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.
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.
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.
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.