Convenience Store Market By Product Type (Tobacco products, Food service, Packaged Beverages, Candy and snacks, Beer and Others), Age Group (Consumers [Below 25], [25 to 44], [45 to 64], and [65 and Above], Convenience Store Type (Forecourt Convenience Stores, Mini Convenience Store, Limited Selection Convenience Store, Traditional Convenience Store, Expanded Convenience Store, Hyper Convenience Store, and Others), and Region (North America, Asia Pacific, Europe, Latin America, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023– 2031
The global convenience store market size was USD 1,360.4 Bn in 2022 and is anticipated to reach USD 2,321.9 Bn by 2031, expanding at a CAGR of 6.12%, during the forecast period 2023-2031. The market growth is attributed to the increasing demand for convenience stores in emerging economies due to the rising population and increasing consumer disposable income.
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.
Which Major Factors are Likely to Drive the Demand for Convenience Store market?
Exports and Imports
Export and import of any product are important factors that affect the economy. The cost of export and import of products depends on the tax levied on the products. Export taxes on raw materials increases the cost of goods, which then increases the price of the end product. For example, an export tax levied on the price of exotic products demanded by consumers increases the price of the overall product. The export and import tax has an effect on the supply chain of the product.
Growing Population
The growing population has increased the demand for different products, such as cosmetics products, medicines, bread, milk, soaps, batteries, and other essential products for daily usage. These products are indirectly or directly used by consumers. Therefore, high growth in population leads to high demand for various products at convenience stores.
Disposable Income
Increasing urbanization and the rising disposable income of consumers are driving the convenience stores market. Consumers are willing to pay more in order to get high-quality products and services. The rise in disposable income of the consumers leads them to high expenditure on goods and services, resulting in overall growth in the consumption of the products.
Demand and Supply
The supply and demand for products at convenience stores are rising. These products are widely used in daily household tasks. During the COVID-19 outbreak, the supply chain was disrupted, as a global lockdown was imposed by governments, causing a shutdown of manufacturing industries and decreased sales of in-store shopping at convenience stores.
Convenience Store Market Dynamics
What are the Key Factors Propelling the Global Convenience Store Market?
Advancement in technology
Convenience stores offer necessary items, allow for quick purchases, and offer a wide variety of consumable products. The availability of standardized brands and products in convenience stores is attracting a large number of consumers. Additionally, consumers prefer visiting convenience stores, as all goods and services are available under one roof, along with an option of home delivery. Moreover, the safe and secure store environment and automated AI solutions attract consumers.
Rising population of working-class people across the globe
Convenience stores are ideal for working-class people, as it acts as a one-stop shop and several consumers prefer visiting these stores for last-minute needs. Convenience stores are available in airport kiosks, downtown bodegas, and other locations. Travelers and locals rely on convenience stores for last-minute items. These stores allow for fast and easy transactions. Changing lifestyles of people, the use of advanced technology, and optimum location is driving the convenience stores market.
What are the major challenges of the Global Convenience Store Market?
Increasing prices of products
The prices of the products differ and it creates a budget crunch for consumers owing to the store’s location and hidden or extra charges on payments. Moreover, the inventory loss associated with convenience stores is enormous. The Global Report survey (2020) found that 33% of adults are working from home, 25% have a hybrid work mode, and 42% lost their jobs during the pandemic or are unemployed. Almost two-thirds of employees preferred to continue working from home, as it saved trips to the stores, and preferred to shop on online stores or websites, resulting in revenue loss for convenience stores which leads to hampering the global market.
What are the Growth Opportunities in the Global Convenience Store Market?
Rising population and investment in a franchise
High economic growth in emerging markets increased the demand for convenience stores. The population density in urban areas and the rising investments in retail business in various developed and developing nations are creating opportunities for market players. The demand for franchises across the globe is rising, as it helps businesses expand and eliminate all associated risks with operating only one store.
