Convenience Stores Market Research Report By Product Type (Food and Beverages, Tobacco Products, Health and Beauty Products, Home and Office Supplies, Other), By Ownership Type (Franchise-Owned, Independent), By Store Size (Small Format, Medium Format, Large Format), By Target Consumer (Convenience-Oriented Consumers, Time-Poor Consumers, Impulse Buyers) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) -Industry Forecast to 2032

Global Convenience Stores Market Overview:

Convenience Stores Market Size was estimated at 1,435.91 (USD Billion) in 2022. The Convenience Stores Market Industry is expected to grow from 1,484.3 (USD Billion) in 2023 to 2,000.0 (USD Billion) by 2032. The Convenience Stores Market CAGR (growth rate) is expected to be around 3.37% during the forecast period (2024 - 2032).

Key Convenience Stores Market Trends Highlighted

Convenience stores are experiencing significant shifts in consumer behavior and market dynamics. One notable trend is the rise of digitalization, with many convenience stores adopting self-checkout kiosks, mobile ordering, and loyalty programs to enhance customer convenience. Health and wellness is another growing trend, as consumers seek healthier options and convenience stores respond with expanded offerings of fresh produce, ready-to-eat meals, and plant-based products.The growing popularity of on-the-go consumption is driving the expansion of grab-and-go items, such as sandwiches, salads, and snacks. Convenience stores are also capitalizing on the growing demand for meal solutions by offering a wider range of ready-to-eat meals and meal kits. Additionally, the increasing use of convenience stores as a hub for parcel delivery and pick-up services is providing new opportunities for growth. These trends highlight the evolving role of convenience stores as they adapt to meet the changing needs of consumers.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Convenience Stores Market Drivers

Rising Demand for Convenience and Time-Saving Solutions

Consumers in both developed and developing countries lead busy lives and have no time to spare. They need the most convenient and time-saving options. It is in this context that the advantage of convenience stores becomes the most prominent. They offer most of the products that a shopper is likely to buy. These products include prepared meals, snacks, candies, and beverages, and a wide range of other things. The convenience of time is another advantage because, unlike supermarkets, convenience stores are small in size and located in convenient places.

Expansion of Urbanization and Population Growth

The rising urbanization and population growth in most regions around the globe are among the key drivers of the growth of the Convenience Stores Market Industry. In other words, as urban areas become more and more populated, the demand for convenience stores continues to rise. This is because such stores offer a more accessible and convenient way of shopping for those living in urban areas. Many urban populations have no easy access to traditional grocery stores or supermarkets, and convenience stores have become their first and sometimes only option.Another factor increasing the demand for convenience stores is the growing number of working professionals and students living in urban areas. They seek affordable, quick, and easy-to-use food options, and convenience stores are the places where they can get the goods.

Technological Advancements and Digitalization

As technology advances and more digital solutions are being used in this day and age, the Convenience Stores Market Industry is no different. Mobile applications, loyalty programs, and self-checkout channels enable store owners to have a more successful experience for their customers and businesses. Furthermore, the introduction of technology allows Convenience Stores to carry out adaptive promotions that target the specific needs of the consumer. As such, the confectionary can track purchases and fulfil specific demands related to the past history of the client.Additionally, digital solutions will positively impact the management process related to equipment and enable the inventory to decrease. Answering questions suggested by Brynjolfsson and McAffe-CSs about the potential success, simplification of tracking customer needs, lowering inventory, and the costs of distribution is possible. Technology makes management less costly and reduces the price of a given piece.

Convenience Stores Market Segment Insights:

Convenience Stores Market Product Type Insights

Product type is segmented Food and Beverages, Tobacco Products, Health and Beauty Products, Home and Office Supplies, and Other. Food and Beverages is a leading segment due to the demand for convenience food and beverages. Tobacco Products are expected to rise because of the prominence of e-cigarettes and various such products. The Health and beauty segment is likely to demand profits due to the advent of awareness about self-care and personal grooming. The other segment is anticipated to be very less, and Home and office supplies are likely to grab profits eventually.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Convenience Stores Market Ownership Type Insights

In the Convenience Stores Market, the ownership type segment is categorized into Franchise-Owned and Independent. Convenience stores owned by franchisees and operated by individuals or companies with a license to use the franchisor’s brand name, trademarks, and business model are known as franchise-owned convenience stores. Those not affiliated with any franchise but owned and operated by individuals or companies are categorized as independent convenience stores. In 2023, the franchise-owned segment registered over 55% of the Convenience Stores Market revenue.This is because franchising gives entrepreneurs the benefits of brand recognition, an already established business model, the experience of top managers, and an established network system ready to assist in marketing and providing support services. However, the independent segment is expected to grow faster during the forecast period due to the increased number of small businesses and entrepreneurs entering the market. The driving factors of the Convenience Stores Market include the increasing demand for convenience, higher popularity of online ordering and delivery services, and the market expansion of convenience stores in other segments.

Convenience Stores Market Store Size Insights

The Convenience Stores Market is segmented by store size into small format, medium format, and large format. The small-format segment is expected to hold the largest market share in 2023, owing to the increasing number of small-format convenience stores in urban areas. The medium format segment is expected to grow at a faster CAGR during the forecast period due to the rising popularity of convenience stores that offer a wider range of products and services. The large format segment is expected to account for a significant market share, as these stores offer a comprehensive range of products and services, including fresh produce, groceries, and prepared foods.

