According to a recent market study published by Growth Market Reports, titled, “Global Convenience Store Market by Product Type, By Age Group, By Convenience Store Type and by Region: Size, Share, Trends and Opportunity Analysis, 2021-2030”, the market was valued at US$ 1,282.8 Billion in 2021 and is expected to grow at a growth rate of 5.6 % by the year 2030.

Convenience stores are also known as corner stores, corner shops, or C-store. A convenience store is a small retail store that sells a limited range of basic items. These items consist of various packaged foods and drugstore items such as prepared and ready-to-eat food, bottled and fountain beverages, tobacco products, over-the-counter medicines, and household staples.

Convenience stores provide various services that consumer needs in their daily life. These services include money order services, wire transfers, and photocopier or fax machine services. The convenience store market is analyzed excluding motor fuel sales.

Convenience stores are typically open for extended hours and staffed by a relatively small team, including stock workers, cashiers, and managers. Many countries set up convenience stores as part of gas stations or petrol stations, which help consumers to buy goods while filling their vehicle’s tank with fuel. These types of convenience stores are located alongside a shopping mall, a bus or rail station, a road, or near any other transport facility.

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Many convenience stores remain open for 24 hours, helping consumers to buy goods at any time of the day. People prefer 24/7-based convenience stores for purchasing products and services only in emergencies, as these stores sell products at a higher price as compared to conventional grocery stores and supermarkets.

The 27/4-based convenience stores usually keep stock in small quantities as compared to other convenience stores. Convenience stores are standalone small stores that generally sell commodities in a popular residential area, populated neighborhood, or close to a business hub with offices.

The Coronavirus disease 2019 (COVID-19) pandemic highlighted economic disparities, global interdependence, and governance challenges. Pandemics are isolated concerns for businesses and prospects for emerging patterns and vulnerabilities. COVID-19 has a moderate impact on the industry due to the simultaneous reduction of supply and demand.

The COVID-19 pandemic caused a slight slowdown in market expansion. Once these sectors having recovered from the pandemic's effects, the market for other end-user industries is likely to restore its growth rate. The launch of many new convenience stores where postponed and the launch of the store where on halt. As per growth market reports industry analyst Sakshi Bhoyar & Vineet Pandey, “rising population of working-class people across the globe is expected to contribute to the growth of the global convenience store market.”

A supply chain is a network between a manufacturer and suppliers to produce and distribute a specific product to the final buyers. This network includes different people, regulatory bodies, entities, information, and resources. Entities in the supply chain include raw material suppliers, manufacturers, logistics, warehouses distributors, and customers. Store product distributors are an important part of the supply chain.

Key Takeaways from the Study

  • The players in the Convenience Store Market include Eleven, Wawa, Inc., EG America, Casey's Retail Company, Cumberland Farms, Al Madina Hypermarket, FamilyMart Co., Ltd., Alimentation Couche-Tard Inc., Parkland Corporation, GPM Investments, LLC. Alimentation Couche-Tard held a major market share of the Convenience Store Market in the year 2021.
  • Rising consumer demand for branded products, Advancement in technologies in the retail industry, rising population of working-class people across the globe, presence of convenience store at airport kiosks, downtown bodegas, and many other locations are expected to drive the global Convenience Store market.
  • Based on Product Type, the Convenience Store Market is segmented into Tobacco products, Food Service, Packaged Beverages, Candy and snacks, Beer and Others. The tobacco products segment is projected to expand at a CAGR of 6% during the forecast period, due to the growing demand for tobacco products and cigarettes among young consumers. The beer segment and packaged beverages segments are anticipated to expand at a CAGR of 5.6% and 5.5% respectively in the near future, due to increasing consumer spending on beer and packaged beverages.
  • Based on age group, the convenience stores market is segregated into consumers (below 25), consumers (25 to 44), consumers (45 to 64), and consumers (65 and above). The consumers (below 25) segment is projected to expand at a 5.4% CAGR during the forecast period, due to the growing demand for packaged food and cigarette among young consumers. The consumers (25 to 44) segment is expected to hold a 29.4% share of the market in the near future, due to rising working-class population with a hectic life schedule and growing demand for frozen food among consumers.
  • On the basis of convenience store type, the market is fragmented into forecourt convenience store, mini convenience store, limited selection convenience store, traditional convenience store, expanded convenience store, and hyper convenience store. The forecourt convenience store segment is anticipated to expand at a 6.3% CAGR during the forecast period due to the growing number of motorists and travelers. High preference for convenience store by motorists and travelers is driving the market. The expanded convenience store segment is anticipated to grow at a significant pace of 4.2% CAGR in the near future, due to the availability of a large number of grocery products, sufficient parking space, and sitting areas that attract different categories of customers such as women, senior citizens, and college-going students.
  • In terms of regions, the Global Convenience Store Market are divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. The market in North America is projected to expand at a CAGR of 6.3% during the forecast period. The number of convenience store chains in the US has been growing a fast pace in the next few years, as they are located close to consumers’ homes, thus making them easily accessible. Europe accounts for 30.6% share of the market, due to the introduction of convenience formats by major grocery chains to attract customers by offering high standards of convenience. This, in turn, is fueling the market. Growing usage of niche convenience channels by retailers is boosting the market.

Report Scope

Report Metric

Details

Market Value in 2021

US$ 1,282.8 Billion

Market Growth Rate (from 2020 to 2028)

5.6 %

Historical Data

2019 & 2020

Base Year

2021

Forecast Period

2022 - 2030

Units Considered

Value (US$ Billion)

Market Segments

by Product Type, By Age Group, By Convenience Store Type and by Region

Key Companies Profiled

Eleven, Wawa, Inc., EG America, Casey's Retail Company, Cumberland Farms, Al Madina Hypermarket, FamilyMart Co., Ltd., Alimentation Couche-Tard Inc., Parkland Corporation, GPM Investments, LLC

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience

  • Supply-side: Manufacturer and distributors.
  • Demand Side: Household, Customers.
  • Regulatory Side: Concerned government authorities, and other approved regulatory bodies.
  • Associations and Industry Bodies: The Association For Convenience & Fuel Retailing (NACS), The Association of Convenience Stores (ACS)