Scope of Convenience Store Market Report
The report on the Global Convenience Store Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Convenience Store Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2020 and 2021 |
Forecast Period |
2023–2031 |
Segmentation |
Product Type (Tobacco products, Food service, Packaged Beverages, Candy and snacks, Beer, and Others), Age Group (Consumers [Below 25], [25 to 44], [45 to 64], and [65 and Above]), Convenience Store Type (Forecourt Convenience Stores, Mini Convenience Store, Limited Selection Convenience Store, Traditional Convenience Store, Expanded Convenience Store, Hyper Convenience Store, and Others) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered |
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. |
Convenience Store Market Segment Insights
What Key Factors Contribute to the Significant Expansion of the Product Type Segment?
Growing demand for essential products
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 significant CAGR 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 substantial CAGR in the near future, due to increasing consumer spending on beer and packaged beverages.
Which Major Factors influence the Significant Growth of the age group Segment?
Increasing spending on cigarette and beer by Young Consumers
Based on age group, the convenience stores market is segregated into consumers (below 25), (25 to 44), (45 to 64), and (65 and above). The consumers (below 25) segment is projected to expand at a significant pace 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 major share of the market in the near future, due to the rising working-class population with a hectic life schedule and growing demand for frozen food among consumers.
What are the Main Aspects for Boosting the Convenience Store Type Segment?
On the basis of convenience store type, the market is fragmented into the 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 significant CAGR during the forecast period due to the growing number of motorists and travelers. A high preference for convenience stores by motorists and travelers is driving the market.
The expanded convenience store segment is anticipated to grow at a significant pace of 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.
Why is North America dominating the Global Convenience Store Market?
Increasing number of convenience store chains
In terms of regions, the Global Convenience Store Market is divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. The market in North America is projected to expand at a significant CAGR during the forecast period. The number of convenience store chains in the US has been growing at a fast pace in the next few years, as they are located close to consumers’ homes, thus making them easily accessible.
Europe accounts for a substantial 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.
The market in Asia Pacific is expected to expand at a significant rate during the forecast period, due to growing digitalization and technological advancements thus fueling the market in Asia Pacific. In 2019, Tech start-ups and companies with strong digital capabilities provided a boost to the competitiveness of traditional and informal grocery retailers in the developing retail environment.
The market in the Middle East & Africa (MEA) is projected to grow in the near future due to rising internet penetration and growing infrastructural development. Convenience stores offer shopping comfort and convenience to their customers, which is expected to propel the market.
Key Benefits for Industry Participants & Stakeholders:
- In-depth Analysis of the Global Convenience Store Market
- Historical, Current, and Projected Market Size in terms of Value.
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints, and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Convenience Store Market Performance
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Convenience Store Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Convenience Store Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Convenience Store Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Convenience Store Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Convenience Store Market Size & Forecast, 2015-2030
4.5.1 Convenience Store Market Size and Y-o-Y Growth
