Global Grocery Retail Market Report - Production and Consumption Professional Analysis

Global Grocery Retail Market Report - Production and Consumption Professional Analysis

A grocery stores or grocery shop is a shopping centre mainly dealing in retail business generally in food products which may be fresh or packaged. In daily terminology in US grocery store is a supermarket which is different from other stores selling groceries. Grocery means food items like bakery and bread, meat and seafood, oils etc. traded on a larger scale. Larger type of stores like hyper markets usually trade in non-food items like clothing and household items. Small stores normally sell vegetables and fruits known as green-grocers.

Some stores stock-up specialised authentic food items which are known as ethnic markets.

The beginning of grocery stores can be marked as back as in 14th century, where a grocer or purveyor was a dealer in pabulum or dry food products like spices, sugar, tea, cocoa etc. these products were highly in demand and often bought in bulk quantities. The word grocery has been derived from the Latin word “grossarius”. Later the staple food stuffs were available in cans and other perishable packaging as the trade flourished. As the business expanded and with high demand for the products needed to be manufactured, technological advancement played its role in maintaining the ratio of demand as to supply.

Earlier there were the grocery store functioned in over the counter approach where customers requested grocer to bring the items from storehouses. Later, World’s first self-service grocery was opened in 1916 in Memphis in US. Thereafter, supermarkets began to function in chains of supermarkets. The evolution of supermarkets and other large stores imply that smaller stores should stock niche items of premium quality which are not easily found in supermarkets. Lately, all-in-one hypermarket concept has been evolved compelling consolidated grocery business.

Global Food and Grocery Retail Market: Remarkable developments

 A comprehensive competition holds in the global food and grocery retail market due to existence of several grocery markets in this industry. Nearly most companies are required to focus on the quality of the product ensuring the shelf life of the product to stay genuine for longer duration.

Along with rising online shopping platforms several market players are entering into e-grocery like Walmart an American multinational retail chain of hypermarkets has stretched its all-in-one e-commerce distribution channel and initiated same-day delivery of goods. Similarly, Kroger another such hypermarket Company has shoot up its pickup sites for online orders. Likewise, Amazon again an American worldwide multinational conglomerate that centres around online business, cloud computing, computerized streaming, declared its obtaining of discount food market in 2017. Amazon furnishes with fresh grocery service.

Initiatives of this kind has strengthened global grocery retail market and thus has become the most convenient and cost effective source of grocery shopping. Further, supermarkets have been arranging special discounts days on festivals or arranging events for larger footfall and boost to consumer engagement.

As a result of corona virus pandemic the grocery retail market has witnessed a remarkable growth due to lockdowns in several nations. Though there has been disruption in supply chain and online dealers facing difficulties to meet the aggravated demand of food and grocery, revenues of vendors have hiked up notably in first quarter of 2020.

The food & grocery market has witnessed a remarkable growth of USD 9827 billion in 2020 and is expected to grow up to USD 17.3 trillion by the year 2027 swelling with a CAGR of 5% between 2020 to 2027. 

To cope up with the paced life more people are opting for ready-to-cook or ready-made food in order to save time hence giving rise to retails business.

There are several key competitors in this industry like Walmart, 7-Eleven, Inc., The Kroger Co; Schwarz Gruppe, Costco Wholesale Corporation, ALDI Purchasing GmbH & Co. oHG; Carrefour, Target Brands, Ahold Delhaize, Amazon and many more.

The food & grocery market has been segmented by channel of distribution as Supermarkets & Hypermarkets, Convenience Store, and Online additionally the food & grocery market geographically is segmented as North Central & South America, Germany, Asia Pacific, India, Brazil, Middle East & Africa.

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