New York City, New York, March 08, 2016: A market research report published by Persistence Market Research, titled “Global Market Study on Food Retail Market : Forecast 2014 – 2020”, states that the global market for food retail will grow at a positive 6.1% CAGR between 2014 and 2020. The market had a net valuation of US$5,643.6 billion in 2013 and is expected to rise to US$8,541.9 billion by 2020.
The report states that numerous factors, such as the rising global population, changing preferences of customers, and economic development in emerging regions, are the key drivers of the global food retail market. The food retail market is a dynamically expanding market and is a major contributor to markets for commodities such as food packaging. Increasing purchasing power of the global middle-class population is also leading to flourishing growth opportunities for the global food retail market.
Research studies state that nearly 1.5 billion households across the globe will fall in the middle-class category by 2020, up from nearly 1.2 billion in 2012. The world’s two most populous countries, India and China, will be the leading countries, with a rapidly expanding number of middle-class households over the report’s forecast period. The busy lifestyles of these households will lead to a highly lucrative online retail shopping market, with services based on pure-play online grocers and in-store pickup. This will consequently drive the global food retail market in the coming years.
The report segments the global food retail market based on distribution channels and key regional markets. Based on the criterion of distribution channels, the market is segmented into convenience stores, independent and specialist retailers, and supermarkets or hypermarkets. Of these, the market segment of supermarkets/hypermarkets had the largest share in the global food retail market in 2013. This market segment had a valuation of US$2,925.8 billion in 2013 and is expected to grow to US$4,448.5 billion by 2020, at a 6.2% CAGR between 2014 and 2020.
Of the key regional markets studied in the report, the market segment of Asia Pacific is currently the largest regional food retail market. The rising per capita incomes in Asia Pacific, rising urbanization, and Westernization are some of the key factors driving the food retail industry in this regional market.
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The report states that the global market for food retail is highly competitive and features a large number of companies offering similar product categories and a similar set of popular products. The severe competition calls for continuous innovations in terms of improved customer services and excellent product quality.
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Making the situation tougher is the healthy growth rate of companies, low product differentiation, and high brand identity. High concentration of organized retail outlets in Europe and North America depicts the toughness of the competition in these regions.
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The market also features many regional players that serve the customers according to their specific choices, making the competition even more severe. Some of the key business operating in the global food retail market include Carrefour S.A.,Wal-Mart Stores, Inc., AEON CO., LTD., Tesco Plc, Seven and I Holdings Co., Ltd., REWE Group Metro AG, Auchan SA, The Kroger Co., and Costco Wholesale Corporation.
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