The global food and grocery retail market size is calculated at USD 12,600 billion in 2024 and is predicted to attain around USD 17,600 billion by 2034, expanding at a CAGR of 3.40% from 2024 to 2034.
The food and grocery retail market is an integral branch of the consumer goods industry. This industry deals in the manufacturing and distribution of food and grocery items in different parts of the world. There are several products covered under this industry of fresh food, frozen food, food cupboard, cleaning & household and some others. The rising consumer awareness regarding healthy food items has driven the market growth. This market is expected to rise significantly with the growth of the e-commerce industry across the globe.
The growing demand for packed food items along with changing dietary preferences among people has boosted the market expansion. Also, the rising proliferation of smartphones coupled with an increased number of e-commerce platforms that provide several offers to attract consumers is likely to shape the industrial landscape. Moreover, the availability of these items in supermarkets, hypermarkets, departmental stores, and some others is expected to propel the growth of the food and grocery retail market. The ongoing trend of omnichannel shopping along with the growing adoption of smart shelves in the grocery sector is expected to create ample growth opportunities for the market players in the upcoming days.
Published by Vidyesh Swar
