Convenience Store Industry Analysis: Global Market Size, Trends, Share, Growth, Key Players, Opportunity Assessment, And Forecast 2016-2024

Global Convenience Store Industry Outlook 2024

Market Overview

Convenience stores are the fastest growing segment among all the retail stores and since 2014 the count of convenience stores has increased by 25.0% in 2016. As per Global Retail Development Index (GRDI) countries from Asia-Pacific such as India, China, and Malaysia topped the GRDI list in terms of both size and momentum thus proving to be potential to develop convenience store market which is at an initial stage. But U.S. has existing huge market of convenience store owing to the sale of fuel and packed food available at these stores located along the roadside, in an urban area or inside a transport hub.

Goldstein Research analyst forecast, the global retail sales has increased by 8.7% in 2016 compared to 2015. The market of convenience store is affected by the other retail stores, as they are increasing in number providing the same product line at a faster pace using the advanced technologies. But the convenient size of the store and increasing availability of the product line along with the gasoline, beverage and food, the convenience store market is expected to grow at a CAGR of 0.28% and it is set to reach USD 48.1 billion in 2024.

Covered In This Global Convenience Store Market Outlook

The report covers the present ground scenario and the future growth prospects of the convenience store market for 2016-2024 along with the sales and revenue of the convenience store. We calculated the market size and revenue share on the basis of revenue generated from major players and sales of convenience store from major players across the globe. 

Global Convenience Store Market Segmentation

By Types of Product

• Gasoline
• Food
  • Fresh
  • Packed
• Beverages
• Tobacco
• Snacks and Refreshments
• Grocery items
• Financial services

By Type of Store

• Kiosks
• Mini Convenience Store
• Limited Selection Convenience Store
• Traditional Convenience Store
• Expanded Convenience Store
• Hyper Convenience Store

Based on Geography

• North America (U.S. & Canada)  convenience store market {Market Share (%), Market Size (USD Billion)}
• Latin America convenience store market (Brazil, Mexico, Argentina & Rest of Latin America)  convenience store market {Market Share (%), Market Size (USD Billion)}
• Europe convenience store market (The U.K., Germany, France, Italy, Hungary, Spain, Poland, Sweden & RoE)  convenience store market {Market Share (%), Market Size (USD Billion)}
• Asia-Pacific convenience store market (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia)  convenience store market {Market Share (%), Market Size (USD Billion)}
• Middle East & Africa convenience store market (GCC, South Africa, North Africa, RoMEA)  convenience store market {Market Share (%), Market Size (USD Billion)}

On the basis of type of products, gasoline has been the most sold product at the convenience stores and thus it had the largest market share of 53.2% in 2016 of the total products sold in convenience store. The tobacco segment is the most opportunistic market along with the beverages growing at the rate of 1.3% owing to the availability of these products anytime due to longer open hours of these stores.   

Convenience store market outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the convenience store market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global convenience store market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Convenience Store Industry - Market Trends, Drivers and Challenges

With the advancement in technology, there is a trend of online store going offline on the streets, started by Amazon that has opened its convenience store with the name of ‘Amazon Go Store’ embedded with its "just walk out technology", where no standing in lines and no checkout is required. Just walk out technology can automatically detect when products are taken from or returned to the shelves and it keeps track of them in a virtual cart.

According to the report, major driving factor for the growth of convenience store market is the longer open hours and the less store space i.e. 1000 to 3000 sq. ft. that eliminates the wastage of time and quick purchasing of the necessary products when compared to other retail stores.

Further, the major challenge for the convenience stores is the development different retail options such as e-commerce, vending machines, and quick serve restaurants. These alternatives are posing threat to the popularity of convenience stores as the main objective is being served by the alternatives.

 Global Convenience Store Market Analysis

Based on geography, North America has huge market of convenience stores, having 34% market share of the total in-store sales in 2016 owing to the quick availability of fuel and other consumer products taking minimum purchase time that generated USD 565 billion sales in 2016. Europe also has established convenience store market growing at the rate of 5% annually during 2014-2016. The U.K. has most convenience store having USD 29 billion revenue in 2016 with an annual growth rate of 2.7%. Asia-Pacific has huge potential to grow convenience store market. In Asia-Pacific, countries such as Japan, South Korea market for convenience store is growing at a rate of 3.8% annually in 2016.

Key Players

Global convenience store market report comprises of the following companies as the key players in the convenience store market: 7-Eleven Inc, Alimentation couche-tard, Speedway, Casey’s general STORE Inc, Murphy USA Inc, Bargain Booze select convenience, Best-One, Convenience retail Asia, Amazon Go, Sunoco LP, Gasbuddy, BGF retail.  

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Key questions answered in this Global Convenience Store Market Report

• What is the total market size by 2024 and what would be the expected growth rate?
• What is the revenue of convenience store market in 2015-16 and what would be the expected demand over the forecasted period?
• What are the key market trends?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who all are the key vendors in this market space?
• What are the market opportunities for the existing and entry level players?
• What are the recent developments and business strategy of the key players?

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