Food retail is referred to as all the food that is bought by consumers and consumed off-premise, except the restaurant food. Retail food is widely and easily available in retail stores or supermarkets in the form of packaged food products. Food retail range includes milk, snacks, vegetables, meat, fruits, and organic food products. Moreover, the retail food also consists of cylindrical cardboard, cellophane wrapping, and cans containers.
The growing disposable income of people all across the globe is a major factor escalating the growth of the global food retail market. Moreover, the growing middle-class consumers along with the surging brand consciousness are significantly fuelling the demand for food retail spaces globally. However, with the emergence of giant online shopping platforms, many leaders have entered into food retailing and are also striving hard to improve their online presence to entice consumers. Convenience and price are two primary factors influencing the customer’s choice. Henceforth, various sales channels like supermarkets are focusing extensively on the arrangement of food products into different categories to boost the footfall and consumer engagement in the store. However, the growing supermarket shopping culture all across the globe is likely to positively shape the trajectory of the global market during the forecast period. However, the constantly growing day-to-day requirements for the commodities is further complementing the growth. The transforming lifestyle of people along with the growing demand for easy-to-eat, visually appealing, and good quality food among people is also encouraging the growth.
The global food retail market can be segmented into product packaging type, application, and others.
By product, the market can be segmented into unpackaged food, packaged food, household products, drinks, and others.
By packaging type, the market can be segmented into boxes, cans, cellophane wrapping, and others.
By application, the market can be segmented into convenience stores, grocery stores, independent retailers, specialty stores, and others.
Asia Pacific accounts for the largest share in the global food retail market due to the growing food retail chains in developing regions like India and China. Also, the surge in the shopping activities at convenience store and specialty food stores is likely to propel the growth of the business space in the region in the forthcoming years.
North America is likely to grow significantly with steady CAGR due to the presence of prominent market players in the region. Moreover, the transforming business workings in the region from traditional retail stores to giant e-commerce online retailers is further expected to steer the growth of the regional market vigorously over the forecast timeline.
Some of the significant players in the global food retail market are REWE Group., Groupe Auchan SA., Costco Wholesale Corporation., The Kroger Co., Seven and I Holdings Co., Ltd., AEON CO., LTD., Metro AG., Tesco Plc., Carrefour S.A., and Wal-Mart Stores, Inc. To cite, Walmart widened its online distribution channel in 2019 with same-day delivery service. Such initiatives are likely to boost their online presence.