The estimated grocery store sales in the US displayed a general upward trend from 2013 to 2023, except for a notable dip in 2020 due to disruptions likely caused by the pandemic. The sales rebounded in 2021, continuing to grow through 2023, where it stood at $723.3 billion. Over the last two years (2022-2023), the year-on-year variations were 7.06% and 1.64%, respectively. The five-year CAGR leading up to 2023 was 1.69%, indicating moderate growth over the period. Forecasts suggest a continuing upward trajectory with a 5-year CAGR of 1.29% and a total growth rate of 6.63% from 2024 to 2028.
Future trends to watch for include:
• Expansion of online grocery sales as consumer behavior shifts further towards e-commerce.
• Increased demand for organic and sustainably sourced products.
• Technological advancements in supply chain logistics improving efficiency and cost.
• Potential impacts of economic factors such as inflation and changes in consumer spending power.
