Convenience Stores Global Market Report 2023

Major players in the convenience stores market are Casey’s General Stores Inc., Alimentation Couche-Tard Inc., Murphy USA Inc., Parkland Corporation, 7-Eleven Inc., FamilyMart Co. Ltd., Alibaba Group, OXXO, Amazon.

New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Convenience Stores Global Market Report 2023" - https://www.reportlinker.com/p06464020/?utm_source=GNW
com Inc., GasBuddy, Best-One, BGF Retail, Sunoco LP, Bargain Booze, Speedway, Lawson Inc., Wawa Inc., Cumberland Farms, and Al Madina Hypermarket.

The global convenience stores market is expected to grow from $928.87 billion in 2022 to $1019.71 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. 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 convenience stores market is expected to reach $1434.72 billion in 2027 at a CAGR of 8.9%.

The convenience store market includes revenues earned by entities by providings services related to packaged foods, groceries, newspapers, tobacco products, and confectionery purchases.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.

Convenience stores refer to retail establishments that offer a small assortment of essential items, such as packaged foods and medicines, and are open late to accommodate customers. These stores are conveniently located where customers can rapidly obtain a wide range of products such as groceries, food, gasoline, and others.

North America was the largest region in the convenience stores market in 2022. The regions covered in convenience stores report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main convenience stores are kiosks, mini convenience store, limited selection convenience store, traditional convenience store, expanded convenience store, and hyper convenience store.Cigarettes and tobacco refer to a narrow cylinder containing a combustible substance, usually tobacco, that is rolled into thin paper for smoking.

These are owned by retail chain and independent retailer for various types of products including cigarettes and tobacco, foodservice, packaged beverages, center store, low alcoholic beverages, and others.

The rise in disposable income of consumers is expected to propel the growth of the convenience store market going forward.Disposable income of the consumer refers to the amount of money left to spend and save after income tax has been deducted.

The increase in consumer disposable income causes them to spend more money on goods and services, which boosts total product consumption.Thus, increasing the demand for convenience store.

For instance, in December 2022, according to the Ministry of Statistics and Program Implementation, an India-based commercial organization, the rise in disposable income of consumers increased to 274.13 million in 2022 from 238.57 million in 2021. Global disposable incomes and family spending are both projected to increase by 2.6% in 2022. Therefore, the rise in disposable income of consumers is driving the growth of the convenience stores market.

Technological advancement is a key trend gaining popularity in the convenience store market.Major companies operating in the convenience store market are introducing new technologies to develop their businesses in the market.

For instance, in January 2022, Amazon, a US-based online e-commerce company, launched its Just Walk Out technology in convenience stores.It enables companies to provide customers with a quick, frictionless shopping experience without the bother of checking out.

The technology can be used in a wide range of industries and store sizes, particularly where there is high demand, a need to reduce wait times, or where customers are pressed for time. The technology is readily scalable for retailers to handle any volume of customers or products in the store.

In March 2022, Majors Management, LLC, a US-based property management company acquired sixty-nine convenience store locations from Circle K Stores, Inc. for an undisclosed amount. The acquisition extends Majors’ footprints into the other state of US. Circle K Stores, Inc. is a US-based convenience store company.

The countries covered in the convenience stores market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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 organisations 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 chain or as part of other products.

The convenience stores market research report is one of a series of new reports that provides convenience stores market statistics, including convenience stores industry global market size, regional shares, competitors with a convenience stores market share, detailed convenience stores market segments, market trends, and opportunities, and any further data you may need to thrive in the convenience stores industry. This convenience 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.
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