4.5.2 Convenience Store Market Absolute $ Opportunity
4.6 Consumer Buying Behavior Analysis
4.6.1 Forecourt Convenience Stores
4.6.2 Traditional Convenience Stores
4.7 E-Commerce in Convenience Stores: Key Insights
4.7.1 Last Mile Customer Deliveries from Convenience Stores: Global Overview
4.7.2 Buy Online, Pick In Stores (BOPIS) Trends
4.8 Differentiated Products & Service Offering Trends
4.8.1 Product Offerings: (Quality, Packaging)
4.8.2 Non-Convenience Services at Fuel Forecourts
4.8.2.1 ATMs
4.8.2.2 Car Washings
4.8.2.3 Others
4.8.3 Non-Convenience Services at Traditional Convenience Stores
4.8.3.1 ATMs
4.8.3.2 Coffee Shops
4.8.3.3 Salon
4.8.3.4 Automobile Repair Services
4.8.3.5 Others
4.9 Customer Retention Tactics & Trends
4.9.1 Loyalty Card
4.9.2 Other Methods (Personalised Experience, Continue Conversation, Others)
4.10 Convenience Store Layouts
4.10.1 RaceTrack Layouts
4.10.2 Grid Layouts
4.10.3 Diagonal Layouts
4.10.4 Angular Layouts
4.10.5 Geometric Layouts
4.10.6 Mixed Floor Plans
4.11 In-store research-based Case Studies
4.11.1 Neuromarketing: Convenience Stores Insights
4.11.1.1 Nonconscious Goals and Consumer Choice
4.11.1.2 Visual Attention Heatmaps
4.12 Strategic Adoption in Convenience Stores
4.12.1 Increasing Capabilities
4.12.2 Rising Automation
4.12.3 Digitalization
4.12.4 Others
4.13 Supply Chain Networks: Current and Future Trends
Chapter 5 Global Convenience Store Market Analysis and Forecast By Product Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities By Product Type
5.1.2 Basis Point Share (BPS) Analysis By Product Type
5.1.3 Absolute $ Opportunity Assessment By Product Type
5.2 Convenience Store Market Size Forecast By Product Type
5.2.1 Tobacco products
5.2.2 Food Service
5.2.3 Packaged Beverages
5.2.4 Candy and snacks
5.2.5 Beer
5.2.6 Others
5.3 Market Attractiveness Analysis By Product Type
Chapter 6 Global Convenience Store Market Analysis and Forecast By Age Group
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities By Age Group
6.1.2 Basis Point Share (BPS) Analysis By Age Group
6.1.3 Absolute $ Opportunity Assessment By Age Group
6.2 Convenience Store Market Size Forecast By Age Group
6.2.1 Consumers (Below 25)
6.2.2 (25 to 44)
6.2.3 (45 to 64)
6.2.4 (65 and Above)
6.3 Market Attractiveness Analysis By Age Group
Chapter 7 Global Convenience Store Market Analysis and Forecast By Convenience Store Type
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities By Convenience Store Type
7.1.2 Basis Point Share (BPS) Analysis By Convenience Store Type
7.1.3 Absolute $ Opportunity Assessment By Convenience Store Type
7.2 Convenience Store Market Size Forecast By Convenience Store Type
7.2.1 Forecourt Convenience Stores
7.2.2 Mini Convenience Store
7.2.3 Limited Selection Convenience Store
7.2.4 Traditional Convenience Store
7.2.5 Expanded Convenience Store
7.2.6 Hyper Convenience Store
7.2.7 Others
7.3 Market Attractiveness Analysis By Convenience Store Type
Chapter 8 Global Convenience Store Market Analysis and Forecast by Region
8.1 Introduction
8.1.1 Key Market Trends & Growth Opportunities by Region
8.1.2 Basis Point Share (BPS) Analysis by Region
8.1.3 Absolute $ Opportunity Assessment by Region
8.2 Convenience Store Market Size Forecast by Region
8.2.1 North America
8.2.2 Europe
8.2.3 Asia Pacific
8.2.4 Latin America
8.2.5 Middle East & Africa (MEA)
8.3 Market Attractiveness Analysis by Region
Chapter 9 Coronavirus Disease (COVID-19) Impact
9.1 Introduction
9.2 Current & Future Impact Analysis
9.3 Economic Impact Analysis
9.4 Government Policies
9.5 Investment Scenario
Chapter 10 North America Convenience Store Analysis and Forecast
10.1 Introduction
10.2 North America Convenience Store Market Size Forecast by Country
10.2.1 U.S.
10.2.2 Canada
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 North America Convenience Store Market Size Forecast By Product Type
10.6.1 Tobacco products
10.6.2 Food Service
10.6.3 Packaged Beverages
10.6.4 Candy and snacks
10.6.5 Beer
10.6.6 Others
10.7 Basis Point Share (BPS) Analysis By Product Type
10.8 Absolute $ Opportunity Assessment By Product Type
10.9 Market Attractiveness Analysis By Product Type
10.10 North America Convenience Store Market Size Forecast By Age Group
10.10.1 Consumers (Below 25)
10.10.2 (25 to 44)
10.10.3 (45 to 64)
10.10.4 (65 and Above)
