Food and Grocery Retail Market Share, Trend & Forecast | FMI
The global food and grocery retail market is expanding rapidly, fueled by changing consumer behaviors, technological advancements, and growing demand for convenience and healthier products. The global food and grocery retail market is experiencing significant growth, with a projected value set to reach USD 12.4 trillion by 2024. By 2034, the market could reach a valuation of USD 17.1 trillion, representing a sluggish CAGR of 3.3%.
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This dynamic growth is being driven by changing consumer preferences, increasing disposable incomes, and a rising demand for convenient shopping solutions. Online grocery shopping, in particular, has seen a rapid increase, spurred by technological advancements and the growing popularity of e-commerce platforms. Traditional brick-and-mortar stores are also evolving, incorporating advanced retail technologies such as self-checkout systems, digital price tags, and augmented reality to provide enhanced consumer experiences.