North America holds a majority share in the Global Supermarket Industry. Supermarkets in North America are an important part of the retail industry, offering a wide range of products to customers. They employ various techniques such as advertising, loyalty programs, and online promotions to attract and retain customers. Efficient supply chain management is also crucial for supermarkets to ensure that products are available when customers need them.
In recent years, supermarkets in North America have been leveraging technology and innovation to enhance the customer experience. Self-checkout systems, online shopping platforms, and personalized offers are the few examples. Walmart is one of the largest retail chains in the United States and Canada, offering a wide range of groceries in addition to general merchandise.
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Supermarkets Industry Overview
The supermarket market is relatively competitive. Among the leading supermarkets globally, Walmart Inc., Lotte Shopping Co., Ltd., Tesco PLC, K Mart Corporation, and 7-ELEVEN, Inc., etc., are among the superstores operating globally and serving as a one-stop shop for everything customers use daily. With more than 1 million superstores existing globally and continuous disruption in the global retail and consumer product markets due to ongoing supply chain issues, inflation, shifting consumer behavior, robust data, and analytics, constant fluctuations are observed in the market. With these current uncertainties, superstores focus on customer loyalty, digital transformation, and supply chain management to operate effectively in market conditions.
Supermarkets Market Leaders
Lotte Shopping Co., Ltd.
K Mart Corporation
*Disclaimer: Major Players sorted in no particular order
Supermarkets Market News
- In February 2023, UAE retailer GMG acquired supermarket chain Aswaaq, which added 22 supermarkets to GMG's retail network. This acquisition brings strategic milestones to GMG operations with its continuous expansion of retail, trading, and property.
- In August 2022, Walmart acquired Volt Systems. Volt System is a technology company that provides suppliers with enhanced on-demand visibility into merchandising resources. The deal affirms Walmart's continued investment in innovation and technology to anticipate customer demand. Walmart is operating in 24 countries with more than 10,500 stores.
- In May 2021, 7-Eleven completed the acquisition of Speedway, which is the convenience arm of Marathon Petroleum Corp. Speedway is a great brand and a strong strategic fit for the business of 7-Eleven in the North American Midwest and East Coast markets. Under this acquisition, 7-Eleven acquired 3,800 stores located in North America and built up its portfolio to 14,000 stores.
Supermarkets Market Report - 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
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Bargaining Power of Buyers
4.3.2 Bargaining Power of Suppliers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitutes
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 Retail Chain
5.1.2 Independent Retailer
5.2.1 Consumer Electronics
5.2.3 Food and Beverage
5.2.4 Toy and Stationary
5.2.5 Personal Care
5.2.7 Home Textile
5.2.9 Other Applications
5.3.1 North America
188.8.131.52 United States
184.108.40.206 Rest of North America
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 Rest of Asia-Pacific
5.3.4 South America
126.96.36.199 Rest of South America
5.3.5 Middle-East and Africa
188.8.131.52 United Arab Emirates
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Key Strategies Adopted
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Walmart, Inc.
6.3.2 Lotte Shopping Co., Ltd.
6.3.3 Tesco PLC
6.3.4 K Mart Corporation
6.3.5 7-Eleven, Inc.
6.3.6 Aeon Co., Ltd.
6.3.7 Aldi SE & Co. KG
6.3.8 Union Coop
6.3.9 SEGWAGWA Cash n Carry
6.3.10 Spar Holding AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Supermarkets Market Research FAQs
How big is the Supermarkets Market?
The Supermarkets Market size is expected to reach USD 0.95 trillion in 2023 and grow at a CAGR of 3.30% to reach USD 1.12 trillion by 2028.
What is the current Supermarkets Market size?
In 2023, the Supermarkets Market size is expected to reach USD 0.95 trillion.
Who are the key players in Supermarkets Market?
Walmart Inc., Lotte Shopping Co., Ltd., Tesco PLC, K Mart Corporation and 7-ELEVEN, Inc. are the major companies operating in the Supermarkets Market.
Which is the fastest growing region in Supermarkets Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Supermarkets Market?
In 2023, the Europe accounts for the largest market share in Supermarkets Market.
Supers Industry Report
Statistics for the 2023 Supermarkets market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Supermarkets analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.