Global Food Retail market is set to record the CAGR of nearly 8.2% over the period from 2020 to 2026.
New York, United States - November 2, 2020 /MarketersMedia/ —
As per researchers at Zion Market Research, the global food retail market size is anticipated to grow at a CAGR of above 8.2% during the forecast period 2020–2026. The global food retail industry has been advancing progressively in the last couple of years, which is a trend that seems to persist in the estimated period. The growth in this industry is chiefly being directed by countries across the Asia-Pacific region. The nations such as China, India, and Indonesia have registered major growth owing to a surge in the number of modern outlets. The markets in Western Europe are mature and facing infiltration. The rising consumer preference toward the private label brands, augmenting consumer investments on food items and amplifying supermarket shopping culture are some of the key driving factors of the food retail market.
Some of the leading players in the market are Carrefour S.A.; Wal-Mart Stores, Inc.; Metro AG.; Tesco Plc.; Seven and I Holdings Co., Ltd.; AEON CO., LTD.; Costco Wholesale Corp.; The Kroger Co.; REWE Group.; Group Auchan SA.; and others.
Rising Customer Awareness & Supermarket Shopping Trend To Boost The Global Food Retail Market
The global food retail market is massively contributing to the augmentation of industries such as food processing and food packaging industries. These industries are accountable for generating jobs and creating employment at a huge scale. Big food retailers generally present their own brands with well-recognized brands. The administrations of various countries have taken different measures to certify food safety & hygiene of food products. These are some of the reasons for boosting the growth of the global food retail market. Some of the key factors that are impelling the development of the global food retail market include rising consumer inclination for private label brands, increasing supermarket shopping trends, and augmenting consumers spending on food items. The requirement for high-quality food retailing & food packaging services, freshness & food safety assurance and ease in the use of products are some of the trends that can be observed in the global food retail market. Rapidly surging middle-class population across the budding markets and developing online grocery retail shopping are the aspects laying possibilities for the development of global food retail market.
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The global food retail market is bifurcated on the account of distribution channel and regional analysis. Based on the distribution channel, the market is divided into independent & specialist retails, supermarkets/hypermarkets, convenience stores, and others.
The Asia Pacific Region Witnessed The Highest Market Share In The Global Food Retail Market
Based on the geographical analysis, the global food retail market is divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. The Asia Pacific region dominated the global food retail market in 2018 and is then followed by Europe. The development of food retail market in the Asia Pacific region is owing to increasing consumer awareness, increasing per capita income, nuclear families, and adopting western culture. India and China are the heavily populated countries in the Asia Pacific region, local and small retailers are dominating the market in these countries.
The global food retail market is segmented as follows:
Based on the distribution channel:
Independent and specialist retails
Supermarkets/hypermarkets
Convenience stores
Others
Based on the region:
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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Source: MarketersMedia
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