Food Retail Market: Overview
The food industry has transformed greatly across centuries and will continue transforming through the advent of novel consumer preferences and expansive technological advancements. The food industry has evolved exponentially over the years. The Post-World War 2 era saw the emergence of supermarkets and retail stores. These stores dictated consumer preferences then. As the world entered the 21st century, the food industry observed a striking change in the food preference of the consumers.
Food choices nowadays not only depend only on the products in the supermarket. With the advent of social media platforms and other technological advancements, food preferences are data-driven. With all these revolutionary changes over the centuries, the global food retail market may gain immense growth across the assessment period of 2020-2030.
The rising disposable income and the fast-paced lifestyle among a considerable chunk of the populace across the globe have led to increased spending on food products. This aspect may influence the growth rate of the food retail market to a great extent. Shopping activities have also increased extensively over the years. This aspect may invite great growth prospects for the food retail market.
Food retail is carried out through various distribution channels such as convenience stores, supermarkets, independent and specialist retails, online shopping, and others. These distribution channels assure exemplary growth for the food retail market.
This report on the food retail market aids the stakeholder to eliminate the barriers of fake information and offers a detailed analysis of a plethora of segments. The report provides the 3M (Market trends, Manufacturer analysis. Minute study on regions) advantage to the stakeholder. This advantage proves to be a game-changer for the stakeholder and assures ideal information on all aspects surrounding the food retail market.
The report focuses on the impact of the SARS-CoV-2 outbreak and also on the threats that may harm the growth prospects of the food retail market. The scrutinized study conducted by the researchers also highlights the opportunities and challenges that the food retail market may face during the tenure of 2020-2030.
Food Retail Market: Industrial Prospects
The food retail market is highly fragmented with a large number of players in the fray for obtaining a vital position. The players in the food retail market are focusing on strengthening their online presence. The novel coronavirus outbreak resulted in the closure of shopping malls and hypermarkets. This led to a shift in the way of purchasing food products.
Even if the supermarkets and hypermarkets are opening on the back of lockdown relaxations, online food product sales still reign supreme. Hence, the players are concentrating on this aspect to increase their revenue. Key players in the food retail market are Tesco Plc, Wal-Mart Stores, REWE Group, Costco Wholesale Corp., Carrefour S.A., and Metro AG.
Food Retail Market: COVID-19 Impact
The COVID-19 outbreak resulted in the imposition of stay-at-home orders across numerous countries. Food product manufacturers were exempted from the lockdown norms as they come under essential items. This aspect benefitted the food industry immensely. In addition, the demand for food products plummeted significantly as a large chunk of the populace was at home.
Technological advancements like Artificial Intelligence (AI) and machine learning will further influence the food retail market to a certain extent. Hence, all these factors are stated to bring exponential growth prospects for the food retail market.
Food Retail Market: Geographical Landscape
Asia Pacific’s food retail market may experience outstanding growth across the forecast period. The expanding number of small and medium-sized food retail stores and the growing awareness about online shopping in densely populated countries like India and China may serve as vital growth factors for Asia Pacific’s food retail market.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.