Major companies in the food and beverages stores market include Woolworths Ltd., Alimentation Couche-Tard Inc., Koninklijke Ahold Delhaize N.V, LVMH Moet Hennessy Louis Vuitton SE, George Weston Ltd., Jardine Matheson, Seven & i Holdings Co. Ltd., Marubeni, Greggs plc, and Lancaster Colony Corporation.
The global food and beverage stores market grew from $2,210.65 billion in 2022 to $2,441.19 billion in 2023 at a compound annual growth rate (CAGR) of 10.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The food and beverage stores market is expected to grow to $3,525.79 billion in 2027 at a CAGR of 9.6%.
The food and beverage stores market includes revenues earned by entities by providing services through restaurants, bars, coffee shops, and banquets.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Food and beverage stores are stores that sell edible product used wholly or partially for human consumption that is raw, cooked, or processed from fixed point-of-sale locations.
Asia-Pacific was the largest region in the food and beverage stores market in 2022.Africa was the second largest region in the food and beverage stores market.
The regions covered in the food and beverages stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of food and beverages stores are specialty food stores, beer, wine, and liquor stores.A specialty food store is a retailer that sells food that is only available in a restricted number of locations.
The food and beverages stores have ownership by retail chains and independent retailers with price ranges of premium, mid-range, and economy.
The food and beverage stores market is expected to benefit from steady economic growth forecasted for many developed and developing countries. The International Monetary Fund (IMF) stated that global GDP growth was 3.3% in 2020 and 3.4% in 2021. Commodity price recovery following a historical decline is also expected to be a significant factor driving economic growth. The US economy is expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Greater economic growth is likely to drive public and private investments, joint ventures, and foreign direct investments in the end-user markets, thereby driving the market during the forecast period.
The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the food and beverage stores market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and has spread globally, including Western Europe, North America, and Asia.Steps by national governments to contain the transmission have resulted in a decline in the manufacture and trade of non-essential goods and an overall decline in economic activity with countries entering a state of ’lock down" and the outbreak having a negative impact on businesses throughout 2020 and into 2021.
However, it is expected that the food and beverage stores market will recover from the shock over the forecast period as it is a "black swan" event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Self-checkout technology is being widely used in department stores, specialty stores, and small convenience stores to automate payments.Self-checkout systems are integrated with a mobile software application to collect purchase data and to automatically receive payment.
They make use of Near Field Communication (NFC) or quick response code (QR code), which is a machine-readable optical label.This eliminates the need for checkouts, queues, loading and unloading, and employees to operate the checkout counter.
This type of automation reduces operational costs and saves time spent on manual billing.Self-checkout systems are being used extensively by retail stores in the USA and the UK.
For instance, a survey on self-service checkouts in multiple countries found 90% of respondents use self-checkouts, of which Australia and Italy were leading. Wal-Mart has installed 10,000 self-checkout systems in its 1200 stores across the USA.
The countries covered in the food and beverages stores market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The food and beverages stores market research report is one of a series of new reports that provides food and beverages stores market statistics, including food and beverages stores industry global market size, regional shares, competitors with a food and beverages stores market share, detailed food and beverages stores market segments, market trends and opportunities, and any further data you may need to thrive in the food and beverages stores industry. This food and beverages stores market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.