Convenience Stores Market Size, Share & Trends Analysis Report By Type (Cigarettes & Tobacco, Foodservice, Packaged Beverages, Center Store, Low Alcoholic Beverages), By Region, And Segment Forecasts, 2022 - 2028

Convenience Stores Market Size, Share & Trends Analysis Report By Type (Cigarettes & Tobacco, Foodservice, Packaged Beverages, Center Store, Low Alcoholic Beverages), By Region, And Segment Forecasts, 2022 - 2028

Convenience Stores Market Growth & Trends

The global convenience stores market size is estimated to reach USD 3.12 trillion by 2028 and is expected to grow at a CAGR

of 5.6% from 2022 to 2028, according to a new report by Grand View Research, Inc. The market is surging due to long opening

hours which provides easy access to customers to quickly purchase their necessary products when compared to other retail

channels.

In addition, many stores remain open 24/7 near busy locations such as fuel stations or near a locality, so customers can grab

their required items on the go. This is again influencing the growth of the market. Also, convenience stores are getting high

challenges from the development of various retail sectors such as vending machines, e-commerce, and quick-serve restaurants.

Therefore, these factors are restraining the market growth. Most of the key players operating in the market are adopting the

strategy of partnership & acquisition to fulfill the growing needs and capture maximum market share globally.

The COVID-19 pandemic has positively impacted the market. Due to the global lockdown and the spread of deadly disease,

customers were more likely to visit small stores such as convenience stores where the crowd is comparatively less than the

supermarkets. In addition, a survey from the National Association of Convenience Stores (NACS), reported that in-store sales

have noticed an increase of 1.5% during the pandemic. As most of the brick-and-mortar retail stores were closed owing to

restricting the virus's spread. Also, the basket size in convenience stores surged by 18.5% which reflects the positive side

of the market.

The cigarettes & tobacco segment contributed to the global market revenue share of around 38% in 2021. The availability of

tobacco products among all convenience stores is easily accessible which is again accelerating the segment growth. Among,

every item offered by convenience stores the demand for cigarettes & tobacco is comparatively higher. Thus, cigarette &

tobacco demand is growing at a high speed and contributes more to the market revenue.

North America accounted for the largest market share of more than 47% in 2021. The convenience stores in this region is

expanding their business by increasing stores and quickly offering emergency products such as over-the-counter medicines,

milk, ice, and others, thereby generating more revenue for the market in North America. Convenience stores in the United

States captured the largest share in the brick-and-mortar retail sector, thereby increasing the revenue generation in this

region. Moreover, the pandemic and changing shopping habits among customers have expanded its growth beyond expectation.

Thus, it contributes to more revenue generation in North America.

Convenience Stores Market Report Highlights

• Asia Pacific is projected to grow at the highest CAGR of 6.4% from 2022 to 2028. The growing purchasing power of the

middle-class population and the development of stores in this region have attributed to the growth of convenience store

• Additionally, local grocery stores are partnering with convenience stores to increase their presence in this market

again attributing to the growth in this region. Thus, expected to drive the market during the forecast period

• The foodservice segment is likely to register the highest CAGR of 6.4% from 2022 to 2028. The increasing spending on

ready-to-eat food items or prepared foods by the ongoing customers is driving the overall revenue of the segment

• Moreover, the home delivery service by local convenience stores is again attracting more customers to purchase food

items from the stores. Thus, foodservice segment is expected to grow at the highest CAGR during the forecast periodPlease note The report will be delivered in 2-3 business days upon order notification.