New York The food and grocery retail market encompasses both packaged and unpackaged food goods, as well as beverages (including alcoholic and non-alcoholic beverage retail sales), tobacco, and household supplies. Global Food & Beverages market is expected to reach $14 trillion by 2031 with Food & Beverages sector accounting for almost 40% of the market.
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Key Trends
One of the most notable trends has been the rise of e-commerce and online grocery shopping. This has been driven by the growth of technology and the increasing popularity of smartphones and tablets.
Another key trend has been the rise of discount supermarkets, such as Aldi and Lidl. These supermarkets have been able to undercut the prices of traditional supermarkets. This has been a major factor in the decline of the traditional supermarket model.
There has also been a trend towards healthy eating and organic food. This has been driven by concerns about the health effects of processed food and the environmental impact of intensive farming. This has led to a growth in the sales of healthy food and organic produce.
Finally, there has been a trend towards local food. This is in response to the globalization of the food industry, which has led to a decline in the quality of food. Local food is seen as being fresher and more nutritious.
Key Drivers
Some of the key drivers of food and grocery retail market are :
- Share of private brands is continuously increasing and is one of the key drivers of the market. This trend has been accelerated by pandemic.
- Online shopping is increasing whereas brick and mortar stores are losing market share. This is a long term trend and pandemic has resulted in moving more of the market online.
- Trends towards more healthy, organic, and locally grown food options due to consumer preference for a healthy lifestyle as well as to support local economy,
- Technology is playing more and more important role within Retail with advent of artificial intelligence and IOT technologies.
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Restraints & Challenges
The food and grocery retail market is one of the most competitive and challenging markets to operate in. Key challenges include:
- Increasing competition: The number of food and grocery retailers has increased significantly over the past decade, making it harder for individual businesses to stand out from the crowd. This is particularly challenging for smaller, independent retailers who lack the marketing and promotional budgets of the larger supermarket chains.
- Changing consumer preferences: Consumer preferences are constantly changing, meaning that food and grocery retailers need to be agile in order to keep up. This can be a challenge, particularly for businesses that are reliant on a small number of products or have inflexible supply chains.
- Price pressure: Price is a key consideration for consumers when choosing where to shop for their food and groceries. With supermarkets engaging in price wars and new discount retailers entering the market, food and grocery retailers are under pressure to keep prices low. This can impact margins and make it difficult to invest in other areas of the business, such as customer service or innovation.
- Online competition: The growth of online grocery shopping has been a game-changer for the food and grocery retail sector. Online retailers are able to offer a convenient shopping experience and often sell products at a lower price than brick-and-mortar stores. This is a challenge for traditional retailers who need to invest in their online presence and offer a competitive delivery and returns service.
Market Segments
The food & grocery retail can be segmented by product, distribution, and region. By product,it is segmented into fresh food, frozen food, beverages, cleaning & household, and others. By distribution, the market can be divided into supermarkets & hypermarkets, convenience stores, departmental stores & clubs, and online. By region, the market is divided into North America, Europe, Asia Pacific, and the Rest of the World.
Key Players
The food & grocery retail includes players such as Walmart(US), Costco(US), Amazon(US), Target(US), The Kroger Co.(US), Albertsons Companies(ID), Safeway(US), H-E-B(US), Publix Super Markets(US), Wawa(US).
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