10.11 Basis Point Share (BPS) Analysis By Age Group
10.12 Absolute $ Opportunity Assessment By Age Group
10.13 Market Attractiveness Analysis By Age Group
10.14 North America Convenience Store Market Size Forecast By Convenience Store Type
10.14.1 Forecourt Convenience Stores
10.14.2 Mini Convenience Store
10.14.3 Limited Selection Convenience Store
10.14.4 Traditional Convenience Store
10.14.5 Expanded Convenience Store
10.14.6 Hyper Convenience Store
10.14.7 Others
10.15 Basis Point Share (BPS) Analysis By Convenience Store Type
10.16 Absolute $ Opportunity Assessment By Convenience Store Type
10.17 Market Attractiveness Analysis By Convenience Store Type
Chapter 11 Europe Convenience Store Analysis and Forecast
11.1 Introduction
11.2 Europe Convenience Store Market Size Forecast by Country
11.2.1 Germany
11.2.2 France
11.2.3 Italy
11.2.4 U.K.
11.2.5 Spain
11.2.6 Russia
11.2.7 Rest of Europe
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Europe Convenience Store Market Size Forecast By Product Type
11.6.1 Tobacco products
11.6.2 Food Service
11.6.3 Packaged Beverages
11.6.4 Candy and snacks
11.6.5 Beer
11.6.6 Others
11.7 Basis Point Share (BPS) Analysis By Product Type
11.8 Absolute $ Opportunity Assessment By Product Type
11.9 Market Attractiveness Analysis By Product Type
11.10 Europe Convenience Store Market Size Forecast By Age Group
11.10.1 Consumers (Below 25)
11.10.2 (25 to 44)
11.10.3 (45 to 64)
11.10.4 (65 and Above)
11.11 Basis Point Share (BPS) Analysis By Age Group
11.12 Absolute $ Opportunity Assessment By Age Group
11.13 Market Attractiveness Analysis By Age Group
11.14 Europe Convenience Store Market Size Forecast By Convenience Store Type
11.14.1 Forecourt Convenience Stores
11.14.2 Mini Convenience Store
11.14.3 Limited Selection Convenience Store
11.14.4 Traditional Convenience Store
11.14.5 Expanded Convenience Store
11.14.6 Hyper Convenience Store
11.14.7 Others
11.15 Basis Point Share (BPS) Analysis By Convenience Store Type
11.16 Absolute $ Opportunity Assessment By Convenience Store Type
11.17 Market Attractiveness Analysis By Convenience Store Type
Chapter 12 Asia Pacific Convenience Store Analysis and Forecast
12.1 Introduction
12.2 Asia Pacific Convenience Store Market Size Forecast by Country
12.2.1 China
12.2.2 Japan
12.2.3 South Korea
12.2.4 India
12.2.5 Australia
12.2.6 South East Asia (SEA)
12.2.7 Rest of Asia Pacific (APAC)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Asia Pacific Convenience Store Market Size Forecast By Product Type
12.6.1 Tobacco products
12.6.2 Food Service
12.6.3 Packaged Beverages
12.6.4 Candy and snacks
12.6.5 Beer
12.6.6 Others
12.7 Basis Point Share (BPS) Analysis By Product Type
12.8 Absolute $ Opportunity Assessment By Product Type
12.9 Market Attractiveness Analysis By Product Type
12.10 Asia Pacific Convenience Store Market Size Forecast By Age Group
12.10.1 Consumers (Below 25)
12.10.2 (25 to 44)
12.10.3 (45 to 64)
12.10.4 (65 and Above)
12.11 Basis Point Share (BPS) Analysis By Age Group
12.12 Absolute $ Opportunity Assessment By Age Group
12.13 Market Attractiveness Analysis By Age Group
12.14 Asia Pacific Convenience Store Market Size Forecast By Convenience Store Type
12.14.1 Forecourt Convenience Stores
12.14.2 Mini Convenience Store
12.14.3 Limited Selection Convenience Store
12.14.4 Traditional Convenience Store
12.14.5 Expanded Convenience Store
12.14.6 Hyper Convenience Store
12.14.7 Others
12.15 Basis Point Share (BPS) Analysis By Convenience Store Type
12.16 Absolute $ Opportunity Assessment By Convenience Store Type
