Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The "Supermarkets Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The study provides a forecast that indicates a surge from $1634.55 billion in 2023 to an impressive $1769.68 billion in 2024, marking a compound annual growth rate (CAGR) of 8.3%. The expansion is attributed to shifts in consumer behaviors, urbanization trends, increase in disposable incomes, and a growing emphasis on convenience and private label products. Further growth is projected, pushing the market to reach a remarkable $2405.78 billion by 2028, with a consistent CAGR of 8.0%.
Factors propelling this growth encompass the integration of e-commerce, omnichannel retailing, health and wellness trends, sustainability initiatives, and an increasing demand for local and organic produce. Technological advancements such as smart shelving, personalized marketing, loyalty programs, and the advent of contactless and automated solutions are also major driving forces in the market.
The Increasing Emphasis on Healthy Eating Fuels Growth
With growing awareness of the benefits associated with healthy diets, many consumers are making informed choices about their food consumption. The supermarkets market has adapted to this shift, offering an array of healthy options that cater to health-conscious customers. From fresh produce to organic and non-GMO products, supermarkets are at the forefront of providing nutritious food selections that resonate with current consumer preferences.
Consumer Electronics Demand Creates New Opportunities
Not limited to food and groceries, supermarkets are diversifying their product offerings to include electronics and appliances, meeting the heightened demand for such products. This expansion into the electronics sector represents a valuable revenue stream and a move towards creating an all-encompassing retail experience.
Technology and Innovation as Market Catalysts
Embracing cutting-edge technologies remains a strategic priority for supermarkets aiming to elevate the shopping experience and improve operational efficiency. Innovations in CRM technologies and AI-powered chatbot solutions exemplify the industry's dedication to providing personalized services and streamlined shopping processes, which bodes well for future growth.
Strategic Acquisitions Reshaping the Industry
Significant acquisitions, such as Asda Stores Ltd.'s purchase of The Co-op's outlets, highlight the dynamic nature of the market and how strategic moves by key players can significantly alter the competitive landscape.
Global and Regional Market Dynamics
Analyzing the global market, North America stands out as the leading region, with a detailed breakdown of other regions such as Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa further enhancing the report's scope. The research highlights the nuances of regional and country-specific market behaviors and trends, offering a panoramic view of the supermarkets industry's worldwide performance.
A selection of companies mentioned in this report includes
- Tesco plc
- Carrefour Group
- J Sainsbury plc
- REWE Group
- The Kroger Company
- ALDI Nord Group
- Albertsons Companies Inc.
- Target Corporation
- Costco Wholesale Corporation
- ICA Supermarket
- Real Canadian Superstore
- ParknShop Limited
- Wm Morrison Supermarkets Limited
- Woolworths Group Limited
- Asda Stores Ltd.
- Walmart Inc.
- Kroger Co.
- Ahold Delhaize USA Inc.
- Publix Super Markets Inc.
- The Home Depot Inc.
- Lowe's Companies Inc.
- Walgreens Boots Alliance Inc.
- CVS Health Corporation
- Safeway Inc.
- H-E-B Grocery Company LP
- Meijer Inc.
- Giant Food Stores LLC
- Hy-Vee Inc.
- Wegmans Food Markets Inc.
- The Schwarz Group
For more information about this report visit https://www.researchandmarkets.com/r/h26qv2
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