Food Retail Market Business Outlook, 2019-2024
The global food retail industry include various types of food products such as cereals, meat, packed foods, organic food items, breads, vegetables and fruits, seafood, dairy products, including ice creams, milk items and others and various other household food items. The global food retail markets incorporate the retail sales of variety of food products, both packaged and unpackaged, along with retail sales of alcoholic beverages and non-alcoholic beverages. Alcoholic beverages include beers, wines, spirits, cocktails and others whereas non-alcoholic beverages include soda, soft drinks, juices, fizzy drinks and others.
In reference to growing fashion of hypermarkets and supermarkets, the retailers have started using big data to understand the needs of consumers by providing answers to their questions. Hypermarket and supermarket retailers assist consumers in deciding the item to buy by telling them about the quality and benefits of the items with the help of trained personnel at the stores. At these foods retail markets, food products and items are available in large quantities and at cheaper prices. Additionally, large food market retailers can afford to offer huge discounts to sell off their stocked items at reasonable prices and are therefore driving the growth of food retail market.
Based on distribution channel, global food retail market can be divided into convenience food stores, hypermarkets and supermarkets, specialists and independent retailers, and others.
Global food retail market is tremendously contributing in the growth of several other industries such as food packaging and food processing industries. These industries are responsible for creating jobs and generating employment at a large scale. Large food retailers usually offer their own brands along with well established brands. Governments of different countries have taken various measures to ensure food safety and hygiene of food products; these are some reasons fueling the growth of food retail market.
Some of the major factors that are driving the growth of global food retail market include growing consumer preference for private label brands, growing supermarket shopping culture and increasing consumers spending on food products.
Geographically, Asia Pacific dominated the global food retail market in 2014; it is then followed by Europe. Growth of food retail market in Asia Pacific region is attributed to growing consumer awareness, nuclear families, increasing per capita income and increasing western culture. China and India are the most populous countries of Asia Pacific region, small and local retailers are dominating the food retail market in these countries. Europe is the second largest food retail market. It has large number of branded retail stores and shops such as Tesco, Carrefour, Aldi and Auchan.
Some of the major competitors for the global food retail market include Costco Wholesale Corporation, Wal-Mart Stores Inc., AEON CO., LTD., The Kroger Company, Carrefour SA, Seven & i Holdings Co., Ltd., Groupe Auchan, Metro AG.