Convenience Stores Market Target Consumer Insights

Convenience-oriented consumers, time-poor consumers, and impulse buyers are key target segments driving the growth of the Convenience Stores Market. Convenience-oriented consumers seek easy and quick access to essential goods and services, which makes convenience stores an ideal choice. Time-poor consumers with busy schedules and limited time rely on convenience stores for quick and convenient shopping experiences. Impulse buyers are drawn to the wide variety of products and the ability to make purchases on the go. These segments collectively contribute to the steady growth of the Convenience Stores Market, with revenue projected to reach $1484.3 billion by 2023 and $2000.0 billion by 2032.

Convenience Stores Market Regional Insights

The Convenience Stores Market was valued at 1484.3 billion USD in 2023 and is projected to reach 2000.0 billion USD by 2032, exhibiting a CAGR of 3.37% during the forecast period. Regionally, the market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East Africa. North America held the largest market share in 2023, accounting for 38.5% of the global revenue. The region's well-established retail infrastructure, high disposable income, and growing demand for convenience products are key factors driving market growth.

Europe is the second-largest regional market, with a market share of 27.2% in 2023. The region's dense population, urbanization, and presence of leading convenience store chains contribute to the market's growth. Asia-Pacific is expected to be the fastest-growing regional market during the forecast period, with a CAGR of 4.1%. The region's rapidly expanding economies, rising urbanization, and increasing consumer spending are fueling market growth. South America and the Middle East Africa are also expected to exhibit steady growth over the forecast period.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Convenience Stores Market Key Players And Competitive Insights:

The key players in the Convenience Stores Market are focusing on expanding their product range by introducing innovative products. The leading players in the Convenience Stores Market are also focusing on entering into partnership agreements to strengthen their market presence and acquire smaller companies. Moreover, the growing Convenience Stores Market industry players are focusing on investing in R and D to develop innovative products that will meet the changing demand of the food industry. The Convenience Stores Market is developing due to the rising demand for convenience and time-saving options, increasing population and rising urbanization. The Convenience Stores Market Competitive Analysis is dominated by some of the high-profile players, such as 7-Eleven, Casey’s General Stores, and Circle K, among others.

7-Eleven is an American-Japanese International chain of convenience stores. The company was founded in the year 1927, and the headquarters of the same is located in Irving, Texas. The company is operating, franchising and licensing more than 68,000 stores in 18 countries, including the United States, Canada, Mexico, Japan, Thailand, South Korea, China, Taiwan, Malaysia, Indonesia, Singapore, Philippines, Australia, New Zealand, Denmark, Norway, Sweden and the United Arab Emirates. The primary competitors of 7-Eleven are Casey’s General Stores, Circle K, Cumberland Farms Family Mart, Wawa etc.

Casey’s General Stores is an American-based chain of convenience stores. The company was founded in the year 1959 and the headquarters of the same are located in Ankeny, Iowa. The company is operating more than 2,400 stores in 16 states of the Midwestern and Southern United States. The primary competitors of Casey’s General Stores are 7-Eleven, Circle K, Kum Go etc. The company has lately expanded its food offering and introduced new loyalty programs that have attracted more customers.

Key Companies in the Convenience Stores Market Include:

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  PetroCanada

  
  


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  7Eleven

  
  


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  Lawson

  
  


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  Wawa

  
  


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  Thorntons

  
  


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  RaceTrac

  
  


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  FamilyMart

  
  


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  Ampm

  
  


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  Speedway

  
  


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  CoucheTard

  
  


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  Chevron

  
  


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  Shell

  
  


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  Circle K

  
  


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  Circle K Stores

  
  


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  Maverik

  
  

Convenience Stores Market Industry Developments

Convenience stores continue to evolve to meet the changing needs of consumers. Digital transformation, changing consumer preferences, and sustainability initiatives continue to shape the industry. Several major players are investing in technology to enhance the customer experience, such as self-checkout kiosks and mobile payment options. Additionally, there is a growing emphasis on healthy and fresh food offerings to cater to the increasing health consciousness of consumers. Furthermore, convenience stores are expanding their product lines to include non-traditional items such as home goods and electronics. The industry is also focusing on sustainability initiatives, such as reducing plastic waste and promoting energy efficiency, to align with consumer values. These trends are expected to continue shaping the Convenience Stores Market in the coming years, driving innovation and growth opportunities.

Convenience Stores Market Segmentation Insights

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  Convenience Stores Market Product Type Outlook

  
  
  
  
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    Food and Beverages

    
    
  
  
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    Tobacco Products

    
    
  
  
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    Health and Beauty Products

    
    
  
  
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    Home and Office Supplies

    
    
  
  
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    Other

    
    
  
  
  
  

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  Convenience Stores Market Ownership Type Outlook

  
  
  
  
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    Franchise-Owned

    
    
  
  
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    Independent

    
    
  
  
  
  

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  Convenience Stores Market Store Size Outlook

  
  
  
  
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    Small Format

    
    
  
  
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    Medium Format

    
    
  
  
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    Large Format

    
    
  
  
  
  

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  Convenience Stores Market Target Consumer Outlook

  
  
  
  
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    Convenience-Oriented Consumers

    
    
  
  
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    Time-Poor Consumers

    
    
  
  
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    Impulse Buyers

    
    
  
  
  
  

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  Convenience Stores Market Regional Outlook

  
  

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  North America

  
  


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  Europe

  
  


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  South America

  
  


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  Asia Pacific

  
  


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  Middle East and Africa