12.17 Market Attractiveness Analysis By Convenience Store Type
Chapter 13 Latin America Convenience Store Analysis and Forecast
13.1 Introduction
13.2 Latin America Convenience Store Market Size Forecast by Country
13.2.1 Brazil
13.2.2 Mexico
13.2.3 Rest of Latin America (LATAM)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Latin America Convenience Store Market Size Forecast By Product Type
13.6.1 Tobacco products
13.6.2 Food Service
13.6.3 Packaged Beverages
13.6.4 Candy and snacks
13.6.5 Beer
13.6.6 Others
13.7 Basis Point Share (BPS) Analysis By Product Type
13.8 Absolute $ Opportunity Assessment By Product Type
13.9 Market Attractiveness Analysis By Product Type
13.10 Latin America Convenience Store Market Size Forecast By Age Group
13.10.1 Consumers (Below 25)
13.10.2 (25 to 44)
13.10.3 (45 to 64)
13.10.4 (65 and Above)
13.11 Basis Point Share (BPS) Analysis By Age Group
13.12 Absolute $ Opportunity Assessment By Age Group
13.13 Market Attractiveness Analysis By Age Group
13.14 Latin America Convenience Store Market Size Forecast By Convenience Store Type
13.14.1 Forecourt Convenience Stores
13.14.2 Mini Convenience Store
13.14.3 Limited Selection Convenience Store
13.14.4 Traditional Convenience Store
13.14.5 Expanded Convenience Store
13.14.6 Hyper Convenience Store
13.14.7 Others
13.15 Basis Point Share (BPS) Analysis By Convenience Store Type
13.16 Absolute $ Opportunity Assessment By Convenience Store Type
13.17 Market Attractiveness Analysis By Convenience Store Type
Chapter 14 Middle East & Africa (MEA) Convenience Store Analysis and Forecast
14.1 Introduction
14.2 Middle East & Africa (MEA) Convenience Store Market Size Forecast by Country
14.2.1 Saudi Arabia
14.2.2 South Africa
14.2.3 UAE
14.2.4 Rest of Middle East & Africa (MEA)
14.3 Basis Point Share (BPS) Analysis by Country
14.4 Absolute $ Opportunity Assessment by Country
14.5 Market Attractiveness Analysis by Country
14.6 Middle East & Africa (MEA) Convenience Store Market Size Forecast By Product Type
14.6.1 Tobacco products
14.6.2 Food Service
14.6.3 Packaged Beverages
14.6.4 Candy and snacks
14.6.5 Beer
14.6.6 Others
14.7 Basis Point Share (BPS) Analysis By Product Type
14.8 Absolute $ Opportunity Assessment By Product Type
14.9 Market Attractiveness Analysis By Product Type
14.10 Middle East & Africa (MEA) Convenience Store Market Size Forecast By Age Group
14.10.1 Consumers (Below 25)
14.10.2 (25 to 44)
14.10.3 (45 to 64)
14.10.4 (65 and Above)
14.11 Basis Point Share (BPS) Analysis By Age Group
14.12 Absolute $ Opportunity Assessment By Age Group
14.13 Market Attractiveness Analysis By Age Group
14.14 Middle East & Africa (MEA) Convenience Store Market Size Forecast By Convenience Store Type
14.14.1 Forecourt Convenience Stores
14.14.2 Mini Convenience Store
14.14.3 Limited Selection Convenience Store
14.14.4 Traditional Convenience Store
14.14.5 Expanded Convenience Store
14.14.6 Hyper Convenience Store
14.14.7 Others
14.15 Basis Point Share (BPS) Analysis By Convenience Store Type
14.16 Absolute $ Opportunity Assessment By Convenience Store Type
14.17 Market Attractiveness Analysis By Convenience Store Type
Chapter 15 Competition Landscape
15.1 Convenience Store Market: Competitive Dashboard
15.2 Global Convenience Store Market: Market Share Analysis, 2021
15.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
15.3.1 Eleven
15.3.2 Wawa, Inc.
15.3.3 EG America
15.3.4 Casey's Retail Company
15.3.5 Cumberland Farms
15.3.6 Al Madina Hypermarket
15.3.7 FamilyMart Co., Ltd.
15.3.8 Alimentation Couche-Tard Inc.
15.3.9 Parkland Corporation
15.3.10 GPM Investments, LLC